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 Post subject: March 1st Friday Trade Results - Profit $1295
PostPosted: Sat Mar 02, 2013 10:04 am 
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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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($80.00) dollars or -0.80 points, EuroFX 6E futures @ $1375.00 dollars or +0.0110 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $1295.00 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=115&t=1451

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=205&t=1773

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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 in many trading instruments I monitor during the trading day. 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, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) 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 Gain For Week, Inch Toward All-Time Highs

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

NEW YORK (CNNMoney)
U.S. stocks ended higher Friday after a report showed that the nation's manufacturing activity picked up more than expected in February.

The Institute for Supply Management's manufacturing index rose to 54.2, a surprise improvement from January's 53.1 and the best reading since June 2011.

The Dow Jones industrial average and Nasdaq rose 0.3%, while the S&P 500 edged up 0.2%, recovering from nearly 1% declines earlier in the day. The Dow is now less than 1% away from its all-time high reached in 2007, and the S&P is off less than 4%.

The day's gains helped all three indexes finish the week with modest gains. The Dow rose 0.6%, while the S&P 500 edged up 0.2%. The Nasdaq ticked up 0.3%.

The strong manufacturing report "takes a little bit of the sting away from the sharp decline in personal income in January," said Jim Baird, chief investment strategist for Plante Moran Financial Advisors.

The Commerce Department reported that personal income fell 3.6% in January, which was the steepest month-to-month drop in 20 years and much worse than economists were expecting. Personal spending notched up 0.2%, as expected.

* Spending cuts: When they'll really bite

While manufacturing activity continues to pick up, the near-term outlook for the economy remains murky, said Baird, noting that the consumer sector is particularly vulnerable.

"Confidence has been improving, but the looming cuts in federal spending could throw some cold water on that emerging optimism," he said.

Assuming that no last-minute deal is reached, $85 billion in automatic spending cuts will go into effect Friday, although it may be weeks or months before that pain is felt.

In other economic news, the University of Michigan's final edition of consumer sentiment for February came in better than expected at 77.6. A government report showed that construction spending declined 2.1% in January.

* Best Buy buyout push ends

On the corporate front Friday, Best Buy's (BBY, Fortune 500) stock gained ground after the electronics retailer reported its quarterly revenue rose slightly year-to-year, despite the closure of 49 stores.

Best Buy also announced that founder Dick Schulze will not buy out the retailer. Schulze, who owns about 20% of Best Buy's shares, was leading a group that wanted to take the company private. The company had given him until Thursday to present a qualified offer, but CEO Hubert Joly said the deadline passed without an offer.

Groupon (GRPN) shares rallied after the daily deals site announced that embattled CEO Andrew Mason would be replaced.

Gap (GPS, Fortune 500) shares edged up following fourth-quarter earnings Thursday that beat expectation s.

Shares of Salesforce.com (CRM) gained following strong earnings announced after the bell.

Following the closing bell, Warren Buffett's Berkshire Hathaway (BRKA, Fortune 500) raised its per-share book value 14.4% in 2012, less than the S&P 500's 16% total return. Shares were flat after hours.

* Fear & Greed Index: Greed is good

* Video - Forced Spending Cuts: How We Got Here

Meanwhile, investors also digested lackluster economic data out of Europe and Asia.

Eurostat reported eurozone unemployment edged up to 11.9% in January. Italy's unemployment was slightly lower, at 11.7%, but its youth unemployment has reached a staggering 38.7%.

In Asia, China's Purchasing Managers Index fell to 50.1 in February from 50.4 in January, signaling a stalling economic recovery.

European markets and Asian markets ended mixed Friday.

The dollar rose versus the euro, the British pound and the Japanese yen.

Oil and gold prices inched lower.

The price on the 10-year Treasury rose, pushing the yield down to 1.85% from 1.89% late Thursday.

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4:25 pm : Stocks finished the first session of the month on a positive note despite showing early weakness. The downbeat start took place as the markets digested disappointing PMI readings from China and the United Kingdom. In China, the country's manufacturing PMI slipped to 50.1 from the 50.2 reported in the flash reading. The report was notable as PMI fell back to 50, a level which draws a line between contraction and expansion.

Meanwhile, the United Kingdom saw its PMI slide to 47.9 while the general consensus had expected a reading of 51.0. The disappointing report weighed on European markets as well. Also note the British pound slid to a fresh multi-year low following the data.

