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 Post subject: May 14th Tuesday Trade Results - Profit $450
PostPosted: Tue May 14, 2013 11:23 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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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 @ $1800.00 dollars or +18.00 points, Light Crude Oil CL ($CL_F) futures @ $990.00 dollars or +0.99 points, Gold GC ($GC_F) futures @ ($2340.00) dollars or -23.40 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 @ $450.00 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 of my 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 to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=117&t=1506

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. Simply, my trade method is applicable for position trading, swing trading and day trading.

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

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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 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.

Bulls Back In The Driver's Seat

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

NEW YORK (CNNMoney)
A growing sense of optimism about the U.S. economy pushed stocks to record levels Tuesday, even as the market's fear gauge flashed red.

The Dow Jones industrial average and the S&P 500 both closed at new record highs, while the Nasdaq gained 0.7%.

There was no specific catalyst for the advance, but traders said bullish comments from a top hedge fund manager helped.

David Tepper, founder of Appaloosa Management, told CNBC that investors should not be concerned about the Federal Reserve winding down its bond-buying program too soon. Investors who bet against stocks "better have a shovel to get themselves out of the grave," he said.

The Fed has been a hot topic this week after the Wall Street Journal reported over the weekend that the central bank was considering an exit strategy. Stocks have gained between 16% and 17% so far this year, driven largely by the Fed's easy money policies.

Investors have also been encouraged by continued signs of improvement in the U.S. economy, said Paul Zemsky, market strategist at ING Investment Management, pointing to a report Tuesday on small business confidence.

"We keep getting bits of slightly better news that tells you the economy is OK," said Zemsky. "It's not going gangbusters, but it's not falling off a cliff."

Bank stocks were among the top performers. Bank of America (BAC, Fortune 500) led the Dow, while Citigroup (C, Fortune 500) and Goldman Sachs (GS, Fortune 500) also gained. (Proxy firm to Goldman: Rein in executive pay)

VIX moving in tandem with stocks? In an unusual move, the VIX (VIX) jumped as much as 4%, even as stocks pushed higher.

The VIX, widely known as Wall Street's fear gauge, pulled back later in the day, but traders said the move was notable since the VIX normally moves in opposite direction to stocks.

The rise in the VIX could be a sign that investors aren't fully convinced the stock rally has legs, said Burt White, chief investment officer with LPL Financial.

"When you reach such lofty levels -- and we're getting long in the tooth here -- you begin to have these disconnects in the markets," said White. "That's where you begin to see cracks in the rally."

CNNMoney's Fear & Greed Index, which counts the VIX among its components, is deep in extreme greed. Ironically, that was the only one of the seven indicators not in extreme greed. It was sitting in neutral.

Loeb takes on Sony: Hedge fund titan Dan Loeb wants to spin off Sony's movie and music division. With a 6% stake, Loeb's Third Point hedge fund is now Sony's largest shareholder.

Shares of Sony (SNE) have surged 84% this year amid a broad rally in Japanese stocks. Investors have been pouring money into Japan as Prime Minister Abe and the Bank of Japan have launched an aggressive campaign to revive the nation's economy.

The effort has caused a sharp depreciation in the value of the yen, which has helped boost profits for large Japanese exporters, including Toyota (TM) and Kirin (KIRI).

Related: 6 big unanswered questions in the Bloomberg spying case

SolarCity stumbles: SolarCity (SCTY)-- chaired by Tesla (TSLA) head Elon Musk -- reported a wider-than-expected loss and offered weak guidance, sending shares plunging.

SolarCity, which makes solar-power systems for homes and businesses, has still had a strong year, closing at $31.44 Tuesday after debuting on the Nasdaq in December at $8.

Earnings wind down: Shares of Take-Two Interactive (TTWO) jumped after the maker of Grand Theft Auto easily beat profit forecasts.

As earnings wind down, a few big names are still on deck this week, including Macy's (M, Fortune 500), Wal-Mart (WMT, Fortune 500), J.C. Penney (JCP, Fortune 500) and Cisco (CSCO, Fortune 500).

