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 Post subject: November 15th Thursday TF, 6E & CL Futures $2550
PostPosted: Thu Nov 15, 2012 3:39 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $90.00 dollars or +0.90 points, EuroFX 6E futures @ $300.00 dollars or +0.0024 ticks and Light Crude Oil CL (WTI) futures @ $2,160.00 dollars or +2.16 points. Total Profit @ $2550.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all trades were posted real-time in the free #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=110&t=1369

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade or position trade.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=195&t=1654

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events via WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trading (day trading, swing trading, position trading) and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Nov. 15 (Bloomberg) -- Bloomberg's Ellen Braitman reports on the performance of the U.S. equity market. U.S. stocks fell, after the Dow Jones Industrial Average dropped to the lowest level since June yesterday, as Wal-Mart Stores Inc. forecast earnings that missed estimates and lawmakers prepared for budget talks.

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Market Update

4:20 pm : Equities showed indecision in the early going as trade hovered around the flat line for the first 90 minutes before the S&P 500 slid to a session low near 1350. The level provided some support for the benchmark index which managed to cross into positive territory before sellers retook control and drove it back down to session lows. However, the average received a considerable bid in the final minutes of the session and ended with a loss of 0.2%.

Financial stocks felt the brunt of yesterday's sell-off. As the nation's leaders discuss ways to avoid falling off the fiscal cliff, bank stocks will be especially sensitive to hints of a possible agreement. Today, major financials saw gains. Bank of America (BAC 9.09, +0.10), Citigroup (C 35.21, +0.19), and Morgan Stanley (MS 16.26, +0.17) advanced between 0.5% and 1.1%.

Looking at technology bellwethers, Apple (AAPL 525.62, -11.26) slid 2.1% to extend its recent slide. Since its September highs, the stock has lost over 25% in value as it searches for its next level of support. Meanwhile, Intel (INTC 20.03, +0.07) advanced 0.4% to snap its nine-day losing streak. The stock has lost nearly 10% since the start of November.

Networking companies continued seeing strong earnings. Yesterday, Cisco Systems (CSCO 17.94, +0.28) rallied after its quarterly report. Today, NetApp (NTAP 30.20, +3.07) surged 11.4% after beating on the bottom line. The networking company exceeded earnings expectations by $0.03 and reported in-line revenue. Following the report, Raymond James upgraded shares of NetApp to ‘outperform' from ‘market perform.'

In other earnings news, Wal-Mart (WMT 68.72, -2.59) reported third quarter earnings of $1.08 on $113.93 billion in revenue. The retail giant's bottom line beat the Capital IQ consensus estimate by $0.01, while the revenue missed expectations. The company's guidance was mostly in-line as it expects fourth quarter earnings between $1.53 and $1.58. Wal-Mart lost 3.6% in response to this morning's results while peer, Target (TGT 62.44, +1.06), gained 1.7% after its in-line quarter.

Stocks in the materials space traded largely in-line with the broader market. However, weakness among steel producers weighed on the sector. AK Steel (AKS 3.63, -0.39) fell 9.7% after the company announced the pricing of $500 million in senior notes set to mature in 2018 and 2019. In addition, AK Steel priced 22 million shares of common stock at a public offering price of $4.00 per share. Looking at other steelmakers, Steel Dynamics (STLD 12.29, -0.42) and Reliance Steel (RS 53.71, -0.79) settled lower by 3.3% and 1.5%, respectively.

The Dow Jones Transportation Average traded in-line with the remaining industrials. The bellwether complex shed 0.2% as 12 out of the 20 transportation stocks saw losses. This morning, United Continental (UAL 19.51, -0.47) experienced technical difficulties which resulted in some flight delays. United lost 2.4%, while rivals Alaska Air (ALK 40.88, +0.36), JetBlue Airways (JBLU 5.03, +0.05), and Southwest Airlines (LUV 8.84, +0.08) all gained between 0.9% and 1.1%. Airline stocks displayed relative strength after yesterday's sell-off weighed on the group and caused Delta and JetBlue to lose near 6.0% each.