Combined with euro softness, the weakness in the sterling pushed the dollar index higher. The greenback held the bulk of its gains throughout the day and settled higher by 0.4% at 82.27.

The cautious overseas trade carried over into the start of the U.S. session. However, bargain hunters were quick to scoop up shares at a perceived discount even as all indications suggested the sequester will hit tonight at midnight.

Interestingly, the financial sector was the biggest laggard at the start, but ended among the day's top performers. Bank of America (BAC 11.34, +0.11) was the top performer among the majors while the SPDR Financial Select Sector ETF (XLF 17.64, +0.05) added 0.3%.

The financial space was not the only cyclical sector which outperformed. Consumer discretionary shares saw strength among retailers after both Gap (GPS 33.87, +0.95) and Deckers Outdoor (DECK 46.62, +6.21) beat on earnings. Additionally, Gap topped off its earnings report with a 20% dividend hike to $0.60 per share.

Best Buy (BBY 17.16, +0.17) was another sector component which outperformed on better-than-expected earnings. However, the company warned it expects to face significant first quarter pressure and said founder Richard Schulze has ended his attempt to purchase the retailer.

Consumer discretionary and financials were the only cyclical sectors which outperformed. Growth-sensitive technology stocks lagged behind the broader market and the largest sector component, Apple (AAPL 430.47, -10.93), lost 2.5%. Meanwhile, chipmakers also saw relative weakness with the PHLX Semiconductor Index settling lower by 0.4%.

Salesforce.com (CRM 182.00, +12.78) was a notable sector outperformer after the business software company beat on its bottom line.

Energy stocks also lagged, and spent the duration of the day in negative territory as weakness in the price of crude contributed to the underperformance. The energy component lost 1.2% and settled just under $91.00.

Looking back at the S&P 500 sector performance, health care (+0.8%), consumer discretionary (+0.6%), telecom (+0.4%), and consumer staple (+0.3%) finished ahead of the broader market. Meanwhile, industrial (-0.3%), energy (-0.2%), and technology (+0.1%) underperformed.

Volume was right in line with average as 734 million shares changed hands on the floor of the New York Stock Exchange.

Economic data released today was plentiful.

Personal income fell 3.6% in January after increasing 2.6% in December. The Briefing.com consensus expected income to fall 2.4%. The expiration of the payroll tax cut and the giveback following the December boost to asset receipts were expected to lower income levels in January. Those two components accounted for 3.5 percentage points of the January pullback. More concerning was that the remainder of the decline in income was the result of a 0.4% drop in employee compensation.

The final reading of the February University of Michigan Consumer Sentiment Index improved to 77.6 from a preliminary reading of 76.3.

Construction spending took a sizable hit in January as spending fell 2.1% after increasing an upwardly revised 1.1% (from 0.9%) in December. The Briefing.com consensus expected construction spending to increase 0.5%. Both private (-2.6%) and public (-1.0%) spending contracted in February.

Manufacturing activity strengthened in February as the ISM Manufacturing Index increased from 53.1 in January to 54.2. That is the strongest reading since June 2011.

There is no economic data scheduled to be released on Monday.

On Tuesday, the February ISM Services Index will be reported at 10:00 ET.

Week in Review: Stocks Endure a Week of Indecision

On Monday, equities endured a broad sell off which saw the S&P 500 drop 1.8%. Bearish sentiment built into the afternoon as the likely deadlock in the Italian general election weighed on markets. Stocks got off to a broadly higher start as early "instant polls" suggested Pier Luigi Bersani, who is a supporter of reforms started by Mario Monti, was destined for full control of the government. However, once the initial reports were followed by exit polls indicating a much closer race, European markets surrendered the bulk of their gains. Being one of the first lines of defense in the face of economic or political uncertainty, financials lagged. Morgan Stanley (MS 22.43, -0.12) lost 6.6% and the SPDR Financial Select Sector ETF fell 2.7%.

Tuesday saw the S&P 500 end with a gain of 0.6% despite enduring some early weakness. The benchmark average started the day on a positive note with upbeat economic data proving insufficient in staving off the early selling pressure. However, markets staged a rebound in afternoon trade with the key indices climbing to fresh highs. Strong housing data coupled with a healthy rise in December home prices provided support for homebuilders as the SPDR S&P Homebuilders ETF (XHB 28.39, +0.09) advanced 3.0%.

