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 Post subject: December 4th Tuesday TF, 6E & CL Futures $120.00
PostPosted: Tue Dec 04, 2012 11:38 pm 
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Joined: Sat Jan 10, 2009 2:06 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
Quote:
The above statement results do not reflect commission costs for the trading day because the broker statement only shows my points and not cost included as shown in a different statement image in my private journal that includes all transaction fees. Simply, it was a losing trading day after all fees.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $120.00 dollars or +0.12 points. Total Profit @ $120.00 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=1384

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. 4 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, sending the benchmark Standard & Poor’s 500 Index lower for second straight day, after President Barack Obama held his ground about raising tax rates for the highest-income Americans.

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Market Update

4:10 pm : Today's session was confined to a narrow range as the S&P 500 opened near its flat line, and spent the entire day within points of the unchanged level. At midday, Bloomberg TV aired an interview with President Obama, but his remarks were in-line with recent statements. The market did not receive notable economic data and sentiment-driving headlines were limited as well. As such, the benchmark index ended the choppy day with a loss of 0.2%.

Technology stocks underperformed the broader market and the SPDR Technology Select Sector ETF (XLK 29.04, -0.05) slipped 0.2%. Apple (AAPL 575.84, -10.34) weighed on the sector and settled lower by 1.8%.

Even though tech stocks were generally weak, semiconductor manufacturers outperformed. The PHLX Semiconductor Index gained 0.7% and bellwether Intel (INTC 19.92, +0.38) advanced 2.0%.

Elsewhere, Netflix (NFLX 82.32, +6.32) surged 8.3% after the company announced a multi-year premium pay-TV window agreement with Walt Disney (DIS 49.30, +0.01). Besides lifting Netflix to session highs, the announcement had a negative impact on Coinstar (CSTR 47.37, +0.39) and Liberty Media (LMCA 105.56, -5.49). The two names fell to their respective lows as investors considered the possibility of increased competition. Coinstar is the operator of Redbox video rental kiosks. The stock was able to shake-off the intraday weakness, and close higher by 0.8%. Meanwhile, Liberty Media, which holds a stake in Starz and Encore, recovered a portion of its losses and ended lower by 4.9%.

The consumer discretionary sector lagged as weak guidance from Darden Restaurants (DRI 47.40, -5.02) weighed on restaurant operators. Darden slumped 9.6% after issuing downside earnings guidance for the second quarter. In addition, the company lowered its full-year earnings and revenue guidance as well. Following the update, Bank of America/Merrill Lynch and Cowen both downgraded the stock. Among other restaurant operators, Buffalo Wild Wings (BWLD 72.30, -0.96), Cheesecake Factory (CAKE 32.80, -1.26), and Brinker (EAT 29.45, -0.41) all fell between 1.3% and 3.7%. Note that Brinker also lowered its second quarter guidance on October 24.

Select Chinese stocks were weaker after the Securities and Exchange Commission announced charges against the Chinese affiliates of Big 4 accounting firms. The charges raise concern over the quality of financial statements of U.S.-listed Chinese stocks. Casino operators Asia Entertainment (AERL 3.00, -0.37) and Melco Crown Entertainment (MPEL 14.18, -1.18) saw respective losses of 11.0% and 7.7% as investors were reluctant to buy Chinese ADRs.

The Dow Jones Transportation Average added 0.3%. As most components registered gains, trucking stocks underperformed. The group has encountered a soft patch recently, and the weakness continued today. JB Hunt (JBHT 58.13, -0.55) and Landstar (LSTR 49.25, -0.60) both slid near 1.0%.

The market will receive a full slate of economic news tomorrow. The weekly MBA Mortgage Index and the November ADP Employment Change will be released at 7:00 ET and 8:15 ET, respectively. In addition, revised third quarter productivity and unit labor costs will be reported at 8:30 ET. Lastly, October factory orders and November ISM Services will hit the wires at 10:00 ET.DJ30 -13.82 NASDAQ -5.51 SP500 -2.41 NASDAQ Adv/Vol/Dec 1169/1.7 bln/1295 NYSE Adv/Vol/Dec 1444/674.6 mln/1544

3:30 pm : Crude oil spent floor trade in negative territory despite a weaker dollar index. The energy component came off its session low of $87.57 per barrel set at the floor open and inched higher. However, efforts to push prices above the break-even territory were unsuccessful, leaving crude oil to settle with a 0.7% loss at $88.47 per barrel.

