TheStrategyLab.com Price Action Trading Support Forum

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)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $2780.00 dollars or +27.80 points, Emini ES ($ES_F) futures @ $3500.00 dollars or +70.00 points, Light Crude Oil CL ($CL_F) futures @ ($290.00) dollars or -0.29 points, Gold GC ($GC_F) futures @ $200.00 dollars or +2.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $6190.00 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=1528

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.

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

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).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=212&t=1853

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

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.

Dow's Worst Losing Streak Of The Year


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

NEW YORK (CNNMoney)
U.S. stocks closed lower for a third straight day Wednesday, marking the Dow's worst losing streak this year.

The Dow Jones industrial average, which initially jumped more than 100 points, finished down more than 120 points, or 0.8%, falling below the key 15,000 level once again. The 3-day slide was the blue chip index's first one of the year.

The S&P 500 also slipped 0.8%, while the Nasdaq tumbled more than 1%. (Check world markets)

Volatility has picked up in recent week amid increasing unease about when central banks will begin weaning investors off cheap money.

The market's main fear gauge -- the CBOE Market Volatility Index (VIX) -- spiked almost 8% Wednesday, and has shot up more than 35% in the last month. CNNMoney's Fear and Greed Index fell into Extreme Fear for the first time in a year. Just one month ago, the index was in Extreme Greed.

"Investors continue to assess the risks posed by the U.S. Federal Reserve pulling back on its bond-buying program and taking liquidity out of the market," wrote Ishaq Siddiqi, a market strategist at ETX Capital. The threat of lower liquidity has left the markets feeling "uncomfortable," he added.

Despite the recent swing in the market -- both on an intraday and daily basis -- the major indexes have made healthy gains this year. The Dow is up 14%, while the S&P 500 and Nasdaq are up 13%.

* Emerging markets in turmoil

On the corporate front Wednesday, shares of Cooper Tire & Rubber (CTB) surged after India's Apollo Tyres said it would buy the American tire maker for $2.5 billion. Shares of rival Goodyear Tire & Rubber (GT, Fortune 500) also rose.

First Solar (FSLR) shares sank after the renewable energy firm announced plans late Tuesday for a new stock offering.




Market Update

4:15 pm : Equities began the session on their highs, but the major averages were unable to hold their flat lines past the opening 90 minutes.

The S&P 500 spent the entire day in a steady decline as minor bounces were met with aggressive selling. In addition, early weakness coincided with a decline in dollar/yen, as the pair dropped to 95.25, before recovering a portion of its losses.

Cyclical sectors led to the downside as financials and discretionary shares ended with losses near 1.0%.

Major financials were offered across the board as the SPDR Financial Select Sector ETF (XLF 19.44, -0.21) settled lower by 1.1%. In addition, the sector ETF saw some notable options activity as puts outpaced calls by a factor of 8:1 with the majority of the volume occurring in a single transaction.

Elsewhere, the discretionary space endured sector-wide weakness. Homebuilders held up relatively well early in the session, but were unable to escape the afternoon selling. The iShares Dow Jones US Home Construction ETF (ITB 22.90, -0.10) ended lower by 0.4%.

Meanwhile, the defensive cousin of the discretionary space, consumer staples, outperformed the broader market with a loss of 0.6%.

Other defensively-oriented groups ended with mixed results. The health care sector dropped 1.0% as biotechnology weighed. The iShares Nasdaq Biotechnology ETF (IBB 174.43, -3.97) fell 2.2% and contributed to the Nasdaq's underperformance.

Also of note, the utilities sector slid 1.1% to widen its quarter-to-date loss to 5.4%. This marks a sharp turn for the sector which was among the first-quarter leaders. However, the recent rise in interest rates has contributed to the softness of the high-yielding sector.

In M&A news, Cooper Tire (CTB 34.66, +10.10) jumped 41.1% after the tire maker agreed to be acquired by Apollo Tyres for $35 per share. The purchase price represents a 42.5% premium and Cooper's peer Goodyear (GT 14.93, +0.33) advanced 2.3%.