A number of economic data points were reported today. Most notably, the Philadelphia Fed Survey slipped to -10.7 for November. This follows October's reading of -1.9 while economists polled by Briefing.com had expected that the Survey would improve to a reading of 0.0.

The latest weekly initial jobless claims count totaled 439,000, which was higher than the 388,000 that had been expected by the Briefing.com consensus. The tally was ahead of the revised prior week count of 361,000. As for continuing claims, they rose to 3.334 million from 3.163 million.

October consumer prices increased by 0.1%, which was in-line with the Briefing.com consensus forecast of a 0.1% increase. Today's reading follows prior month's 0.6% increase. In addition, core prices rose by 0.2% which was slightly hotter than the generally expected increase of 0.1%.

Separately, the Empire Manufacturing Survey for November registered a reading of -5.2, which was up from the prior month's reading of -6.2. Economists polled by Briefing.com had expected that the Survey would slip to -8.5.

Tomorrow, September net long-term TIC flows will be reported at 9:00 ET. In addition, October industrial production and capacity utilization will both be announced at 9:15 ET. Also note that November options are set to expire tomorrow.DJ30 -28.57 NASDAQ -9.87 SP500 -2.17 NASDAQ Adv/Vol/Dec 951/1.97 bln/1507 NYSE Adv/Vol/Dec 998/779.4 mln/2092

3:30 pm : Commodities ended the day lower. Natural gas futures were volatile as usual and after whipping around to its LoD of $3.69 and then to its HoD of $3.83, the energy component ended today's session 2% lower at $3.77/MMBtu.

Dec crude oil sold off hard, dropping about $2/barrel to its lowest level of the day (LoD was $84.71/barrel). By the time today's floor trading session ended, crude oil was 1% lower at $85.45/barrel.

Precious metals also ended today's session in the red. Both gold and silver tanked about an hour after floor trading began, hitting their lowest levels of the day. Dec gold finished 1% lower today at $1713.90 and Dec silver finished 0.6% lower at $32.63/oz.DJ30 -72.53 NASDAQ -19.50 SP500 -6.95 NASDAQ Adv/Vol/Dec 845/1658.6 mln/1603 NYSE Adv/Vol/Dec 800 /550 mln/2283

3:00 pm : The major averages are holding their recent levels and the S&P 500 is off by 0.1%.

Technology earnings will be in focus after the close as a handful of notable names are scheduled to report their results. The Capital IQ consensus expects Applied Materials (AMAT 10.26, -0.09) to report earnings of $0.03 on $1.57 billion in revenue. Meanwhile, Dell (DELL 9.56, -0.02) is expected to announce $0.40 in earnings on revenue of $13.89 billion. Also of note, forecasts call for Marvell (MRVL 7.47, +0.11) to report earnings of $0.20 on revenue of $774.18 million.

Other notable after-hours reports will come from Autodesk (ADSK 30.57, +0.13), Gap (GPS 33.12, -0.51), and Sears Holdings (SHLD 58.50, +0.08).

Ahead of tomorrow's open, look for Foot Locker (FL 31.79, +0.03) and J.M. Smucker (SJM 85.21, -0.49) to report.DJ30 -32.35 NASDAQ -8.29 SP500 -1.96 NASDAQ Adv/Vol/Dec 986/1.47 bln/1474 NYSE Adv/Vol/Dec 985/485.4 mln/2072

2:30 pm : The S&P 500 continues to hover near its flat line and is currently off by 0.1%.

The materials sector is trading largely in-line with the broader market. However, weakness among steel producers is weighing on the sector. AK Steel (AKS 3.64, -0.38) is falling 9.6% after the company announced the pricing of $500 million in senior notes set to mature in 2018 and 2019. In addition, AK Steel priced 22 million shares of common stock at a public offering price of $4.00 per share. Looking at other steelmakers, Steel Dynamics (STLD 12.49, -0.22) and Reliance Steel (RS 54.11, -0.39) are down 1.8% and 0.7%, respectively.DJ30 -34.75 NASDAQ -8.94 SP500 -2.51 NASDAQ Adv/Vol/Dec 996/1.38 bln/1446 NYSE Adv/Vol/Dec 940/456.1 mln/2118

2:05 pm : The S&P 500 has crossed its flat line, and the index is now registering marginal gains.