Natural gas also chopped around in the red. It popped to a session high of $3.61 per MMBtu in early morning action but quickly reversed the move. It closed the session 1.7% lower at $3.56 per MMBtu.

Likewise, precious metals fell deeper into negative territory despite the lower dollar index and lack of U.S. economic data. Gold pulled-back from its session high of $1704.80 per ounce and ended the session 1.5% lower at $1695.70 per ounce. Silver brushed a session low of $32.74 per ounce moments before it settled with a 2.7% loss at $32.83 per ounce.DJ30 +16.57 NASDAQ -2.60 SP500 -0.08 NASDAQ Adv/Vol/Dec 1202/1380 mln/1233 NYSE Adv/Vol/Dec 1480/416 mln/1497

3:00 pm : As the final hour of trade begins, equities are holding their recent levels and the S&P 500 is off by 0.2%.

Only a handful of notable names will report their earnings between today's close and tomorrow's open. The Capital IQ consensus expects Pandora Media (P 9.40, +0.44) to report earnings of $0.01 on $116.99 million in revenue.

In addition, NCI Building Systems (NCS 13.35, +0.37) is expected to announce earnings of $0.08 on $351.24 million in revenue. Earlier, FBR Capital initiated coverage of the stock with an ‘Outperform' rating and a price target of $17.

Brown-Forman (BF-B 69.19, -0.53) and Toro (TTC 44.70, +0.12) are the two notable name scheduled to report tomorrow morning.DJ30 -2.10 NASDAQ -8.06 SP500 -2.32 NASDAQ Adv/Vol/Dec 1085/1.25 bln/1343 NYSE Adv/Vol/Dec 1370/374.8 mln/1600

2:35 pm : Range bound afternoon trade continues and the S&P 500 is off by 0.2%.

The announced partnership between Netflix (NFLX 83.29, +7.29) and Walt Disney (DIS 49.29, 0.00) had a negative impact on Coinstar (CSTR 46.24, -0.68) and Liberty Media (LMCA 103.57, -7.47). The two names fell to their respective lows as the new partnership is expected to intensify competition. Coinstar operates Redbox video rental kiosks which compete directly with the mail-based delivery system employed by Netflix. Meanwhile, Liberty Media owns a stake in Starz and Encore.DJ30 -1.21 NASDAQ -11.51 SP500 -2.60 NASDAQ Adv/Vol/Dec 1058/1.16 bln/1377 NYSE Adv/Vol/Dec 1330/348.3 mln/1639

2:05 pm : The Nasdaq is off by 0.2% as it nears its session high.

Technology stocks are underperforming the broader market and the SPDR Technology Select Sector ETF (XLK 29.04, -0.05) is off by 0.2%. Apple (AAPL 575.51, -10.68) is weighing on the sector as the stock trades lower by 1.8%.

Despite the weakness in the tech space, semiconductor manufacturers are outperforming. The PHLX Semiconductor Index is higher by 0.6%. Among major producers, Intel (INTC 19.92, +0.38) is rising by 2.0% and Applied Materials (AMAT 10.82, +0.15) is adding 1.4%.

Elsewhere, Netflix (NFLX 82.32, +6.32) is surging 8.3% after the company announced a multi-year premium pay-TV window agreement with Walt Disney (DIS 49.20, -0.09).DJ30 +9.92 NASDAQ -5.28 SP500 -1.05 NASDAQ Adv/Vol/Dec 1133/1.05 bln/1273 NYSE Adv/Vol/Dec 1443/322.2 mln/1520

1:30 pm : The Dow is off by 0.1% as it attempts to return into positive territory.

The Dow Jones Transportation Average is off by 0.3% as it underperforms the remaining industrials. Trucking stocks have encountered a soft patch recently, and the weakness continues today. JB Hunt (JBHT 58.08, -0.60) and Landstar (LSTR 49.29, -0.56) are both sliding near 1.0%.

