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 Post subject: December 19th Wednesday TF, 6E & CL Futures $60.00
PostPosted: Wed Dec 19, 2012 10:19 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3272
Location: Canada
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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 @ $60.00 dollars or +0.60 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $60.00 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=1395

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.

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Market Update

4:25 pm : Stocks began the day on a slightly higher note as yesterday's optimism regarding a fiscal cliff resolution lingered. However, the initial strength quickly faded, and the S&P 500 slipped below its flat line where it spent the remainder of the session. A recurring theme played out in Washington where lawmakers held another round of press conferences with both sides pushing back against the other. Most notably, Speaker Boehner said the House of Representatives will vote on his ‘plan B' tomorrow. The remarks kept the S&P 500 near its lows before a final round of selling dropped the benchmark index to a loss of 0.8%.

The technology sector outperformed the broader market, and Oracle (ORCL 34.09, +1.21) contributed to the relative strength. The software company gained 3.7% after beating on earnings and revenue.

Elsewhere, Apple (AAPL 526.31, -7.59) lost 1.4% with today's declined causing the company's market cap to slip below $500 billion.

Hard drive makers have seen recent strength, and major manufacturers once again outperformed. Seagate Technology (STX 30.32, +0.96) and Western Digital (WDC 41.20, +1.60) settled higher by 3.3% and 4.0%, respectively. Prior to the open, both stocks were upgraded to ‘Buy' from ‘Neutral' at Craig Hallum. However, Cleveland Research made cautious comments regarding both names.

General Motors (GM 27.18, +1.69) surged 6.6% after the U.S. Treasury announced plans to sell its remaining shares of the company. Of the 500 million shares to be sold, 200 million will be bought by General Motors at $27.50 per share. The remaining 300 million shares will be sold in an orderly fashion over the next 12-15 months. Peer Ford Motor (F 11.73, +0.06) rose by 0.5%.

The Dow Jones Transportation Average advanced 0.2% on the strength of airlines. Delta Air Lines (DAL 11.83, +0.30) and United Continental (UAL 23.96, +0.39) finished higher by 2.6% and 1.7%, respectively. It should be noted the two stocks have added nearly 20% since the beginning of December.

Elsewhere, FedEx (FDX 93.20, +0.84) settled higher by 0.9% after beating on earnings and revenue. While the company's second quarter result exceeded expectations, forward guidance was a point of concern. The provider of package delivery services expects its third quarter earnings to fall below consensus estimates while full-year earnings are forecast in-line with analyst forecasts.

On the downside, railroads underperformed. CSX (CSX 20.01, -0.23) and Union Pacific (UNP 125.77, -1.39) both lost near 1.1%.

Today's economic data focused on housing and painted a mixed picture. November housing starts hit an annualized rate of 861,000 units, and were below the 875,000 expected by the Briefing.com consensus. Meanwhile, building permits came in at 899,000, which were ahead of the Briefing.com consensus forecast of 876,000.

Homebuilders ended the session on a lower note. Lennar (LEN 39.27, -0.44), PulteGroup (PHM 18.46, -0.15), and Toll Brothers (TOL 32.08, -0.43) all lost between 0.8% and 1.3%.

European markets registered gains across the board. Germany's DAX added 0.2% while France's CAC and United Kingdom's FTSE rose by 0.4% each. On the periphery, Greek ASE surged 4.8%.

In Germany, HeidelbergCement led the way with a 4.6% gain. The strength followed comments from MainFirst Bank, which expects the producer of building materials to receive a credit rating upgrade next year. Among the decliners, drug maker Merck lost 2.3% after its cancer treatment trial returned disappointing results.

France's CAC was supported by financials. BNP Paribas advanced 1.6% and Credit Agricole gained 2.3%. It is worth noting that French Finance Minister Pierre Moscovici has proposed a bill aimed at separating proprietary trading from traditional banking. As part of the legislation, a EUR10 billion resolution fund would also be set up.

