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 Post subject: November 29th Thursday TF, 6E & CL Futures $2330.00
PostPosted: Thu Nov 29, 2012 8:36 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 @ $880.00 dollars or +8.80 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $1,450.00 dollars or +1.45 points. Total Profit @ $2330.00 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=1379

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 and 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 while using 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 trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

U.S. Market Wrap

Nov. 29 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a second day, amid investor optimism that lawmakers will reach a resolution in federal budget negotiations.

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Market Update

4:25 pm : Today's session started on a positive note after yesterday's comments from House Speaker Boehner were viewed as supportive. However, the Speaker held another press conference today at which he said no "substantive progress" has been made. The S&P 500 responded to Mr. Boehner's remarks by falling back to its flat line. The weakness did not last long, and the benchmark average was able to regain its losses to close higher by 0.4%.

The materials sector was one of the top performers, and producers of building materials outperformed. The space was supported by the October pending home sales data which pointed to a 5.2% increase, well ahead of the 1.0% expected by the Briefing.com consensus. Headwaters (HW 7.64, +0.19), Martin Marietta Materials (MLM 90.79, +3.99), and Vulcan Materials (VMC 51.31, +1.62) all gained between 2.6% and 4.6%.

Steelmakers saw broad strength, and the Market Vectors Steel ETF (SLX 44.34, +0.65) settled higher by 1.5%. Though most major steelmakers registered gains, Cliffs Natural Resources (CLF 28.89, -0.72) was a notable underperformer, down 2.4%.

Tech shares also outperformed, and the SPDR Technology Select Sector ETF (XLK 29.16, +0.14) gained 0.5%. The largest tech component, Apple (AAPL 589.36, +6.42), advanced 1.1% as it attempted to regain its 200-day moving average near $600.

Elsewhere, Intel (INTC 19.53, -0.56) slipped 2.8% after Goldman Sachs lowered its price target for the stock to $16 from $20. Meanwhile, peer Advanced Micro Devices (AMD 2.04, +0.08) settled higher by 4.1% as the company sought to sell its campus in Austin, Texas.

Also of note, Research In Motion (RIMM 11.54, +0.44) spiked 4.0% after Goldman Sachs upgraded the stock to ‘buy' from ‘neutral.' The maker of Blackberry phones has been on a strong run recently, gaining nearly 60% since the start of November.

As the end of the month nears, retailers have begun to report their November same store sales. Out of the 16 companies which have already reported, only four have beaten their estimates. Of those four, Stein Mart (SMRT 8.56, +0.97) led the way with a 12.8% gain. Today's advance occurred after the company reported a 7.1% growth in same store sales on expectations of a 2.3% increase.

On the downside, Kohl's (KSS 45.02, -6.13) sank 12.0% after its same store sales declined by 5.6% on expectations of a 2.1% increase. Like many retailers which missed their estimates, Kohl's blamed the softness on the aftereffects of Superstorm Sandy. As a result of the disappointing data, the SPDR S&P Retail ETF (XRT 63.36, -0.46) shed 0.7%.

Overnight, India's Sensex gained 1.8% after Goldman Sachs upgraded Indian stocks. As a result, the iPath MSCI India Index ETN (INP 58.37, +1.90) was the best performing regional ETN, up 3.4%. Indian stocks listed in the U.S. reflected the strength as they registered broad gains. Among financials, HDFC Bank (HDB 42.85, +2.58) and ICICI Bank (IBN 41.54, +2.76) jumped 6.4% and 7.1%, respectively. Elsewhere, automaker Tata Motors (TTM 25.60, +1.39) surged 5.7% and business technology consultant Infosys (INFY 44.66, +1.22) settled higher by 2.8%.

The Dow Jones Transportation Average added 0.6% as companies specializing in package delivery led the bellwether complex. Expeditors International of Washington (EXPD 37.35, +0.60), FedEx (FDX 90.80, +1.31), and UPS (UPS 73.56, +0.85) all gained between 1.2% and 1.6%. Earlier, Stifel Nicolaus upgraded Expeditors International to ‘buy' from ‘hold.' In addition, morning reports indicated UPS may pursue a network sharing agreement with its rivals in order to save the TNT Express deal.

