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 Post subject: June 11th Tuesday Trade Results - Profit $6055
PostPosted: Tue Jun 11, 2013 9:59 pm 
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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)
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 @ ($120.00) dollars or -1.20 points, Emini ES ($ES_F) futures @ $5875.00 dollars or +117.50 points, Light Crude Oil CL ($CL_F) futures @ $300.00 dollars or +0.30 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $6055.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
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

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=118&t=1527

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=212&t=1853

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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.

No More Super Tuesdays: Stocks Close Down 1%

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

NEW YORK (CNNMoney)
So much for Super Tuesdays. Stocks ended the day down sharply after a volatile day of trading.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq started the day deep in the red before rebounding. The Dow even briefly made it into positive territory. But all three indexes ultimately closed between 0.8% and 1% lower.

"Volatility has clearly ramped up," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. In fact, the Dow has swung more than 100 points during six out of the seven trading days so far this month.

The market's main fear gauge -- the CBOE Market Volatility Index (VIX) -- shot up 11%, and CNNMoney's Fear and Greed Index moved closer to extreme fear. Just a week ago, that index was in neutral.

After the strong run this year -- stocks have gained roughly 15% -- some say pullbacks should be considered healthy.

"With stocks at this level, it's not the worst thing in the world to take a breather for a month or two," said Dan Greenhaus, market strategist at BTIG.

The biggest culprit behind the recent choppiness has concern about when the Federal Reserve will slow the pace of its bond buying program.

End of the central bank boost? Investors are becoming increasingly worried that central banks might start paring back their historically unprecedented levels of bond buying.

Japan's central bank spooked investors early Tuesday by leaving its monetary policy unchanged. Many investors had expected further stimulus. Major Asian markets ended down between 1% to 1.5%.

Japanese prime minister Shinto Abe has been trying to weaken the yen to boost experts. But Abenomics doesn't seem to be working lately. The yen gained 3% against the U.S. dollar Tuesday.

Abe is fighting the currency wars with a "bow and arrow" compared with the ECB and other countries which he said are using bazookas, said Douglas Borthwick, managing director at Chapdelaine Foreign Exchange.

European markets took their cue from Asia and closed down between 0.9% and 1.6%.

Turkey's stock market continues to fall, as the violence there escalates.

* Investors losing patience with Turkey

Greenhaus expects U.S. investors to take a wait and see approach until next week, when Fed chairman Ben Bernanke holds his quarterly press conference. Bernanke is expected to give investors some hints as to when the Fed's easing might stop or slow down.

Treasuries tumble: The yield on 10-year Treasuries continued to rise, as investors bailed out.

The 10-year yield has steadily been climbing for the past month. The yield rose as high as 2.25% Tuesday from 1.6% in early May.

Yoga drama: On the corporate front, Lululemon (LULU) shares tanked after the yogawear maker announced that CEO Christine Day is stepping down.

Shares of Sprint Nextel (S, Fortune 500) rose after SoftBank, Japan's third-largest wireless carrier, increased its takeover offer.

Banana boom: Shares of Dole Foods (DOLE, Fortune 500) surged after the company said its chairman and CEO, David Murdock, made a cash offer to buy the 60.5% of the company he doesn't already own. Murdock offered to pay a 17.6% premium to Monday's close.

Shares of aircraft maker Boeing (BA, Fortune 500) slipped after the company trimmed its 20-year forecast for widebody jet demand, even as it raised its forecast for single-aisle jets.

Google (GOOG, Fortune 500) announced that it would acquire mapping company Waze, but did not disclose a price tag.

Shares of Diamond Foods (DMND) spiked after the company saw losses narrow and appointed a new CFO.

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Market Update

4:15 pm : The S&P 500 settled lower by 1.0% as all ten sectors ended in the red.

Stocks began the day sharply lower as overseas concerns contributed to a rise in global interest rates, which, in turn, fueled the selling of equities. The Bank of Japan's decision to maintain its policy stance underwhelmed investors who expected the central bank to address recent bond market volatility. However, the lack of relevant commentary caused investors to sell bonds and equities in favor of the yen.

In Europe, Greece saw its 10-yr yield spike more than 100 basis points after the country was unable to complete the privatization of natural gas producer DEPA.

