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 Post subject: December 3rd Monday TF, 6E & CL Futures $1030.00
PostPosted: Mon Dec 03, 2012 9:55 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 @ $960.00 dollars or +9.60 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $70.00 dollars or +0.07 points. Total Profit @ $1030.00 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=111&t=1383

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=197&t=1686

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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

Dec. 3 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, following a two-week advance for the Standard & Poor’s 500 Index, as an unexpected contraction in manufacturing spurred concern about the potential economic toll from the so-called fiscal cliff.

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Market Update

4:05 pm : Today's session began on a positive note as upbeat European trade contributed to the bullish sentiment. However, the strength was temporary and the S&P 500 turned lower once the November ISM Index of 49.5 missed expectations. After sliding to its lows shortly after midday, the S&P 500 remained in the red and settled lower by 0.5%.

The materials sector was the biggest laggard as chemical producers saw broad weakness. In addition, utility and industrial stocks underperformed as well. The telecom space was the only advancer as defensive trade took hold.

Looking back at November, equities ended the month largely unchanged despite a mid-month stumble. The S&P 500 lost over 4.0% during the first half of the month, and managed a swift recovery. Headline-driven trade proved to be alive and well as the market hung on every word out of Washington regarding the ongoing budget talks.

In addition, European uncertainty remained palpable as Eurozone and International Monetary Fund officials spent longer than expected ironing out the details of the next tranche of Greek aid. The repeated attempts at implementing reforms have proven futile, and the sovereign's financial health has shown no signs of improvement. Due to this, officials, as well as the markets, are growing more skeptical regarding the country's ability at fulfilling further obligations. Elsewhere, Spanish region of Catalonia held an election, and the vote favored parties which support holding a referendum on secession.

Domestically, the attention turned to the budget debate after Barack Obama was reelected to second term as president.

Markets Unimpressed by Election Results

The major averages entered the November 7 election on an upbeat note. On Election Day, the S&P 500 advanced almost 1%, and the benchmark index ended the day just 3% below its 2012 high of 1474.51. That evening, equity futures saw a positive initial reaction to Mr. Obama's victory. However, sentiment turned as the morning approached and European markets began reacting to the results. The loss of optimism was attributed to questions whether a Democratic president and a split Congress can strike a budget deal to avoid going over the fiscal cliff. After President Obama was declared victor, the S&P 500 opened lower by 1%. Broad-based weakness persisted throughout the day and pressured the index to a loss of 2.4%.

The next six sessions saw continued softness and the S&P 500 lost an additional 3%. This was also notable from the technical standpoint because the slide brought the index below its 200-day moving average. As the markets continued heading south, Congressional leaders, as well as the President, held numerous press conferences aimed at reassuring the public regarding their determination to reach consensus. Despite the reassurances, the two sides maintained a familiar tone. President Obama insisted on increasing revenuemainly through tax hikes for top earners while House Speaker Boehner was more focused on spending cuts.

Apple Halts its Slide

On September 21, Apple (AAPL) marked its all-time high at $705.07. However, the following month saw the stock slide over 15% as shares approached bear market territory. The softness was notable as the S&P 500 shed only 2.2% during the same period. As such, early November weakness weighed on the largest tech component and caused it to underperform the market once again. The post-election sell-off resulted in Apple dipping another 9% before a mid-month reversal helped the stock recover its first-half losses entirely.

Utilities Suffer

Before Hurricane Sandy made landfall in New Jersey on October 29, utility stocks were enjoying a solid six-month run. However, the storm caused considerable damage to infrastructure and weighed on electrical utilities. In addition, industry standards came into question after some areas remained without power for weeks. To investigate the matter, New York Governor Andrew Cuomo appointed a special panel tasked with evaluating electric utilities' preparedness for extreme events. With the sector under scrutiny, investors considered the possibility of tighter regulation and increased costs for electric companies. As a result, the SPDR Utilities Select Sector ETF (XLF) lost nearly 5% during the month. Some commentators suggested the anticipation of a dividend tax hike at the end of the year is also responsible for the weakness. However, it should be noted that the high-yielding telecom sector was largely unchanged on the month.