The latest weekly initial jobless claims count totaled 393,000, which was lower than the 395,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 416,000. As for continuing claims, they fell to 3.287 million from 3.357 million.

The second estimate of third quarter GDP pointed to growth of 2.7%, up from the 2.0% observed in the preliminary reading. The upwardly revised increase is slightly lower than the 2.8% increase that economists polled by Briefing.com had expected. Also, the third quarter GDP Deflator was revised down, to 2.7%.

In Friday's economic data, October personal income and personal spending as well as core PCE prices will all be released at 8:30 ET. Lastly, November Chicago PMI will be reported at 9:45 ET.DJ30 +36.71 NASDAQ +20.25 SP500 +6.02 NASDAQ Adv/Vol/Dec 1790/1.7 bln/676 NYSE Adv/Vol/Dec 2173/682.5 mln/846

3:30 pm : Jan crude oil rose $1.58 to $88.04/barrel, Jan natural gas fell $0.15 cents to $3.65/MMBtu, Jan heating oil rose 4 cents to $3.06/gallon, and Jan RBOB gasoline rose 4 cents to $2.73/gallon.

Crude oil trended higher for the first time this week, gaining support from a weaker dollar index. The energy component climbed as high as $88.69 per barrel in morning pit action but gave up some of the gain following House Speaker Boehner's comments regarding the fiscal cliff and that no "substantive progress" has been made. Nevertheless, crude booked a 1.8% gain for the session as it closed at $88.04 per barrel.

Precious metals also climbed higher in choppy fashion. Both gold and silver dipped to their respective pit session lows of $1722.80 per ounce and $33.84 per ounce following the release of initial claims data and the second estimate of third quarter GDP but quickly regained momentum. Gold brushed a session high of $1731.20 per ounce and settled for a 0.6% gain at $1729.30 per ounce. Silver popped to a session high of $34.49 per ounce in morning action and eventually closed with a1.9% gain at $34.42 per ounce.

Natural gas, on the other hand, trended lower into negative territory. It tanked to a floor session low of $3.64 per MMBtu following weaker-than-anticipated inventory data. Natural gas was unable to erase much of the loss and settled at $3.65 per MMBtu, or 3.9% lower.DJ30 +15.23 NASDAQ +15.76 SP500 +3.66 NASDAQ Adv/Vol/Dec 1679/1.4 bln/790 NYSE Adv/Vol/Dec 2042/463.5 mln/972

3:00 pm : As the final hour of trade begins, equities are holding their recent levels and the S&P 500 is higher by 0.5%.

A handful of retailers will report their earnings after today's close. The Capital IQ consensus expects teen retailer Five Below (FIVE 31.05, +0.50) to report earnings of $0.73 on $614.99 million in revenue. In addition, Zumiez (ZUMZ 20.80, -0.30) is expected to report $0.47 in earnings on revenue of $183.04 million.

Before tomorrow's open, United Natural Foods (UNFI 51.99, -0.81) and ReneSola (SOL 1.22, +0.07) are among the names scheduled to report.DJ30 +46.48 NASDAQ +21.48 SP500 +6.96 NASDAQ Adv/Vol/Dec 1756/1.29 bln/697 NYSE Adv/Vol/Dec 2131/427.1 mln/876

2:30 pm : Quiet afternoon action continues and the S&P 500 is higher by 0.5%.

