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 Post subject: Dec 28th Fri Emini TF, EuroFX 6E & Oil CL Futures $2190.00
PostPosted: Sat Dec 29, 2012 9:07 am 
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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 @ $1830.00 dollars or +18.30 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $360.00 dollars or +0.36 points. Total Profit @ $2190.00 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=1400

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.

Stocks Sink 2% For The Week

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click on the above image to view today's price action of key markets

NEW YORK (CNNMoney)
Stocks closed lower for the fifth straight day Friday, ending the week down nearly 2%, as investors continue to fear the impact of falling over the fiscal cliff.

The S&P 500, the Dow, and the Nasdaq ended the day down between 0.9% and 1.2%. The Dow suffered its steepest loss since Nov. 14.

The selling gained steam in the last few minutes of trading after reports that President Obama wasn't making a new offer during a meeting with congressional leaders at the White House Friday afternoon. Obama had been expected to propose a scaled-back fiscal cliff deal during the meeting.

During the past several days, rumors about both progress and setbacks have caused wild swings in the stock market. Until the last few minutes of trading, Friday's sell-off had been less volatile. Trading volume has been particularly light this week, causing more dramatic moves as news leaked out.

The House of Representatives will be in session Sunday to give its members time to attempt to hammer out a deal.

* Washington's real cliff deadline is inauguration

As hopes for a substantial budget agreement have diminished, all three indexes are on track to end December in the red.

Still, despite recent pressure, stocks have had a pretty stellar year, with all three indexes up between 6% and 14%.

Investors are hoping that leaders will at least be able to reach a breakthrough that will postpone at least some of the automatic tax hikes and spending cuts due to take effect on Jan. 1. Failure to reach a deal could potentially push the U.S. economy into a recession.

* Fear & Greed Index

Investors shrugged off two better-than-expected economic reports Friday morning. Readings on both the Chicago purchasing managers index and pending home sales for December rose more than expected.

Shares of Hewlett-Packard (HPQ, Fortune 500) fell after the company announced that the Department of Justice is investigating possible accounting fraud at Autonomy. After acquiring Autonomy for $11 billion last year, HP took an $8.8 billion writedown related to the acquisition this year.

Shares of Barnes & Noble (BKS, Fortune 500) rose 6% after British publisher Pearson (PSO) announced that it would invest $90 million for a 5% stake in the retailer's Nook unit.

European markets closed lower. Italy passed its first test of investors' interest since prime minister Mario Monti resigned earlier this month, successfully selling €3 billion in 10-year government bonds Friday.

* Bank fines top $10 billion this year

Asian markets ended stronger. In Japan, which will be closed on Monday, the Nikkei ended the year up more than 20%. The index's recent strong run comes as the yen has been weakening on the prospect of further monetary easing. The Shanghai Composite posted further gains and is poised to end the year in the black.

The U.S. dollar rose against the euro, but dropped against the British pound and the Japanese yen.

The yield on the 10-year Treasury note stayed steady at 1.70%. Oil and gold prices were modestly lower.

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Market Update

4:25 pm : Stocks spent today's session in the red as the hope for a timely budget deal becomes more distant. The major averages saw a late-afternoon spike after reports out of Washington indicated President Obama will present a scaled-back budget proposal during his meeting with top lawmakers today. However, shortly after the president began his meeting with lawmakers, further reports indicated no new offer would be made, and President Obama would stand by his original proposal. As a result, the S&P 500 lost 1.1%.

The energy sector was the weakest performer and the SPDR Energy Select Sector ETF (XLE 69.83, -1.24) lost 1.7%. Crude oil slipped to session lows after today's inventory data revealed a smaller-than-expected weekly draw. The energy component settled lower by 0.1%, at $90.79.

Sector leaders saw comparable losses as Exxon Mobil (XOM 85.10, -1.76) and Chevron (CVX 106.45, -2.07) both lost near 2.0%. Looking at news within the space, Carrizo Oil & Gas (CRZO 20.64, -1.17) slid 5.4% following the sale of its interests in the Huntington Field in the United Kingdom's North Sea for $184 million.