Meanwhile, railroads are outperforming. Norfolk Southern (NSC 60.07, +0.64) is adding 1.1% while Union Pacific (UNP 122.00, +0.57) is higher by 0.5%.DJ30 -3.82 NASDAQ -13.73 SP500 -3.09 NASDAQ Adv/Vol/Dec 952/941.2 mln/1454 NYSE Adv/Vol/Dec 1263/289.3 mln/1674

1:05 pm : The first half of the session saw choppy trade confined to a narrow range. The S&P 500 spent the opening hour oscillating around its unchanged level before sliding into the red, where it currently holds. During the past half-hour, Bloomberg TV interviewed President Obama who reaffirmed his stance and indicated new revenues must be part of the fiscal cliff compromise. The markets have shown little reaction to the interview, and the S&P 500 is off by 0.3% at midday.

The consumer discretionary sector is underperforming the broader market as weak guidance from Darden Restaurants (DRI 46.90, -5.52) weighs on restaurant operators. Darden is slumping 10.5% after issuing downside earnings guidance for the second quarter. In addition, the company lowered its full-year earnings and revenue guidance as well. Following the update, Bank of America/Merrill Lynch and Cowen both downgraded the stock.

Major quick service restaurant operators are broadly weaker as the cautious guidance weighs on the industry. Buffalo Wild Wings (BWLD 72.07, -1.19), Cheesecake Factory (CAKE 32.35, -1.70), and Brinker (EAT 28.92, -0.94) are all sliding between 1.5% and 5.0%. Note that Brinker also lowered its second quarter guidance on October 24.

Elsewhere, auto parts store operators AutoZone (AZO 363.50, -14.51) and Pep Boys (PBY 9.23, -1.44) are seeing respective losses of 3.8% and 13.5% after reporting disappointing earnings.

Additionally, high-end retailers are trading lower. Coach (COH 56.98, -1.22), Ralph Lauren (RL 153.72, -3.74), and Movado Group (MOV 32.43, -1.29) are all down near 3.0%.

Select Chinese Casino stocks are weaker after the Securities and Exchange Commission announced charges against the Chinese affiliates of Big 4 accounting firms. The charges raise concern about the quality of financial statements of U.S.-listed Chinese stocks. Casino operators Asia Entertainment (AERL 3.09, -0.28) and Melco Crown Entertainment (MPEL 14.16, -1.20) are both down near 8.0%.

Stocks in the materials space are outperforming on the back of metal producers. Steelmakers Cliffs Natural Resources (CLF 29.18, +0.78) and Worthington (WOR 23.11, +0.18) are seeing respective gains of 2.7% and 0.8%. Note that Cliffs Natural Resources is advancing despite being downgraded to ‘Neutral' at Davenport. Among other steel producers, Olympic Steel (ZEUS 19.31, -0.71) is down 3.6% after Jefferies downgraded the stock to ‘Hold.'

Elsewhere in the space, chemical producers are rebounding from yesterday's industry-wide weakness. Ashland (ASH 72.68, +2.22) is higher by 3.2% after issuing guidance at its analyst day. During fiscal year 2014, the company expects earnings to fall between $9.50 and $10.50.DJ30 -9.06 NASDAQ -16.10 SP500 -4.15 NASDAQ Adv/Vol/Dec 900/863.1 mln/1482 NYSE Adv/Vol/Dec 1159/263.9 mln/1761

12:30 pm : The S&P 500 is off by 0.3% as it trades at a fresh low.

The health care sector is one of the top performers as pharmaceutical producers lead the space higher. Questcor (QCOR 26.21, +0.55) is rising by 2.1% after the company accelerated its cash dividend. As a result, December 21 was designated as the new payment date.

Elsewhere, medical equipment provider Edwards Lifesciences (EW 90.15, +3.63) is higher by 4.2% after the company reaffirmed its sales and earnings guidance for 2012. In addition, the company said it expects 2013 earnings and revenue in-line with consensus estimates.