Overnight, India's Sensex gained 1.8% after Goldman upgraded Indian stocks. As a result, the iPath MSCI India Index ETN (INP 58.39, +1.92) is the best performing regional ETN, up 3.4%. Indian stocks listed in the U.S. are reflecting the strength as they register broad gains. Among financials, HDFC Bank (HDB 42.80, +2.53) and ICICI Bank (IBN 41.62, +2.84) are up 7.3% and 6.3%, respectively. Elsewhere, automaker Tata Motors (TTM 25.72, +1.51) is surging 6.2% while business technology consultant Infosys (INFY 44.50, +1.07) is higher by 2.4%.DJ30 +49.92 NASDAQ +19.92 SP500 +7.12 NASDAQ Adv/Vol/Dec 1723/1.2 bln/697 NYSE Adv/Vol/Dec 2124/395.1 mln/852

2:00 pm : The S&P 500 is higher by 0.5% as it trades near its recent levels.

The materials sector is the strongest performer of the day. The space is being led by producers of building materials which are seeing strength after October pending home sales were reported well ahead of expectations. Headwaters (HW 7.65, +0.20), Martin Marietta Materials (MLM 91.36, +4.56), and Vulcan Materials (VMC 51.37, +1.68) are all up between 2.6% and 5.4%.

In addition, steelmakers are also seeing broad strength. The Market Vectors Steel ETF (SLX 44.34, +0.65) is higher by 1.5%. As most major steelmakers register gains, Cliffs Natural Resources (CLF 29.22, -0.39) is a notable underperformer, down 1.3%.DJ30 +50.17 NASDAQ +20.31 SP500 +7.34 NASDAQ Adv/Vol/Dec 1716/1.11 bln/707 NYSE Adv/Vol/Dec 2126/366.4 mln/834

1:30 pm : The major averages continue to trade near their respective opening levels. The Dow is higher by 0.4%.

The Dow Jones Transportation Average is higher by 0.5% as it trades slightly ahead of the remaining industrials. Companies specializing in package delivery are leading the bellwether complex. Expeditors International of Washington (EXPD 37.38, +0.63), FedEx (FDX 90.70, +1.21), and UPS (UPS 73.64, +0.93) are all up between 1.2% and 1.7%. Earlier, Stifel Nicolaus upgraded Expeditors International to ‘buy' from ‘hold.' In addition, morning reports indicated UPS may pursue a network sharing agreement with its rivals in order to save the TNT Express deal.

Elsewhere, shipping stocks are also seeing strength. Kirby (KEX 58.63, +0.63) and Matson (MATX 22.86, +0.11) are up 1.1% and 0.5%, respectively.DJ30 +45.46 NASDAQ +19.22 SP500 +6.70 NASDAQ Adv/Vol/Dec 1707/1.03 bln/696 NYSE Adv/Vol/Dec 2101/340.9 mln/864

1:05 pm : Today's session started on a positive note. The early gains were built on yesterday's comments from House Speaker Boehner which indicated he is hopeful a budget deal can be reached. However, the Speaker held another press conference today at which he said no "substantive progress" has been made. The immediate reaction to the remarks saw the S&P 500 fall to its flat line. The level held briefly before the index recovered four points to bring it near its opening level. At midday, the benchmark average is higher by 0.3%.

The technology space is one of the top performing sectors and the SPDR Technology Select Sector ETF (XLK 29.15, +0.13) is higher by 0.5%. The largest tech component, Apple (AAPL 589.00, +6.06) has been in focus recently. Today, the stock is higher by 1.1% as it attempts to return above its 200-day moving average in the $600 area.

Elsewhere, Intel (INTC 19.65, -0.44) is down 2.2% after Goldman lowered its price target for the stock to $16 from $20. Meanwhile, peer Advanced Micro Devices (AMD 2.04, +0.08) is higher by 4.1% as the company seeks to sell its campus in Austin, Texas.

Also of note, Research In Motion (RIMM 11.80, +0.70) is spiking 6.3% after Goldman upgraded the stock to ‘buy' from ‘neutral.' The maker of Blackberry phones has been on a strong run recently, gaining nearly 60% since the start of November.

As the end of the month nears, retailers are reporting their November same store sales. Out of the 16 companies which have already reported, only four beat their estimates. Of those four, Stein Mart (SMRT 8.47, +0.88) is having the best day. The stock trades higher by 11.6% after the company reported a 7.1% growth in same store sales. Meanwhile, expectations called for an uptick of 2.3%.