Coal Burns Out

During the first presidential debate, Republican challenger Mitt Romney said he "likes coal." The remarks prompted a surge in coal stocks, and fueled the Market Vectors Coal ETF (KOL) to a 10% gain going into the election. President Obama's victory ensured that the administration will continue to favor cleaner energy, and coal stocks responded by retreating. Since November 7, KOL fell nearly 9% while individual names like Alpha Natural Resources (ANR, -25%), James River Coal (JRCC, -25%), and Peabody Energy (BTU -14%) saw significant losses.

Thanksgiving Rally Led by Turkeys of the Year

The Thanksgiving week saw a thin-volume rally, which halted the post-election slide. Interestingly, some of the top performers during that stretch were stocks that had suffered heavy losses during earlier months. Green Mountain Coffee Roasters (GMCR, +46%), Groupon (GRPN, +52%), Nokia (NOK, +20%), and Research In Motion (RIMM, +26%)were among the names which underperformed going into the month, but saw outsized gains in the 30 days since.

Post-election Winners Flying Under the Radar

In addition to influencing near-term sentiment, the November election also created ripples in some thinly-traded corners of the market. Gun makers shot up following President Obama's reelection. On November 8, the S&P 500 lost over 2% but Smith & Wesson (SWHC) and Sturm, Ruger & Co (RGR) surged 7% and 10%, respectively. The two stocks continued their run and ended the month with respective gains of 13% and 33%. The post-election surge was sparked by concerns over tighter gun regulation during the President's second term. The concern was confirmed on Black Friday when 154,873 FBI background check requests for gun sales topped last year's one-day record by 20%. Gunsmiths enjoyed a tremendous run on the back of same regulatory concerns when President Obama was first elected. Since 2009, quarterly results of the two companies have frequently shown notable increases in order backlog as they struggled to keep up with the demand. The industry strength is confirmed in stock price as Smith & Wesson trades 370% above its value four years ago while Sturm & Ruger has added an eye-popping 900%.

Looking to December: Budget Showdown Front and Center

In December, markets will remain focused on the budget debate as the cliff nears. It is also likely that frequent press conferences aimed at calming the markets will continue. However, until a deal is reached, short-term volatility is likely to persist as investors continue showing heightened sensitivity to headlines and news reports.DJ30 -59.98 NASDAQ -8.04 SP500 -6.72 NASDAQ Adv/Vol/Dec 1111/1.61 bln/1372 NYSE Adv/Vol/Dec 1176/654.2 mln/1816

3:30 pm : Crude oil climbed to a session high of $90.33 per barrel in morning pit action but lost momentum despite a weaker dollar index. It tumbled into negative territory and brushed a session low of $88.75 per barrel. The energy component managed to inch slightly higher as it headed into the close and settled with a 0.1% gain at $89.05 per barrel.

Natural gas chopped around in positive territory, popping as high as $3.65 per MMBtu in late morning action. It dipped to a session low of $3.59 per MMBtu, but buyers stepped in and pushed prices back up such that natural gas settled 1.7% higher at $3.62 per MMBtu.

Precious metals traded in positive territory during today's pit trade as the weaker dollar index and U.S. economic data supported their advance. Both gold and silver popped to their respective session highs of $1724.90 per ounce and $33.93 per ounce on latest ISM Index data that showed the manufacturing sector contracting in November. Gains held steady for the remainder of the session with gold eventually settling 0.5% higher at $1721.10 per ounce and silver settling 1.3% higher at $33.74 per ounce.DJ30 -51.59 NASDAQ -7.56 SP500 -6.31 NASDAQ Adv/Vol/Dec 1068/1345 mln/1410 NYSE Adv/Vol/Dec 1091/423 mln/1884

3:00 pm : The major averages continue to trade near their respective lows as trade enters the final hour. The S&P 500 is off by 0.2%.