Today's selloff pushed the CBOE Volatility Index (VIX 18.59, +1.52) to its second-highest level of the year as investors adjusted their near-term volatility expectations.

The weekly MBA Mortgage Applications Index rose 5.0% to follow the prior week's decline of 11.5%.

The May Treasury Budget showed a deficit of $138.7 billion, which was slightly ahead of the deficit of $139.0 billion expected by the Briefing.com consensus.

Tomorrow, weekly initial claims, May retail sales, export prices ex-agriculture, and import prices ex-oil will all be announced at 8:30 ET. The final economic data point of the day will come in the form of April business inventories. This report is set to cross at 10:00 ET.DJ30 -126.79 NASDAQ -36.52 SP500 -13.61 NASDAQ Adv/Vol/Dec 751/1.56 bln/1738 NYSE Adv/Vol/Dec 583/691.9 mln/2509

3:30 pm :

July crude oil chopped around in positive territory after lifting off its session low of $95.32 per barrel set at pit trade open. The energy component showed a rather muted reaction to inventory data that showed a build of 2.523 mln barrels for the week ending June 7 when a draw of 0.7-1.5 mln barrels was anticipated. It touched a session high of $96.45 per barrel and eventually settled with a 0.7% gain at $95.95 per barrel.
July natural gas trended higher ahead of tomorrow's inventory data. It advanced to a session high of $3.79 per MMBtu and settled at $3.78 per MMBtu, or 1.6% higher.
Aug gold rose as it gained support from a weaker dollar index. The yellow metal came off its session low of $1372.20 per ounce and touched a session high of $1394.00 per ounce in morning action. It consolidated just below that level for the remainder of the session and settled with a 1.1% gain at $1392.10 per ounce.
July silver also traded higher during today's floor trade. Prices climbed as high as $21.95 per ounce but pulled back slightly in afternoon action. Still, silver booked a 0.7% gain as it settled at $21.79 per ounce.

DJ30 -113.74 NASDAQ -36.48 SP500 -12.48 NASDAQ Adv/Vol/Dec 737/1285.9 mln/1729 NYSE Adv/Vol/Dec 580/471 mln/2512

3:00 pm : The S&P 500 trades lower by 0.7% as today's session enters its final hour.

The Dollar Index saw steady selling into the noon hour as trade slipped to 80.75. The Index has been able to stage a partial recovery and it now trades at 80.92.

The early selling coincided with yen strength, which caused the dollar/yen pair to slip all the way to 95.15. Dollar/yen has been able to reclaim some of its losses and the pair has spent most of the afternoon near its current level of 95.70.

Elsewhere, the British pound is higher by 35 pips as pound/dollar gains ground for the eighth time in eleven sessions. An early bid pushed the pair to a test of 1.5700, but sellers emerged to defend the 200-day moving average, which sits at that level.DJ30 -116.50 NASDAQ -31.78 SP500 -12.05 NASDAQ Adv/Vol/Dec 791/1.16 bln/1671 NYSE Adv/Vol/Dec 641/418.2 mln/2426

2:30 pm : The S&P 500 trades lower by 0.7% after slipping to a fresh session low. Selling pressure continues to dictate afternoon action as all ten sectors remain in the red.

The utilities space has endured weakness throughout the quarter and the sector trails behind the remaining nine groups today. Including today's 1.1% loss, the sector is down 5.4% since the start of April.

Going into the second quarter, the utilities sector was among the year-to-date leaders. The high-yielding sector has since fallen out of favor as the rise in interest rates added to the downside pressure.DJ30 -98.38 NASDAQ -28.08 SP500 -11.02 NASDAQ Adv/Vol/Dec 824/1.06 bln/1627 NYSE Adv/Vol/Dec 697/377.9 mln/2367

2:00 pm : The S&P 500 trades lower by 0.4%.