The volatility index, or VIX, surged 11.0%. The volatility measure ended at 21.62 after crossing above the 20.00 level yesterday. The move was notable as the VIX has held below 20.00 since late July. At its lowest point, the VIX has flirted with the 13.30 level. However, a steady rise has been observed over the past week as investors seek more downside protection due to the uncertainty resulting from the lack of a budget deal. Today's VIX close marked a six-month high.

The Dow Jones Transportation Average slid 0.9% and outperformed the broader market. JB Hunt (JBHT 58.48, -0.16) and Landstar (LSTR 51.62, -0.12) were among the top performers, losing around 0.2% each. Meanwhile, providers of package delivery services weighed on the index. FedEx (FDX 90.39, -1.11) slid 1.2% and UPS (UPS 72.83, -1.08) lost 1.5%.

Elsewhere, Barnes & Noble (BKS 14.97, +0.62) gained 4.3% after Pearson (PSO 19.28, -0.09) confirmed plans to invest $89.5 million in NOOK Media, LLC, which is a new company consisting of Barnes & Noble's digital businesses. The NOOK e-reader, tablets, the NOOK digital store, as well as the company's 674 college bookstores across the country will all be included under the umbrella of NOOK Media, LLC. Though Barnes & Noble saw notable gains, it should be noted that in addition to announcing the Pearson investment, BKS said today that holiday sales results will miss expectations, and the NOOK business will not meet the company's earlier projections.

Today's economic data revealed a 1.7% increase in pending home sales during the month of November. While the pending sales data does not have a direct impact on homebuilders, strong sales of existing homes bode well for new construction projects. Major homebuilders ticked up in immediate response to the sales data, but were pressured back near their lows. DR Horton (DHI 19.24, -0.24) slid 1.2% and PulteGroup (PHM 17.60, -0.16) finished lower by 0.9%.

The December Chicago PMI reading of 51.6 surprised to the upside as economists surveyed by Briefing.com had generally expected a reading of 51.0 to follow the prior month's 50.4.

Week in Review: Equities Slip as Budget Deal Remains Distant

On Monday, the major averages spent the abbreviated session in the red as the lack of progress in the budget debate weighed on sentiment. The S&P 500 hovered near its lows for the duration of the day, and the benchmark index lost 0.2% amid low volume. Microsoft (MSFT 26.55, -0.41) slipped 1.4% after New York Times reported it has not seen an uptick in demand for personal computers following the release of Microsoft's Windows 8 operating system. Computer assemblers Hewlett-Packard (HPQ 13.68, -0.36) and Dell (DELL 9.97, -0.14) both lost near 2.0% on the news.

Wednesday began on a positive note, but the early sentiment failed to hold. The key averages slipped to their respective lows during the first two hours of trade, and held there for the remainder of the session. As a result, the benchmark S&P 500 index finished lower by 0.5%. Retailers saw general weakness and the SPDR S&P Retail ETF (XRT 60.91, -0.31) lost 1.7%. The softness followed a report from MasterCard Advisors SpendingPulse, which pointed to a 0.7% increase in holiday sales as compared to last year. The number was a disappointment as the general consensus expected sales to rise by as much as 4.0%.

On Thursday, the S&P 500 ended with minor losses following a volatile session. Equities began the day on a positive note, but comments from Senate Majority Leader Harry Reid caused a quick change in sentiment. Speaking from the Senate floor, Senator Reid said that all signs suggest the country will go over the fiscal cliff. In addition, the senator said the House of Representatives is being run as a "dictatorship" by Speaker Boehner. The comments caused the major averages to fall to their respective lows. However, an afternoon report out of Washington indicated the House of Representatives will reconvene on Sunday, December 30 at 18:30 ET in hopes of approving a budget. In response, the major averages raced off their lows, ending the day little changed after seeing losses of more than 1.0%. Financial stocks showed the most intraday sensitivity to the headlines, and the sector led the late-morning decline. However, the late-afternoon rally helped the sector recover the bulk of its losses. Among the majors, Bank of America (BAC 11.36, -0.11) shed 0.6% and JPMorgan Chase (JPM 43.24, -0.39) fell 0.8%.DJ30 -158.20 NASDAQ -25.60 SP500 -15.67 NASDAQ Adv/Vol/Dec 839/1.11 bln/1650 NYSE Adv/Vol/Dec 957/535.5 mln/2089