Of the 453 S&P 500 companies that have reported earnings results for the first quarter, 301 have beat analysts' estimates, 115 have missed, and 37 have met, according to S&P Capital IQ.

BlackBerry (BBRY)shares fell 4% after the company unveiled the Q5, a lower-cost, brightly colored smartphone aimed at emerging markets.

European markets reversed earlier losses to end higher, while the main Asian markets ended the day in the red.

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Market Update

4:10 pm : The major averages ended near their highs as the S&P 500 rose 1.0%.

Prior to the open, equity futures suggested slim losses at the start of the session. However, futures climbed off their lows as fund manager David Tepper shared his bullish viewpoint during a morning appearance on CNBC.

When the opening bell sounded, stocks were off to the races as financials paved the way higher. Goldman Sachs (GS 154.52, +4.89) was the top performer among the majors while the financial sector advanced 1.7%.

Three growth-sensitive sectors also finished among the leaders despite the relative weakness across the commodity complex. Crude oil fell 1.0% to $94.20, but the energy sector rose 1.3%.

Elsewhere, copper declined 2.1% to $3.289 per pound while gold shed 0.8% to $1423.70 per ounce. The basic materials sector, however, climbed 1.2%.

Industrials also ended in the black as transportation-related names led the way. The Dow Jones Transportation Average jumped 1.9% to a new record high.

The technology sector did not play along with other cyclical groups. Tech shares lagged throughout the day while afternoon weakness displayed by Apple (AAPL 443.86, -10.88) caused the sector to slip off its highs.

The underperformance of technology weighed on the Nasdaq, which trailed behind the other two major indices. However, the relative strength of biotechnology kept the index from falling too far behind the Dow and S&P.

The iShares Nasdaq Biotechnology ETF (IBB 186.18, +3.14) advanced 1.7% to bring its month-to-date gain to 8.1%. Biotechnology also gave a boost to the health care sector, which added 1.0%.

Despite the broader market spending the day near its highs, the CBOE Volatility Index (VIX 12.76, +0.21) also hovered in the black throughout the session. This suggests investors sought some protection against large swings in the market.

Also of note, the Dollar Index added 0.4% to $83.59, its biggest four-day gain since March 2012.

Economic data was limited to export and import prices. Export prices, excluding agriculture, decreased by 0.5% in April after they had decreased 0.2% during the prior month. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.2%.

Investors will receive a full slate of economic data tomorrow starting with the 7:00 ET release of the weekly MBA Mortgage Index. April PPI, core PPI, and May Empire Manufacturing will all be reported at 8:30 ET while March net long-term TIC flows will be announced at 9:00 ET. At 9:15 ET, April industrial production and capacity utilization will cross the wires. The day will be topped off with the 10:00 ET release of the May NAHB Housing Market Index. Among earnings of note, Deere (DE 93.77, +1.19) and Macy's (M 47.39, +0.51) will report their results before the opening bell.DJ30 +123.57 NASDAQ +23.82 SP500 +16.57 NASDAQ Adv/Vol/Dec 1756/1.74 bln/739 NYSE Adv/Vol/Dec 2035/700.1 mln/982

3:00 pm : The S&P 500 continues to trade near its highs as today's session enters its final hour.

In the foreign exchange market, the Dollar Index trades higher by 0.3%, putting it on track for its fourth day of gains. Hovering near 83.55, the Index is poised to notch its best close since July with the bulk of today's strength coming at the expense of the Australian dollar and the Swiss franc.

The Aussie is lower by 70 pips at .9880 against the greenback as trade breaks down to a fresh 11-month low. Sellers have been in control for the past seven sessions, with the hard currency giving up almost 500 pips over that time.

Elsewhere, the dollar is higher by 70 pips near .9640 versus the franc. Today's bid has fueled a move to the best level since August as the current action tests the 200-week moving average.DJ30 +77.25 NASDAQ +14.55 SP500 +11.85 NASDAQ Adv/Vol/Dec 1642/1.31 bln/832 NYSE Adv/Vol/Dec 1849/405.6 mln/1134

2:30 pm : The major averages slipped off their highs as the technology sector dipped into the red. The tech space trailed behind the broader market for the duration of the day and the recent decline occurred as Apple (AAPL 442.67, -12.10) fell to fresh lows. The largest tech stock trades down 2.6%.