The May Treasury Budget showed a deficit of $138.7 billion, which was slightly ahead of the deficit of $139.0 billion expected by the Briefing.com consensus. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 -53.37 NASDAQ -17.52 SP500 -5.76 NASDAQ Adv/Vol/Dec 950/980.6 mln/1487 NYSE Adv/Vol/Dec 863/348.8 mln/2186

1:25 pm : The major indices remain mired in negative territory in what has been a disappointing day for the bulls so far. The market started on a strong note, but quickly rolled over on renewed selling interest that coincided with the yen moving from a position of weakness against the dollar to a position of strength.

The sudden turn was unsettling because there was no news behind it. That in turn triggered concerns that the move may have been a forced unwinding of a short yen position. It is all speculation of course, yet there has been an evident correlation today between the dollar-yen cross and the direction of the US equity market.

Pockets of relative strength are found in the defensive-oriented telecom services (-0.1%), consumer staples (-0.2%) and health care (-0.3%) sectors, yet the utilities sector (-0.6%) continues to lag behind the broader market. Over the last one-month period, the utilities sector has been the worst-performing sector in the market with a loss of 6.4%.

The 10-year note auction at the top of the hour was a bit disappointing. It drew 2.209% on a weak bid-to-cover of 2.53, which trailed the 12-auction average of 2.92. DJ30 -59.40 NASDAQ -17.23 SP500 -6.24 NASDAQ Adv/Vol/Dec 928/888 mln/1497 NYSE Adv/Vol/Dec 865/314 mln/2211

1:00 pm : At midday, the S&P 500 holds a loss of 0.4%.

The major averages saw solid gains at the outset of today's session. However, that strength was temporary as equities followed the higher open with a steady slide into the red. There was no news to account for a quick turn in sentiment, but the weakness in equities coincided with the strengthening of the Japanese yen.

Dollar/yen is lower by 0.8% as the pair trades near 95.42. In addition, the greenback has shown weakness against other major currencies after holding strong through the overnight session. As a result, the Dollar Index trades lower by 0.4% at 80.83.

In turn, dollar softness has given a boost to commodities. Crude oil trades higher by 0.7% at $96.10 per barrel, but the energy sector sports a loss of 0.3%.

Elsewhere, the materials sector has been able to outperform with a loss of 0.2% after ending among yesterday's laggards. The sector has been able to resist slipping further as gold miners outperform notably. The Market Vectors Gold Miners ETF (GDX 28.68, +0.55) is higher by 2.0%.

In M&A news, Cooper Tire (CTB 34.51, +9.95) has jumped 40.5% after the tire maker agreed to be acquired by Apollo Tyres for $35 per share. The purchase price represents a 42.5% premium and Cooper's peer Goodyear (GT 14.97, +0.37) holds a gain of 2.5%.

Today's selling has sent the CBOE Volatility Index (VIX 18.00, +0.93) back to last week's levels as investors adjust their near-term volatility expectations.

The weekly MBA Mortgage Applications Index rose 5.0% to follow the prior week's decline of 11.5%.DJ30 -60.38 NASDAQ -19.54 SP500 -6.75 NASDAQ Adv/Vol/Dec 854/831.2 mln/1550 NYSE Adv/Vol/Dec 795/292.7 mln/2247

12:30 pm : The S&P 500 trades lower by 0.6% as the index continues to decline in search of meaningful support. In large part, the selling in equities has mimicked the performance of the dollar/yen pair, which trades lower by 0.9% at 95.32.

All ten sectors trade in the red with the discretionary group leading to the downside. Retailers have shown weakness as the SPDR S&P Retail ETF (XRT 77.30, -0.43) trades lower by 0.6%.

On the flip side, the telecom sector has been able to outperform with a loss of 0.3%.DJ30 -73.39 NASDAQ -25.76 SP500 -8.81 NASDAQ Adv/Vol/Dec 806/755.4 mln/1584 NYSE Adv/Vol/Dec 751/267.1 mln/2272

12:00 pm : Recent action saw the S&P 500 continue its decline, which coincided with further yen strength. The S&P 500 and the dollar/yen pair currently trade on their lows.