As quarterly reports continue trickling in, the immediate focus will be on auto parts store operators. Pep Boys (PBY 10.61, +0.04) is the only notable name scheduled to report its results after today's close. The Capital IQ consensus expects the company to report earnings of $0.15 on $527.60 million in revenue.

Tomorrow morning, AutoZone (AZO 379.00, -4.77) is expected to announce earnings of $5.35 on $2.02 billion in revenue.

Besides AutoZone, Big Lots (BIG 27.86, -0.30) and Toll Brothers (TOL 32.26, +0.43) are also scheduled to report ahead of tomorrow's open.DJ30 -28.11 NASDAQ -0.31 SP500 -2.54 NASDAQ Adv/Vol/Dec 1179/1.21 bln/1299 NYSE Adv/Vol/Dec 1256/378.9 mln/1729

2:30 pm : Equities are holding their recent levels and the S&P 500 is off by 0.3%.

As the new month begins, automakers are reporting their November sales. Looking at individual carmakers, Ford (F 11.45, 0.00) is showing no change after its monthly sales represented a 6.0% year-over-year increase. In addition, the company announced plans to build 750,000 vehicles during the first quarter of 2013.

General Motors (GM 25.66, -0.22) is sliding 0.9% after reporting monthly sales of 186,505. The November total represented a 3.0% year-over-year increase.

Honda Motor (HMC 32.80, -0.50) is down 1.5% after its November sales increased by 38.9% year-over-year, to 116,580 units.

Lastly, Toyota Motor (TM 85.78, -0.30) is shedding 0.4% after its total November sales of 161,695 increased by 17.2% year-over-year.DJ30 -42.01 NASDAQ -3.57 SP500 -4.10 NASDAQ Adv/Vol/Dec 1016/1.1 bln/1412 NYSE Adv/Vol/Dec 1191/345.1 mln/1771

2:00 pm : The major averages continue to trade in the red and the S&P 500 is off by 0.3%.

The financial sector outperformed the broader market during the first half of today's session. However, recent trade has seen the space fall back in-line with the market. Among the majors, Morgan Stanley (MS 16.51, -0.35) is the biggest laggard, down 2.1%. Earlier reports indicated a Morgan Stanley trader is the subject of a regulatory inquiry for alleged Treasury market manipulation during his time at Goldman Sachs (GS 118.60, +0.81). Among other banks, Bank of America (BAC 9.81, -0.04) and Citigroup (C 34.29, -0.28) are down 0.4% and 0.8%, respectively.

While U.S. financials are generally weaker, their European counterparts are seeing mixed performance. Deutsche Bank (DB 44.26, +0.13) is adding 0.3% while Barclays (BCS 15.70, -0.13) is off by 0.8%.DJ30 -41.51 NASDAQ -3.45 SP500 -4.20 NASDAQ Adv/Vol/Dec 998/1.02 bln/1426 NYSE Adv/Vol/Dec 1126/320.1 mln/1841

1:30 pm : The major averages are holding their recent levels and the Dow is the weakest performing index, down 0.3%.

The Dow Jones Transportation Average is sliding 1.0% as the bellwether complex underperforms the broader market. Lessor Ryder System (R 47.33, +0.26) is the only advancer within the 20-stock group as it trades higher by 0.6%. While Ryder outperforms, other trucking-related names are seeing weakness. Landstar System (LSTR 49.59, -0.97) is shedding 1.9% while CH Robinson (CHRW 61.03, -0.71) is lower by 1.2%.

In addition, railroads are broadly weaker as well. Kansas City Southern (KSU 76.49, -1.66) and Norfolk Southern (NSC 59.64, -0.74) are seeing respective losses of 2.1% and 1.2%.DJ30 -37.26 NASDAQ -2.18 SP500 -3.15 NASDAQ Adv/Vol/Dec 1001/948.1 mln/1415 NYSE Adv/Vol/Dec 1160/296.4 mln/1793

1:00 pm : Equities began the day on a positive note as an upbeat European trade paved the way for a higher open. However, the strength was short-lived as the S&P 500 marked its session high during the opening minutes, and headed back towards its flat line once the November ISM Index was reported below expectations at 49.5 (51.2 Briefing.com consensus). At midday, the benchmark index is off by 0.1%.