Looking at technology bellwethers, Apple (AAPL 530.66, -6.22) is down 1.1% as it continues the recent slide. Since its September highs, the stock has lost over 24% in value. Meanwhile, Intel (INTC 20.10, +0.14) is advancing 0.8% as it attempts to snap its losing streak which saw the stock lose nearly 10% since the start of November.

Networking companies continue seeing strong earnings. Yesterday, Cisco Systems (CSCO 17.99, +0.32) rallied on a strong quarterly report. Today, NetApp (NTAP 30.02, +2.89) is surging 10.7% after beating on the bottom line. The networking company exceeded earnings expectations by $0.03 and reported in-line revenue. Following the report, Raymond James upgraded shares of NetApp to ‘outperform' from ‘market perform.'DJ30 -13.25 NASDAQ -4.94 SP500 +0.15 NASDAQ Adv/Vol/Dec 1024/1.28 bln/1415 NYSE Adv/Vol/Dec 1078/423.9 mln/1975

1:30 pm : The major averages have reclaimed some of their early losses, but the three indices remain in the red. The Dow is lower by 0.2%.

The Dow Jones Transportation Average is underperforming the remaining industrials. The bellwether complex is shedding 0.4%, and 12 out of 20 transportation stocks are seeing losses. This morning, United Continental (UAL 19.95, -0.03) experienced technical difficulties which resulted in some flight delays. United is the weakest performing airline within the transportation average while rivals Alaska Air (ALK 41.03, +0.51), JetBlue Airways (JBLU 5.07, +0.09), and Southwest Airlines (LUV 8.91, +0.15) are all up between 1.3% and 1.9%. Airline stocks are showing relative strength after yesterday's sell-off weighed on the group and caused Delta and JetBlue to lose near 6.0% each.DJ30 -20.35 NASDAQ -8.12 SP500 -0.85 NASDAQ Adv/Vol/Dec 931/1.16 bln/1488 NYSE Adv/Vol/Dec 937/382.1 mln/2102

1:05 pm : The S&P 500 saw slim gains in the early going. However, the strength did not hold, and was followed by a mid-morning slide toward session lows. Cautious sentiment continues into the afternoon as the benchmark average trades lower by 0.4%.

The telecom sector is down 1.2% as it trails the broader market. The sector remains under pressure as investors grow weary of a timely fiscal compromise. Among the major names, AT&T (T 33.43, -0.34) and Verizon (VZ 41.68, -0.56) are both down near 1.2%. Meanwhile, Sprint Nextel (S 5.49, 0.00) is flat as it outperforms its rivals.

Financial stocks felt the brunt of yesterday's afternoon sell-off. As the nation's leaders discuss ways to avoid falling off the fiscal cliff, bank stocks will be especially sensitive to hints of a possible agreement. Today, major financials are seeing gains. Bank of America (BAC 9.11, +0.12), Citigroup (C 35.43, +0.41), and Morgan Stanley (MS 16.21, +0.12) are all up between 0.6% and 1.3%.

Looking at companies which announced their quarterly results since yesterday's close, Wal-Mart (WMT 68.68, -2.62) reported third quarter earnings of $1.08 on $113.93 billion in revenue. The retail giant's bottom line beat the Capital IQ consensus estimate by $0.01, while the revenue missed expectations. The company's guidance was mostly in-line as it expects fourth quarter earnings between $1.53 and $1.58. Wal-Mart stock is down 3.5% in response to this morning's quarterly results. Peer Target (TGT 62.74, +1.36), which reported in-line quarterly results is higher by 2.2%.

In other retail results, Perry Ellis (PERY 19.45, +1.57) is higher by 8.8% after reporting third quarter earnings of $0.25 on $236.2 million in revenue. The company's bottom line beat the Capital IQ consensus estimate by $0.01, while its revenue and forward guidance were both in-line with expectations.

