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 Post subject: May 6th Monday Trade Results - No Trades
PostPosted: Mon May 06, 2013 10:40 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)
Phone: +1 708 572-4885
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Quote:
No trades today due to personal reasons involving rest and relaxation after a big month of trading in April.

M.A. Perry's Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks and Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points. Total Profit @ $0.00 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
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
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 about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) 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=117&t=1500

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=209&t=1820

-----------------------------

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 for price action trading 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.

S&P 500 Closes At A New Record

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

NEW YORK (CNNMoney)
The S&P 500 managed to close at a record high Monday, boosted by gains in Bank of America and Apple.

The benchmark index finished the day at a record close of 1,617.51. Earlier, it climbed as high 1,619.77. The Nasdaq gained 0.4%, and closed at its highest level since November 2000.

The Dow Jones industrial average closed the day slightly lower, pulling back from its record high last week.

Here are five things to note about the day's trading:

1. New milestones: The S&P 500 crossed 1,600 for the first time last week, propelled higher by a better-than-expected April jobs report.

While the Dow hit an all-time high above 15,000 last week, it has yet to close beyond the psychologically important level due to slowing momentum on Wall Street.

"I think investors got a little lift in their step from Friday's jobs report," said Mark Luschini, chief investment strategist for Janney Montgomery Scott. "[But] this week, we're almost absent anything newsworthy."

2. Bank of America, MBIA soar on settlement: Bank of America (BAC, Fortune 500) jumped 5%, while bond insurer MBIA (MBI) spiked 45% following reports that the two have reached a settlement over a long-running dispute over who would be on the hook for faulty mortgage securities issued during the U.S. housing boom.

The Wall Street Journal reported that MBIA would receive $1.6 billion in cash from Bank of America and a $600 million line of credit as part of a settlement.

BofA was the Dow's best performer and was second best in the S&P 500.

3. Apple, Cliffs up on analyst upgrades: Shares of Apple (AAPL, Fortune 500) were on the rise Monday, making the stock among the biggest gainers in the Nasdaq-100. Apple was in favor after Barclays raised its share price target to $525 from $465. Shares are now up almost 20% from their 18-month low hit last month.

Shares of Cliffs Natural Resources (CLF, Fortune 500) rallied after FBR boosted the stock's rating to outperform. The stock was the top performer in the S&P 500.

4. Tyson Foods suffers sales slowdown: Tyson Foods (TSN, Fortune 500) missed profit and revenue forecasts, citing a slowdown in chicken and beef sales following last year's historic drought. Shares declined sharply.

5. Yen keeps falling: The yen continued to slide Monday, nearing ¥100 per U.S. dollar. The Japanese currency has dropped nearly 15% this year as the Bank of Japan aims to pull Japan out of the deflationary spiral it has been in for nearly two decades.

Japan's new economic plan, dubbed "Abenomics" after Japanese Prime Minster Shinzo Abe, combines massive fiscal stimulus with aggressive monetary easing.

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Market Update

4:10 pm : The major averages ended on a mixed note as the S&P 500 rose 0.2% while the Dow Jones Industrial Average shed five points.

With no economic news of note and two major foreign markets closed (Japan and the United Kingdom), investors reacted to quarterly earnings.

The now-familiar pattern of anemic top-line growth remained in effect as quarterly results from Sysco (SYY 34.33, -0.33) and Tyson Foods (TSN 24.10, -0.83) missed their marks. The results weighed on the third-best performing sector of the year as the SPDR Consumer Staples Select Sector ETF (XLP 40.93, -0.30) ended lower by 0.7%.

Likewise, other defensive sectors also finished in the red with the utilities space as the weakest performer. The SPDR Utilities Select Sector ETF (XLU 40.32, -0.57) settled lower by 1.4%.

On the flip side, six cyclical sectors registered gains as financials, industrials, and technology led the broader market higher.

The financial sector displayed notable strength throughout the day as the SPDR Financial Select Sector ETF (XLF 19.05, +0.20) rose 1.1%. MBIA (MBI 14.29, +4.46) surged 45.4% after the insurer reached a $1.7 billion settlement with Bank of America (BAC 12.88, +0.64). In addition, Bank of America disclosed a 5.0% stake in MBIA.