On the downside, Kohl's (KSS 45.91, -5.24) is sinking 10.3% after its same store sales declined by 5.6% on expectations of a 2.1% increase. Many retailers which missed their estimates blamed the softness on the aftereffects of Superstorm Sandy. As a result of the disappointing data, the SPDR S&P Retail ETF (XRT 63.37, -0.44) is off by 0.7%.

Jewelry store operator Tiffany (TIF 59.33, -4.40) is tumbling 6.9% after missing its Capital IQ earnings estimate by $0.14. Meanwhile, the jeweler's revenue of $852.70 million was largely in-line with expectations. However, Tiffany's guidance was a point of concern after the company lowered its earnings forecast and trimmed its sales growth expectations. The disappointing results are spilling over to other jewelers. Harry Winston Diamond (HWD 14.18, -0.14), Signet Jewelers (SIG 54.24, -0.09), and Blue Nile (NILE 38.42, -1.05) are all down between 0.2% and 2.7%.

Pending home sales for October increased by 5.2%, which was better than the 1.0% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's uptick of 0.3%.

The latest weekly initial jobless claims count totaled 393,000, which was lower than the 395,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 416,000. As for continuing claims, they fell to 3.287 million from 3.357 million.

The second estimate of third quarter GDP pointed to growth of 2.7%, up from the 2.0% observed in the preliminary reading. The upwardly revised increase is slightly lower than the 2.8% increase that economists polled by Briefing.com had expected. Also, the third quarter GDP Deflator was revised down, to 2.7%.DJ30 +32.54 NASDAQ +16.84 SP500 +5.35 NASDAQ Adv/Vol/Dec 1698/963.7 mln/702 NYSE Adv/Vol/Dec 2073/314.8 mln/867

12:30 pm : The S&P 500 has returned near its opening level as it trades higher by 0.4%.

Jewelry store operator Tiffany (TIF 59.56, -4.17) is sliding 6.5% after missing its Capital IQ earnings estimate by $0.14. Meanwhile, the jeweler's revenue of $852.70 million was largely in-line with expectations. However, Tiffany's guidance was a point of concern after the company lowered its earnings forecast and trimmed its sales growth expectations. The disappointing results are spilling over to other jewelers. Harry Winston Diamond (HWD 14.24, -0.08), Signet Jewelers (SIG 54.05, -0.28), and Blue Nile (NILE 38.53, -0.94) are all down between 0.5% and 2.4%.DJ30 +24.80 NASDAQ +16.20 SP500 +5.19 NASDAQ Adv/Vol/Dec 1653/885.3 mln/722 NYSE Adv/Vol/Dec 2063/290.1 mln/870

12:00 pm : The major averages have fallen to their respective lows after House Speaker Boehner said no substantive progress has been made in budget negotiations. Since the end of the brief press conference, the S&P 500 has retraced a portion of the move and it now trades higher by 0.1%.

Major financials are among those most sensible to the fiscal cliff debate. Bank of America (BAC 9.81, +0.05), Citigroup (C 35.22, +0.14), and Goldman Sachs (GS 119.03, -0.30) all responded to the comments from the House Speaker by falling to their respective lows.DJ30 -5.22 NASDAQ +10.30 SP500 +1.59 NASDAQ Adv/Vol/Dec 1584/783.5 mln/764 NYSE Adv/Vol/Dec 1862/258.4 mln/1045

11:30 am : Equities are holding their recent levels and the Nasdaq is higher by 0.6% as it outperforms the remaining indices.

The technology space is one of the top performing sectors and the SPDR Technology Select Sector ETF (XLK 29.17, +0.15) is higher by 0.5%. The largest tech component, Apple (AAPL 589.20, +6.26) has been in focus recently. Today, the stock is higher by 1.1% as it attempts to return above its 200-day moving average in the $600 area.