Meanwhile, Limited (LTD 45.49, -1.11) is sliding 2.4% after its quarterly results were largely in-line with expectations. However, investors are showing caution in response to the company's fourth quarter guidance which sees earnings near the low end of prior expectations.

In notable tech earnings, NetApp (NTAP 30.08, +2.96) is surging 10.9% after beating on the bottom line. The networking company exceeded earnings expectations by $0.03 and reported in-line revenue.

The Philadelphia Fed Survey slipped to -10.7 for November. This comes after October's reading of -1.9. Economists polled by Briefing.com had expected that the Survey would improve to a reading of 0.0.

The latest weekly initial jobless claims count totaled 439,000, which was higher than the 388,000 that had been expected by the Briefing.com consensus. The tally was ahead of the revised prior week count of 361,000. As for continuing claims, they rose to 3.334 million from 3.163 million.

October consumer prices increased by 0.1%, which was in-line with the Briefing.com consensus forecast of a 0.1% increase. Today's reading follows prior month's 0.6% increase. In addition, core prices rose by 0.2% which was slightly hotter than the generally expected increase of 0.1%.

Separately, the Empire Manufacturing Survey for November registered a reading of -5.2, which was up from the prior month's reading of -6.2. Economists polled by Briefing.com had expected that the Survey would slip to -8.5.DJ30 -54.38 NASDAQ -16.05 SP500 -5.50 NASDAQ Adv/Vol/Dec 809/1.07 bln/1591 NYSE Adv/Vol/Dec 711/354.2 mln/2330

12:30 pm : The S&P 500 is holding its recent levels as it continues to trade near its session low, down 0.5%.

A handful of apparel retailers have reported earnings since yesterday's close. Perry Ellis (PERY 19.47, +1.59) is advancing 8.9% after reporting third quarter earnings of $0.25 on $236.2 million in revenue. The company's bottom line beat the Capital IQ consensus estimate by $0.01, while its revenue and forward guidance were both in-line with expectations.

Meanwhile, Limited (LTD 45.38, -1.22) is sliding 2.6% after reporting its earnings. The third quarter results were largely in-line with expectations, but investors are showing caution in response to the company's fourth quarter guidance which sees earnings near the low end of prior expectations.

Elsewhere, Buckle (BKE 46.88, -0.86) is slipping 1.8% after beating on earnings, and reporting revenue in-line with expectations.DJ30 -63.39 NASDAQ -17.05 SP500 -6.58 NASDAQ Adv/Vol/Dec 824/970.3 mln/1554 NYSE Adv/Vol/Dec 692/321.3 mln/2336

12:00 pm : The S&P 500 has marked a fresh session low and the benchmark index is now off by 0.5%.

The telecom sector is lower by 1.5% as it trails the broader market. The sector remains under pressure as investors grow weary of a timely fiscal compromise. Among the major names, AT&T (T 33.25, -0.53) and Verizon (VZ 41.68, -0.56) are both down near 1.5%. Meanwhile, Sprint Nextel (S 5.48, -0.02) is off by 0.3% as it outperforms its rivals.DJ30 -64.81 NASDAQ -16.88 SP500 -7.01 NASDAQ Adv/Vol/Dec 895/817.9 mln/1454 NYSE Adv/Vol/Dec 777/284.9 mln/2205

11:30 am : The major averages are near their respective lows as European markets close for the day. At this time, German Chancellor Angela Merkel is addressing the media. During her remarks, Ms. Merkel reiterated her opposition to a possible Greek debt write-down. In addition, she expressed hope that a decision regarding Greece will be made on Tuesday.