Telecom and technology stocks are resisting broad market pressure as the two sectors trade higher by 0.2%. Among telecoms, sector giant Verizon Communications (VZ 44.21, +0.09) is advancing 0.2% after Nomura upgraded the stock to ‘Buy' from ‘Neutral.' Meanwhile, other major providers are mixed. Sprint Nextel (S 5.71, -0.02) is off by 0.4% while AT&T (T 34.17, +0.04) and MetroPCS (PCS 10.81, +0.16) are seeing respective gains of 0.2% and 1.6%.

Looking at technology, Apple (AAPL 588.85, +3.57) is adding 0.6% after announcing the iPhone 5 will be available in South Korea on December 7, with more than 50 additional countries being added in December, including Brazil, Russia and Taiwan. The stock is attempting to regain its 200-day moving average at $600.

In notable analyst action, Dell (DELL 10.17, +0.53) is surging 5.5% after Goldman Sachs upgraded the stock to ‘Buy' from ‘Sell.'

Also of note, Computer Sciences (CSC 39.50, +1.44) is higher by 3.8% after Equifax (EFX 53.42, +2.18) agreed to purchase certain credit service business assets of Computer Sciences. In addition, Cowen has upgraded CSC to ‘Outperform' from ‘Neutral.'

The materials sector is seeing the biggest weakness and the SPDR Materials Select Sector ETF (XLB 36.39, -0.31) is off by 0.8%.

SunCoke Energy (SXC 15.15, -1.10) is down 6.8% after the company elected to defer the proposed initial public offering of the equity of its subsidiary, SunCoke Energy Partners. The offering is expected to be initiated once market conditions improve.

Elsewhere, Newmont Mining (NEM 46.20, -0.89) is lower by 1.9%. Earlier, the company announced that President and Chief Operating Officer Gary Goldberg will become President and Chief Executive Officer. In addition, Mr. Goldberg will join the company's board of directors on March 1, 2013.

On the upside, supplier of construction materials, Vulcan Materials (VMC 53.10, +0.26) is adding 0.5% after Reuters reports indicated the company may receive a friendly bid from Martin Marietta (MLM 91.01, +1.01).

The October construction spending rose by 1.4% month-over-month, against the expected increase of 0.4%.DJ30 -25.94 NASDAQ -1.99 SP500 -1.91 NASDAQ Adv/Vol/Dec 1014/877.1 mln/1377 NYSE Adv/Vol/Dec 1234/275.2 mln/1696

12:30 pm : The major averages continue to trade near their respective flat lines. Currently, the S&P 500 is adding 0.1%.

The telecom sector is resisting the broad market pressure as the space trades higher by 0.3%. Sector giant Verizon Communications (VZ 44.33, +0.21) is advancing 0.5% after Nomura upgraded the stock to ‘Buy' from ‘Neutral.'

Meanwhile, other major providers are mixed. Sprint Nextel (S 5.72, -0.01) is off by 0.2% while AT&T (T 34.17, +0.07) and MetroPCS (PCS 10.81, +0.16) are seeing respective gains of 0.2% and 1.4%.

Additionally, NTELOS Holdings (NTLS 13.44, +0.54) is rising by 4.0% after positive comments about the company were made at the UBS Media Conference.DJ30 -5.76 NASDAQ +4.61 SP500 +0.96 NASDAQ Adv/Vol/Dec 1101/796.3 mln/1289 NYSE Adv/Vol/Dec 1367/252.2 mln/1556

12:00 pm : The S&P 500 has returned into positive territory after trading marginally lower during the past 30 minutes. Currently, the index is adding 0.1%.

Earlier, the Macau Gaming Inspection and Coordination Bureau reported a 7.9% increase in November gross gaming revenue. The gross revenue of $3.12 billion was roughly in-line with expectations and Macau-based casinos are registering gains following the update. Asia Entertainment & Resources (AERL 3.41, +0.05) and Melco Crown Entertainment (MPEL 15.51, +0.25) are both higher by 1.6%.