The early bond selling also left its mark on the U.S. market, but Treasuries managed to rally over the course of the session. As a result, the benchmark 10-yr yield ended lower by three basis points at 2.182% after hitting 2.290% early in the session.

Stocks followed their lower open with a steady climb towards the flat line. The Dow was able to make a brief appearance in positive territory, but the relative weakness of energy and financials kept the S&P from crossing into the black.

After a first-half climb off lows, the benchmark average spent the remainder of the session sliding back towards its opening levels.

The financial sector ended lower by 1.7% amid losses in all major components.

Elsewhere, the energy space lost 1.4% while crude oil endured a volatile session. The energy component fell to $94.00 per barrel before settling lower by 0.6% at $95.23.

Other commodities displayed general weakness, which pressured the materials sector. The growth-oriented group settled lower by 1.4% as steelmakers lagged. The Market Vectors Steel ETF (SLX 39.11, -0.72) dropped 1.8%. For its part, copper fell 1.3% to $3.20 per pound.

Most tech shares traded in-line with the broader market, but chipmakers sold off after Texas Instruments (TXN 35.26, -1.36) lowered its second quarter earnings and revenue guidance. The cautious outlook weighed on the PHLX Semiconductor Index, which tumbled 2.2%.

Other high-beta groups did not fare much better. Homebuilders registered losses across the board, and the iShares Dow Jones US Home Construction ETF (ITB 23.00, -0.45) declined 1.9%.

The CBOE Volatility Index (VIX 17.10, +1.66) jumped over 10.0% as market participants adjusted their near-term volatility expectations.

Also of note, the foreign exchange market was active once again with the Japanese yen taking center stage as it strengthened nearly 3.0% to 95.97.

Today's economic news was limited to just one data point. Wholesale inventories increased 0.2% in April, and matched the Briefing.com consensus expectation. Inventory growth in March was revised down to 0.3% growth from 0.4%.

Durable goods inventories were up 0.2% in April after increasing 0.4% in March. Strong gains in automotive (1.9%) and electrical (0.5%) more than offset losses in metals (-1.1%) and miscellaneous durables (-1.2%).

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while the U.S. Treasury will release its May budget at 14:00 ET.

The U.S. Treasury will also reopen $21 billion in 10-yr notes.DJ30 -116.57 NASDAQ -36.82 SP500 -16.68 NASDAQ Adv/Vol/Dec 655/1.51 bln/1837 NYSE Adv/Vol/Dec 399/689.2 mln/2696

3:30 pm :

July crude oil extended yesterday's losses as the Bank of Japan announced no changes to its monetary policy. Concerns over other central banks possibly following suit took prices down to a session low of $94.06 per barrel despite weakness in the dollar index. The energy component inched slightly higher in morning action and rallied to a session high of $95.50 per barrel moments before closing with a 0.6% loss at $95.26 per barrel.
July natural gas traded lower in a consolidative pattern during morning floor trade. It furthered losses in afternoon pit action as it sold off to a session low of $3.72 per MMBtu where it eventually settled with a 2.1% loss.
Aug gold traded in negative territory today, dipping to a session low of $1364.50 per ounce moments before equity markets opened. Despite a weaker dollar index, the yellow metal settled at $1376.90 per ounce, or 0.7% lower.
July silver also struggled in the red. It brushed a session low of $21.40 per ounce in morning action and inched slightly higher for the remainder of floor trade. It settled 1.3% lower at $21.64 per ounce, just below its session high of $21.69 per ounce.

DJ30 -95.72 NASDAQ -28.78 SP500 -13.84 NASDAQ Adv/Vol/Dec 711/1287.2 mln/1754 NYSE Adv/Vol/Dec 445/478 mln/2639

3:00 pm : The S&P 500 trades lower by 0.8% as today's session enters its final hour.

The foreign exchange market has been active once again today. The Dollar Index has seen steady selling over the course of U.S. trade with action hovering on lows near 81.10. Today's dollar weakness has given a boost to the euro as well as the Japanese yen.

Euro/dollar is higher by 45 pips near 1.3300. The single currency has received a steady bid over the past few weeks, rising about 500 pips from its mid-May levels. The euro will be in focus again tomorrow as the German High Court continues to debate the constitutionality of European Central Bank's Outright Monetary Transactions.