In the United Kingdom, producer of building materials, CRH, led all shares with a 4.9% surge. The outperformance followed optimistic comments from Deutsche Bank, which upgraded CRH to ‘Buy' from ‘Neutral.' On the downside, distributor Bunzl lost 4.3% after JPMorgan lowered the 2013 earnings expectations for Bunzl.

Greek financials soared after the European Central Bank announced it will once again accept Greek Government Bonds as eligible collateral. Eurobank, Piraeus Bank, and National Bank of Greece all surged between 10.0% and 12.5%.

In tomorrow's economic data, weekly initial and continuing claims will be reported at 8:30 ET. In addition, the third estimate of third quarter GDP and the GDP deflator will also be released at 8:30 ET. Lastly, November existing home sales, December Philadelphia Fed Survey, November leading indicators, and October FHFA Housing Price Index are all set to cross the wires at 10:00 ET.DJ30 -98.99 NASDAQ -10.17 SP500 -10.98 NASDAQ Adv/Vol/Dec 1239/1.87 bln/1214 NYSE Adv/Vol/Dec 1507/750.9 mln/1536

3:30 pm : Crude oil continued yesterday's advance as it rallied following inventory data that showed a draw of 0.964 mln barrels when a draw of 1.425 mln was anticipated. It lifted to a session high of $90.33 per barrel and eventually settled at $90.00 per barrel, or 1.9% higher.

Natural gas, on the other hand, chopped around in negative territory for its entire floor session. It dipped to a session low of $3.28 per MMBtu and closed at $3.32 per MMBtu, or 2.7% lower.

Gold chopped around between positive and negative territory during today's pit trade as "fiscal cliff" negotiations continued. The yellow metal gained momentum in late morning action and traded up to a session high of $1675.50 per ounce. However, prices slid to a session low of $1664.30 per ounce moments before settling with a 0.2% loss at $1667.90 per ounce. Silver struggled in the red for its entire session, dipping as low as $31.08 per ounce. Unable to find buying support, it closed 1.6% lower at $31.15 per ounce.DJ30 -56.58 NASDAQ -4.28 SP500 -6.84 NASDAQ Adv/Vol/Dec 1240/1548.6 mln/1208 NYSE Adv/Vol/Dec 1609/475 mln/1421

3:00 pm : The S&P 500 is off by 0.5% after sliding to a fresh session low.

Several notable names will report their earnings between today's close and tomorrow's opening bell. This evening, Accenture (ACN 70.59, -0.53) and Bed Bath & Beyond (BBBY 60.46, +0.07) will be in focus. Technology consultant Accenture is expected to report earnings of $1.04 on $7.29 billion in revenue. Meanwhile, the Capital IQ consensus expects Bed Bath & Beyond to reveal earnings of $1.02 on revenue of $2.73 billion.

Tomorrow morning, CarMax (KMX 34.78, -0.34), Carnival (CCL 39.27, -0.05), ConAgra (CAG 30.08, -0.13), and Discover Financial Services (DFS 39.76, -0.77) are among the noteworthy companies scheduled to report.DJ30 -53.34 NASDAQ -5.14 SP500 -6.75 NASDAQ Adv/Vol/Dec 1224/1.41 bln/1225 NYSE Adv/Vol/Dec 1592/432.5 mln/1417

2:30 pm : The major averages have slid to fresh lows following comments from House Speaker John Boehner. During his brief remarks, the Speaker said the House of Representatives will vote on ‘Plan B' tomorrow. The S&P 500 is off by 0.4% following the update.

Recent trade has seen Herbalife (HLF 38.37, -4.13) fall to its session low after CNBC reported that investor Bill Ackman has held a short position in the producer of nutritional supplements. HLF is down 10.4% and peers Nu Skin Enterprises (NUS 42.68, -3.00) and USANA Health Sciences (USNA 37.06, -1.99) also dropped to fresh lows on the news.DJ30 -41.54 NASDAQ -3.47 SP500 -5.76 NASDAQ Adv/Vol/Dec 1278/1.31 bln/1157 NYSE Adv/Vol/Dec 1685/397.9 mln/1313

2:00 pm : The S&P 500 is lower by 0.3% after marking a fresh session low.