Domestically, financials felt the brunt of yesterday's afternoon sell-off. As the nation's leaders discuss ways to avoid falling off the fiscal cliff, bank stocks will be especially sensitive to hints of a possible agreement. Today, major financials are outperforming the broader market. Bank of America (BAC 9.08, +0.09), Citigroup (C 35.39, +0.37), and Morgan Stanley (MS 16.19, +0.10) are all up between 0.6% and 1.1%.DJ30 -39.65 NASDAQ -12.67 SP500 -3.94 NASDAQ Adv/Vol/Dec 913/710.6 mln/1419 NYSE Adv/Vol/Dec 910/250.6 mln/2048

11:00 am : Cautious trade continues as the S&P 500 trades lower by 0.1%.

The energy sector is the top performer as it trades higher by 0.4%. Within the group, major energy producers are rebounding from recent weakness. Anadarko Petroleum (APC 70.64, +1.31), Halliburton (HAL 30.63, +0.68), and Helmerich & Payne (HP 47.87, +1.81) are all up between 1.9% and 3.9%.

Meanwhile, major coal stocks continue to struggle. The Market Vectors Coal ETF (KOL 23.21, -0.08) is lower by 0.4% after falling nearly 10% since last Tuesday's election.DJ30 -29.49 NASDAQ -10.09 SP500 -2.19 NASDAQ Adv/Vol/Dec 971/561.3 mln/1298 NYSE Adv/Vol/Dec 1056/207.7 mln/1866

10:35 am : Most commodities sold off hard earlier this morning, mainly oil, gold and silver and continue to trade in negative territory.

Natural gas just tanked hard following inventory data, dropping about 3% or 11 cents. Currently, Dec nat gas is now -0.7% at $3.73/MMBtu.

Dec crude oil sold off about an hour ago from its HoD of $86.80, dropping to a new session low of $86.85 hit minutes ago. In current action, crude oil is trading 0.3% at $86.04/barrel.

Precious metals dropped sharply earlier this morning to new session low (Gold $1704.50, silver $32.15). Dec gold is now -1% at $1713.70, Dec silver is now -1.3% at $32.46/oz. Dec copper is currently +0.3% at $3.46/lb.DJ30 -5.45 NASDAQ -4.08 SP500 +0.89 NASDAQ Adv/Vol/Dec 1073/435.2 mln/1134 NYSE Adv/Vol/Dec 1266/174 mln/1628

10:00 am : The major averages have slid to session lows in reaction to the latest Philadelphia Fed Survey. The S&P 500 is off by 0.1%.

The Philadelphia Fed Survey slipped to -10.7 for November. This comes after October's reading of -1.9. Economists polled by Briefing.com had expected that the Survey would improve to a reading of 0.0.DJ30 -19.81 NASDAQ -7.44 SP500 -1.30 NASDAQ Adv/Vol/Dec 931/266.1 mln/1203 NYSE Adv/Vol/Dec 1113/121.1 mln/1710

09:50 am : After a flat open, the major averages are climbing higher. Currently, the S&P 500 is firmer by 0.1%.

This morning, Wal-Mart (WMT 68.63, -2.68) reported third quarter earnings of $1.08 on $113.93 billion in revenue. The retail giant's bottom line beat the Capital IQ consensus estimate by $0.01, while the revenue missed expectations. The company's guidance was mostly in-line as it expects fourth quarter earnings between $1.53 and $1.58. Wal-Mart stock is down 3.5% in response to this morning's quarterly results. Target (TGT 62.20, +0.82), which reported in-line quarterly results trades higher by 1.3%.

The November Philadelphia Fed Survey will be reported at 10:00 ET.DJ30 -6.85 NASDAQ +1.41 SP500 +1.52 NASDAQ Adv/Vol/Dec 1000/171.1 mln/1059 NYSE Adv/Vol/Dec 1322/89.6 mln/1399

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +5.50. Heading into the open, equity futures remain mixed. The S&P 500 futures are marginally higher, while Dow futures are off by 0.2%.

The Dow futures are seeing weakness due to Wal-Mart (WMT 69.07, -2.26), which trades lower by 3.2% after reporting mixed results. Today's initial claims are also contributing to a cautious pre-market sentiment as actual claims exceeded estimates by over 50,000.