Elsewhere, the industrial sector received support from transportation-related stocks as 18 of 20 components of the Dow Jones Transportation Average settled with gains. For its part, the bellwether complex added 1.3% to end at a fresh all-time high.

Technology stocks paced the bulk of last week's gains, and the outperformance continued today. Apple (AAPL 460.71, +10.73) climbed 2.4% after Barclays hiked its price target for the stock to $525 from $465. Chipmakers also displayed strength as the PHLX Semiconductor Index added 0.6%.

Although most tech components ended in positive territory, the underperformance of IBM (IBM 202.78, -1.73) weighed on the Dow Jones Industrial Average.

In the Treasury market, the 10-yr note saw some intraday selling as its yield rose two basis points to 1.765%.

Today's volume was well-below average as only 620 million shares changed hands on the floor of the New York Stock Exchange.

Tomorrow's economic data will be limited to the 15:00 ET release of March consumer credit. Among earnings of note, Fossil (FOSL 98.96, +0.70) and OfficeMax (OMX 11.74, +0.15) will report their results ahead of the opening bell.

The U.S. Treasury will auction $32 billion in 3-yr notes.DJ30 -5.07 NASDAQ +14.34 SP500 +3.08 NASDAQ Adv/Vol/Dec 1471/1.47 bln/988 NYSE Adv/Vol/Dec 1812/619.5 mln/1175

3:30 pm :

June crude oil began pit trade in negative territory, trading as low as $94.85 per barrel. However, the energy component gained strength on reports of Israeli air strikes on Syria over the weekend and climbed into the black. It eventually settled 0.5% higher at $96.12 per barrel, just below its session high of $96.24 per barrel.
June natural gas broke into positive territory in morning pit trade and advanced to a session high of $4.06 per MMBtu. The move was short lived, however, as prices retreated back into the red and touched a session low of $3.98 per MMBtu. Despite inching upwards in afternoon action, natural gas settled with a 0.7% loss at $4.01 per MMBtu.
June gold retreated to the unchanged line in early afternoon floor trade after trading as high as $1473.90 per ounce in morning action. However, buyers stepped in ahead of the close and managed to push prices slightly higher. Despite a stronger dollar index, gold booked a 0.3% gain as it settled at $1468.20 per ounce.
July silver pulled back from its session high of $24.18 per ounce set moments after floor trade opened and fell into negative territory. Unable to erase much of the loss, it settled 0.3% lower at $23.95 per ounce. o July corn traded lower ahead of the Weekly Crop Progress Report that will be released later today at 4:00pm ET. Prices slid to a session low of $6.33 per bushel before settling with a 3.8% loss at $6.36 per bushel.

DJ30 -1.80 NASDAQ +13.42 SP500 +3.32 NASDAQ Adv/Vol/Dec 1448/1250.6 mln/1096 NYSE Adv/Vol/Dec 1741/415 mln/1241

3:00 pm : The major indices trade near their highs as today's session enters its final hour.

In the currency market, the Dollar Index is higher by 0.2% at 82.32 as today's gains put the index on track for its best close in more than a week.

The dollar has been able to register gains as EURUSD trades lower by 35 pips near 1.3080. The single currency was holding little changed before European Central Bank head Mario Draghi suggested the central bank is ready to act, if needed. That reminder sent the common currency to its lows against the greenback.

Elsewhere, AUDUSD is off by 70 pips at 1.0245 as today's disappointing retail sales and ANZ Job Advertisements weigh. Recent weakness has caused the pair to decline to its lowest level since early March with investors now focused on tonight's policy meeting of the Reserve Bank of Australia. The central bank is expected to hold its key interest rate unchanged at 3.00%.DJ30 +5.78 NASDAQ +15.01 SP500 +4.46 NASDAQ Adv/Vol/Dec 1429/1.09 bln/1012 NYSE Adv/Vol/Dec 1782/368.8 mln/1176

2:30 pm : The S&P 500 is higher by 0.3% as the benchmark index remains near its highs.