The SPDR Financial Select Sector ETF (XLF 16.57, -0.01) has added over 3.0% since Monday's open. Today, the financial sector proxy is flat. Major financials were mixed until recent action when a handful of names which outperformed during earlier trade slipped into the red. American Express (AXP 57.07, -0.75) and Bank of America (BAC 11.25, -0.11) are both down near 1.0% as they underperform. Meanwhile, Citigroup (C 39.61, +0.15) is higher by 0.4% as it outperforms its peers.DJ30 -23.37 NASDAQ -0.99 SP500 -4.18 NASDAQ Adv/Vol/Dec 1321/1.21 bln/1108 NYSE Adv/Vol/Dec 1756/363.2 mln/1240

1:30 pm : Equities are holding their recent levels and the S&P 500 is shedding 0.2%.

The Dow Jones Transportation Average is adding 0.7% as 17 of 20 components trade higher. Airlines have outperformed during December, and major carriers are climbing again today. Delta Air Lines (DAL 11.82, +0.29) and United Continental (UAL 23.99, +0.42) are higher by 2.5% and 1.7%, respectively. The two airlines have added nearly 20% since the beginning of the month.

Elsewhere, FedEx (FDX 94.99, +2.63) is advancing 2.8% after beating on earnings and revenue. However, it should be noted that the company expects its third quarter earnings to fall below consensus estimates.

On the downside, railroads are underperforming. CSX (CSX 20.03, -0.20) and Union Pacific (UNP 126.27, -0.89) are both down near 1.0%.DJ30 -14.65 NASDAQ +0.05 SP500 -3.21 NASDAQ Adv/Vol/Dec 1328/1.11 bln/1083 NYSE Adv/Vol/Dec 1775/337.5 mln/1211

1:00 pm : Equities have shown indecision during the first half of today's session. The S&P 500 saw slim gains at the open, but the strength did not hold past the initial minutes. After reaching its low in the 1441 area, the benchmark index reversed, but has been unable to break back into positive territory. At midday, the S&P 500 is lower by 0.2%.

Technology stocks are resisting the broad market pressure, and the sector is keeping the Nasdaq in the black. The space is being supported by Oracle (ORCL 34.32, +1.44), which is adding 4.4% following upbeat earnings.

The relative sector strength comes as Apple (AAPL 531.11, -2.79) trades lower by 0.5%.

Hard drive makers have seen recent strength, and major manufacturers are outperforming again today. Seagate Technology (STX 30.38, +1.02) and Western Digital (WDC 41.14, +1.54) are up 3.5% and 3.9%, respectively. Prior to the open, both stocks were upgraded to ‘Buy' from ‘Neutral' at Craig Hallum. On the other hand, Cleveland Research has made cautious comments regarding both names.

Economic bellwether FedEx (FDX 95.00, +2.64) is higher by 2.9% after beating on earnings and revenue. While the company's second quarter result exceeded expectations, forward guidance was a point of concern. The provider of package delivery services expects its third quarter earnings to fall below consensus estimates while full-year earnings are expected to be in-line with analyst forecasts.

Elsewhere, General Motors (GM 27.51, +2.02) is surging 7.9% after the U.S. Treasury announced plans to sell the remaining GM shares held by the government. Of the 500 million shares to be sold, 200 million will be sold back to General Motors for $27.50 per share. Meanwhile, the remaining 300 million shares will be sold in an orderly fashion over the next 12-15 months. Peer Ford Motor (F 11.82, +0.15) is higher by 1.3%.

Today's economic data focused on housing and painted a mixed picture. November housing starts hit an annualized rate of 861,000 units, and the number was below the 875,000 forecast by the Briefing.com consensus. Meanwhile, building permits came in at 899,000, which was ahead of the Briefing.com consensus which expected a reading of 876,000,

Homebuilders saw broad weakness during morning trade, but several names have staged a reversal since. Toll Brothers (TOL 32.27, -0.24) is lower by 0.7% while PulteGroup (PHM 18.72, +0.11) is rising by 0.6%.

European markets finished the day on a higher note. Germany's DAX added 0.2% while France's CAC and United Kingdom's FTSE gained 0.4% each. On the periphery, Greek ASE surged 4.8%.