Despite the solid gains in the broader market, the CBOE Volatility Index (VIX 12.85, +0.30) has spent the entire session in positive territory. The near-term volatility measure has slipped off its highs, but continues to trade with a gain of 2.3%.

In the Treasury market, a steady wave of intraday selling has pushed the 10-yr yield higher by two basis points to 1.948%. This erased the overnight two basis point decline caused by a modest bid.DJ30 +90.88 NASDAQ +16.35 SP500 +13.11 NASDAQ Adv/Vol/Dec 1648/1.21 bln/809 NYSE Adv/Vol/Dec 1882/376.9 mln/1098

2:00 pm : Trading with a gain of 0.1%, the technology sector is the weakest performer of the day. This comes after the cyclical group rallied sharply during the first few sessions of the month. However, recent days saw the sector underperform the broader market.

The tech-heavy Nasdaq hasn't missed a beat as another large component, biotechnology, heated up just as the tech sector cooled off. The iShares Nasdaq Biotechnology ETF (IBB 185.58, +2.54) is higher by 1.4% today, and up 7.7% in May.

Trading with a gain of 4.1%, the Nasdaq has been the best performing index this month.DJ30 +79.95 NASDAQ +17.44 SP500 +12.59 NASDAQ Adv/Vol/Dec 1638/1.10 bln/813 NYSE Adv/Vol/Dec 1888/343.4 mln/1072

1:30 pm : The major averages remain near their highs with the S&P 500 up 0.9%.

Notably, commodity-related sectors trade near their highs despite the relative weakness observed across the commodity complex. Crude oil is lower by 0.5% at $94.67 while the energy sector trades with a gain of 1.0%.

Elsewhere, copper, gold, and silver all trade with losses between 0.6% and 2.1% while the materials sector adds 1.0% as chemical producers outperform.DJ30 +96.73 NASDAQ +24.51 SP500 +14.75 NASDAQ Adv/Vol/Dec 1702/1.01 bln/735 NYSE Adv/Vol/Dec 1965/317.3 mln/996

1:00 pm : At midday, the major averages trade near their best levels of the session. The S&P 500 is higher by 0.8% as all ten sectors register gains.

Index futures traded in the red before fund manager David Tepper appeared on CNBC to share his bullish view. Futures then lifted into positive territory, setting the stage for a higher open.

Stocks were off to the races from the opening bell with financials providing the early leadership. Major banks like Bank of America (BAC 13.34, +0.36) and Goldman Sachs (GS 154.46, +4.83) trade with gains of more than 2.5% while the broader financial sector sports a gain of 1.4%.

The health care space also provided early support as biotechnology continued its recent run. The iShares Nasdaq Biotechnology ETF (IBB 185.00, +1.96) is higher by 1.1% today, and up 7.6% in May.

The relative strength of biotech has provided a boost for the Nasdaq while the tech sector lags with a gain of just 0.4%. The largest sector component, Apple (AAPL 451.83, -2.91), is lower by 0.6% while chipmakers trade in-line with other tech shares. The PHLX Semiconductor Index adds 0.4%.

Other cyclical sectors have been able to register solid gains and the Dow Jones Transportation Average has surged to a new record high. The bellwether complex is higher by 1.7% as 18 of 20 components advance.

Notably, the materials sector has displayed strength despite the relative weakness of metals. Copper trades down 2.1% at $3.289 per pound while gold is off by 0.7% near $1424.

Even though equities hover near their highs, the CBOE Volatility Index (VIX 12.85, +0.30) has spent the entire day in the black, suggesting downside protection has received some interest.

Today's economic data was limited to export and import prices. Export prices, excluding agriculture, decreased by 0.5% in April after they had decreased 0.2% during the prior month. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.2%.DJ30 +84.41 NASDAQ +21.97 SP500 +13.44 NASDAQ Adv/Vol/Dec 1688/914.1 mln/739 NYSE Adv/Vol/Dec 1991/289.4 mln/963

12:30 pm : Stocks continue to trade near their highs with the S&P 500 up 0.9%. However, the Dow is higher by 0.6% as the blue chip index trails behind the broader market.