On the downside, Geron (GERN 1.13, -0.35) is plunging 23.7% after the company discontinued the development of GRN1005, which was aimed at treating brain tumors.DJ30 -13.63 NASDAQ -15.85 SP500 -4.25 NASDAQ Adv/Vol/Dec 945/772.4 mln/1414 NYSE Adv/Vol/Dec 1236/235.1 mln/1654

12:00 pm : The S&P 500 has lifted off its low, but the index is off by 0.1% as it continues to trade in the red.

Toll Brothers (TOL 32.55, +0.13) is adding 0.4% after its quarterly results beat on revenue. When commenting on the quarter, company management said, "The momentum that began in our first quarter of Fiscal Year 2012, built throughout the year. Our financial strength also gives us an advantage in buying land, as sellers know we have the appetite and capital to close transactions quickly. Since the start of our fourth quarter, we have been seeing great deal flow in some excellent locations."

Homebuilders saw strength early, but have since surrendered their gains. The SPDR S&P Homebuilders ETF (XHB 26.17, -0.03) is off by 0.1%.DJ30 +13.95 NASDAQ -11.65 SP500 -1.65 NASDAQ Adv/Vol/Dec 961/681.9 mln/1384 NYSE Adv/Vol/Dec 1291/206.7 mln/1593

11:35 am : The S&P 500 has marked a fresh session low and the index is now off by 0.3%.

The consumer discretionary sector is seeing the biggest weakness as weak guidance from Darden Restaurants (DRI 47.24, -5.18) weighs on the space.

Additionally, high-end retailers are trading lower. Coach (COH 56.95, -1.25), Ralph Lauren (RL 154.79, -2.67), and Movado Group (MOV 33.04, -0.68) are all down near 2.0%.

Elsewhere, auto parts store operators AutoZone (AZO 364.02, -13.99) and Pep Boys (PBY 9.35, -1.32) are seeing respective losses of 3.7% and 12.5% after reporting disappointing earnings.

Lastly, Chinese ADRs are under pressure after the Securities and Exchange Commission announced charges against the Chinese affiliates of Big 4 accounting firms. The charges raise concern about the quality of financial statements of U.S.-listed Chinese stocks. Casino operators Asia Entertainment (AERL 3.10, -0.27) and Melco Crown Entertainment (MPEL 14.29, -1.08) are both down near 7.5%.DJ30 -2.95 NASDAQ -16.60 SP500 -3.79 NASDAQ Adv/Vol/Dec 930/589.5 mln/1395 NYSE Adv/Vol/Dec 1210/182.1 mln/1657

11:00 am : The S&P 500 is off by 0.2% as it trades near its session low.

Darden Restaurants (DRI 47.13, -5.29) is slumping 10.1% after issuing downside earnings guidance for the second quarter. In addition, the company lowered its full-year earnings and revenue guidance as well. Following the guidance update, Bank of America/Merrill Lynch and Cowen both downgraded the stock.

Major quick service restaurant operators are broadly weaker as the cautious guidance weighs on the industry. Buffalo Wild Wings (BWLD 72.14, -1.12), Cheesecake Factory (CAKE 32.25, -1.81), and Brinker (EAT 29.20, -0.66) are all down between 1.5% and 5.4%. Note that Brinker also lowered its second quarter guidance on October 24.DJ30 +18.55 NASDAQ -13.17 SP500 -1.51 NASDAQ Adv/Vol/Dec 1012/466.9 mln/1254 NYSE Adv/Vol/Dec 1381/149.2 mln/1454

10:30 am : Commodities are mostly lower this morning despite the weakness in the dollar index. Jan crude oil futures sold off to a new session low of $87.57/barrel around 9am EST. In current action, crude is -1.1% at $88.09/barrel.

Jan natural gas sold off around the same time, falling as low as $3.55/MMBtu. From there nat gas went on to surge higher, pushing back to the unchanged line. Currently, however, nat gas is -0.8% at $3.59/MMBtu.

Precious metals are lower this morning. However, it's important to note that copper, an industrial metal, is trading higher. Copper has been climbing steadily higher today and is now +0.5% at $3.68/lb. Feb gold is -1.2% at $1699.90/oz and Mar silver is -2.0% at $33.10/oz.DJ30 +17.09 NASDAQ -13.74 SP500 -1.29 NASDAQ Adv/Vol/Dec 990/366.1 mln/1224 NYSE Adv/Vol/Dec 1374/122 mln/1412

10:00 am : The S&P 500 has returned to its flat line after marking session highs near 1412.

