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 Post subject: June 13th Thursday Trade Results - Loss $340
PostPosted: Thu Jun 13, 2013 11:59 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 @ ($340.00) dollars or -3.40 points, Emini ES ($ES_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 and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Loss @ $340.00 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=1529

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.

U.S. Stocks End More Than 1% Higher

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

NEW YORK (CNNMoney)
Tremors in Asia couldn't shake U.S. investors Thursday.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq closed with gains of 1.2% to 1.5%, bouncing back from modest losses earlier in the day.

In a month that's been checkered with heightened volatility, trading was notably stable as investors shrugged off a sharp sell-off in Asian markets. (Fear & Greed Index moves away from extreme fear)

The easing of quantitative easing? When will the U.S. Federal Reserve cut back on its bond buying program? Will other central banks, including the Bank of Japan, cut investors off too?

Those questions have been worrying investors more and more in recent weeks.

Related: The bull market Wall Street loves to hate

Cheap money from the Fed and other central banks has been fueling the 2013 rally in global markets. All three major U.S. indexes are up between 13% to 15% this year.

Investors saw some bright spots in the U.S. economy Thursday. Retail sales came in above expectations, and weekly jobless claims dipped more than forecast.

World markets wobble: Japan's Nikkei index fell into bear market territory, marked by a decline of at least a 20% from its most recent peak. Other major indexes in Asia also tumbled. Stocks in Europe rebounded from sharp losses to end mixed.

Japan's prime minister Shinzo Abe had promised to increase its central bank's intervention to prop up Japan's stock market and weaken the yen, in an effort to help the economy by encouraging exports.

So-called Abenomics seems to have lost its luster. As the Nikkei sold off, the yen hit its highest level since early April.

Related: Nikkei tumbles 6% on central bank fears

Market strategist Komal Sri-Kumar said the gyrations in Japan's markets could "be an interesting precursor to what might happen in the U.S." if the Fed decides to end its $85 billion-a-month bond buying program, or even scale it back.

But the Nikkei has also had a stratospheric rise on the back of Japan's aggressive stimulus moves, so a pullback might be considered healthy.

Related: School gives 16-year-olds $100,000 to invest

In corporate news, shares of Gannett (GCI, Fortune 500) rallied after the newspaper publisher said it was buying Belo (BLC) for $1.5 billion, a deal that will significantly increase the number of television stations it owns. Shares of Belo were also higher, reflecting the 28% premium that the purchase price represents.

Shares of beauty products company Coty (COTY) fell, after the company made its public debut on the New York Stock Exchange. Coty raised $1 billion through an IPO that priced shares at $17.50 apiece.

Meanwhile, Safeway (SWY, Fortune 500) shares rose, after the grocery chain announced the sale of its Canadian operations to Sobeys for $5.68 billion. Safeway said it will use the proceeds from the sale to pay down $2 billion in debt, buy back stock and support growth elsewhere.

In the U.K, shares of part-nationalized Royal Bank of Scotland (RBS) slumped, after CEO Stephen Hester said Wednesday he would step down at the end of the year to allow a successor to steer the bank through privatization. No successor has been named yet.

Shares of Myriad Genetics (MYGN) gave up earlier gains to end lower, after the U.S. Supreme Court ruled that human genes can't be patented but synthetic ones can.

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Market Update

4:15 pm : The S&P 500 settled higher by 1.5% after a daylong climb off its opening lows was aided by the defense of the 50-day moving average.

Once again, overseas action was in focus this morning as Asian markets remained volatile. Japan's Nikkei stood out with a 6.4% loss while the yen continued strengthening. Dollar/yen fell to 93.80 as the Tokyo session drew to a close, but managed to claw back above 95.00 during U.S. trade.

The futures market traded lower overnight, but those losses were erased before the New York open. A better-than-expected May retail sales report contributed to the rebound and gave a boost to the discretionary sector, which ended among the leaders. The SPDR S&P Retail ETF (XRT 78.07, +1.26) settled higher by 1.6%.

Homebuilders also displayed broad strength as the iShares Dow Jones US Home Construction ETF (ITB 23.90, +1.00) jumped 4.4%. Today's rally in homebuilders unfolded after the industry ETF spent the past three weeks in a steady decline.