Today's session has been very quiet as indicated by intraday volume. With 90 minutes to go, less than 350 million shares have changed hands on the floor of the New York Stock Exchange. This puts today's final tally on-track for a below-average finish after Friday's session produced a volume tally of 716 million, in-line with average.

As the broader market continues to trade with slim gains, the CBOE Volatility Index (VIX 12.76, -0.09) is little changed.DJ30 +11.79 NASDAQ +17.23 SP500 +5.15 NASDAQ Adv/Vol/Dec 1462/1.01 bln/967 NYSE Adv/Vol/Dec 1818/338.5 mln/1121

2:00 pm : Quiet afternoon action continues as the S&P 500 hovers near its best level of the day. Although the broader market trades with slim gains, cyclical sectors have outperformed notably. The financial sector led stocks higher from the open as the SPDR Financial Select Sector ETF (XLF 19.06, +0.20) trades higher by 1.1%.

On the downside, consumer staples and utilities trade with firm losses. The two sectors are down 0.7% and 1.1%, respectively.DJ30 +12.46 NASDAQ +16.72 SP500 +4.87 NASDAQ Adv/Vol/Dec 1434/935.6 mln/976 NYSE Adv/Vol/Dec 1773/318.5 mln/1148

1:30 pm : Equities continue to hold their recent levels. The S&P 500 is higher by 0.2% while the Dow remains flat. Elsewhere, the Nasdaq trades with a gain of 0.4% as tech shares hover near their highs.

The technology sector has displayed broad strength from the opening bell. The largest tech component, Apple (AAPL 461.61, +11.63), is up 2.5% after Barclays hiked its price target for Apple to $525 from $465. Also of note, Google (GOOG 854.93, +9.21) has climbed to a fresh all-time high.

Chipmakers have also shown strength as the PHLX Semiconductor Index trades higher by 0.8%.DJ30 +0.24 NASDAQ +14.77 SP500 +3.92 NASDAQ Adv/Vol/Dec 1398/866.6 mln/998 NYSE Adv/Vol/Dec 1726/292.8 mln/1191

1:00 pm : The major averages trade with slim gains as the S&P 500 adds 0.2% while the Dow shows little change.

The price-weighted Dow Jones Industrial Average has trailed behind the other two major indices as IBM (IBM 202.71, -1.80) weighs. In addition, the underperformance of several consumer names has kept the 30-stock index grounded.

The consumer staples sector has been pressured by Tyson Foods (TSN 23.91, -1.02) and Sysco (SYY 34.07, -0.59) after both names reported their quarterly results. While Sysco missed on the top-line, Tyson Foods reported below-consensus earnings and revenue.

Other defensive sectors also trade in the red with the utilities space showing the most notable weakness. The SPDR Utilities Select Sector ETF (XLU 40.36, -0.53) is down 1.3%.

While all defensive groups trade in the red, three cyclical sectors have been able to outperform.

The financial space has shown relative strength from the opening bell, and the sector continues to lead at midday. MBIA (MBI 13.78, +3.95) has spiked 40.1% after the insurer reached a $1.7 billion settlement with Bank of America (BAC 12.74, +0.50). In addition, Bank of America has disclosed a 5.0% stake in MBIA. Other major banks have displayed solid gains as the SPDR Financials Select Sector ETF (XLF 19.04, +0.20) trades higher by 1.0%.

Elsewhere, the technology sector paced last week's advance, and that pattern has continued into today. Apple (AAPL 461.98, +12.00) is higher by 2.7% after Barclays raised its price target for the stock to $525 from $465. Meanwhile, Google (GOOG 854.80, +9.08) has notched a fresh all-time high.