In Germany, HeidelbergCement led the way with a 4.6% gain. The strength followed comments from MainFirst Bank, which expects the producer of building materials to receive a credit rating upgrade next year. Among the decliners, drug maker Merck lost 2.3% after its cancer treatment trial returned disappointing results.

France's CAC was supported by financials. BNP Paribas advanced 1.6% and Credit Agricole gained 2.3%. It is worth noting that Finance Minister Pierre Moscovici has proposed a bill aimed at separating proprietary trading from traditional banking. As part of the legislation, a EUR10 billion resolution fund would also be set up.

In the United Kingdom, producer of building materials, CRH, led all shares with a 4.9% surge. The outperformance followed optimistic comments from Deutsche Bank, which upgraded CRH to ‘Buy' from ‘Neutral.' On the downside, distributor Bunzl lost 4.3% after JPMorgan lowered the 2013 earnings expectations for Bunzl.

In Greece, financials soared after the European Central Bank announced it will once again accept Greek Government Bonds as eligible collateral. Eurobank, Piraeus Bank, and National Bank of Greece all surged between 10.0% and 12.5%.DJ30 -9.27 NASDAQ +2.57 SP500 -2.52 NASDAQ Adv/Vol/Dec 1351/1.03 bln/1045 NYSE Adv/Vol/Dec 1809/310.5 mln/1167

12:30 pm : The S&P 500 is off by 0.2% as range bound trade continues.

European markets have closed for the day, and the major averages finished higher. Germany's DAX added 0.2% while France's CAC and United Kingdom's FTSE gained 0.4% each. On the periphery, Greek ASE surged 4.8%.

In Germany, HeidelbergCement led the way with a 4.6% gain. The strength followed comments from MainFirst Bank, which expects the producer of building materials to receive a credit rating upgrade next year. Among the decliners, drug maker Merck lost 2.3% after its cancer treatment trial returned disappointing results.

France's CAC was supported by financials. BNP Paribas advanced 1.6% and Credit Agricole gained 2.3%. It is worth noting that Finance Minister Pierre Moscovici has proposed a bill aimed at separating proprietary trading from traditional banking. As part of the legislation, a EUR10 billion resolution fund would also be set up.

In the United Kingdom, producer of building materials, CRH, led all shares with a 4.9% surge. The outperformance followed optimistic comments from Deutsche Bank, which upgraded CRH to ‘Buy' from ‘Neutral.' On the downside, distributor Bunzl lost 4.3% after JPMorgan lowered the 2013 earnings expectations for Bunzl.

In Greece, financials soared after the European Central Bank announced it will once again accept Greek Government Bonds as eligible collateral. Eurobank, Piraeus Bank, and National Bank of Greece all surged between 10.0% and 12.5%.DJ30 -18.14 NASDAQ +0.35 SP500 -3.30 NASDAQ Adv/Vol/Dec 1210/947.2 mln/1175 NYSE Adv/Vol/Dec 1701/283.1 mln/1236

12:00 pm : The S&P 500 is off by 0.2% as quiet trade continues.

General Motors (GM 27.62, +2.13) is surging 8.3% after the U.S. Treasury announced plans to sell the remainder of GM shares held by the government. Of the 500 million shares to be sold, 200 million will be sold back to General Motors for $27.50 per share. Meanwhile, the remaining 300 million shares will be sold in an orderly fashion over the next 12-15 months. Peer Ford Motor (F 11.82, +0.15) is higher by 1.3%.DJ30 -11.48 NASDAQ +1.70 SP500 -2.27 NASDAQ Adv/Vol/Dec 1245/842.2 mln/1110 NYSE Adv/Vol/Dec 1732/252.1 mln/1211

11:35 am : The major averages continue to hold near their recent levels and the S&P 500 is off by 0.1%.

Defensive utility and telecom stocks are lagging the broader market. Today's weakness in the two sectors comes after the SPDR Utilities Select Sector ETF (XLU 35.79, -0.20) gained over 5.0% since late November. During the same period, the iShares Dow Jones US Telecom ETF (IYZ 24.47, -0.07) has added nearly 5.0%. Today, the two are registering the widest losses as major sector components underperform.