Wednesday's session was an extension of Tuesday's buying as the S&P 500 managed to erase the remainder of its losses from Monday. The broad rally occurred with six of 10 sectors adding in excess of 1.0%. Cyclical stocks led the way with industrials and materials exhibiting relative strength from the start of the session. Joy Global (JOY 62.06, -1.28) jumped 5.8% after its quarterly report beat on earnings and revenue.

On Thursday, equities ended February on a negative note as the S&P 500 settled with a slim loss of 0.1%. The key averages saw some morning indecision but late afternoon buying pushed the benchmark index to session highs before the index surrendered its gains. J.C. Penney's (JCP 17.69, +0.12) quarterly earnings caught the attention of investors in early trade. Shares of the retailer plunged 17.0% after the company reported a loss of $1.95 on below-consensus revenue. In response, S&P cut the company's debt rating to 'CCC+' from 'B-' and assigned a negative outlook.DJ30 +35.17 NASDAQ +9.55 SP500 +3.52 NASDAQ Adv/Vol/Dec 1393/1.82 bln/1055 NYSE Adv/Vol/Dec 1673/743.4/1319

3:30 pm :

Apr crude oil fell for a second consecutive session on weak Chinese manufacturing data and strength in the dollar index. The energy component fell as low as $90.04 per barrel in late afternoon action but managed to shave some of the loss heading into the close and settled at $90.68 per barrel. Today's decline brought crude's weekly loss to 2.6%.
Apr natural gas popped into positive territory and to a session high of $3.52 per MMBtu in early morning action. However, momentum stalled and prices fell back into the red. It dipped to a session low of $3.44 per MMBtu and settled at $3.45 per MMBtu. Despite closing lower, natural gas booked a 3.0% gain for the week as forecasts of below average temperatures and better-than-anticipated inventory data earlier in the week pushed prices higher.
Apr gold extended yesterday's losses on pressure from a stronger dollar index and looming U.S. budget cuts. The yellow metal pulled-back from its session high of $1586.90 per ounce and fell into negative territory by late morning action. It brushed a session low of $1571.60 per ounce and settled at $1572.60 per ounce, just 10 cents below last Friday's closing price.
May silver chopped around just above the unchanged line for most of today's floor trade. It touched a session high of $28.79 per ounce moments after pit trade opened and eventually settled at $28.49 per ounce, booking a weekly loss of 0.1%.

DJ30 +28.29 NASDAQ +9.20 SP500 +2.78 NASDAQ Adv/Vol/Dec 1317/1512.3 mln/1128 NYSE Adv/Vol/Dec 1523/473 mln/1442

3:00 pm : Heading into the final hour of trade, equities continue to register slim gains but the S&P 500 has slipped further away from its high. With the index inching back towards its flat line, industrials and materials have extended their losses. The industrial sector is now the weakest performer and the SPDR Industrial Select Sector ETF (XLI 40.82, -0.15) is down 0.4%.

Elsewhere, technology stocks have surrendered their gains. This comes as the largest sector component, Apple (AAPL 431.03, -10.37), trades lower by 2.4%. In addition, microchip manufacturers are also lagging behind the broader market with the PHLX Semiconductor Index down 0.5%.DJ30 +16.54 NASDAQ +4.80 SP500 +1.73 NASDAQ Adv/Vol/Dec 1277/1.36 bln/1138 NYSE Adv/Vol/Dec 1459/426.7 mln/1510

2:30 pm : Quiet trade continues with the S&P 500 hovering just one point below its best level of the day. However, describing afternoon action as "quiet" may be perceived as generous. To clarify, the benchmark average has bounced around a two point range for more than two hours.

Although the broader market has done little in recent action, some movement is occurring beneath the surface. Despite early outperformance, industrials and materials have seen afternoon weakness causing the two sectors to slip into the red. However, energy remains as the weakest sector with the SDPR Energy Select Sector ETF (XLE 77.65, -0.04) off by 0.1%.DJ30 +26.81 NASDAQ +8.38 SP500 +2.85 NASDAQ Adv/Vol/Dec 1314/1.26 bln/1099 NYSE Adv/Vol/Dec 1520/398.5 mln/1412

2:00 pm : Equity markets have shown little change in recent trade and the major averages remain near their best levels of the day. The S&P 500 turned lower at the open, but the index notched its lows during the first ten minutes of trade and rallied back into positive territory.