Stocks in the materials space are rising on the back of metal producers. Steelmakers Cliffs Natural Resources (CLF 29.32, +0.92) and Worthington (WOR 23.37, +0.44) are seeing respective gains of 3.8% and 1.8%. Cliffs Natural Resources is advancing despite being downgraded to ‘Neutral' at Davenport.

Among other steel producers, Olympic Steel (ZEUS 19.58, -0.43) is down 2.2% after Jefferies downgraded the stock to ‘Hold.'

Elsewhere in the space, chemical producers are rebounding from yesterday's industry-wide weakness. Ashland (ASH 72.01, +1.55) is higher by 2.2% after issuing guidance at its analyst day. During fiscal year 2014, the company expects earnings to fall between $9.50 and $10.50.DJ30 +21.35 NASDAQ -7.47 SP500 -0.39 NASDAQ Adv/Vol/Dec 1094/218.8 mln/1040 NYSE Adv/Vol/Dec 1447/84.3 mln/1280

09:45 am : After showing indecision in the early going, the major averages have risen to their respective highs. Currently, the S&P 500 is adding 0.1%.

Industrials and producers of basic materials are among the early leaders. On the other hand, telecoms and discretionary stocks are under pressure.

Big Lots (BIG 30.10, +2.06) is the best performing S&P 500 component in the early going. The stock is surging 7.4% after the company reported a smaller-than-expected net loss.DJ30 +37.93 NASDAQ -2.96 SP500 +1.94 NASDAQ Adv/Vol/Dec 1103/131.5 mln/961 NYSE Adv/Vol/Dec 1592/61.6 mln/1053

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: -4.00. Heading into the open, equity futures are indicating a slightly lower start to the session.

Looking at pre-market movers, Darden Restaurants (DRI 47.62, -4.80) is sliding 9.2% after issuing downside earnings guidance for the second quarter. In addition, the company lowered its full-year earnings and revenue guidance as well.

Elsewhere, steel stocks are showing pre-market weakness. Cliffs Natural Resources (CLF 28.06, -0.34) is shedding 1.1% and Olympic Steel (ZEUS 19.60, -0.42) is lower by 2.1%.

On the upside, Electro Scientific Industries (ESIO 11.84, +1.31) is spiking 12.4% after declaring a special dividend of $2.00, payable December 27, 2012.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -2.00. U.S. equity futures are flat.

The major Asian averages ended mostly lower, uninspired by the Reserve Bank of Australia's rate cut. In an expected move, the Reserve Bank of Australia lowered its key rate 25 basis points to 3.00%, but Australia's ASX slumped 0.6% as the move was already priced-in. Outperformance came from China's Shanghai Composite (+0.8%) which rallied off a four-year low. Elsewhere, the Philippines' PSI (+0.6%) closed at all-time highs. Data from the region was mostly disappointing as Japan's average cash earnings rose 0.2% year-over-year (0.4% expected) while Australia's building approvals tumbled 7.6% month-over-month (-1.8% expected) and its current account deficit widened to AUD14.9 billion (AUD14.7 billion expected, AUD12.4 billion previous). One bright spot was Thailand's consumer confidence which ticked up to 69.4 (67.5 expected, 68.1 previous).

In Japan, the Nikkei shed 0.3% as weak manufacturing data in the U.S. weighed. Exporters saw some profit-taking as Nissan Motor lost 3.4% and Nikon Corp. slid 2.9%. Meanwhile, Sharp outperformed with a 1.2% advance on word the company will work with Qualcomm to develop a next-generation display.

In Hong Kong, the Hang Seng added 0.2% as energy and telecom outperformed. Sinopec rallied 1.6% and China Telecom gained 2.9% to lead their respective sectors higher.

China's Shanghai Composite settled higher by 0.8% as financials led the way. Huaxia Bank gained 1.0% to recover some of yesterday's losses that occurred on reports of problems with some of its wealth management products. Meanwhile, spirit maker Wuliangye Yibin climbed 1.4% following yesterday's limit down move.