Among telecoms, AT&T (T 34.17, -0.17), Sprint Nextel (S 5.49, -0.03), ad Verizon Communications (VZ 43.57, -0.30) are all down between 0.5% and 0.7%.

Meanwhile, electricity providers are seeing the greatest weakness among utility stocks. Duke Energy (DUK 65.08, -0.43), Exelon (EXC 30.21, -0.41), and Southern Company (SO 43.51, -0.37) are all down between 0.6% and 1.5%.DJ30 -0.27 NASDAQ +6.51 SP500 -0.95 NASDAQ Adv/Vol/Dec 1247/758.1 mln/1087 NYSE Adv/Vol/Dec 1767/228.5 mln/1146

11:00 am : The S&P 500 is off by 0.2% after reclaiming a portion of its early losses.

Today's economic data focused on housing and painted a mixed picture. November housing starts hit an annualized rate of 861,000 units and the number was below the 875,000 forecast by the Briefing.com consensus. Meanwhile, building permits came in at 899,000, which was ahead of the Briefing.com consensus which expected a reading of 876,000,

Homebuilder stocks are broadly lower as they underperform the broader market. Lennar (LEN 38.95, -0.76), PulteGroup (PHM 18.43, -0.17), and Toll Brothers (TOL 32.11, -0.40) are all down between 1.2% and 2.0%.DJ30 -15.26 NASDAQ -0.25 SP500 -2.35 NASDAQ Adv/Vol/Dec 1096/575.5 mln/1196 NYSE Adv/Vol/Dec 1631/190.8 mln/1263

10:35 am : Commodities are mixed this morning, while the dollar index is in negative territory.

Ahead of inventory data, crude oil was rallying back towards the $89 level. But following the data, crude showed a muted reaction as the EIA reported a draw in crude oil of 0.964, which was a smaller-than-expected draw. Feb crude oil is now +0.6% at $88.94/barrel.

Natural gas has been in negative territory all session and fell to a new session low of $3.28 about an hour ago. In current activity, nat gas is trading -2.5% at $3.33/MMBtu.

Precious metals are mixed following a recent rally in gold futures. Feb gold rallied into positive territory a short while ago and is now +0.2% at $1674.50/oz. Mar silver is -0.7% at $31.45/oz. Mar copper is currently -1.1% at $3.61/lb.DJ30 -4.49 NASDAQ -1.15 SP500 -2.19 NASDAQ Adv/Vol/Dec 996/455.9 mln/1252 NYSE Adv/Vol/Dec 1538/163 mln/1335

10:05 am : The major averages have continued their early retreat. Currently, the S&P 500 is off by 0.2%.

Technology stocks are resisting the broad market pressure, and the sector is outperforming in the early going. The space is being supported by Oracle (ORCL 33.95, +1.07), which is adding 3.3% following upbeat earnings.

The relative strength of tech stocks comes as Apple (AAPL 528.43, -5.47) trades lower by 1.0%.

Hard drive makers have seen recent strength, and major manufacturers are outperforming again today. Seagate Technology (STX 30.23, +0.87) and Western Digital (WDC 41.00, +1.40) are up 3.0% and 3.5%, respectively. Prior to the open, both stocks were upgraded to ‘Buy' from ‘Neutral' at Craig Hallum. On the other hand, Cleveland Research has made cautious comments regarding both names.DJ30 -15.44 NASDAQ -4.60 SP500 -3.46 NASDAQ Adv/Vol/Dec 922/278.8 mln/1251 NYSE Adv/Vol/Dec 1389/114.9 mln/1405

09:45 am : The major averages have slipped off their opening levels and the S&P 500 is off by 0.1%.

The market received two notable quarterly reports between yesterday's close and today's open. Economic bellwether FedEx (FDX 94.62, +2.26) is higher by 2.4% following an earnings and revenue beat. While the company's second quarter results exceeded expectations, forward guidance was a point of concern. The package delivery company expects its third quarter earnings to fall below consensus estimates while full-year earnings are expected to be in-line with analyst forecasts.