Intel (INTC 19.66, -0.43) is down 2.2% after Goldman lowered its price target for the stock to $16 from $20. Meanwhile, peer Advanced Micro Devices (AMD 2.07, +0.11) is higher by 5.6% as the company is looking to sell its Austin, Texas campus.

Also of note, Research In Motion (RIMM 11.82, +0.72) is spiking 6.5% after Goldman upgraded the stock to ‘buy' from ‘neutral.' The maker of Blackberry phones has been on a strong run recently, gaining nearly 59% since the start of November.DJ30 +39.98 NASDAQ +18.48 SP500 +6.64 NASDAQ Adv/Vol/Dec 1709/650.7 mln/617 NYSE Adv/Vol/Dec 2131/213.9 mln/755

11:00 am : The S&P 500 is adding 0.5% as it trades near its opening level.

As the end of the month nears, retailers are reporting their November same store sales. Among the 16 companies which have already reported, only four beat their estimates. Of those four, Stein Mart (SMRT 8.27, +0.68) is having the best day. The stock trades higher by 9.0% after the company reported a 7.1% growth in same store sales. Meanwhile, expectations called for an uptick of 2.3%.

On the downside, Kohl's (KSS 46.80, -4.35) is sliding 8.5% after its same store sales declined by 5.6% on expectations of a 2.1% increase. Many retailers which missed their estimates blamed the softness on the aftereffects of Superstorm Sandy. As a result of the disappointing data, the SPDR S&P Retail ETF (XRT 63.50, -0.32) is off by 0.5%.DJ30 +44.60 NASDAQ +21.62 SP500 +6.90 NASDAQ Adv/Vol/Dec 1699/530.1 mln/609 NYSE Adv/Vol/Dec 2158/179.2 mln/696

10:35 am : A weaker dollar index is giving a boost to select commodities in today's morning pit action.

Jan crude oil is extending overnight gains. It came-off its floor session low $87.68 per barrel set at the pit open and climbed to a session high of $88.69 per barrel. It is currently trading at $88.39 per barrel, or up 2.2%.

Jan natural gas has been struggling in negative territory, falling off its session high of $3.76. It fell to a session low of $3.64 per MMBtu moments ago on weaker-than-anticipated inventory data. Natural gas is currently trading at $3.66 per MMBtu, or 3.8% lower.

Feb gold and Mar silver were both trending higher in overnight electronic action but fell to their respective pit session lows of $1722.80 per ounce and $33.84 per ounce following the release of the latest initial claims data as well as the second estimate of third quarter GDP. Both metals have since regained momentum. Gold is currently 0.5% higher at $1727.40 per ounce, while silver is now trading at $34.33 per ounce, or up 1.6%.

Mar copper is also climbing higher and is now up 2.2% at $3.61 per lb.DJ30 +25.27 NASDAQ +14.24 SP500 +4.69 NASDAQ Adv/Vol/Dec 1611/432.5 mln/648 NYSE Adv/Vol/Dec 2030/150.5 mln/780

10:00 am : The S&P 500 ticked higher following the latest housing data. The benchmark index is currently adding 0.7%.

Pending home sales for October increased by 5.2%, which is better than the 1.0% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's uptick of 0.3%. The SPDR S&P Homebuilders ETF (XHB 26.52, +0.25) lifted to fresh highs following the data's release.DJ30 +70.28 NASDAQ +24.39 SP500 +9.36 NASDAQ Adv/Vol/Dec 1777/261.1 mln/433 NYSE Adv/Vol/Dec 2296/99.9 mln/497

09:45 am : Equities have maintained their bullish pre-market sentiment and the S&P 500 trades higher by 0.6%.

Taking a glance at the early sector alignment, materials and technology stocks are pacing the advance. Meanwhile, utility stocks are underperforming and the group is the only S&P 500 sector trading in the red.