Also of note, the industrial sector has been helped by the Dow Jones Transportation Average and its climb to a fresh record high. The bellwether complex trades with a gain of 1.3% amid broad index strength. DJ30 +1.00 NASDAQ +13.44 SP500 +3.29 NASDAQ Adv/Vol/Dec 1410/786.1 mln/1007 NYSE Adv/Vol/Dec 1702/264.9 mln/1204

12:30 pm : Recent action saw the S&P 500 push to fresh highs. The move occurred as MBIA (MBI 14.10, +4.27) soared to a session best of its own after the insurer reached a $1.7 billion settlement with Bank of America (BAC 12.67, +0.43). In addition, Bank of America has disclosed a 5.0% stake in MBIA.

The SPDR Financial Select Sector ETF (XLF 19.03, +0.18) is higher by 1.0%.DJ30 +2.45 NASDAQ +13.06 SP500 +3.32 NASDAQ Adv/Vol/Dec 1423/713.9 mln/975 NYSE Adv/Vol/Dec 1692/237.8 mln/1191

12:00 pm : The S&P 500 is higher by 0.2% as the index continues to trade within a four point range. The financial sector remains in the lead as the SPDR Financials Select Sector ETF (XLF 18.99, +0.14) trades higher by 0.7%.

Most other cyclical sectors also trade with gains, but the materials space is an exception. The weakest performer of the year is little changed as steelmakers weigh. The Market Vectors Steel ETF (SLX 42.51, -0.08) is off by 0.1%.DJ30 +1.59 NASDAQ +13.04 SP500 +3.11 NASDAQ Adv/Vol/Dec 1360/642.5 mln/1008 NYSE Adv/Vol/Dec 1658/209.5 mln/1219

11:30 am : Equities continue to hover near their recent levels. The S&P 500 and Nasdaq trade with slim gains while the Dow Jones Industrial Average remains in the red.

The price-weighted Dow has been unable to break into positive territory as its largest component, IBM (IBM 202.68, -1.83), weighs. In addition, consumer stocks have pressured the 30-stock index.

The staples sector has shown notable weakness as Tyson Foods (TSN 23.86, -1.07) and Sysco (SYY 34.03, -0.63) trade in the red after both names missed on revenue.

Meanwhile, the consumer discretionary sector is little changed.DJ30 -20.43 NASDAQ +8.52 SP500 +1.06 NASDAQ Adv/Vol/Dec 1277/560.2 mln/1051 NYSE Adv/Vol/Dec 1562/185.7 mln/1301

11:00 am : The major averages have slipped from their best levels of the day. The S&P 500 is higher by 0.2% while the Dow continues to hover in the red as IBM (IBM 202.51, -2.00) contributes to the underperformance of the price-weighted index.

Elsewhere, the S&P 500 is being supported by the outperformance of financials and industrials. Most major financials have shown solid gains while the SPDR Financials Select Sector ETF (XLF 19.00, +0.15) trades higher by 0.8%.

Meanwhile, the industrial sector has been helped by the Dow Jones Transportation Average and its jump to new record highs. The bellwether complex trades with a gain of 1.2% amid broad index strength.DJ30 -19.01 NASDAQ +8.36 SP500 +1.10 NASDAQ Adv/Vol/Dec 1283/449.4 mln/1004 NYSE Adv/Vol/Dec 1561/154.9 mln/1261

10:30 am : Commodities just sold off, following a drop in the euro, as headlines cross from Mario Draghi reiterating that is ready to act (Note: Draghi made this same statement at the ECB press conference). Crude oil is general has been in a downtrend all day, holding its HoD in the overnight session. Meanwhile, natural gas was in the red all day before this rally moments ago.

In current action:

June crude is now -0.6% at $95.05/barrel
June gold is now +0.4% at $1470.00/oz
July silver is -0.3% at $23.96/oz
July copper is -0.6% at $3.30/lb
June nat gas is -0.1% at $4.04/MMBtu

DJ30 +1.36 NASDAQ +12.46 SP500 +3.65 NASDAQ Adv/Vol/Dec 1507/404.3 mln/1011 NYSE Adv/Vol/Dec 1703/131 mln/1081

09:55 am : Key indices remain mixed with the Dow underperforming. In addition, the S&P 500 has surrendered its early gains, and the index now trades flat.

Energy, financials, and technology are the three outperforming sectors while defensively-oriented consumer staples and utilities trade firmly lower. The SPDR Utilities Select Sector ETF (XLU 40.57, -0.32) is the weakest performing sector ETF.