3:30 pm : Crude oil slid off its session high of $91.35 per barrel and into negative territory following weak inventory data that showed a draw of 0.586 mln barrels when a draw of 1.8 mln barrels was anticipated. The energy component brushed a session low of $90.32 per barrel and attempted to erase the loss. However, momentum stalled and crude spent the remainder of pit trade chopping around just below the break-even level. Despite settling the session slightly lower at $90.82 per barrel, crude booked a 2.4% for the week.

Natural gas rose to a session high of $3.49 per MMBtu even after latest inventory data showed a smaller than anticipated draw of 72 bcf. Although it closed the session higher at $3.47 per MMBtu, natural gas booked a small 0.3% loss for the week.

Precious metals trended lower into negative territory as investors awaited news on a compromise over the "fiscal cliff" before the year-end. Gold retreated from its pit session high of $1663.30 per ounce and dipped as low as $1654.20 per ounce in late morning action. It settled at $1655.80 per ounce, declining 0.3% over the week. Silver brushed a session low of $29.91 per ounce moments before settling at $29.97 per ounce, or 0.7% below last Friday's closing price.DJ30 -88.55 NASDAQ -8.88 SP500 -7.94 NASDAQ Adv/Vol/Dec 1134/872.9 mln/1347 NYSE Adv/Vol/Dec 1154/308 mln/1831

3:00 pm : The S&P 500 is lower by 0.6% as trade enters the final hour.

There were no earnings reported during this week. However, thirteen companies covered by Briefing.com will report their quarterly results over the course of next week. On Monday morning, Cal-Maine Foods (CALM 44.48, +0.55) will report its earnings. The Capital IQ consensus expects the company to announce earnings of $0.97 on revenue of $318.89 million.

With only a handful of companies on next week's earnings schedule, Family Dollar (FDO 63.04, +0.55) and Mosaic (MOS 55.29, -0.85) are the two most notable names. Family Dollar will reveal its results ahead of Thursday's open and the forecast calls for $0.75 in earnings on revenue of $2.38 billion.

Lastly, Mosaic is expected to report earnings of $0.98 on revenue of 2.56 billion. The company's earnings report is scheduled for a Friday morning release.DJ30 -95.76 NASDAQ -12.80 SP500 -9.15 NASDAQ Adv/Vol/Dec 1039/775.1 mln/1444 NYSE Adv/Vol/Dec 1031/273.7 mln/1955

2:35 pm : Quiet afternoon trade continues and the S&P 500 is lower by 0.6%.

The volatility index, or VIX, is higher by 5.7%. The volatility measure is now at 20.58 after crossing above the 20.00 level yesterday. The move is notable as the VIX has held below 20.00 for the past five months. During that time, the VIX fell as low as 13.30. However, a steady rise has been observed over the past week as investors seek more downside protection in the event a budget deal disappoints the markets.DJ30 -96.12 NASDAQ -13.28 SP500 -9.39 NASDAQ Adv/Vol/Dec 1025/724.3 mln/1418 NYSE Adv/Vol/Dec 1060/255.5 mln/1916

2:05 pm : Quiet afternoon trade continues and the S&P 500 is lower by 0.5%.

The consumer discretionary sector is among the top performers after spending the entire session in a steady climb off its morning lows. As a result of the resilience, the SPDR Consumer Discretionary Select Sector ETF (XLY 46.76, -0.13) is off by 0.3%. Retailers underperformed yesterday after MasterCard's (MC 486.16, -1.71) SpendingPulse reported disappointing holiday sales growth. However, retail stocks are displaying relative strength today. Macy's (M 37.60, +0.52) and Nordstrom (JWN 52.45, +0.67) are both adding 1.3%.