In notable tech earnings, Oracle (ORCL 34.00, +1.12) is rising by 3.4% after beating on earnings and revenue. During the second quarter, the technology bellwether earned $0.64, which was $0.03 ahead of the Capital IQ consensus estimate. Meanwhile, the software company's revenue of $9.11 billion also exceeded expectations.DJ30 +3.44 NASDAQ +4.36 SP500 -0.29 NASDAQ Adv/Vol/Dec 1036/168.3 mln/1044 NYSE Adv/Vol/Dec 1498/82.7 mln/1210

09:18 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +10.50. Heading into the open, equity futures are pointing to a modestly higher start to the session. The S&P 500 futures are higher by 0.3%.

Looking at pre-market movers, Oracle (ORCL 33.88, +1.00) is adding 3.0% after beating on earnings and revenue.

Seagate Technology (STX 30.00, +0.64) is rising by 2.2% after Craig Hallum upgraded the stock to ‘Buy' from ‘Hold.' Additionally, note that both Seagate and peer Western Digital (WDC 40.00, +0.40) were mentioned cautiously at Cleveland Research.

Apple (AAPL 530.49, -3.41) is lower by 0.7%.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +10.00.

U.S. equity futures continue to trade near their pre-market highs and the S&P 500 futures are firmer by 0.3%.

The major Asian bourses ended mostly higher, taking their cues from yesterday's strong gains on Wall Street following movement in the fiscal cliff negotiations. Japan's Nikkei once again led the way with a gain of 2.4% as traders continued to gobble up shares on anticipation Shinzo Abe will do whatever it takes to break Japan's spell of deflation. The Nikkei is now up close to 17% in the past month as traders anticipate more easing at tonight's Bank of Japan policy meeting. Elsewhere, the Chinese press released projections indicating the ‘big four' banks will exceed their FY12 loan target of CNY8 trillion. Results from today's South Korean election hang in the balance with polls showing a tight race between Park Geun-hye and Moon Jae-in. Data from the region was light with Japan's trade deficit widening to JPY0.87 trillion (JPY0.81 trillion expected).

In Japan, the Nikkei closed higher by 2.4%, crossing the key psychological 10,000 mark. Exporters and financials were strong in anticipation of more easing at tonight's Bank of Japan meeting. Canon surged 4.6% and Honda Motor tacked on 3.6% to pace the exporters. Elsewhere, financials roared higher with Nomura Holdings and Mitsubishi UFJ Financial climbing 4.2% and 5.6% respectively.

In Hong Kong, the Hang Seng advanced 0.6% to close at a 16-month high. Commodity-related names led the way as coal-based China Shenhua Energy added 3.2% and oil giant Cnooc tacked on 1.1%.

China's Shanghai Composite settled flat as financials saw slight outperformance. Industrial & Commercial Bank of China rallied 0.9% and China Construction Bank gained 0.8%.

European markets are advancing following the release of an upbeat German Ifo Business Climate Index. The survey's reading of 102.4 was slightly ahead of the expected 102.0. In other regional data, Italy's industrial new orders were unchanged month-over-month, while expectations called for a 2.3% decline. Meanwhile, Spain's industrial new orders increased by 5.5% month-over-month, while the general consensus expected the figure to point to a 3.5% contraction. Looking at news, the European Central Bank has announced that it will once again accept Greek Government Bonds as eligible collateral. Elsewhere, The Bank of England released the minutes from its most recent meeting. The document revealed a unanimous vote to keep rates unchanged and an 8-1 vote to maintain asset purchases at GBP375 billion. Members also suggested the strength of the British pound is weighing on the country's economy.

In Germany, the DAX is higher by 0.3% and industrials are outperforming. HeidelbergCement is rising by 4.9% after MainFirst Bank said it expects the producer of building materials to receive a credit rating upgrade next year. On the downside, drug maker Merck is sliding 2.8% following disappointing results in a cancer treatment trial.