The discretionary sector was closely followed by financials for a large portion of the session before the afternoon rally boosted the growth-oriented sector to a gain of 1.8%.

Industrials matched the performance of the S&P, but transportation-related names garnered additional interest. The Dow Jones Transportation Average rose 1.9% as all 20 of its components advanced.

While most cyclical sectors ended among the leaders, the technology space underperformed as major components like Apple (AAPL 435.96, +3.77) and Microsoft (MSFT 34.72, -0.28) ended mixed. However, high-beta chipmakers displayed strength, sending the PHLX Semiconductor Index higher by 2.0%.

The CBOE Volatility Index (VIX 16.43, -2.16) ended yesterday's session at its second-highest level of the year, but today's rally caused the near-term volatility measure to surrender Wednesday's gains.

Similar to equities, the Treasury market ended near its highs as the complex managed to shrug off better-than-expected economic data and a poor 30-yr bond reopening. The benchmark 10-yr yield fell six basis points to 2.174%.

Reviewing today's economic data, retail sales growth surpassed expectations, jumping 0.6% in May after increasing 0.1% in April. The Briefing.com consensus expected retail sales to increase 0.3%.

Excluding autos, retail sales rose 0.3% in May which was exactly in-line with consensus expectations. April sales were revised up from a drop of 0.2% in the advance release to no change.

The gain outside of autos may have been largely the result of inflationary pressures. Grocery store sales were up 0.7% in May, which correlates with the recent upward trend in producer food prices. It would not be a surprise from these growth figures if consumer prices rise a little more than recent trends as higher producer food prices are passed through to the consumer.

The initial claims level fell from an unrevised 346,000 for the week ending June 1 to 334,000 for the week ending June 8. The Briefing.com consensus expected the initial claims level to fall slightly to 345,000.

Tomorrow, first quarter current account balance as well as May PPI and core PPI will be reported at 8:30 ET. At 9:15 ET, May industrial production and capacity utilization will cross the wires while the preliminary University of Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +180.85 NASDAQ +44.94 SP500 +23.84 NASDAQ Adv/Vol/Dec 1874/1.53 bln/592 NYSE Adv/Vol/Dec 2616/755.9 mln/467

3:30 pm :

July crude oil extended yesterday's gains as it gained support from this morning's retail sales and initial claims data that exceeded expectations. The energy component broke into positive territory in late morning action after trading as low as $95.44 per barrel earlier in the session. It rallied to a session high of $96.92 per barrel heading into the close and settled at $96.65 per barrel, or 0.7% higher.
July natural gas popped into positive territory following inventory data that showed a build of 95 bcf, in-line with expectations. It climbed to a session high of $3.85 per MMBtu but pulled back slightly in afternoon floor trade. Natural gas eventually settled with a 0.8% gain at $3.81 per MMBtu.
Aug gold, on the other hand, fell on the better-than-anticipated data. The yellow metal dipped to a session low of $1373.00 per ounce in late morning action but inched slightly higher for the remainder of floor trade. It eventually settled with a 1.0% loss at $1377.80 per ounce.
July silver briefly popped into positive territory to a session high of $21.89 per ounce but quickly fell back into the red. Unable to erase much of the loss, it settled 1.0% lower at $21.58 per ounce, slightly above its session low of $21.50 per ounce.

DJ30 +157.24 NASDAQ +39.73 SP500 +20.49 NASDAQ Adv/Vol/Dec 1783/1259.8 mln/673 NYSE Adv/Vol/Dec 2531/487 mln/531

2:55 pm : The S&P 500 continues to hover near its highs as today's session enters its final hour.

The foreign exchange market has been active recently with moderate volatility rearing its head again this morning. Currently, the dollar index holds small losses near 80.80, which puts it on track for the ninth decline in the past twelve sessions. The 81.10 area is likely to receive close attention as the 200-day moving average sits nearby. Today's dollar weakness has provided a boost to the Australian dollar and the Japanese yen.

Australian dollar/U.S. dollar is higher by 130 pips near 0.9600 as the pair continues its rally for a second consecutive day. Today's surge followed the country's better-than-expected jobs report and has the hard currency up nearly 300 pips off Tuesday's low.