On the downside, automakers are seeing relative weakness. Ford Motor (F 12.72, -0.06) and General Motors (GM 27.83, -0.12) are both down near 0.5%. Also of note, manufacturer of recreational vehicles, Thor (THO 36.85, -0.81) is shedding 2.2%.DJ30 -78.72 NASDAQ -8.88 SP500 -7.54 NASDAQ Adv/Vol/Dec 1105/662.3 mln/1334 NYSE Adv/Vol/Dec 1121/234.8 mln/1837

1:30 pm : The major averages are holding their recent levels and the S&P 500 is down 0.5%.

The Dow Jones Transportation Average is outperforming the broader market as the bellwether complex trades lower by 0.2%. JB Hunt (JBHT 59.14, +0.50) and Landstar (LSTR 52.21, +0.47) are both up near 1.0% as they lead the 20-stock index. There doesn't appear to be any news to account for the strength and other freight carriers are registering losses. CH Robinson (CHRW 62.38, -0.42) is down 0.7% and Con-way (CNW 27.70, -0.36) trades lower by 1.3%.DJ30 -70.58 NASDAQ -7.70 SP500 -6.71 NASDAQ Adv/Vol/Dec 1135/604.9 mln/1304 NYSE Adv/Vol/Dec 1172/214.8 mln/1787

1:05 pm : Stocks began the session firmly lower on the diminishing likelihood of a budget compromise before the year-end. However, major averages surged off their lows after reports indicated President Obama will propose a scaled-back budget package today. The president is scheduled to meet with House GOP members at 15:00 ET. At midday, the S&P 500 is lower by 0.5%.

The energy sector is the weakest performer and the SPDR Energy Select Sector ETF (XLE 70.20, -0.87) is down 1.2%. Crude oil slipped to session lows after today's inventory data revealed a smaller-than-expected weekly draw. The energy component is currently off by 0.3%, trading at $90.60.

Top sector components are seeing comparable losses as Exxon Mobil (XOM 85.69, -1.16) and Chevron (CVX 107.14, -1.38) are both down 1.3%. Looking at news within the space, Carrizo Oil & Gas (CRZO 21.09, -0.72) is sliding 3.3% following the sale of its interests in the Huntington Field in the United Kingdom's North Sea for $184 million.

On the upside, Magnum Hunter Resources (MHR 3.90, +0.12) is higher by 3.4% after announcing upbeat production results from two new Eagle Ford Shale wells operated by the company.

Elsewhere, Barnes & Noble (BKS 15.25, +0.90) is surging 6.3% after Pearson (PSO 19.35, -0.02) confirmed plans to invest $89.5 million in NOOK Media, LLC, which is a new company consisting of Barnes & Noble's digital businesses. The NOOK e-reader, tablets, the NOOK digital store, as well as the company's 674 college bookstores across the country will all be included under the umbrella of NOOK Media, LLC. Though Barnes & Noble is seeing notable gains, it should be noted that in addition to announcing the Pearson investment, BKS said today that holiday sales results will miss expectations, and the NOOK business will not meet the company's earlier projections.

The key European indices finished firmly in the red. The bearish sentiment was partly due to doubts regarding the ability of U.S. lawmakers to reach a timely budget compromise. Financials underperformed across the region while consumer stocks saw relative strength. The United Kingdom's FTSE shed 0.5%, Germany's DAX slipped 0.6%, and France's CAC lost 1.5%. Also of note, Spain's IBEX fell 1.8%.

In the United Kingdom, insurer Admiral Group lost 1.8%, and was the biggest laggard. Meanwhile, food retailers Tesco and WM Morrison Supermarkets were among the index leaders as both gained near 0.5%.

In Germany, electricity supplier RWE lost 0.8% after energy prices for 2014 fell due to mild weather and below-average holiday-season demand. Producer of industrial and consumer chemicals, Henkel, finished higher by 1.4%.