In the Treasury market, the 10-yr note is little changed with its yield steady at 1.744%.DJ30 -27.13 NASDAQ +6.01 SP500 +0.37 NASDAQ Adv/Vol/Dec 1112/193.4 mln/1042 NYSE Adv/Vol/Dec 1437/81.8 mln/1245

09:45 am : The major averages began the session on a mixed note. The Nasdaq is higher by 0.2% while the Dow trades lower by 0.1%.

The Dow is hovering in the red as its largest component, IBM (IBM 203.06, -1.45), weighs. Meanwhile, other tech shares are generally higher. In addition, the technology sector is among the top performers.

On the downside, the consumer staples sector is among the laggards as Tyson Foods (TSN 24.07, -0.86) and Sysco (SYY 34.33, -0.33) both trade lower after reporting their quarterly results. While Sysco beat on earnings, Tyson Foods reported below-consensus earnings and revenue.DJ30 -18.05 NASDAQ +7.03 SP500 +1.07 NASDAQ Adv/Vol/Dec 1110/118.1 mln/972 NYSE Adv/Vol/Dec 1421/62.3 mln/1222

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: +4.20. Equity futures trade with modest gains, signaling a higher start to the session. The S&P 500 futures are higher by 0.1% while futures on the Nasdaq trade with a gain of 0.3%.

The early outperformance of the Nasdaq comes as Apple (AAPL 456.91, +6.93) trades higher by 1.5% after Barclays raised its price target for the tech stock to $525 from $465. In addition, Dow component Intel (INTC 24.23, +0.27) is up 1.1% following the company's acquisition of Stonesoft.

With no economic news of note, quarterly earnings have been in focus. Notably, Tyson Foods (TSN 23.54, -1.39) is down 5.6% after missing on earnings and revenue. Elsewhere, Sysco (SYY 33.30, -1.36) is off by 3.9% after missing on revenue.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +4.50. Equity index futures trade modestly higher with Nasdaq futures leading the way, up 0.3%.

The Nasdaq futures have received an early bid as the largest index component, Apple (AAPL 456.79, +6.81), trades higher by 1.5% after Barclays raised its price target for the stock to $525 from $465.

Also of note, Dow component Intel (INTC 24.20, +0.24) is adding 1.0% after the company's security division, McAfee, announced the acquisition of Stonesoft.

There is no notable economic data set to be reported today.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +1.00.

The S&P 500 futures continue to trade flat while Nasdaq futures are higher by 0.2%.

The major Asian bourses ended mostly higher as markets rallied on the back of Friday's better than expected U.S. nonfarm payrolls data. Markets in Hong Kong (+1.0%) and Shanghai (+1.2%) saw solid gains, but it was Malaysia's FTSE Kuala Lumpur Composite (+3.3%) that led the region's gains after the ruling coalition proved victorious to extend its 56-yr grip on power. Japanese banks were closed for Children's Day. Australia's retail sales (-0.4% month-over-month actual versus 0.2% expected) and ANZ Job Advertisements (-1.3% month-over-month actual versus -0.5% previous) were the latest numbers to disappoint down under. Meanwhile, Taiwan's inflation rate eased to 1.04% (1.37% previous) while Indonesia's GDP rose 6.02% year-over-year as its unemployment rate slipped to 5.92% (6.14% previous).

In Japan, the Nikkei was closed.
Hong Kong's Hang Seng rose 1.0% to close at its best level in two months. Commodity stocks were strong as Cnooc tacked on 1.4%. Elsewhere, casino name Galaxy Entertainment jumped 5.1% on word the company was looking to buy assets on the Cotai Strip worth approximately $419 million.
In China, the Shanghai Composite advanced 1.2% as telecom stocks led the way. China United rallied 2.2% on reports its controlling shareholder upped its ante in the company by almost 22 million shares. Meanwhile, copper names saw sizable gains following Friday's strength in the underlying metal. Jiangxi Copper and Yunnan Copper added 3.6% and 3.2% respectively.