Elsewhere, dollar/yen has climbed back to the 94.90 area after dipping to 93.80 at the close of the Tokyo session. Despite the intraday recovery, the pair remains on track for its worst close in more than two months.DJ30 +119.03 NASDAQ +30.83 SP500 +15.97 NASDAQ Adv/Vol/Dec 1693/1.09 bln/754 NYSE Adv/Vol/Dec 2424/411.7 mln/618

2:30 pm : The S&P 500 has spent the past 30 minutes at its best level of the day. This has been the theme since the opening weakness was bought up, allowing the benchmark average to rise steadily throughout the day.

Individual sectors traded in mixed fashion early, but have clustered together in afternoon action. All ten groups hold gains between 0.8% and 1.3% with two recent underperformers, telecom services and materials, in the lead.

Today's session saw a burst of volume at the start, but trading activity has tapered into the afternoon. With 90 minutes to go before the closing bell, 384 million shares have changed hands on the floor of the New York Stock Exchange.DJ30 +128.94 NASDAQ +34.08 SP500 +16.64 NASDAQ Adv/Vol/Dec 1709/1.02 bln/716 NYSE Adv/Vol/Dec 2418/384.1 mln/614

2:00 pm : In much the same way the Chicago Blackhawks battled back last night to beat the Boston Bruins, the market overcame an early setback and appears headed for a victory in today's session. The market's fortunes could of course change suddenly, as they did for the Bruins, but the broad-based participation in today's move could make it difficult to force the action in the other direction.

A catalyst behind today's early turn was the ability of the S&P 500 to hold support at its 50-day simple moving average. The successful defense of that area sparked a more concerted buy-the-dip trade that was missing at the open.

Every sector is trading higher at the moment, including the technology (+0.5%), financial (+0.5%), health care (+0.5%), and consumer discretionary (+0.9%) sectors, which are the four heaviest-weighted sectors in the S&P 500. The buying interest, though, hasn't been limited to large-cap stocks. Small-cap and mid-cap stocks are actually outperforming today with the Russell 2000 and S&P 400 Midcap Index up 0.9% and 1.1%, respectively. DJ30 +92.90 NASDAQ +23.01 SP500 +11.43 NASDAQ Adv/Vol/Dec 1573/911 mln/838 NYSE Adv/Vol/Dec 2259/344 mln/744

1:30 pm : The S&P 500 trades higher by 0.7% after its attempt to breach the 1624 level was met with some resistance.

The Treasury market took a bit of a hit at the conclusion of today's disappointing $13 billion 30-yr bond reopening. The auction drew the highest yield (3.355%) since August 2011 and the bid/cover ratio of 2.47x was below the 12-auction average of 2.58x. Weak demand from direct bidders was offset a strong indirect bid.

Maturities across the complex continue to hover in positive territory, but have seen their gains trimmed. The benchmark 10-yr yield is lower by five basis points at 2.182%.DJ30 +85.36 NASDAQ +20.65 SP500 +10.86 NASDAQ Adv/Vol/Dec 1558/842.1 mln/829 NYSE Adv/Vol/Dec 2255/319.4 mln/740

1:00 pm : At midday, the S&P 500 holds a gain of 0.7%.

Overseas action was in focus once again this morning as Asian markets continued displaying volatility. Japan stood out as the Nikkei fell 6.4% while the yen added to its strength. Dollar/yen fell to 93.80 as the Tokyo session drew to a close before clawing back to its current level near 94.50.

The futures market traded lower overnight, but those losses were erased before the New York open. A better-than-expected retail sales report for May contributed to the rebound and gave a boost to the discretionary sector, which trades ahead of the remaining cyclical groups.

Retail sales growth surpassed expectations, jumping 0.6% in May after increasing 0.1% in April. The Briefing.com consensus expected retail sales to increase 0.3%.

Excluding autos, retail sales rose 0.3% in May which was exactly in-line with consensus expectations. April sales were revised up from a drop of 0.2% in the advance release to no change.