France's CAC underperformed as BNP Paribas and Societe Generale both lost near 2.5%. In addition, Vinci dropped over 2.0% after agreeing to acquire ANA-Aeroportos, a Portuguese airport operator.

Spain's IBEX was pressured by Bankia, which lost 26.8%. The weakness followed an announcement that the troubled bank, which is scheduled to receive EUR18 billion in bailout funds, has a negative value of EUR4.2 billion due to worse-than-expected losses on toxic real estate investments.

The December Chicago PMI reading of 51.6 surprised to the upside as economists surveyed by Briefing.com had generally expected a reading of 51.0 to follow the prior month's 50.4.

Pending home sales for November increased by 1.7%, which was better than the 1.0% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's uptick of 5.0%.DJ30 -66.16 NASDAQ -7.95 SP500 -6.40 NASDAQ Adv/Vol/Dec 1097/553.1 mln/1316 NYSE Adv/Vol/Dec 1155/195.4 mln/1771

12:35 pm : The S&P 500 is down 0.4% as the benchmark index continues to hover near its recent levels.

European markets have closed for the day, and the key indices finished firmly in the red. The bearish sentiment was partly due to doubts regarding the ability of U.S. lawmakers to reach a timely budget compromise. Financials underperformed across the region while consumer stocks saw relative strength. The United Kingdom's FTSE shed 0.5%, Germany's DAX slipped 0.6%, and France's CAC lost 1.5%. Also of note, Spain's IBEX-35 fell 1.8%.

In the United Kingdom, insurer Admiral Group lost 1.8%, and was the biggest laggard. Meanwhile, food retailers Tesco and WM Morrison Supermarkets were among the index leaders as both gained near 0.5%.

In Germany, electricity supplier RWE lost 0.8% after energy prices for 2014 fell due to mild weather and below-average holiday-season demand. Producer of industrial and consumer chemicals, Henkel, finished higher by 1.4%.

France's CAC underperformed as BNP Paribas and Societe Generale both lost near 2.5%. In addition, Vinci dropped over 2.0% after agreeing to acquire ANA-Aeroportos, a Portuguese airport operator.

Spain's IBEX-35 was pressured by Bankia, which lost 26.8%. The weakness followed an announcement that the troubled bank, which is scheduled to receive EUR18 billion in bailout funds, has a negative value of EUR4.2 billion due to worse-than-expected losses on toxic real estate investments.DJ30 -59.81 NASDAQ -5.53 SP500 -5.66 NASDAQ Adv/Vol/Dec 1162/496.6 mln/1230 NYSE Adv/Vol/Dec 1210/177.9 mln/1710

12:00 pm : Equities are holding their recent levels and the S&P 500 is off by 0.4%.

Barnes & Noble (BKS 15.25, +0.90) is surging 6.3% after Pearson (PSO 19.32, -0.04) confirmed plans to invest $89.5 million in NOOK Media, LLC, which is a new company consisting of Barnes & Noble's digital businesses. The NOOK e-reader, tablets, the NOOK digital store, as well as the company's 674 college bookstores across the country will all be included under the umbrella of NOOK Media, LLC.

Though Barnes & Noble is seeing notable gains, it should be noted that in addition to announcing the Pearson investment, BKS said today that holiday sales results will miss expectations, and the NOOK business will not meet the company's earlier projections.DJ30 -60.59 NASDAQ -7.61 SP500 -6.01 NASDAQ Adv/Vol/Dec 1102/435.1 mln/1268 NYSE Adv/Vol/Dec 1121/159.1 mln/1795

11:30 am : Equities are hovering near their recent levels, and the S&P 500 is off by 0.5%.

The energy sector is the weakest performer and the SPDR Energy Select Sector ETF (XLE 70.22, -0.85) is down 1.2%. Crude oil slipped to session lows after today's inventory data revealed a smaller-than-expected weekly draw. The energy component is currently down 0.5% to $90.39.