Although the vast majority of Dow components hover in the black, the price-weighted index has been pressured by the relative weakness of Caterpillar (CAT 87.40, -0.67) and UnitedHealth Group (UNH 61.74, -0.65).

Elsewhere, the Dow Jones Transportation Average has continued its climb to new record highs as the index trades with a gain of 1.6%.DJ30 +87.15 NASDAQ +26.26 SP500 +14.51 NASDAQ Adv/Vol/Dec 1719/834.8 mln/694 NYSE Adv/Vol/Dec 2029/265.9 mln/916

12:00 pm : The S&P 500 is higher by 0.9% after marking a fresh session best.

Most cyclical and defensive sectors trade with solid gains while technology and telecom trail behind the broader market. The two groups are both up near 0.4%.

Notably, the utilities sector is among session leaders after being the weakest performer this month. The high-yielding sector is higher by 0.9% today, but down 3.8% in May.

Interestingly, the CBOE Volatility Index (VIX 13.10, +0.55) remains near its highs despite the broad market strength.DJ30 +82.29 NASDAQ +26.00 SP500 +14.05 NASDAQ Adv/Vol/Dec 1723/743.4 mln/664 NYSE Adv/Vol/Dec 2032/239.4 mln/894

11:30 am : After notching session highs in the 1647 area, the S&P 500 has spent the past 30 minutes hovering near that level.

All ten sectors continue to hold onto their gains as financials remain in the lead. The financial sector is the only group trading with a gain of more than 1.0% as the next best performer (consumer discretionary) trades higher by 0.9%.

Notably, the materials sector has added 0.8% even as base metals trade lower. Copper is off by 2.1% at $3.289 per pound. However, chemical producers trade higher after Citigroup upgraded LyondellBasell (LYB 63.68, +1.38) to 'Buy' from 'Neutral.'DJ30 +77.87 NASDAQ +26.68 SP500 +13.06 NASDAQ Adv/Vol/Dec 1681/638.1 mln/675 NYSE Adv/Vol/Dec 2023/209.8 mln/871

11:00 am : Equities have continued their steady climb to fresh session highs. The S&P 500 trades with a gain of 0.8% as financials remain in the lead.

The financial sector has shown notable strength from the opening bell as Bank of America (BAC 13.26, +0.28), Citigroup (C 49.96, +1.04), and Goldman Sachs (GS 154.11, +4.48) all trade with gains of more than 2.0%. Thanks to the relative strength of major components, the financial sector trades higher by 1.3%.

Although stocks are near their highs, so is the CBOE Volatility Index (VIX 13.15, +0.60). This suggests downside protection has received some interest.DJ30 +85.14 NASDAQ +24.77 SP500 +13.31 NASDAQ Adv/Vol/Dec 1658/510.1 mln/656 NYSE Adv/Vol/Dec 2002/175.1 mln/866

10:30 am : Commodities are volatile again today. Crude oil sold off overnight, but is now back near the unchanged line. The dollar index began to rally, while in the red, in early morning action, weighing on metals.

The dollar index is now back in positive territory and is still providing some pressure on metals. Copper futures are flat, silver is modestly lower and gold is near the flat line.

Natural gas has been the big mover this morning, rallying to above the $4 level. In current trade, July nat gas is +1.8% at $4.00/MMBtu.

June crude oil is now -0.1% at $95.12/barrel, June gold is -0.01% at $1434.10/oz, July silver is -0.9% at $23.50/oz, July copper is -2.1% at $3.29/lb.DJ30 +63.16 NASDAQ +19.70 SP500 +11.55 NASDAQ Adv/Vol/Dec 1701/441.1 mln/856 NYSE Adv/Vol/Dec 1918/147 mln/912

10:00 am : Equities continue to hold their early levels as financials and health care provide leadership to the broader market.

The financial sector has shown strength across the board while the relative strength of biotechnology has provided a boost for the health care sector. The iShares Nasdaq Biotechnology ETF (IBB 184.92, +1.88) is higher by 1.1% today, and up 6.8% so far in May.