Elsewhere, dollar/yen is off by 300 pips near 96.00 as heavy selling has persisted over the course of the day after the Bank of Japan's two-day meeting concluded with no changes to policy after investors had hoped the central bank would address volatility in the bond market.DJ30 -80.55 NASDAQ -27.84 SP500 -12.01 NASDAQ Adv/Vol/Dec 673/1.14 bln/1792 NYSE Adv/Vol/Dec 439/422.8 mln/2629

2:30 pm : The S&P 500 hovers near the middle of its range after recent selling caused the index to slip from its afternoon high.

Energy, financials, and materials are the only three sectors trading with losses of more than 1.0%. Meanwhile, the remaining cyclical sectors are down between 0.6% and 0.8%.

The technology sector trades lower by 0.8% with significant weakness among chipmakers. This comes after Texas Instruments (TXN 35.33, -1.29) lowered its second quarter earnings and revenue guidance below consensus. The broader PHLX Semiconductor Index trades down 1.7%.DJ30 -73.26 NASDAQ -25.81 SP500 -11.47 NASDAQ Adv/Vol/Dec 669/1.07 bln/1776 NYSE Adv/Vol/Dec 446/394.3 mln/2618

2:00 pm : The S&P 500 has slipped to afternoon lows as two of today's biggest laggards, energy and financials, returned to their worst levels of the day.

As mentioned earlier, market breadth remained negative even as equities climbed off their lows. The ratio has widened through the recent selling to indicate there are 6.14 decliners for each advancing issue.

In addition, the recent selling has caused the CBOE Volatility Index (VIX 16.79, +1.35) to climb back towards its highs.DJ30 -88.66 NASDAQ -26.14 SP500 -12.71 NASDAQ Adv/Vol/Dec 670/972.1 mln/1768 NYSE Adv/Vol/Dec 414/358.6 mln/2630

1:30 pm : After a mad-dash recovery effort, the stock market has seen the rebound try taper off over the last two hours. Still, overall losses remain modest in scope, particularly in relation to the opening losses.

The S&P 500 is down 0.6% after dropping 1.2% shortly after the opening bell. There isn't any strong sector leadership of which to speak. Every sector is in red figures, so "strong" sectors are discussed in terms of relative strength. To that end, the consumer staples sector is a standout, down just 0.03%.

Separately, the iShares MSCI Emerging Markets Index (EEM 39.46, -0.69) has had a tough go of it today, losing 1.7% as sharp losses in emerging markets like Thailand, which dropped 5.0% Tuesday, have weighed on investor sentiment. DJ30 -55.74 NASDAQ -17.56 SP500 -9.40 NASDAQ Adv/Vol/Dec 786/883 mln/1630 NYSE Adv/Vol/Dec 533/326 mln/2531

1:00 pm : At midday, the S&P 500 trades lower by 0.4%.

Stocks got off to a shaky start after overnight weakness sent index futures sharply lower. The selling began shortly after the Bank of Japan concluded its two-day meeting by announcing no changes to its monetary policy. This underwhelmed investors who expected the central bank to address recent volatility in the bond market. However, the lack of response from the BoJ caused market participants to shun Japanese bonds and equities in favor of the yen.

In addition, global interest rates continued rising overnight with peripheral European yields coming into focus. In particular, Greece saw its 10-yr yield spike over 100 basis points following the country's inability to privatize natural gas producer DEPA.

Domestically, the bond market displayed some overnight weakness, which has since been erased. At midday, the 10-yr yield is little changed at 2.215%.

Although the S&P was down as much as 1.2% at the open, the benchmark average has been able to reclaim a portion of its opening losses. The relative strength of defensive sectors has contributed to the intraday rebound while the underperformance of two influential sectors, financials and energy, has kept the S&P from turning positive.

In the financial sector, all major components hover in the red while the SPDR Financial Select Sector ETF (XLF 19.79, -0.19) registers a loss of 1.0%.

Elsewhere, the energy sector is lower by 0.8% amid weakness in crude oil. The energy component trades down 1.0% at $94.85 per barrel.

Even though the S&P 500 sits just below its best level of the day, declining issues continue to outpace advancers by a ratio of 4.2 to 1.

Today's economic news was limited to just one data point. Wholesale inventories increased 0.2% in April, and matched the Briefing.com consensus expectation. Inventory growth in March was revised down to 0.3% growth from 0.4%.