Sector leaders are seeing comparable losses as Exxon Mobil (XOM 85.80, -1.05) and Chevron (CVX 107.41, -1.11) trade lower by 1.2% and 1.0%, respectively.

Looking at news within the space, Carrizo Oil & Gas (CRZO 21.09, -0.72) is sliding 3.3% following the sale of its interests in the Huntington Field in the United Kingdom's North Sea for $184 million.

On the upside, Magnum Hunter Resources (MHR 3.93, +0.15) is higher by 4.0% after announcing upbeat production results from two new Eagle Ford Shale wells operated by the company.DJ30 -73.53 NASDAQ -8.97 SP500 -7.38 NASDAQ Adv/Vol/Dec 1023/376.6 mln/1302 NYSE Adv/Vol/Dec 1055/139.9 mln/1834

11:00 am : The major averages saw a notable spike off their lows after Bloomberg TV reported that President Obama will propose a scaled-back budget package today. The S&P 500 is off by 0.3%.

Today's economic data revealed a 1.7% increase in pending home sales during the month of November. While the pending sales data does not have a direct impact on homebuilders, strong sales of existing homes bode well for new construction projects. Major homebuilders ticked up in immediate response to the sales data, and the recent headline-driven surge helped lift major names off session lows. DR Horton (DHI 19.27, -0.21) is sliding 1.1% and PulteGroup (PHM 17.69, -0.07) is off by 0.4%. Hovnanian (HOV 6.88, +0.22) is a notable outperformer as it trades higher by 3.3%.DJ30 -46.00 NASDAQ -3.73 SP500 -4.62 NASDAQ Adv/Vol/Dec 1084/306.1 mln/1202 NYSE Adv/Vol/Dec 1178/117.3 mln/1656

10:30 am : Commodities are mixed this morning with precious metals selling off a short while ago and energy showing gains.

Gold and silver both just sold off to new session lows and are currently trading right near those session lows. Gold has been in the red all session, while silver pulled into negative territory during the overnight session. In current activity, Feb gold is -0.5% at $1656.00/oz, while Mar silver is -0.7% at $30.04/oz.

Crude oil has been chopping around slightly higher all morning, but has been off of its overnight session high of $91.36/barrel. Currently, Feb crude oil is +0.2% at $91.05/barrel.

Natural gas was trading 1.7% higher just before the weekly inventory data was released. Following the data, nat gas showed a muted reaction despite a smaller-than-expected draw (Actual draw was 72 vs 80 consensus). In current action, nat gas is +1.4% at $3.46/MMBtu.DJ30 -80.47 NASDAQ -10.90 SP500 -8.11 NASDAQ Adv/Vol/Dec 848/236.0 mln/1395 NYSE Adv/Vol/Dec 891/93 mln/1934

10:00 am : The major averages continue to trade near their respective lows and the S&P 500 is down 0.7%.

Pending home sales for November increased by 1.7%, which was better than the 1.0% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's uptick of 5.0%. The SPDR S&P Homebuilders ETF (XHB 25.86, -0.17) saw little change following the data's release.DJ30 -86.78 NASDAQ -15.70 SP500 -9.87 NASDAQ Adv/Vol/Dec 700/123.4 mln/1479 NYSE Adv/Vol/Dec 666/62.2 mln/2095

09:45 am : The opening minutes of trade have seen an extension of the bearish pre-market sentiment. The S&P 500 is down 0.7%.

The energy sector is the weakest early performer despite crude oil trading higher by 0.3%. Meanwhile, health care and consumer staple stocks are registering narrower losses than the broader market.

In economic news, the December Chicago PMI reading of 51.6 surprised to the upside as economists surveyed by Briefing.com had generally expected a reading of 51.0 to follow the prior month's 50.4.DJ30 -81.83 NASDAQ -15.09 SP500 -9.61 NASDAQ Adv/Vol/Dec 555/75.5 mln/1552 NYSE Adv/Vol/Dec 546/48.2 mln/2156

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -11.10. Nasdaq futures vs fair value: -20.30. Heading into the open, equity futures continue to trade firmly in the red, and the S&P 500 futures are down 0.6%. The bearish sentiment is setting in as investors doubt the ability of Washington lawmakers to reach a timely budget agreement. As a reminder, lawmakers from both sides will join President Obama at the White House in hopes of furthering the dialogue.