In the Treasury market, a steady overnight bid has pushed the 10-yr yield lower by two basis points to 1.904%.DJ30 +36.60 NASDAQ +13.55 SP500 +6.53 NASDAQ Adv/Vol/Dec 1401/216.2 mln/682 NYSE Adv/Vol/Dec 1790/91.9 mln/951

09:45 am : The major averages trade near their early highs with the S&P 500 up 0.3%.

All ten sectors trade in positive territory with cyclical groups outperforming. The financial sector is the early leader as all major bank shares trade with gains. The SPDR Financial Select Sector ETF (XLF 19.44, +0.12) is higher by 0.7%.

Although most cyclical sectors trade ahead of the broader market, the technology space is little changed. The largest sector component, Apple (AAPL 452.84, -1.91), is off by 0.4%. Chipmakers trade in-line with other tech shares as the PHLX Semiconductor Index trades up 0.1%.DJ30 +25.32 NASDAQ +9.67 SP500 +5.07 NASDAQ Adv/Vol/Dec 1317/135.1 mln/686 NYSE Adv/Vol/Dec 1722/69.1 mln/951

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +2.00. Equity futures are little changed with 15 minutes to go before the start of today's cash session.

Pre-market action has been generally quiet with investors reacting to individual company news. Take-Two (TTWO 17.43, +1.04) is higher by 6.3% after beating on earnings and revenue. However, the video game company guided its first quarter earnings below consensus while reaffirming in-line full-year earnings guidance.

On the downside, several homebuilders trade lower after KB Homes (KBH 24.17, -0.22) was downgraded to 'Market Perform' from 'Outperform.'

Today's economic data was limited to export and import prices. Export prices, excluding agriculture, decreased by 0.5% in April after they had decreased 0.2% during the prior month. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.2%.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +1.50.

The S&P 500 futures trade with a gain of 0.1%.

Asian markets ended the day on a mixed note. In China, the Shanghai Composite declined 1.1% as Monday's disappointing industrial production continued to weigh while South Korea's Kospi rose 1.0% following better-than-expected retail sales in the U.S. A moderate amount of economic data was released as Japan's CGPI was unchanged to follow the prior decline of 0.5% (-0.2% consensus) while machine tool orders fell 24.1% year-over-year after declining 21.5% in the prior period. Elsewhere, India's WPI inflation rate rose 4.89% year-over-year to follow the previous increase of 5.69% (5.50% expected). This was the lowest reading since late 2009. Also of note, New Zealand's retail sales rose 0.5% quarter-over-quarter following the prior increase of 1.9% (0.8% consensus). Meanwhile, core retail sales increased 0.6% quarter-over-quarter to follow the previous increase of 1.2% (0.7% forecast).

In Japan, the Nikkei shed 0.2% as commodity-related and property stocks weighed. Nisshin Steel Holdings fell 8.0% and Mitsubishi Estate lost 5.6%. On the upside, Tokyo Electric Power and Kansai Electric Power ended with respective gains of 18.1% and 13.1%.
In Hong Kong, the Hang Seng slipped 0.3% amid weakness in energy names. China Shenhua Energy lost 1.8% and China Coal Energy dropped 1.2%. Retailers outperformed as Esprit Holdings and Li & Fung added 2.9% and 1.8%, respectively.
In China, the Shanghai Composite lost 1.1% amid weakness in industrials. Jiangsu Wuzhong Industrial declined 6.3% and Zhejiang Xinan Chemical Industrial Group lost 5.4%.

Key European indices trade with slim gains after climbing out of the red. Earlier this morning, European Central Bank member Joerg Asmussen said he favors a swift creation of a "single European resolution regime." Mr. Asmussen also said clear bail-in rules need to be established.

In regional economic news, Eurozone industrial production rose 1.0% month-over-month to follow the prior increase of 0.3% (0.4% consensus). Meanwhile, the ZEW Economic Sentiment rose to 27.6 from 24.9 (27.3 consensus). Germany's ZEW Economic Sentiment ticked up to 36.4 from 36.3 (38.3 consensus) while WPI slipped 0.2% (-0.4% expected). Also of note CPI rose 1.2% year-over-year, in-line with expectations while the month-over-month reading declined 0.5%, also in-line with forecast. France reported a current account deficit of EUR2.90 billion to follow the prior deficit of EUR5.00 billion. Elsewhere, Italian CPI rose 1.1% year-over-year (1.2% forecast) while the month-over-month reading was flat (+0.1% expected).