In addition, casinos with limited Macau exposure are outperforming as well. Las Vegas Sands (LVS 47.46, +0.81) is advancing 1.8% while MGM Resorts (MGM 10.22, +0.07) is adding 0.7%.DJ30 -9.81 NASDAQ +6.29 SP500 +1.28 NASDAQ Adv/Vol/Dec 1092/721.8 mln/1268 NYSE Adv/Vol/Dec 1354/232.2 mln/1548

11:30 am : Equities are holding their recent levels and the S&P 500 is off by 0.1%.

The materials sector is seeing the biggest weakness and the SPDR Materials Select Sector ETF (XLB 36.31, -0.39) is off by 1.1%.

SunCoke Energy (SXC 14.90, -1.35) is down 8.3% after the company elected to defer the proposed initial public offering of the equity of its subsidiary, SunCoke Energy Partners. The offering is expected to be initiated once market conditions improve.

Elsewhere, Newmont Mining (NEM 46.01, -1.08) is lower by 2.3% after announcing that President and Chief Operating Officer Gary Goldberg will become President and Chief Executive Officer. In addition, Mr. Goldberg will join the company's board of directors on March 1, 2013.

Lastly, supplier of construction materials, Vulcan Materials (VMC 52.31, -0.53) is off by 1.0% after Reuters reports indicated the company may get a friendly bid from Martin Marietta (MLM 90.43, +0.43).DJ30 -28.07 NASDAQ +0.77 SP500 -1.41 NASDAQ Adv/Vol/Dec 996/629.8 mln/1340 NYSE Adv/Vol/Dec 1201/205.1 mln/1701

11:00 am : The major averages have surrendered their early gains and the three indices are at their respective lows. The Nasdaq is registering fractional gains as it outperforms.

As the key indices surrender their early highs, the technology sector continues to outperform. Apple (AAPL 588.33, +3.05) is adding 0.5% as it attempts to regain its 200-day moving average at $600.

Elsewhere, Dell (DELL 10.29, +0.65) is surging 6.7% after Goldman Sachs upgraded the stock to ‘Buy' from ‘Sell.'

Also of note, Computer Sciences (CSC 39.65, +1.59) is higher by 4.2% after Equifax (EFX 53.46, +2.22) agreed to purchase certain credit service business assets of Computer Sciences. In addition, Cowen has upgraded CSC to ‘Outperform' from ‘Neutral.'DJ30 -33.02 NASDAQ +1.13 SP500 -1.71 NASDAQ Adv/Vol/Dec 988/541.0 mln/1312 NYSE Adv/Vol/Dec 1249/182.1 mln/1640

10:30 am : Commodities are mostly higher this morning, while the dollar index has been in negative territory all session. Earlier this morning, crude oil was rallying higher, while natural has was extending losses as it sold off. At the same time, at 7:40am EST, crude oil hit a new session high and natural gas hit a new session low.

Later in the morning, crude extended gains and rose as high as $90.33/barrel. In current action, the Jan contract is up 1.2% at $89.95/barrel.

Jan natural gas sees buyers step in after the commodity dipped into the red earlier this morning. Currently, natural gas is +1.2% at $3.61/MMBtu.

Precious metals rallied sharply on the ISM data and remain in positive territory. Feb gold has come off about $6/oz and is now +0.4% at $1718.80/oz. Jan silver has pulled back only slightly from its HoD and is now +1.3% at $33.72/oz. Mar copper is +0.1% at $3.65/lb.DJ30 -3.22 NASDAQ +12.27 SP500 +1.96 NASDAQ Adv/Vol/Dec 1147/388.3 mln/1106 NYSE Adv/Vol/Dec 1486/141 mln/1343

10:05 am : The major averages have slid to their respective lows in reaction to the latest ISM and construction spending data. The S&P 500 is higher by 0.1%.