Durable goods inventories were up 0.2% in April after increasing 0.4% in March. Strong gains in automotive (1.9%) and electrical (0.5%) more than offset losses in metals (-1.1%) and miscellaneous durables (-1.2%).DJ30 -22.03 NASDAQ -11.22 SP500 -6.08 NASDAQ Adv/Vol/Dec 792/815.2 mln/1614 NYSE Adv/Vol/Dec 578/303.5 mln/2437

12:30 pm : The S&P 500 has spent the past hour near its current levels. The benchmark average holds a loss of 0.4% as two influential sectors, energy and financials, continue to display weakness.

On the flip side, the telecom space trades higher by 0.2% while the staples sector follows closely with a gain of 0.1%. The utilities space is the lone decliner among defensive groups as the sector registers a loss of 0.2%.DJ30 -15.20 NASDAQ -11.00 SP500 -5.75 NASDAQ Adv/Vol/Dec 749/742.4 mln/1641 NYSE Adv/Vol/Dec 559/279.3 mln/2430

12:00 pm : After rising 17 points from its session lows, the S&P 500 spent the past 30 minutes in a narrow range. The benchmark index continues to trade with a loss of 0.2% as financials remain notably lower (-0.8%). In addition, the influential energy sector has also pressured the broader market. The energy space is off by 0.7% while crude oil trades down 0.9% to $94.96 per barrel.

Elsewhere, the other commodity-related group, materials, holds a loss of 0.6%. Steelmakers have displayed some weakness as the Market Vectors Steel ETF (SLX 39.26, -0.57) trades lower by 1.7%.DJ30 -13.93 NASDAQ -13.18 SP500 -5.15 NASDAQ Adv/Vol/Dec 733/670.2 mln/1646 NYSE Adv/Vol/Dec 574/256.9 mln/2410

11:30 am : The S&P 500 trades lower by 0.3% as equities continue their slow climb off session lows.

Defensively-oriented sectors have had the best showing so far as the telecom space adds 0.5%. Meanwhile, consumer staples and utilities are both up near 0.2% while the health care sector trades flat.

Although the S&P is nearing its flat line, market breadth remains negative as decliners outpace advancers by a 4.7 to 1 ratio.DJ30 -5.76 NASDAQ -9.26 SP500 -4.14 NASDAQ Adv/Vol/Dec 745/580.1 mln/1609 NYSE Adv/Vol/Dec 582/227.6 mln/2384

11:00 am : The S&P 500 has reclaimed roughly half of its early losses, but the index continues to trade lower by 0.6%.

The early selling has been most notable among cyclical groups as most growth-oriented sectors trail behind the broader market. The industrial space is the lone exception as the relative strength of transportation-related shares contributes to the sector's outperformance. The Dow Jones Transportation Average sports a loss of 0.2%.

On the upside, the telecom space has regained its flat line.DJ30 -60.20 NASDAQ -17.80 SP500 -8.58 NASDAQ Adv/Vol/Dec 612/474.1 mln/1714 NYSE Adv/Vol/Dec 439/190.5 mln/2506

10:30 am : Commodities are mostly lower this morning despite continued weakness in the dollar. However, the dollar index extended losses in recent trade, which actually provided some price support in commodities.

Crude oil is extending yesterday's losses and fell as low as $94.07/barrel this morning. July crude oil is currently -1.3% at $94.56/barrel. Natural gas is also in the red. The July contract is now -0.6% at $3.78/MMBtu.

Metals are weak as well. Aug gold is currently -0.7% at $1376.20/oz and July silver is -1.4% at $21.62/oz. July copper is -1.7% at $3.19/lb.DJ30 -75.69 NASDAQ -22.96 SP500 -10.96 NASDAQ Adv/Vol/Dec 432/368.3 mln/1855 NYSE Adv/Vol/Dec 310/159 mln/2612

10:00 am : The S&P 500 is off by 0.9% as the index hovers six points above its lows.

April wholesale inventories rose 0.2%, which was in-line with the Briefing.com consensus. Today's report follows last month's increase of 0.4%.DJ30 -109.20 NASDAQ -29.87 SP500 -13.36 NASDAQ Adv/Vol/Dec 356/227.9 mln/1880 NYSE Adv/Vol/Dec 213/110.3 mln/2664

09:45 am : The opening minutes of today's session saw an extension of the downbeat pre-market sentiment. The S&P 500 trades lower by 1.0% as all ten sectors register losses. Further, four of ten groups are down at least 1.0%.