Since climbing into the black, stocks have been much more tentative. Notably, the dollar index is holding the bulk of its gains from this morning with the greenback making its biggest advance against the euro and the British pound.

In the treasury market, yield on the 10-yr note is down three basis points to 1.85%. Although the 10-yr note saw some selling during the morning market rally, a protection bid has pushed prices higher thus resulting in yields slipping back toward session lows.DJ30 +33.90 NASDAQ +7.93 SP500 +3.29 NASDAQ Adv/Vol/Dec 1270/1.17 bln/1125 NYSE Adv/Vol/Dec 1502/371.9 mln/1433

1:30 pm : The S&P 500 trades within a point of its highs as quiet afternoon trade continues. Equities appeared poised for a downbeat session at the open, but the early weakness proved to be temporary. The benchmark average recovered all of its losses during the first 90 minutes, and has traded in a narrow range since.

Today's sector leadership is mixed with both defensive and cyclical stocks in the lead. Notably, financials began the day as the weakest group but led the market higher during the morning reversal. The SPDR Financial Select Sector ETF (XLF 17.66, +0.07) is higher by 0.4%.DJ30 +29.18 NASDAQ +6.39 SP500 +2.70 NASDAQ Adv/Vol/Dec 1215/1.09 bln/1179 NYSE Adv/Vol/Dec 1446/345.8 mln/1484

1:05 pm : At midday, the S&P 500 trades near its best levels of the day despite stumbling out of the gate. The benchmark average began the session on a firmly lower note amid downbeat overseas trade with the weakness largely due to the release of several disappointing economic data points.

Most notably, both the United Kingdom and China saw their manufacturing PMI readings slip. China's PMI slipped to 50.1 while the UK saw its reading fall to 47.9 from 51.0. Elsewhere, Italian unemployment climbed to a fresh multi-decade high and the country's 2012 deficit-to-GDP was reported above the 3.0% target.

Although the early weakness caused a broadly lower open, bargain hunters were quick to bid up stocks and push the major averages to fresh highs even as sequester talks between President Obama and Congressional leaders failed to amount to a deal to avoid the sequester.

The health care sector has spent the entire session in the lead, suggesting a defensive bid was taking place. The SPDR Health Care Select Sector ETF (XLV 43.71, +0.25) is adding 0.6%.

Consumer discretionary stocks have displayed relative strength with support coming from apparel retailers. Both Gap (GPS 33.66, +0.73) and Deckers Outdoor (DECK 46.24, +5.83) are enjoying a strong session after reporting better-than-expected earnings.

Also of note, Best Buy (BBY 16.51, +0.10) is little changed after beating on earnings. In addition, the company warned its first quarter may be under significant pressure and said company founder Richard Schulze has ended his attempt to purchase the retailer.

On the downside, the energy sector is registering slim losses. This comes as crude oil trades lower by 1.5%, at $90.62.

Today's economic data was plentiful. Personal income declined 3.6% in January. The number was exacerbated by tough comparables to December when personal income increased as people sold stock ahead of expected tax increases. In addition, the higher payroll tax also carried a negative impact. Today's reading was down from the 2.6% increase reported for December and was below the Briefing.com consensus estimate that called for a 2.4% decline.

January construction spending declined 2.1% month-over-month, against the expected increase of 0.5%.

The University of Michigan's final February Consumer Sentiment Survey rose to 77.6 from the 76.3 that was posted in the preliminary Survey.

February ISM Index was reported at 54.2 while the Briefing.com consensus expected the reading to come in at 52.4.DJ30 +50.53 NASDAQ +9.79 SP500 +5.17 NASDAQ Adv/Vol/Dec 1258/1.00 bln/1111 NYSE Adv/Vol/Dec 1550/322.1 mln/1388

12:30 pm : The major averages have pushed to fresh session highs shortly after President Obama concluded his press conference in Washington.

The S&P 500 is adding 0.2% and the recent push helped several sectors climb into positive territory. At this time, health care and consumer discretionary stocks are in the lead. Discretionary component Gap (GPS 33.78, +0.86) is contributing to the sector strength as the stock trades higher by 2.6% after beating on earnings. Similarly, Deckers Outdoor (DECK 45.95, +5.54) is rallying on the back o stronger-than-expected earnings.