As mentioned earlier, major financials are seeing pre-market weakness. Bank of America (BAC 11.32, -0.15) and Morgan Stanley (MS 18.55, -0.22) are both down near 1.3%.

December Chicago PMI will be reported at 9:45 ET and November pending home sales will be released at 10:00 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -10.20. Nasdaq futures vs fair value: -19.30.

U.S. equity futures continue to hover near their lows, and the S&P 500 futures are off by 0.6%.

It was a sea of green across Asia as all of the major bourses, aside from Thailand's SET (-0.4%), ended in positive territory. Japan's Nikkei (+0.7%) ended its trading year with another strong gain which came despite more disappointing data from the country. Household spending (0.2% year-over-year actual versus 0.6% expected), Tokyo core CPI (-0.6% year-over-year actual versus -0.5% expected), preliminary industrial production (-1.7% month-over-month actual versus -0.5% expected), and average cash earning (-1.1% year-over-year actual versus -0.4% expected) all missed estimates while retail sales was the lone bright spot with a 1.3% year-over-year gain (1.2% expected). The yen fell to 86.65 per dollar, a 28-month low; on the belief Shinzo Abe's government would take swift action to combat the slowing economy.

In Japan, the Nikkei closed higher by 0.7%, ending 2012 with a gain of 23%, its best since 2005. Almost all of the gains came in the final month and a half of the year as it was apparent Shinzo Abe would become the next Japanese Prime Minister. Exporters were again strong as robotics maker Fanuc added 1.2% and Canon gained 2.1%. Financials also continued their recent strength as Nomura Holdings rallied another 2.4%.

In Hong Kong, the Hang Seng added 0.2% as financials provided support. Citic Bank and Bank of China both rose 0.6%. China's Shanghai Composite gained 1.2%, and was also bolstered by financials. China Merchants Bank led the way with a 2.8% advance while China Construction Bank edged up 0.4%.

European markets are broadly lower as investors question the ability of U.S. lawmakers to reach a budget deal before the year ends. A fair amount of economic data was released across the region. French consumer spending rose by 0.2% month-over-month, which was slightly ahead of expectations. However, the country's third quarter GDP was revised down to reflect growth of just 0.1%. Spanish retail sales declined by 7.8% year-over-year, while the general consensus expected a decrease of 10.0%. Elsewhere, Italian PPI saw a 2.0% year-over-year uptick, while the month-over-month reading slipped 0.1%. Looking at news, Italy auctioned off 5- and 10-yr debt, but was only able to place EUR5.88 billion of the EUR6 billion target. 10-yr notes cleared the market at 4.48%, which was above the 4.45% recorded at the November auction. Elsewhere, Lloyds Banking Group and Morgan Stanley are expecting Spain to increase its bond issuance next year. This comes as five of the largest Eurozone economies are expected to reduce their issuance. Spanish Bankia is pressuring the IBEX-35 after bank officials revealed that the bank has a negative value of EUR4.2 billion due to worse-than-expected losses on toxic real estate investments.

The United Kingdom's FTSE is lower by 0.5% as insurers weigh. Admiral Group and Resolution are down 2.9% and 2.2% respectively. Meanwhile, food retailers are outperforming. Tesco and WM Morrison Supermarkets are seeing respective gains of 0.2% and 0.4%.

Germany's DAX is shedding 0.6% and financials are underperforming as well. Allianz and Deutsche Bank are the biggest laggards within the 30-stock index. The two banks are both down near 1.5%. On the upside, two producers of consumer goods are outperforming. Beiersdorf is higher by 1.2% and Henkel is adding 1.4%. The two stocks are the only index components with gains over 1.0%.