Financials are among the early laggards as top sector components trade lower. Citigroup (C 50.53, -1.40) is the weakest performer among the majors while the financial sector holds a loss of 1.3%.

With stocks opening sharply lower, the CBOE Volatility Index (VIX 16.97, +1.53) has jumped into the range held in last week's action.DJ30 -135.30 NASDAQ -38.87 SP500 -16.81 NASDAQ Adv/Vol/Dec 294/144.1 mln/1878 NYSE Adv/Vol/Dec 151/84.1 mln/2683

09:13 am : [BRIEFING.COM] S&P futures vs fair value: -14.30. Nasdaq futures vs fair value: -28.30. The S&P 500 futures trade lower by 0.9% as today's session sets up for a cautious open. Overnight selling interest began mounting after the Bank of Japan concluded its latest meeting by announcing no new changes to its policy stance. This was a disappointment as some investors had hoped the central bank would take steps to curtail bond market volatility or increase its ETF purchase program.

The weakness in global equities has been mirrored by weakness in bond markets. The U.S. 10-yr has climbed off its lows, but its yield remains higher by three basis points at 2.256%.

Overseas, European yields have caught the attention of market participants. In particular, the Greek 10-yr yield is higher by 51 basis points at 9.95% after the country was unable to sell a stake in a natural gas producer. Elsewhere, Italian and Spanish yields are higher by 13 basis points each, at their respective 4.38% and 4.71%.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: -13.80. Nasdaq futures vs fair value: -27.80.

U.S. equity futures remain near their lows with the S&P 500 futures down 0.9%.

It was a sea of red across Asia as all of the major bourses, asides from Australia's ASX (+0.4%) finished in negative territory. Today's selling was sparked by the inaction of the Bank of Japan as the central bank held both its key rate and asset purchase programs unchanged. While the pause in action was expected, the BOJ failed to provide additional commentary, making for some volatility in JGBs. The benchmark 10-yr yield ended the day up 3 basis points at 0.869% after ticking as high as 0.892%. Data from the region was mixed with Australia's home loans missing estimates with a 0.8% month-over-month print (2.1% expected) while its NAB Business Confidence survey held at -1. Elsewhere, Philippines' unemployment climbed to 7.5% (7.1% previous) and Malaysia's industrial production jumped 4.7% year-over-year (1.3% expected).

In Japan, the Nikkei closed lower by 1.5% as traders dumped shares following the Bank of Japan policy decision. Real estate shares were hit hard as Mitsui Fudosan and Sumitomo Realty & Development gave up 4.1% and 5.2%, respectively. Exporters were sold as the yen strengthened with Canon falling 3.0% and Nikon shedding 3.5%.
Hong Kong's Hang Seng fell 1.2% after hitting its lowest level of 2013. Real estate shares were weak as Sino Land lost 4.2% to pace the sector's decline. Elsewhere, casino names were offered after Macau gaming revenue from the first week of June disappointed. Sands China was a laggard, sliding 1.7%.
In China, the Shanghai Composite was closed for Dragon Boat Festival.

Key European indices trade lower across the board as the German Constitutional Court in Karlsruhe begins its two-day deliberations over the legality of the European Central Bank's bond purchases. Also of note, European yields are notably higher this morning. The Greek 10-yr yield is higher by 51 basis points at 9.95% after the country was unable to sell a stake in a natural gas producer. Elsewhere, Italian 10-yr has climbed 11 basis points to 4.36% while Spain's benchmark 10-yr yield is higher by 14 basis points to 4.72%. Economic data was limited. British industrial production rose 0.1% month-over-month (0.0% expected, 0.7% prior) while the year-over-year reading declined 0.6% (-0.7% expected, -1.4% prior). In addition, manufacturing production declined 0.2% month-over-month (-0.3% expected, 1.1% previous) while the year-over-year reading fell 0.5% (-0.4% forecast, -1.4% prior).