On the downside, energy and utilities are the only decliners at this time.DJ30 +42.16 NASDAQ +7.55 SP500 +3.81 NASDAQ Adv/Vol/Dec 1198/909.7 mln/1149 NYSE Adv/Vol/Dec 1441/296.4 mln/1476

11:55 am : Equities continue to trade near their recent levels with the S&P 500 down 0.2%. Since the early rebound lifted the S&P 500 back to its flat line, stocks have traded in much more tentative fashion.

Even though the broader market is displaying caution, sector performance does not point to a clear defensive bias. Although the health care sector is the lone advancer, it is being closely followed by consumer discretionary and financials.

Also of note, President Obama is currently addressing the media gathered at the White House. During his remarks, the president said he hopes the GOP will eventually accept an increase in revenue as part of a broader budget deal.DJ30 -20.38 NASDAQ -7.42 SP500 -3.03 NASDAQ Adv/Vol/Dec 935/795.1 mln/1390 NYSE Adv/Vol/Dec 1133/264.2 mln/1762

11:30 am : After erasing its early losses, the S&P 500 has spent the past 30 minutes just above its flat line. The financial sector, which paced the morning rebound, continues to register gains, but the space has slipped off its highs as well.

On the downside, energy remains as the biggest laggard. The SPDR Energy Select Sector ETF (XLE 77.56, -0.13) is off by 0.2% as weakness in crude weighs on the space. The energy component trades lower by 1.3% to $90.87.

Also of note, House Speaker John Boehner made a brief statement to the media saying the House will begin work on extending the continuing resolution in order to avoid a government shutdown. Meanwhile, President Obama will address the media at 11:35 ET.DJ30 +0.92 NASDAQ -3.11 SP500 -1.05 NASDAQ Adv/Vol/Dec 970/695.4 mln/1325 NYSE Adv/Vol/Dec 1216/237.7 mln/1663

11:00 am : The S&P 500 has climbed into positive territory after shedding as much as 13 points at the start of the session. The recent climb higher occurred as the financial sector carried the bulk of the reversal. The high-beta sector began the session as the weakest performer (-1.2%), but has turned positive since. Bank of America (BAC 1.52, +0.29) is the top performer among the majors, trading higher by 2.5%.

Although equities have recovered their opening losses, the move is not being confirmed in the currency market. The dollar index continues to trade firmly higher versus the euro and the British pound. As a result, the dollar index is adding 0.6% to 82.43.DJ30 +20.61 NASDAQ +1.15 SP500 +2.27 NASDAQ Adv/Vol/Dec 1009/566.1 mln/1255 NYSE Adv/Vol/Dec 1260/201.6 mln/1553

10:30 am : Commodities were really taking a hit this morning as the dollar index continued to move in its uptrend. Following the early morning sell-off, buyers began to step in and push gold and silver prices higher around 7:30am ET.

Both precious metals continued to extend gains until moving into positive territory. Natural gas futures took off an hour and a half later, eventually moving back into positive territory.

Despite this strength in those select commodities, it's important to note that crude oil and copper futures remains near their session lows. However, in the most recent activity here, both are showing some buying interest and crude oil is back near $91/barrel.

In current trade, Apr gold is +0.2% at $1581.80/oz, May silver is +0.7% at $28.64/oz and May copper is -1.1% at $3.51/lb. In the energy space, Apr crude oil is -1.2% at $90.95/barrel and Apr nat gas is +0.2% at $3.49/MMBtu.DJ30 -9.37 NASDAQ -11.62 SP500 -2.16 NASDAQ Adv/Vol/Dec 795/436.0 mln/1419 NYSE Adv/Vol/Dec 996/166 mln/1807

10:05 am : The S&P 500 is off by 0.4% after climbing back near its opening levels.

The University of Michigan's final February Consumer Sentiment Survey rose to 77.6 from the 76.3 that was posted in the preliminary Survey. The Briefing.com consensus expected the reading to remain at 76.3.

The February ISM Index was reported at 54.2 while the Briefing.com consensus expected the reading to come in at 52.4. Meanwhile, January construction spending declined 2.1% month-over-month, against the expected increase of 0.5%.DJ30 -36.48 NASDAQ -16.79 SP500 -5.63 NASDAQ Adv/Vol/Dec 649/258.5 mln/1511 NYSE Adv/Vol/Dec 790/118.7 mln/1977

09:45 am : The major averages are trading near their session lows with the S&P 500 down 0.8%. The downbeat open comes as European markets trade broadly lower following the release of several disappointing economic data points. Notably, the United Kingdom's manufacturing PMI fell to 47.9 from 50.5.