Looking at other pre-market movers, AK Steel (AKS 3.82, -0.20) is down 5.0% after the company announced the pricing of $500 million in senior notes and 22 million shares of common stock at $4.00 per share.

Today's economic data will be capped off by the Philadelphia Fed Survey, which will be reported at 10:00 ET.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +4.50. U.S. equity futures are near their pre-market lows, with the S&P 500 futures off by 0.1%.

European markets are in the red and Germany's DAX is the biggest laggard, down 1.0%. The DAX turned lower after Finance Minister, Wolfgang Schaeuble, made comments regarding the region's debt crisis. Mr. Schaeuble said that the current debt levels in industrialized states are unsustainable. He also commented on Greece by saying aid financing should be agreed upon by Tuesday. In the region's economic data, nations reported their third quarter GDP growth. Germany's reading was reported at 0.4% year-over-year, which is running behind the projected annual growth rate of 0.8%. In France, the GDP growth of 0.2% quarter-over-quarter was ahead of the expected unchanged reading. Elsewhere, Spain's GDP contracted by 0.3% quarter-over quarter, while Italy reported a 0.2% quarter-over-quarter contraction and a 2.4% decline in growth on a yearly scale. The mixed GDP readings across the region caused the Eurozone GDP to reflect a 0.1% quarter-over-quarter contraction. Today's reading signals the official start of a recession in the Eurozone as the region has reported two consecutive quarters which saw a decline in growth. Elsewhere, British retail sales increased by 0.6% year-over-year, while the consensus expected the figure to increase by 1.7%.

In the United Kingdom, the FTSE is lower by 0.4% and energy producer, John Wood Group, is the biggest laggard, down 5.3%. On the upside, miners are seeing strength. Evraz, Kazakhmys, and Xstrata are all up between 1.4% and 3.7%.

France's CAC is off by 0.3%. Alcatel-Lucent is shedding 3.2% as the telecom stock continues to trade near its all-time lows. Meanwhile, financials are seeing relative strength. BNP Paribas, Credit Agricole, and Societe Generale are all up between 0.7% and 2.0%.

In Germany, the DAX is down 1.0%. Nearly all DAX components are on the decline, and Deutsche Lufthansa is leading lower. The airline stock is sliding 5.0%. Deutsche Bank is the top advancer as it trades higher by 0.5%.

It was a sea of red across Asia as all of the major bourses aside from Japan's Nikkei finished in negative territory. Nikkei's 1.9% gain came as Shinzo Abe, the leader of the Liberal Domestic Party and favorite to be the next Japanese Prime Minister, suggested the Bank of Japan should cut rates to zero or even turn them negative. Those words sent the yen tumbling to 81.25, a six and a half month low against the greenback. Elsewhere, China unveiled its new leadership with Xi Jinping being introduced as General Secretary of the Politburo. Australia's MI Inflation Expectations eased to 2.2% (2.6% previous) while new motor vehicle sales dropped 2.8% month-over-month.

In Japan, the Nikkei closed higher by 1.9% as exporters led the way following Shinzo Abe's comments. Toyota Motor, Honda Motor, and Canon all gained closed to 5.0% for the session. Meanwhile, Sony plunged 8.9% after announcing a $1.9 billion convertible bond offering, part of which would be used to fund its investment in Olympus.

In Hong Kong, the Hang Seng lost 1.6% as weak earnings from tech giant Tencent Holdings weighed. The internet gaming company sank 7.0% after announcing third quarter net profit fell short of analyst expectations. Elsewhere, European retailer Esprit surged 22.0% after the company's former chairman upped his stake in the retailer.

China's Shanghai Composite settled lower by 1.2% to end at its worst level in seven weeks. Coal miners underperformed as Yanzhou Coal Mining and China Shenhua Energy shed 2.3% and 2.2% respectively. Aluminum maker Chalco slid 2.6% after yesterday's 4.7% gain.

08:35 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +2.30. Equity futures have slid to their pre-market lows in reaction to the latest dose of economic data. The S&P 500 futures are currently flat.