European markets are inching higher as leaders spar over the details of a banking supervisor plan. Economic data was light but the Spanish unemployment change of 74.3K was better-than-feared. Elsewhere, United Kingdom's November construction PMI of 49.3 fell short of the broadly expected reading of 50.5. The British Chamber of Commerce cut the country's 2013 projected GDP growth to 1.0% from the prior 1.2%. In addition, the 2014 outlook was lowered to 1.8% from 2.2%.

In the United Kingdom, the FTSE is flat. Insurers are outperforming as Aviva and RSA Insurance see respective gains of 1.2% and 1.5%. On the downside, miners Fresnillo and Randgold Resources are both down near 2.0%.

Germany's DAX is firmer by 0.1% and financials are pacing the advance. Deutsche Bank, Deutsche Boerse, and Commerzbank are all up between 1.0% and 1.5%. Meanwhile, consumer stocks are lower. Henkel is down 2.0% and Fresenius SE is sliding 1.0%.

In France, the CAC is advancing 0.6%. Alcatel-Lucent is surging 6.2% after reports indicated the company is nearing a financing deal. In addition, financials are outperforming. BNP Paribas is rising by 2.3% while Credit Agricole is adding 3.1%.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +3.00. Equity futures continue to trade near their pre-market highs and the S&P 500 futures are higher by 0.2%.

Homebuilder Toll Brothers (TOL 33.77, +1.34) is adding 4.1% after beating on revenue. When commenting on the quarter, company management said, "The momentum that began in our first quarter of Fiscal Year 2012, built throughout the year. Our financial strength also gives us an advantage in buying land, as sellers know we have the appetite and capital to close transactions quickly. Since the start of our fourth quarter, we have been seeing great deal flow in some excellent locations." Peers D.R. Horton (DHI 19.65, +0.28), KB Home (KBH 14.80, +0.30), and PulteGroup (PHM 17.20, +0.25) are all up between 1.4% and 2.1%.

07:57 am : [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +4.00. U.S. equity futures are slightly higher amid upbeat European trade.

Overnight, the Asian markets painted a mixed picture to start the trading day. China's Shanghai Composite and Hong Kong's Hang Seng were able to shake off the early weakness and ended with respective gains of 0.8% and 0.2%. Meanwhile, Japan's Nikkei underperformed and shed 0.3%. Japan's Center for Economic Research suggested the nation's October GDP growth could reach 1.4%. Elsewhere, the Reserve Bank of Australia cut interest rates by 25 basis points, as expected.

In Europe, markets are relatively quiet and volumes are below average. Economic data was light but the Spanish unemployment change of 74.3K was better-than-feared. Elsewhere, United Kingdom's November construction PMI of 49.3 fell short of the broadly expected reading of 50.5. The British Chamber of Commerce cut the country's 2013 projected GDP growth to 1.0% from the prior 1.2%. In addition, the 2014 outlook was lowered to 1.8% from 2.2%. Looking at regional indices, France's CAC is higher by 0.8%, Germany's DAX is adding 0.3%, and UK's FTSE is registering fractional gains.

In U.S. corporate news, AutoZone (AZO 374.00, -4.01) is slipping 1.1% after reporting mixed earnings. During the first quarter, the auto parts store earned $5.41, which was $0.06 ahead of the Capital IQ consensus estimate. Meanwhile, the company's revenue of $1.99 billion fell short of expectations. Peer Pep Boys (PBY 9.89, -0.79) is sliding 7.4% after missing on revenue and reporting a 2.7% decrease in comparable store sales.

Vail Resorts (MTN 52.00, -3.84) is lower by 6.9% after reporting a wider-than-expected loss. In addition, the company believes performing in-line with its September guidance may prove to be difficult.

MetroPCS (PCS 10.20, -0.57) is down 5.3% after Reuters reported Sprint (S 5.72, 0.00) is not likely to make a counter offer for PCS.

There is no notable economic data scheduled to be released today.

06:31 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +2.50.

06:31 am : Nikkei...9432.46...-25.70...-0.30%. Hang Seng...21799.97...+32.10...+0.20%.

06:31 am : FTSE...5877.13...+5.90...+0.10%. DAX...7455.38...+20.20...+0.30%.

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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