In France, the CAC is down 0.9%, with all but three stocks trading lower. BNP Paribas is the biggest laggard, down 2.0%. Of the few advancers, defensive contractor Safran is rising by 0.4%.

08:30 am : S&P futures vs fair value: -10.90. Nasdaq futures vs fair value: -19.80. Equity futures continue to trade near their respective lows, with the S&P 500 futures down 0.6%.

With equity futures firmly lower, only a handful of names are seeing pre-market gains. Semiconductor manufacturer LSI (LSI 7.00, +0.09) is adding 1.3% after Wunderlich initiated coverage of the stock with a ‘Buy' rating and a price target of $9.

Financials drove the market sentiment yesterday, and the majors are seeing pre-market weakness this morning. Bank of America (BAC 11.33, -0.14), Citigroup (C 38.77, -0.48), and JPMorgan Chase (JPM 43.12, -0.51) are down 1.2% each.

08:00 am : S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -19.30.

U.S. equity futures are firmly lower amid downbeat European trade, with the S&P 500 futures down 0.6%. The pre-market sentiment is a turn from yesterday's late-session rally sparked by the announcement that the House of Representatives will meet for a special session on Sunday, December 30 at 18:30 ET. Today, the president is expected to meet with top lawmakers from both sides at 15:00 ET, and updates from the negotiations are expected.

Taking a look at overseas markets:

Asian indices finished broadly higher: Hong Kong's Hang Seng added 0.2%, Japan's Nikkei gained 0.7%, and China's Shanghai Composite rose by 1.2%.
Economic data was plentiful in Japan. Looking at the notable figures:
Household spending saw a year-over-year uptick of 0.2%, which was worse than the broadly expected increase of 1.0%.
Retail sales, however, surprised to the upside with a 1.3% year-over-year growth. The consensus expected the reading to come in at 1.1%.
Industrial production saw a 1.7% month-over-month decline, while the forecast called for a 0.5% downtick.
In news:
Chinese regulators said bond financing rules for brokerages will be relaxed. This resulted in outperformance by securities firms.
In Japan, the country's new finance minister, Taro Aso, said the government will not be fully dependent on debt financing, and new issuance will be limited.

European markets are broadly lower as midday nears: the United Kingdom's FTSE is off by 0.2%, Germany's DAX is down 0.5%, and France's CAC is shedding 0.8%.
The market received a fair amount of economic data:
French consumer spending rose by 0.2% month-over-month, which was slightly ahead of expectations. However, the country's third quarter GDP was revised down to reflect growth of just 0.1%.
Spanish retail sales declined by 7.8% year-over-year, while the general consensus expected a decrease of 10.0%.
Italian PPI saw a 2.0% year-over-year uptick, while the month-over-month reading slipped 0.1%.
In news:
Italy auctioned off 5- and 10-yr debt, and was only able to place EUR5.88 billion of the EUR6 billion target. 10-yr notes cleared the market at 4.48%, which was above the 4.45% recorded at the November auction.
Lloyds Banking Group and Morgan Stanley are expecting Spain to increase its bond issuance next year. This comes as five of the largest Eurozone economies are expected to reduce their issuance.
Spanish Bankia is pressuring the IBEX-35 after bank officials revealed that the bank has a negative value of EUR4.2 billion due to worse-than-expected losses on toxic real estate investments.

In U.S. corporate news:

Omeros (OMER 5.30, -0.54) is sliding 9.2% after reporting that its Phase 3 clinical trial evaluating OMS103HP in patients undergoing arthroscopic partial meniscectomy surgery did not meet its primary endpoint.

In today's economic data, the December Chicago PMI will be reported at 9:45 ET and November pending home sales will be released at 10:00 ET.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -14.30.

06:52 am : Nikkei...10395.18...+72.20...+0.70%. Hang Seng...22666.59...+46.80...+0.20%.

06:52 am : FTSE...5933.12...-21.20...-0.40%. DAX...7610.75...-45.10...-0.60%.

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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