Losses in equities have translated into gains for the bond market. The 10-yr note is currently on its session high with its yield lower by two basis points at 2.174%.

Also of note, the CBOE Volatility Index (VIX 18.14, +1.07) has jumped above 18.0% in reaction to the most recent wave of selling.DJ30 -65.45 NASDAQ -20.08 SP500 -7.66 NASDAQ Adv/Vol/Dec 843/647.7 mln/1525 NYSE Adv/Vol/Dec 788/234.1 mln/2205

11:30 am : The major averages continue to hover near their flat lines. The Nasdaq is the weakest of the three indices as it holds a loss of 0.2%.

The tech-heavy index has been pressured by the underperformance of major components like Apple (AAPL 435.42, -2.18) and IBM (IBM 203.18, -0.80). However, high-beta chipmakers have shown some relative strength as the PHLX Semiconductor Index trades higher by 0.6%.

In addition to large tech components, biotechnology names also appear among the laggards. The iShares Nasdaq Biotechnology ETF (IBB 177.48, -0.92) registers a loss of 0.5%.DJ30 +3.88 NASDAQ -5.46 SP500 -0.13 NASDAQ Adv/Vol/Dec 1046/542.2 mln/1290 NYSE Adv/Vol/Dec 1057/198.4 mln/1896

11:00 am : The major averages have surrendered their early gains as the dollar/yen pair dipped to its session low. As a result of the recent selling, seven of ten sectors now hover in the red.

The recent weakness has caused the CBOE Volatility Index (VIX 17.55, +0.48) to jump to a fresh session high as investors adjust their near-term volatility expectations.

Treasuries saw some funds return into the complex after earlier selling. The benchmark 10-yr yield is now back to unchanged for the day as it hovers at 2.201%.DJ30 -15.28 NASDAQ -5.71 SP500 -1.51 NASDAQ Adv/Vol/Dec 1143/451.3 mln/1168 NYSE Adv/Vol/Dec 1132/166.9 mln/1765

10:35 am : Commodities are mostly higher this morning on weakness in the dollar index.

Crude oil futures pulled back modestly following the weekly EIA inventory data and are now +0.3% at $95.67/barrel. Natural gas futures rallied this morning, rising as high as $3.76/MMBtu. July natural gas is currently +0.8% at $3.75/MMBtu.

Gold and silver both rallied in recent trade, hitting new session highs about 30 minutes ago. Aug gold is now +0.6% at $1384.70/oz, while July silver is +0.6% at $21.77/oz.DJ30 +38.35 NASDAQ +5.23 SP500 +4.61 NASDAQ Adv/Vol/Dec 1381/334.4 mln/892 NYSE Adv/Vol/Dec 1624/132 mln/1254

10:00 am : The S&P 500 adds 0.5% as the index continues retreating off its opening high.

Elsewhere, the Treasury market has seen some selling in the past two hours. As a result, the 10-yr yield is higher by three basis points at 2.216%.

While the Dollar Index has not shown much change, the Japanese yen has strengthened steadily since the start of the U.S. session. In the past 30 minutes, dollar/yen has surrendered more than 40 pips as the pair trades near 96.15.DJ30 +74.95 NASDAQ +11.03 SP500 +8.23 NASDAQ Adv/Vol/Dec 1463/173.9 mln/688 NYSE Adv/Vol/Dec 1991/81.8 mln/805

09:50 am : The S&P 500 trades higher by 0.6% as all ten sectors register gains.

Two of yesterday's main laggards, energy and materials, are among the early leaders as both growth-oriented groups add near 0.8%. Meanwhile, another underperforming sector from yesterday, financials, trades mostly in-line with the broader market.