November ISM Index came in worse-than-expected at 49.5 versus the 51.2 Briefing.com consensus, and down from October's reading of 51.7. Meanwhile, October construction spending rose by 1.4% month-over-month, against the expected increase of 0.4%.DJ30 -4.14 NASDAQ +6.00 SP500 +0.84 NASDAQ Adv/Vol/Dec 1058/265.1 mln/1148 NYSE Adv/Vol/Dec 1331/108.1 mln/1431

09:45 am : Equities are maintaining their bullish pre-market sentiment and the S&P 500 is higher by 0.4%.

The technology sector is the top early performer. Within the space, Apple (AAPL 592.91, +7.73) is higher by 1.3%.

On the downside, the utility sector is the only group trading in the red, down 0.8%.

November ISM Index and October construction spending will both be released at 10:00 ET.DJ30 +36.63 NASDAQ +13.02 SP500 +4.95 NASDAQ Adv/Vol/Dec 1254/160.9 mln/917 NYSE Adv/Vol/Dec 1648/79.5 mln/1075

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +17.30. Heading into the open, equity futures are pointing higher and the S&P 500 futures are firmer by 0.5%.

High-beta names appear poised for a strong start. Financials Bank of America (BAC 9.93, +0.07) and Citigroup (C 34.85, +0.28) are both up near 0.8%.

Additionally, coal producers are also seeing pre-market strength. Alpha Natural Resources (ANR 7.63, +0.15) and Arch Coal (ACI 6.85, +0.13) are adding 2.0% each.

November ISM Index and October construction spending will both be released at 10:00 ET. Also note that automakers will be reporting November sales throughout the day.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +17.00. U.S. equity futures continue to trade higher and the S&P 500 futures are firmer by 0.5%.

The major Asian averages finished mixed following the mixed Chinese PMI data. The country's Manufacturing PMI rose to a less than expected 50.6 (50.8 expected, 50.2 previous) while the HSBC Final Manufacturing PMI beat with a 50.5 reading (50.4 expected, 50.4 previous). Both data points remained in expansion with the HSBC number posting its best reading in 14 months. Elsewhere, Shinzo Abe's LDP party maintains a lead in the polls, though Prime Minister Noda's ruling party has narrowed the gap in recent weeks. Data from the rest of the region was mixed as Japan's capital spending rose a less than anticipated 2.2% on a quarterly basis while Australia's MI Inflation Gauge slipped 0.1% (+0.1% previous). Lastly, Australia's retail sales were flat month-over-month (0.4% expected).

In Japan, the Nikkei added 0.1% to end at a seven-month high. Names with exposure to China were among the top performers as Hitachi Construction Machinery and Komatsu added 1.6% and 0.4% respectively. Meanwhile, other infrastructure names gained following this weekend's collapse of a tunnel in central Japan. Japan Bridge rocketed up 26.0% and P.S. Mitsubishi Construction surged 21.0% as they would likely be called on for reconstruction.

In Hong Kong, the Hang Seng slipped 1.2% as property developers underperformed. China Land Resources and China Overseas Land fell 2.7% and 2.6% respectively as traders booked profits following recent gains.

China's Shanghai Composite settled lower by 1.0% as spirit makers extended their slump amid ongoing safety concerns. Wuliang Yibin sank 9.9% and Kweichow Moutai tumbled 7.3%. Elsewhere, coal names were under pressure on oversupply concerns. Henan Shenhuo Coal & Power led the space lower with a loss of 6.1%.

European markets are stronger after a handful of PMI readings were reported in the region. Most notably, France's reported PMI of 44.5 was slightly below the broadly expected 44.7. Elsewhere, Spain's PMI of 45.3 was ahead of the 44.0 expected by the consensus. The mixed regional readings resulted in the Eurozone PMI meeting expectations at 46.2. Shortly after Friday's close, Moody's downgraded the European Stability Mechanism and the European Financial Stability Facility one notch, to Aa1 from Aaa, while maintaining a negative outlook. The downgrades came after ESFS's second largest contributor, France, was downgraded as well. Meanwhile, Spain's Prime Minister Rajoy suggested it would be difficult to achieve the country's public deficit goal of 6.3% of GDP. However, he did add that aid will be sought, if needed. Also of note, Credit Suisse has notified its customers it will begin charging negative interest on deposit accounts starting on December 10.