European indices trade modestly lower while the United Kingdom's FTSE is closed for a bank holiday. Regional PMI readings were in focus as the Eurozone Services PMI rose to 47.0 from 46.6 (46.6 forecast). Meanwhile, the Sentix Investor Confidence Index increased to -15.6 from -17.3 (-15.2 consensus). Also of note, the region's retail sales declined 0.1% month-over-month, as expected. Germany's Services PMI ticked up to 49.6 from 49.2 (49.2 expected). French Services PMI increased to 44.3 from 44.1 (44.1 consensus). Italian Services PMI climbed to 47.0 from 45.5 (45.8 expected). Elsewhere, Spanish unemployment change was reported at -46.1K against the expectations of an increase of 17.1K. Meanwhile, Spanish Services PMI declined to 44.4 from 45.3 (45.6 consensus).

In news, new Italian Prime Minister Enrico Letta said he plans to discuss the ongoing social unhappiness with Spanish Prime Minster Mariano Rajoy.

In the United Kingdom, the FTSE is closed.
Germany's DAX is off by 0.1%. Electricity provider E.ON is lower by 7.1% amid reports European regulators are attempting to implement new climate protection policies. On the upside, Linde is higher by 3.6% after beating on earnings.
In France, the CAC is lower by 0.2%. Utility stocks trade lower with GDF Suez and Veolia Environnement both down near 1.0%.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -0.50.

U.S. equity futures are little changed amid generally cautious overseas trade.

Looking at overnight developments:

Asian markets ended on an upbeat note as Hong Kong's Hang Seng added 1.0% while China's Shanghai Composite gained 1.2%. Elsewhere, Japan's Nikkei was closed for Children's Day.
In regional economic data:
China's HSBC Services PMI declined to 51.1 from the prior reading of 54.3.
Australia's retail sales declined 0.4% month-over-month to follow the prior downtick of 1.3% (0.2% consensus).
In news:
Australia's Prime Minister Julia Gillard said high Australian dollar exchange rate is squeezing profits of exporters and cutting into tax revenues.
In Malaysia, the National Front coalition has won parliamentary majority to extend its ruling streak to 56 consecutive years.

European indices trade modestly lower. Germany's DAX is off by 0.1% and France's CAC is lower by 0.3%. Elsewhere, the United Kingdom's FTSE is closed for a bank holiday.
Investors received several economic reports:
Eurozone Services PMI rose to 47.0 from 46.6 (46.6 forecast). Meanwhile, the Sentix Investor Confidence Index increased to -15.6 from -17.3 (-15.2 consensus). Also of note, the region's retail sales declined 0.1% month-over-month, as expected.
Germany's Services PMI ticked up to 49.6 from 49.2 (49.2 expected).
French Services PMI increased to 44.3 from 44.1 (44.1 consensus).
Italian Services PMI climbed to 47.0 from 45.5 (45.8 expected).
Spanish unemployment change was reported at -46.1K against the expectations of an increase of 17.1K. Meanwhile, Spanish Services PMI declined to 44.4 from 45.3 (45.6 consensus).
Looking at news:
French Finance Minister Pierre Moscovici said the country's government plans to cut public spending by 2017.
New Italian Prime Minister Enrico Letta said he plans to discuss the ongoing social unhappiness with Spanish Prime Minster Mariano Rajoy.

In U.S. corporate news:

Intel (INTC 24.21, +0.25) is higher by 1.0% after the company's security division, McAfee, announced the acquisition of Stonesoft.
Tesco (TESO 12.71, 0.00) is little changed after missing on the bottom line.
Tyson Foods (TSN 24.00, -0.93) is off by 3.7% after missing on earnings and revenue. In addition, the food company lowered its full-year revenue guidance below consensus.

There is no notable economic data set to be reported today.

07:02 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -1.50.

07:02 am : Nikkei...Holiday......... Hang Seng...22915.09...+225.10...+1.00%.

07:02 am : FTSE...Holiday......... DAX...8118.46...-3.80...-0.10%.

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

http://www.thestrategylab.com
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