With stocks opening the session on a higher note, the CBOE Volatility Index (VIX 16.69, -0.38) has slipped below 17.0%.DJ30 +62.32 NASDAQ +11.57 SP500 +7.06 NASDAQ Adv/Vol/Dec 1436/126.1 mln/666 NYSE Adv/Vol/Dec 1948/63.5 mln/808

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +12.70. Nasdaq futures vs fair value: +19.70. Equity futures hover at their pre-market highs as today's session sets up for a modestly higher open.

For the most part, pre-market action has been limited to stock-specific news. Cooper Tire (CTB 34.51, +9.95) is a notable standout as the stock jumps 40.5% after the tire maker agreed to be acquired by Apollo Tyres for $35 per share. The purchase price represents a 42.5% premium and Cooper's peer Goodyear (GT 15.49, +0.89) trades higher by 6.1%.

Today's pre-market economic data was limited to the weekly MBA Mortgage Index, which rose 5.0% to follow last week's decline of 11.5%. The U.S. Treasury will report its May budget at 14:00 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +10.80. Nasdaq futures vs fair value: +16.70.

The S&P 500 futures trade higher by 0.5%.

It was a sea of red across Asia as all of the major bourses, aside from Indonesia's Jakarta Composite (+1.9%), ended the day in negative territory. Japan's Nikkei (-0.2%) briefly dipped below the 13,000 mark before regaining the level and paring most of its losses. In a surprise move, ahead of Thursday's rate decision, Bank Indonesia hiked its overnight deposit rate 25 basis points to 4.25%. Markets in China, Hong Kong, and Taiwan were closed for Dragon Boat Festival. Data from the region saw Japan's core machinery orders post a weaker than expected -8.8% month-over-month (-8.3% expected), Australia's Westpac Consumer Sentiment climb 4.7% (-7.0% previous), India's industrial production advance 2.0% year-over-year (2.4% expected), and South Korea's unemployment rate tick up to 3.2% (3.1% expected, 3.1% previous).

In Japan, the Nikkei shed 0.2% amid a volatile trade. Yesterday's strength in the yen weighed on exporters as Toyota Motor fell 1.8% and Olympus gave up 3.6%.
Markets in Hong Kong and China were closed for Dragon Boat Festival.

Major European indices trade in mixed fashion as the German High Court continues its debate on the constitutionality of the European Central Bank's Outright Monetary Transactions. In his opposition to the program, Bundesbank President Jens Weidmann said OMTs blur the line between fiscal and monetary policy. Regional economic data was plentiful. Eurozone industrial production rose 0.4% month-over-month (-0.2% expected, 0.9% prior). French nonfarm payrolls declined 0.1% quarter-over-quarter (-0.1% expected, -0.1% prior). In addition, the country saw its CPI rise 0.1% month-over-month (0.3% expected, -0.2% prior). German CPI increased 0.4% month-over-month, as expected. Meanwhile, the year-over-year reading ticked up 1.5%, which also met expectations. Spanish CPI increased 0.2% month-over-month while the year-over-year reading rose 1.7%. Both figures met expectations. Italian CPI was unchanged month-over-month (0.1% expected). The United Kingdom's claimant count declined by 8,600 (-5,000 expected, -11,800 prior) while the unemployment rate held steady at 7.8%. In addition, average earnings ex-bonus rose 0.9% (0.7% expected, 0.8% prior).

Germany's DAX is off by 0.1% as growth-oriented names weigh. HeidelbergCement trades down 2.5% and Volkswagen is off by 1.5%. On the upside, Fresenius SE registers a gain of 1.8%.
In the United Kingdom, the FTSE adds 0.2% as discretionary shares outperform. British Sky Broadcasting and G4S are both up near 3.0%. On the downside, utility provider Severn Trent slumps 8.8% after takeover talks fell through.
France's CAC holds a gain of 0.4% with industrials in the lead. EADS and Safran trade with respective gains of 2.5% and 1.6%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +9.90. Nasdaq futures vs fair value: +16.00. Equity futures continue to hover near their highs as global markets rebound from yesterday's selloff. In Japan, the Nikkei trimmed larger losses to end lower by 0.2% while the yen weakened slightly. Currently, dollar/yen trades near 96.66.