The gain outside of autos may have been largely the result of inflationary pressures. Grocery store sales were up 0.7% in May, which correlates with the recent upward trend in producer food prices. It would not be a surprise from these growth figures if consumer prices rise a little more than recent trends as higher producer food prices are passed through to the consumer.

Separately, the initial claims level fell from an unrevised 346,000 for the week ending June 1 to 334,000 for the week ending June 8. The Briefing.com consensus expected the initial claims level to fall slightly to 345,000.

The discretionary space sports a gain of 0.8% as homebuilders and retailers contribute to the sector's outperformance. The SPDR S&P Retail ETF (XRT 77.54, +0.73) trades higher by 1.0% while the iShares Dow Jones US Home Construction ETF (ITB 23.42, +0.52) adds 2.3%. The homebuilders ETF has struggled recently, losing nearly 11.0% from its May 22 high.

Another area of strength can be found in the industrial sector where the Dow Jones Transportation Average trades higher by 1.2%.

Similar to equities, the Treasury market is also near its highs. As a result, the 10-yr yield is lower by six basis points at 2.179%.

The CBOE Volatility Index (VIX 16.96, -1.63) ended yesterday's session at its second-highest level of the year but today's rebound has pressured the near-term volatility measure back below 17.0%.DJ30 +97.65 NASDAQ +24.09 SP500 +12.36 NASDAQ Adv/Vol/Dec 1562/778.2 mln/807 NYSE Adv/Vol/Dec 2246/296.8 mln/726

12:30 pm : The S&P 500 has held its current levels for the past hour after mounting a 10 point climb off its session lows.

Although all six cyclical sectors trade with gains, only the industrial space has been able to outperform the broader market. Meanwhile, the remaining five growth-sensitive groups trade with gains comparable to the S&P.

With the market at its best level of the day, the CBOE Volatility Index (VIX 17.21, -1.38) is on its lows as investors adjust their near-term volatility expectations.DJ30 +50.94 NASDAQ +14.09 SP500 +6.69 NASDAQ Adv/Vol/Dec 1463/689.3 mln/893 NYSE Adv/Vol/Dec 2067/269.2 mln/893

12:00 pm : The S&P 500 is higher by 0.5% as the index continues to hover near its best levels of the day.

The industrial sector has extended its gains as transportation-related names add to their earlier gains. The relative strength of trucking companies has translated into support for the Dow Jones Transportation Average as the bellwether complex adds 0.9%. However, airlines are mixed as Delta Air Lines (DAL 18.12, +0.05) sports a gain of 0.3% while JetBlue Airways (JBLU 6.32, -0.05) is off by 0.9%.DJ30 +62.07 NASDAQ +15.08 SP500 +7.51 NASDAQ Adv/Vol/Dec 1422/625.8 mln/913 NYSE Adv/Vol/Dec 1985/246.8 mln/957

11:30 am : The S&P 500 holds a gain of 0.4% as the index hovers near its highs. Just about every sector has taken part in the climb from session lows, but telecom services and industrials have shown the most strength as the two groups trade with respective gains of 0.9% and 0.5%.

Elsewhere, the utilities space displayed solid gains when the S&P was on its lows, but has slipped into the red as the broader market recovered from its opening levels. Currently, the high-yielding sector is lower by 0.1%.

Also of note, the CBOE Volatility Index (VIX 17.51, -1.08) has spent the first two hours of the session in the red after ending yesterday at its second-highest level of the year.DJ30 +51.44 NASDAQ +9.25 SP500 +5.47 NASDAQ Adv/Vol/Dec 1282/538.6 mln/1013 NYSE Adv/Vol/Dec 1790/217.1 mln/1137

11:00 am : The S&P 500 trades higher by 0.4% after shaking off its opening weakness. Cyclical sectors have paced the morning recovery with industrials and discretionary shares in the lead.

The industrial sector has been boosted by the outperformance of transportation-related names. The Dow Jones Transportation Average is higher by 0.6% as 17 of its 20 components register gains.

Elsewhere, the discretionary sector has been supported by retailers. The SDPR S&P Retail ETF (XRT 77.24, +0.43) registers a gain of 0.6% following today's better-than-expected May retail sales report.DJ30 +35.56 NASDAQ +9.85 SP500 +4.88 NASDAQ Adv/Vol/Dec 1264/451.7 mln/996 NYSE Adv/Vol/Dec 1709/188.6 mln/1195

10:35 am : Commodities are mostly lower this morning, while the dollar index is modestly lower.