France's CAC is advancing 0.6% and industrials are seeing strength as well. Alstom is higher by 1.9% and Lafarge is firmer by 2.6%. Meanwhile, consumer stocks are among the notable decliners. Carrefour and Sanofi are both down near 1.5%.

In the United Kingdom, the FTSE is up 0.7% and financials are pacing the advance. Lloyds Banking Group and Royal Bank of Scotland are seeing respective gains of 4.4% and 4.2%. On the other hand, distributor Bunzl is the weakest performer as it trades lower by 4.2%. The weakness comes after JPMorgan lowered the company's 2013 earnings expectations.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +9.50. Equity futures continue to trade near their pre-market highs and the S&P 500 futures are rising by 0.3%.

Housing starts hit an annualized rate of 861,000 units during November. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 875,000. Prior month figures were revised downward to reflect an annual rate of 888,000 housing starts.

As for building permits, they increased from the prior month's rate of 868,000 to 899,000 for November. That is ahead of the pace of 876,000 building permits that had been expected among economists polled by Briefing.com.

08:05 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +10.30.

U.S. equity futures are modestly higher amid upbeat overseas trade. The global equity markets have continued to climb even as the fiscal cliff nears with no concrete resolution on the table. However, the market behavior suggests participants believe Washington lawmakers will be able to reach a budget agreement by year's end.

Taking a look at overseas markets:

Asian indices finished generally higher. China's Shanghai Composite ended flat, Hong Kong's Hang Seng added 0.6%, and Japan's Nikkei outperformed with a strong gain of 2.4%.

In news:

Japan's Nikkei outperformed due to strength in financials and insurance companies. The notable gains followed press reports, which suggested the newly elected government will cut the existing fiscal reform plan, and will eliminate the current JPY71 trillion spending cap for next year.

In China, regulatory authorities are expected to allow qualified foreign institutions the ability to trade Shanghai futures next month.

The Chinese press expects the country's top four banks to exceed their total 2012 loan targets of CNY8 trillion.

Reviewing Asian economic data:

Japan's trade deficit of JPY0.87 trillion was worse than the expected deficit of JPY0.81 trillion.

Japan's all industries activity index rose by 0.2% month-over-month, while expectations called for an uptick of 0.4%.

European markets are higher near midday. Germany's DAX is adding 0.3%, France's CAC is higher by 0.4%, and the United Kingdom's FTSE is firmer by 0.5%.

In news:

The European Central Bank has announced that it will once again accept Greek Government Bonds as eligible collateral.

The Bank of England released the minutes from its most recent meeting. The document revealed a unanimous vote to keep rates unchanged and an 8-1 vote to maintain asset purchases at GBP375 billion. Members also suggested the strength of the British pound is weighing on the country's economy.

Looking at notable economic data:

Germany's Ifo Business Climate Index of 102.4 was ahead of the expected reading of 102.0.

Italy's industrial new orders were unchanged month-over-month, while expectations called for a 2.3% decline.

Spain's industrial new orders increased by 5.5% month-over-month, while the general consensus expected the figure to point to a 3.5% contraction.

In U.S. corporate news

Oracle (ORCL 33.61, +0.73) is rising by 2.2% after beating on earnings and revenue. During the second quarter, the technology bellwether earned $0.64, which was $0.03 ahead of the Capital IQ consensus estimate. Meanwhile, the software company's revenue of $9.11 billion also exceeded expectations.

FedEx (FDX 93.10, +0.74) is adding 0.8% after beating on top and bottom lines. While the company's second quarter result exceeded expectations, forward guidance was a point of concern. The package delivery company expects its third quarter earnings to fall below consensus estimates while full-year earnings are expected to be in-line with analyst forecasts.

The weekly MBA Mortgage Index showed a 12.3% decrease in new mortgage applications. Today's reading follows last week's 6.2% increase.

November housing starts and building permits will both be released at 8:30 ET.

06:23 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +10.50.

06:23 am : Nikkei...10160.40...+237.40...+2.40%. Hang Seng...22623.37...+128.60...+0.60%.

06:23 am : FTSE...5972.04...+36.10...+0.60%. DAX...7676.30...+22.70...+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

http://www.thestrategylab.com
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