Guess? (GES 26.06, +0.81) is one of the early S&P 500 leaders. The apparel designer is advancing 3.2% after reporting mixed results. The company reported a slight earnings miss while its revenue exceeded expectations. Guess? also issued in-line fourth quarter guidance and declared a special dividend of $1.20. Following earnings, Piper Jaffray upgraded the stock to ‘overweight' from ‘neutral.'

Today's economic data will be topped off with the October pending home sales report, which will be released at 10:00 ET.DJ30 +60.32 NASDAQ +23.53 SP500 +8.36 NASDAQ Adv/Vol/Dec 1732/159.5 mln/421 NYSE Adv/Vol/Dec 2256/740.4 mln/463

09:18 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +12.50. Heading into the open, equity futures continue pointing higher and the S&P 500 futures are up 0.5%.

The pre-market action reflects the risk-on sentiment with financials garnering interest. Bank of America (BAC 9.85, +0.09), Citigroup (C 35.45, +0.38), and JPMorgan Chase (JPM 41.10, +0.27) are all up between 0.5% and 1.0%.

Additionally, coal stocks appear poised for a higher open. Arch Coal (ACI 6.62, +0.15) and Cliffs Natural Resources (CLF 30.20, +0.59) are both up near 2.0%.

October pending home sales will be released at 10:00 ET.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +10.80. U.S. equity futures are off their highs, but they remain firmly in the black. The S&P 500 futures are adding 0.4%.

It was a sea of green across Asia as all of the major indices, aside from China's Shanghai Composite (-0.5%), gained on hope of a resolution to the U.S. fiscal cliff. For China's Shanghai Composite, today marked the fourth straight day of losses and its lowest close since January 2009. Elsewhere, the Sensex (+1.8%) rallied to a six-month high after Goldman Sachs upgraded Indian stocks. Data out overnight was mixed as Japan's retail sales slid 1.2% year-over-year (-0.7% expected) while Australia's HIA New Home Sales (3.4% month-over-month actual versus -3.7% previous) and private capital expenditures (2.8% quarter-over-quarter actual versus 2.1% expected) were strong. Elsewhere, South Korea's Manufacturing BSI Index slipped to 69 (72 previous) and Hong Kong's retail sales rose a less than expected 4.0% year-over-year (6.7% expected).

In Japan, the Nikkei closed higher by 1.0% as exporters saw solid gains. Honda Motor and Canon jumped 2.0% and 1.1% respectively following yesterday's profit-taking. Meanwhile, steelmaker JEF rallied 3.5% following a Nikkei report which suggested the company will see JPY100 billion in free cash flow during the upcoming fiscal year.

Hong Kong's Hang Seng advanced 1.0% to snap its three-day slide. Real estate developers were among the top performers as China Overseas Land and China Resources Land both added more than 1.0%. However, rival Sunac China shed 1.1% after a large investor sold a block of shares in the company.

In China, the Shanghai Composite settled lower by 0.5% as brokerage firms were hit hard. Citic Securities led the sector's decline with a loss of 4.4%. Meanwhile, real estate stocks outperformed as China Vanke and Poly Real Estate both tacked on close to 1.0%.

The European bourses are broadly higher this morning. Earlier, Moody's stated Greek debt is unsustainable, even after the latest aid deal. The rating agency believes the odds of a default remain high. In regional economic data, Germany's unemployment rate was reported at 6.9%, in-line with expectations. Elsewhere, the Eurozone Business and Consumer Survey came in at 85.7, which was ahead of the broadly expected 84.2. Meanwhile, the region's consumer confidence of -27 was in-line with the forecast.

In Germany, the DAX is higher by 0.7% as most components post gains. Car makers are among the top advancers as BMW and Volkswagen see respective gains of 1.5% and 1.9%. Consumer stocks are among the handful of decliners. Fresenius Medical is down 0.7% while Bayer is off by 0.3%.

In the United Kingdom, the FTSE is rising by 0.9% and miners are pacing the advance. Antofagasta, Rio Tinto, and Kazakhmys are all up between 3.9% and 4.2%. On the downside, John Wood Group is sliding 4.7% after the company's founder sold a 4.4% stake in the business.