In the United Kingdom, the FTSE trades down 1.7% as financials and miners lag. Fresnillo and Prudential are down 6.1% and 4.7%, respectively.
Germany's DAX registers a loss of 1.7% as 28 of its 30 components hover in the red. Producers of basic materials HeidelbergCement and ThyssenKrupp are both down near 3.0%. On the upside, Infineon Technologies trades higher by 2.5%.
In France, the CAC is lower by 2.0% amid broad-based weakness. Carmaker Renault trades down 3.5% while industrial component Legrand holds a loss of 4.9%.
Greek ASE sports a loss of 5.0% amid a rise in peripheral yields. Piraeus Bank and National Bank of Greece trade with respective losses of 10.5% and 8.4%.
Italy's MIB and Spain's IBEX are both down near 2.5%. In Italy, Finmeccanica is lower by 4.3% while Banco Santander's 3.6% loss weighs on Spanish equities.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -30.30. U.S. equity futures trade near their pre-market lows as the early selling takes its toll on equity and bond markets. The S&P 500 futures are lower by 1.0% while steady overnight selling across the Treasury complex has pushed the 10-yr yield higher by five basis points to 2.268%.

The overnight selling interest began mounting after the Bank of Japan concluded its latest meeting by announcing no new changes to its policy stance. This was a disappointment as some investors had hoped the central bank would take steps to curtail bond market volatility or increase its ETF purchase program.

The foreign exchange market has displayed some activity this morning as the Dollar Index registers a modest loss of 0.3%. Notably, dollar/yen is lower by nearly 200 pips at 96.88.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -14.80. Nasdaq futures vs fair value: -27.80.

U.S. equity futures hover near their pre-market lows amid downbeat overseas trade. The S&P 500 futures trade lower by 0.9% with the overnight weakness coming after the conclusion of the Bank of Japan's most recent policy meeting where the central bank elected to keep its policy stance unchanged. Investors reacted to the somewhat disappointing conclusion of the meeting by selling Japanese bonds and stocks while buying the yen. Currently, dollar/yen trades near 97.00 after notching session lows at 96.48.

Reviewing overseas developments:

Asian markets ended generally lower. Hong Kong's Hang Seng fell 1.2% while Japan's Nikkei dropped 1.5%. Meanwhile, China's Shanghai Composite was closed for Dragon Boat Festival.
In regional economic data:
Japan's BSI Large Manufacturing Conditions rose to 5.0 from -4.6 (-2.1 expected) while machine tool orders fell 7.4% year-over-year (-23.6% prior).
Australia's home loans rose 0.8% month-over-month (2.0% expected, 4.8% prior) while the NAB Business confidence remained at -1.
Looking at news:
Japan's Finance Minister Taro Aso said the tax reform debate should be quickened. Meanwhile, former Finance Minister Eisuke Sakakibara, known as "Mr. Yen", described Prime Minister Shinzo Abe's 'third arrow' speech a disappointment.

Key European indices trade lower across the board. Great Britain's FTSE and Germany's DAX both trade lower by 1.6% while France's CAC registers a loss of 1.8%.
Regional economic data was limited:
British industrial production rose 0.1% month-over-month (0.0% expected, 0.7% prior) while the year-over-year reading declined 0.6% (-0.7% expected, -1.4% prior). In addition, manufacturing production declined 0.2% month-over-month (-0.3% expected, 1.1% previous) while the year-over-year reading fell 0.5% (-0.4% forecast, -1.4% prior).
In news:
The German Constitutional Court in Karlsruhe has begun its two-day deliberations over the legality of the European Central Bank's bond purchases.
Peripheral yields are notably higher this morning. The Greek 10-yr yield is higher by 51 basis points at 9.95% after the country was unable to sell a stake in a natural gas producer. Elsewhere, Italian 10-yr has climbed 11 basis points to 4.36% while Spain's benchmark 10-yr yield is higher by 14 basis points to 4.72%.

In U.S. corporate news:

Sprint Nextel (S 7.48, +0.30) trades higher by 4.3% after Softbank has increased its offer for Sprint to $5.50 per share from $4.02 per share.
Questcor Pharmaceuticals (QCOR 40.00, +3.29) adds 9.0% after acquiring patent rights to a drug previously developed by Novartis.

Today's economic data will be limited to April wholesale inventories with the report set to be released at 10:00 ET.

The U.S. Treasury will auction $32 billion in 3-yr notes.

06:43 am : [BRIEFING.COM] S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -27.50.

06:43 am : Nikkei...13317.62...-196.60...-1.50%. Hang Seng...21354.66...-260.40...-1.20%.

06:43 am : FTSE...6310.38...-90.10...-1.40%. DAX...8185.83...-121.90...-1.50%.

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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