Looking at the early sector performance, financials, materials, and technology are among the early laggards. On the upside, the defensively-oriented consumer staples are registering slimmer losses than the broader market.

January construction spending and February ISM Index will both cross the wires at 10:00 ET.DJ30 -93.77 NASDAQ -27.61 SP500 -10.74 NASDAQ Adv/Vol/Dec 465/160.1 mln/1643 NYSE Adv/Vol/Dec 623/88.7 mln/2128

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -11.80. Heading into the open, equity futures are pointing to a lower start to the session with the S&P 500 futures off by 0.5%. Markets appear poised to begin the day on a lower note amid downbeat European trade fueled by a series of disappointing economic data.

Domestically, the deadline to avert the automatic spending cuts known as the "sequester" is set to hit tonight at midnight. However, it is difficult to attribute the pre-market weakness to this as the market had rallied knowing the debate will likely continue up until the deadline, if not extend past it.

In notable corporate news, Best Buy (BBY 17.27, +0.81) is adding 4.9% after beating on earnings. However, the company warned its first quarter may be under significant pressure. Also, company founder Richard Schulze has ended his attempt to purchase the retailer.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -11.00.

U.S. equity futures have risen off their lows, but they remain firmly in the red with the S&P 500 futures down 0.5%.

Asian markets finished mostly lower after Chinese Manufacturing PMI slumped to 50.1 (50.5 expected, 50.4 previous), its lowest level since September. Despite the weaker than expected reading, the sector remains in expansion with a reading above 50.0. Data from the rest of the region was heavy with Tokyo core CPI slipping to -0.6% year-over-year (-0.5% previous) while Japanese capital spending plunging 8.7% quarter-over-year (-7.0% expected) and household spending jumping 2.4% year-over-year (0.4% expected). Elsewhere, South Korea's trade surplus widened to $2.06 billion ($0.48 billion previous). Finally, Indonesia's trade deficit widened to $0.17 billion and its inflation rate jumped to 5.3% (4.6% previous).

In Japan, the Nikkei added 0.4% as shares gained for a third straight week. Real estate shares outperformed with Mitsubishi Estate jumping 6.1% and Mitsui Fudosan climbing 3.2%. Elsewhere, Sony rallied 3.9% on news the company sold a building in Tokyo for JPY111.1 billion.
Hong Kong's Hang Seng slipped 0.6% but still managed to record its first weekly advance of February. Conglomerate Citic Pacific tumbled 5.5%, giving back most of the previous day's earnings that came following its better than expected earnings report. Elsewhere, Aluminum maker Chalco sank 4.8% in its final session as a member of the index.
In China, the Shanghai Composite settled lower by 0.3% following the weak Manufacturing PMI number. Insurers were the worst performers with China Life slumping 4.4% after warning on 2012 net profit. Peer Ping An ended down 2.9% as it piggybacked the move.

European indices are trading broadly lower with Italy's MIB underperforming (-2.2%). Looking at notable regional economic data, German retail sales were reported ahead of expectations. In addition, the country's manufacturing PMI came in at 50.3, ahead of the 50.1 expected by the market. Italy's manufacturing PMI was reported at 45.8, worse than the 47.6 expected by the general consensus. Meanwhile, the quarterly unemployment rate came in at worse-than-expected 11.2%. Spain's manufacturing PMI of 46.8 was slightly ahead of the 46.5 that had been generally expected. The United Kingdom's manufacturing PMI of 47.9 was well short of the 51.0 expected by the market. As a result of mixed regional PMI readings, the Eurozone manufacturing PMI was reported at 47.9, slightly ahead of expectations. In addition, the Eurozone unemployment rate ticked higher to 11.9%.

In news, Italy's January unemployment has climbed to levels last seen in the early 1990s. In addition, the 2012 deficit-to-GDP was above the 3.0% target. As a result, the country's debt-to-GDP ratio has hit its highest level in more than 20 years.