In the United Kingdom, the FTSE is adding 0.3% and Schroders is leading the way. The financial is adding 2.8% after Bank of America upgraded the stock to ‘buy' from ‘neutral.' In addition, miners are seeing strength. Kazakhmys and Fresnillo are both up near 2.0%.

France's CAC is advancing 0.9% and financials are among notable outperformers. Credit Agricole trades higher by 2.4% and Societe Generale is rising by 2.0%. Meanwhile, Renault is the only decliner within the 40-stock index. The carmaker is down 1.3%.

In Germany, the DAX is higher by 1.0% and producers of basic materials are seeing strength. K+S and ThyssenKrupp are firmer by 1.7% and 1.2%, respectively. Athletic apparel producer Adidas is the only decliner as the stock trades lower by 0.5%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +16.00. Equity futures continue to trade near their pre-market highs and the S&P 500 futures are adding 0.5%.

Supervalu (SVU 2.68, +0.30) is higher by 12.6% after Wall Street Journal reports indicated the company is continuing talks with Cerberus regarding a possible takeover bid.

Elsewhere, Deckers Outdoor (DECK 42.15, +3.86) is advancing 10.1% after Sterne Agee upgraded the stock to ‘buy' from ‘neutral.' In addition, Jefferies said that interest in the company's Ugg brand is picking up.

November ISM Index and October construction spending will both be released at 10:00 ET.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +17.30. U.S. equity futures are modestly higher amid upbeat European trade.

Overnight, the world markets were generally stronger, but China's Shanghai Composite and Hong Kong's Hang Seng underperformed with respective losses of 1.0% and 1.2%. China's November PMI of 50.6 was the best reading in seven months, but it still fell short of expectations. Elsewhere, Japan's Nikkei added 0.1% with little guiding trade today. Though Shinzo Abe's LDP party leads election polls, Yoshihiko Noda's ruling DPJ party has narrowed the gap in recent weeks. The latest poll indicated DPJ trailing LDP by just 5 points.

European markets are stronger after a handful of PMI readings were reported in the region. Most notably, France reported PMI of 44.5, which was slightly below the broadly expected 44.7. Elsewhere, Spain's PMI of 45.3 was ahead of the 44.0 expected by the consensus. The mixed regional readings resulted in the Eurozone PMI meeting expectations at 46.2. Shortly after Friday's close, Moody's downgraded the European Stability Mechanism and the European Financial Stability Facility one notch, to Aa1 from Aaa, while maintaining a negative outlook. The downgrades came after ESFS's second largest contributor, France, was downgraded as well. Meanwhile, Spain's Prime Minister Rajoy suggested it would be difficult to achieve the country's public deficit goal of 6.3% of GDP. However, he did add that aid will be sought, if needed. Looking at regional indices, UK's FTSE is adding 0.4%, Germany's DAX is higher by 0.8%, and France's CAC is firmer by 1.0%.

In U.S. corporate news, Dell (DELL 10.15, +0.51) is higher by 5.3% after Goldman Sachs upgraded the stock to ‘buy' from ‘sell.'

Health Management (HMA 7.72, -0.23) is sliding 2.9% after CRT Capital downgraded the stock to ‘sell' from ‘fairly valued' after a 60 Minutes story showed the company pressure doctors to admit patients irrespective of medical need.

Yahoo! (YHOO 18.41, -0.36) is down 1.9% after the 49th Civil Court of the Federal District of Mexico City has entered a judgment of $2.7 billion against the company and its Mexican subsidiary.

In today's economic data, November ISM Index and October construction spending will both be released at 10:00 ET. In addition, automakers will be reporting their November sales throughout the day.

06:18 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +8.50.

06:17 am : Nikkei...9458.18...+12.20...+0.10%. Hang Seng...21767.85...-262.50...-1.20%.

06:17 am : FTSE...5884.04...+17.20...+0.30%. DAX...7440.11...+34.40...+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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