France's CAC is firmer by 0.9% and 36 of 40 index components are in the black. STMicroelectronics is leading the way as it trades higher by 3.3%. Meanwhile, Electricite de France is down 2.3% after a panel of 80 communities said the company overcharged its customers by EUR8.8 billion.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +14.50. Equity futures slipped off their highs following the release of the latest initial claims data as well as the second estimate of third quarter GDP. Currently, the S&P 500 futures are adding 0.6%.

The latest weekly initial jobless claims count totaled 393,000, which is lower than the 395,000 that had been expected by the Briefing.com consensus. The tally is below the revised prior week count of 416,000. As for continuing claims, they fell to 3.287 million from 3.357 million.

The second estimate of third quarter GDP pointed to growth of 2.7%, up from the 2.0% observed in the preliminary reading. The upwardly revised increase is slightly lower than the 2.8% increase that economists polled by Briefing.com had expected. Also, the third quarter GDP Deflator was revised down, to 2.7%.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +13.50. U.S. equity futures are firmly higher and the S&P 500 futures are adding 0.6%.

Overnight, the global equity markets registered gains. However, the Shanghai Composite was an outlier and lost 0.5%. While the markets began yesterday amid pessimism regarding a budget deal, the opposite held true today. The markets showed optimism after comments from President Obama and House Speaker Boehner. Elsewhere, Japan's Nikkei gained 1.0% to continue its impressive run. Meanwhile, the opposition LDP party led by Shinzo Abe is ahead in the latest polls. Also of note, the Australian dollar saw early weakness when the country lowered its 2012-13 capital expenditures estimate to AUD173.4 billion, below the prior forecast of AUD181.5 billion. In other notable indices, Hong Kong's Hang Seng rose by 1.0%.

The European bourses are broadly higher this morning. Earlier, Moody's stated Greek debt is unsustainable, even after the latest aid deal. The rating agency believes the odds of a default remain high. In regional economic data, Germany's unemployment rate was reported at 6.9%, in-line with expectations. Elsewhere, the Eurozone Business and Consumer Survey came in at 85.7, which was ahead of the broadly expected 84.2. Meanwhile, the region's consumer confidence of -27 was in-line with the forecast. As European indices near midday, Germany's DAX is advancing 0.7%, UK's FTSE is rising by 0.9%, and France's CAC is higher by 1.0%.

In U.S. corporate news, Tiffany (TIF 58.50, -5.23) is sliding 8.2% after missing the Capital IQ earnings estimate by $0.14. Meanwhile, the high-end retailer's revenue was largely in-line with expectations. Tiffany's guidance was a point of concern after the company lowered its earnings forecast and trimmed its sales growth expectations. Peer Signet Jewelers (SIG 53.66, -0.67) is down 1.2% in sympathy.

Guess (GES 26.62, +1.37) is advancing 5.4% after reporting mixed results. The apparel designer reported a slight earnings miss while its revenue exceeded expectations. The company also issued in-line fourth quarter guidance and declared a special dividend of $1.20. Following earnings, Piper Jaffray upgraded the stock to ‘overweight' from ‘neutral.'

Aeropostale (ARO 12.89, -1.23) is another retailer which reported earnings. Shares of ARO are lower by 8.7% after the company delivered mixed results and lowered its fourth quarter earnings guidance below consensus.

In today's economic news, weekly initial and continuing claims will be reported at 8:30 ET. In addition, the second estimate of third quarter GDP and the GDP deflator will also be announced at 8:30 ET. Lastly, October pending home sales will hit the wires at 10:00 ET.

The U.S. Treasury will auction off $29 billion in 7-yr notes.

06:37 am : Nikkei...9400.88...+92.50...+1.00%. Hang Seng...21922.89...+213.90...+1.00%.

06:37 am : FTSE...5856.49...+53.20...+0.90%. DAX...7399.64...+56.20...+0.80%.

06:35 am : S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +14.00.

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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