In Europe, the major averages trade with modest gains as the German High Court continues to hear arguments regarding the constitutionality of the European Central Bank's Outright Monetary Transactions program.

Domestically, investors are responding to stock-specific headlines. Notably, Cooper Tires (CTB 34.26, +9.70) trades up 39.6% after the company agreed to be acquired by Apollo Tyres for $35 per share, representing a 42.5% premium to Cooper's closing price from yesterday. Peer Goodyear (GT 15.90, +1.30) trades higher by 8.9%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +11.20. Nasdaq futures vs fair value: +18.50.

U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.6%.

Reviewing overnight developments:

Asian markets ended lower as Japan's Nikkei shed 0.2%. China's Shanghai Composite and Hong Kong's Hang Seng were closed for Dragon Boat Festival.
In regional economic data:
South Korea's unemployment rate ticked up to 3.2% from 3.1% (3.1% expected).
Japan's Corporate Goods Price Index rose 0.1% month-over-month (0.2% forecast, 0.3% prior) while the year-over-year reading climbed 0.6% (0.6% expected, 0.0% previous). In addition, core machinery orders fell 8.8% month-over-month (-8.5% forecast, 14.2% prior) while the year-over-year reading decreased 1.1% (-4.8% expected, 2.4% previous).
Australia's Westpac Consumer Sentiment was reported at 4.7% to follow the prior reading of -7.0%
Looking at news:
Reports from Nikkei News indicate Japan's Financial Services Agency is planning to implement a 'bail-in' policy should bank failures take place.

Major European indices trade in mixed fashion. Germany's DAX is off by 0.1% while the United Kingdom's FTSE adds 0.3%, and France's CAC sports a gain of 0.5%.
Looking at economic data:
Eurozone industrial production rose 0.4% month-over-month (-0.2% expected, 0.9% prior).
French nonfarm payrolls declined 0.1% quarter-over-quarter (-0.1% expected, -0.1% prior). In addition, the country saw its CPI rise 0.1% month-over-month (0.3% expected, -0.2% prior).
German CPI increased 0.4% month-over-month, as expected. Meanwhile, the year-over-year reading ticked up 1.5%, which also met expectations.
Spanish CPI increased 0.2% month-over-month while the year-over-year reading rose 1.7%. Both figures met expectations.
Italian CPI was unchanged month-over-month (0.1% expected). The United Kingdom's claimant count declined by 8,600 (-5,000 expected, -11,800 prior) while the unemployment rate held steady at 7.8%. In addition, average earnings ex-bonus rose 0.9% (0.7% expected, 0.8% prior).
In news:
Bundesbank President Jens Weidmann said the European Central Bank's Outright Monetary Transactions (OMT) program blurs the line between fiscal and monetary policy. Note the German High Court is in its second day of debating the constitutionality of the bond buying program.

In U.S. corporate news:

Cooper Tire (CTB 34.05, +9.49) is soaring 38.6% after the company agreed to be acquired by Apollo Tyres for $35 per share. The transaction price represents a 42.5% premium to CTB's closing price from yesterday.
Health Management Association (HMA 14.95, +1.02) trades up 7.3% after Glenview Capital disclosed an active stake of 14.56% in Health Management.

The weekly MBA Mortgage Applications Index rose 5.0% to follow the prior week's decline of 11.5%.

The U.S. Treasury will announce its May budget at 14:00 ET.

07:29 am : [BRIEFING.COM] S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +17.50.

07:29 am : Nikkei...13289.32...-28.30...-0.20%. Hang Seng...Holiday.........

07:29 am : FTSE...6353.77...+13.70...+0.20%. DAX...8227.03...+4.60...+0.10%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader @ http://stocktwits.com/wrbtrader

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