France's CAC is little changed as exporters display strength. Renault and LVMH Moet Hennessy Louis Vuitton ended with respective gains of 3.8% and 1.2%. On the downside, steelmaker ArcelorMittal is down 2.6%.
In the United Kingdom, the FTSE is higher by 0.2%. Severn Trent is surging 14.0% after the Kuwait Investment Authority approached the company regarding a possible merger. On the downside, miners trail behind the broader market. Anglo American and Fresnillo are both down near 3.0%.
Germany's DAX is up 0.3% as exporters outperform. BMW and Daimler are higher by 1.5% and 2.6%, respectively. Financials are among the decliners as Commerzbank and Deutsche Bank both trade with losses near 1.5%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +1.20. The S&P 500 futures trade higher by 0.1%.

Export prices, excluding agriculture, decreased by 0.5% in April after they had decreased 0.2% during the prior month. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.2%.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +0.70.

U.S. equity futures are mixed amid cautious trade across Europe. The S&P 500 futures are higher by 0.1%.

Looking at overnight developments:

Asian markets ended on a lower note as Japan's Nikkei shed 0.2%, Hong Kong's Hang Seng lost 0.3%, and China's Shanghai Composite fell 1.1%.
In regional economic data:
Japan's CGPI was unchanged to follow the prior decline of 0.5% (-0.2% consensus). Machine tool orders fell 24.1% year-over-year after declining 21.5% in the prior period.
India's WPI inflation rate rose 4.89% year-over-year to follow the previous increase of 5.69% (5.50% expected). This was the lowest reading since late 2009.
New Zealand's retail sales rose 0.5% quarter-over-quarter following the prior increase of 1.9% (0.8% consensus). Meanwhile, core retail sales increased 0.6% quarter-over-quarter to follow the previous increase of 1.2% (0.7% forecast).
Looking at news:
China National Petroleum Corporation believes the country's outsized resource demand may wane over the medium term.

European indices trade lower across the board. The United Kingdom's FTSE is off by 0.1%, Germany's DAX is down 0.2%, and France's CAC is lower by 0.4%.
Looking at regional economic news:
Eurozone industrial production rose 1.0% month-over-month to follow the prior increase of 0.3% (0.4% consensus). Meanwhile, the ZEW Economic Sentiment rose to 27.6 from 24.9 (27.3 consensus).
Germany's ZEW Economic Sentiment ticked up to 36.4 from 36.3 (38.3 consensus) while WPI slipped 0.2% (-0.4% expected). Also of note CPI rose 1.2% year-over-year, in-line with expectations while the month-over-month reading declined 0.5%, also in-line with forecast.
France reported a current account deficit of EUR2.90 billion to follow the prior deficit of EUR5.00 billion.
Italian CPI rose 1.1% year-over-year (1.2% forecast) while the month-over-month reading was flat (+0.1% expected).
In news:
European Central Bank member Joerg Asmussen said he favors a swift creation of a "single European resolution regime." Mr. Asmussen also said clear bail-in rules need to be established.

In U.S. corporate news:

Cree (CREE 59.36, -1.75) is lower by 2.9% after Sterne Agee downgraded the stock to 'Neutral' from 'Buy.'
Take-Two (TTWO 17.31, +0.92) is higher by 5.6% after beating on earnings and revenue. However, the video game company guided its first quarter earnings below consensus while reaffirming in-line full-year earnings guidance.

Export prices ex-agriculture and import prices ex-oil will both be reported at 8:30 ET.

06:47 am : [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -7.00.

06:47 am : Nikkei...14758.42...-23.80...-0.20%. Hang Seng...22930.28...-59.50...-0.30%.

06:47 am : FTSE...6621.52...-10.30...-0.20%. DAX...8262.51...-16.20...-0.20%.

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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