The latest weekly initial jobless claims count totaled 439,000, which is higher than the 388,000 that had been expected by the Briefing.com consensus. The tally is ahead of the revised prior week count of 361,000. As for continuing claims, they rose to 3.334 million from 3.163 million.

October consumer prices increased by 0.1%, which is in-line with the Briefing.com consensus. Today's reading follows prior month's 0.6% increase. In addition, core prices rose by 0.2% which was slightly hotter than the generally expected increase of 0.1%.

Separately, the Empire Manufacturing Survey for November registered a reading of -5.2, which is up from the prior month's reading of -6.2. Economists polled by Briefing.com had expected that the Survey would slip to -8.5.

08:05 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +3.80. U.S. equity futures are mixed amid downbeat European trade.

Overnight, the global equity markets were mostly lower. Japan was the lone stand out of the night and gained 1.9% as sentiment rose following comments from the leader of the LDP party, Shinzo Abe. Mr. Abe said that he would take a strong stance to pull Japan out of deflation through more aggressive monetary policy. He also stated he will urge the Bank of Japan to cut rates to 0.0% or lower. The yen dropped significantly following the remarks and the Nikkei surged higher. Meanwhile, China unveiled its new leader as Xi Jinping took over as General Secretary of the Politburo. He was also elected chairman of the central military commission while Li Keqiang will become Vice-Premier, as expected. Also of note, the Chinese press expects the 2013 rail investment in the neighborhood of CNY530 billion, up from 2012. China's Shanghai Composite slid 1.2% and Hong Kong's Hang Seng lost 1.6%.

European markets are in the red and Germany's DAX is the biggest laggard, down 0.9%. The DAX fell to fresh session lows after finance minister Wolfgang Schaeuble made comments regarding the region's debt crisis. Mr. Schaeuble said that the current debt levels in industrialized states are unsustainable. He also commented on Greece by saying aid financing should be agreed upon by Tuesday. In the region's economic data, both France and Germany narrowly beat their third quarter GDP growth forecasts. Germany's reading was reported at 0.4% year-over-year, which is running behind the projected growth rate of 0.8%. In France, the GDP growth of 0.2% quarter-over-quarter was ahead of the expected unchanged reading. Elsewhere, Spain's GDP contracted by 0.3% quarter-over quarter, while Italy reported a 0.2% quarter-over-quarter contraction and a 2.4% decline in growth on a yearly scale. The mixed GDP readings across the region caused the Eurozone GDP to reflect a 0.1% quarter-over-quarter contraction. Today's reading signals the official start of a recession in the Eurozone as the region has reported two consecutive quarters which saw a decline in growth. Elsewhere, UK retail sales increased by 0.6% year-over-year, while the consensus expected the figure to increase by 1.7%. As the European indices approach midday, France's CAC and United Kingdom's FTSE are both down 0.5%.

In U.S. corporate news, Wal-Mart (WMT 68.95, -2.36) is sliding 3.3% after reporting third quarter earnings of $1.08 on $113.93 billion. The retailer's bottom line beat the Capital IQ consensus estimate by $0.01, while the revenue was slightly below expectations. During the fourth quarter, the company expects earnings between $1.53 and $1.58, which is mostly in-line with the broadly expected $1.57.

Target (TGT 61.36, -0.02) is showing little change after the retailer reported third quarter results in-line with expectations.

NetApp (NTAP 30.30, +3.18) is advancing 11.7% after beating on earnings. The networking company beat its bottom line expectations by $0.03 and reported in-line revenue. In addition, the company issued guidance for the upcoming quarter as it sees earnings and revenue in-line with expectations.

In today's economic data, weekly initial and continuing claims as well as the October CPI, core CPI, and the Empire Manufacturing Index will all be released at 8:30 ET. Lastly, the November Philadelphia Fed Survey will be reported at 10:00 ET.

06:48 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +5.00.

06:48 am : Nikkei...8829.72...+165.00...+1.90%. Hang Seng...21108.93...-333.10...-1.60%.

06:48 am : FTSE...5700.45...-21.60...-0.40%. DAX...7065.36...-36.60...-0.50%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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