The United Kingdom's FTSE is off by 0.8% with financials and miners among the weakest performers. Lloyds Banking Group is down 8.2% after reporting a full-year loss. Meanwhile, Kazakhmys is down 6.3% after the UK manufacturing PMI was reported below expectations.
In Germany, the DAX is down 1.1% and Deutsche Bank is the weakest performer. The financial is down 6.4% after Goldman Sachs downgraded the bank to 'Sell' from 'Hold.'
France's CAC is lower by 1.5% with financials and utilities among the biggest laggards. BNP Paribas is down 3.1% and GDF Suez is shedding 2.5%.
Italy's MIB is sliding 2.2% with stocks registering broad losses. Mediobanca is down 4.6% and tire maker Pirelli is slumping 3.7%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -14.30. U.S. equity futures continue to trade near their lows following the latest set of economic data. The S&P 500 futures are down 0.6%.

Personal income fell 3.6% in January, which was worse than the 2.4% decrease expected by the Briefing.com consensus. Personal spending increased by 0.2%, which fell short of the expected uptick of 0.2%. Core personal consumption rose 0.1%, which was slightly below the broadly expected rise of 0.2%.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -8.30. Nasdaq futures vs fair value: -13.00.

U.S. equity futures are trading near their pre-market lows with the S&P 500 futures down 0.6%. The pre-market weakness takes place as European indices trade broadly lower. In addition, the dollar index is adding 0.5% to 82.32 with the greenback registering its biggest gains against the British pound as well as the euro.

Looking at overseas developments:

Asian markets finished mixed. China's Shanghai Composite shed 0.3%, Hong Kong's Hang Seng lost 0.6%, while Japan's Nikkei gained 0.4%.
In economic data:
China's final manufacturing PMI slipped to 50.10 from the 50.20 which was posted in the flash reading. Meanwhile, the HSBC manufacturing PMI remained unchanged from its original reading, at 50.40.
Japan's household spending rose 2.4% year-over-year, ahead of the 0.3% uptick expected by the market. Meanwhile, capital spending declined 8.7% which was worse than the 7.0% drop expected by the general consensus. The country's national core CPI slipped 0.2% year-over-year, as expected. Also of note, the country's unemployment rate remained unchanged at 4.2%.
Looking at news:
Japanese press believes the incoming Bank of Japan Governor Haruhiko Kuroda may push for the start of unlimited easing to this year.
European indices are trading broadly lower. The United Kingdom's FTSE is off by 0.7%, Germany's DAX is down 1.1%, and France's CAC is lower by 1.5%. On the periphery, Spain's IBEX is down 1.3% and Italy's MIB is sliding 2.0%.
Looking at notable regional economic data:
German retail sales were reported ahead of expectations. In addition, the country's manufacturing PMI came in at 50.3, ahead of the 50.1 expected by the market.
Italy's manufacturing PMI was reported at 45.8, worse than the 47.6 expected by the general consensus. Meanwhile, the quarterly unemployment rate came in at worse-than-expected 11.2%.
Spain's manufacturing PMI of 46.8 was slightly ahead of the 46.5 that had been generally expected.
The United Kingdom's manufacturing PMI of 47.9 was well short of the 51.0 expected by the market.
As a result of mixed regional PMI readings, the Eurozone manufacturing PMI was reported at 47.9, slightly ahead of expectations. In addition, the Eurozone unemployment rate ticked higher to 11.9%.
In news:
Italy's January unemployment has climbed to levels last seen in the early 1990s.
European markets are underperforming with financials and miners as some of the biggest decliners.

In U.S. corporate news:

Deckers Outdoor (DECK 43.50, +3.09) is rising 7.7% after beating on earnings and reporting in-line revenue. Meanwhile, the company's guidance was mixed as Deckers expects full-year earnings below consensus while revenue is expected to exceed estimates.
Salesforce.com (CRM 176.98, +7.76) is higher by 4.6% after beating on the bottom line.

January personal income, personal spending, and core PCE prices will all be reported at 8:30 ET. At 9:55 ET, the final February Michigan Consumer Sentiment Survey will be released. Finally, January construction spending and February ISM Index will both cross the wires at 10:00 ET.

06:35 am : [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -8.00.

06:35 am : Nikkei...11606.38...+47.00...+0.40%. Hang Seng...22880.22...-140.10...-0.60%.

06:35 am : FTSE...6330.38...-30.40...-0.50%. DAX...76.76.84...-64.80...-0.80%.

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 Image@ http://stocktwits.com/wrbtrader

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