Gold and silver rallied in recent activity, temporarily pushing silver into positive territory and to a new HoD. Aug gold is now -0.7% at $1382.40/oz, while July silver is -0.4% at $21.73/oz.

Natural gas futures initially rallied following the weekly inventory data, but pulled back. July nat gas is now +0.3% at $3.79/MMBtu. Crude oil rallied this morning, briefly moving into positive territory. July crude is now back near the flat line, currently trading -0.15 at $95.79/barrel.DJ30 +26.11 NASDAQ +6.56 SP500 +3.81 NASDAQ Adv/Vol/Dec 1129/340.7 mln/1087 NYSE Adv/Vol/Dec 1564/153 mln/1314

10:00 am : The S&P 500 trades higher by 0.1%.

During April, business inventories rose 0.3%, which was slightly ahead of the 0.2% increase expected by the Briefing.com consensus.DJ30 +17.01 NASDAQ +0.26 SP500 +2.19 NASDAQ Adv/Vol/Dec 1037/192.5 mln/1084 NYSE Adv/Vol/Dec 1296/103.7 mln/1537

09:45 am : The S&P 500 trades lower by 0.1% after today's session opened on a cautious note. Five of ten sectors are among the early decliners as the health care space leads to the downside with a loss of 0.5%.

On the upside, two other defensive sectors, telecom services and utilities, hold slim gains between 0.2% and 0.5%.

Also of note, retailers are seeing some early strength after the May retail sales report beat expectations (+0.6% actual, +0.3% Briefing.com consensus). The SPDR S&P Retail ETF (XRT 77.12, +0.31) trades higher by 0.4%.DJ30 -12.67 NASDAQ -3.87 SP500 -0.89 NASDAQ Adv/Vol/Dec 868/112.5 mln/1159 NYSE Adv/Vol/Dec 1085/64.2 mln/1673

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: -0.30. The S&P 500 futures trade with a slim gain of 0.2% as today's session sets up for a slightly higher open. Equity futures saw notable losses overnight, but the weakness has since been bought up.

In Asia, Japan's Nikkei continued its recent slide by tumbling 6.4%. The decline pushed the index back into bear market territory as it now sits nearly 22.0% below its May 22 high. The overnight slide occurred amid continued strengthening of the yen. Dollar/yen fell as low as 93.79 as the Asian session drew to its close before rebounding to its current level near 94.75.

The pair received a modest boost from the May retail sales report, which came in ahead of the Briefing.com consensus (+0.6% actual, +0.3% expected). In other economic news, weekly initial claims also beat expectations (334,000 actual, 345,000 Briefing.com consensus).

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -2.80.

After erasing their overnight losses, the S&P 500 futures trade higher by 0.1%.

It was a sea of red across Asia as all of the major bourses ended in negative territory. Japan's Nikkei (-6.4%) saw another barrage of selling pressure it into bear market territory as action now holds 22% off the May highs. Elsewhere, China's Shanghai Composite (-2.8%) reopened following the three-day Dragon Boat Festival holiday, and saw trade tumble below the 200-day moving average to its lowest level of 2013. Central bank action saw Bank Indonesia follow up yesterday's surprise 25 basis point hike to its overnight deposit rate with a surprise 25 basis point hike of its key rate to 6.00%. Meanwhile, the Philippines' central bank held its benchmark interest rate steady at 3.50%, as expected. The World Bank revised its growth forecast for the region with notable alterations including raising Japan's from to 1.4% (0.8% previous) and lowering China's to 7.7% (8.4% previous). Data out overnight showed Australia's employment change print 1.1K (-9.8K expected) while its unemployment rate slipped to 5.5% (5.6% previous).

In Japan, the Nikkei tumbled 6.4% as trade slipped to its lowest level in more than two months. Selling was widespread with heavyweight Fast Retailing tumbling 8.6%. Elsewhere, the strong yen weighed on exporters as Fanuc shed 4.6% and Toyota Motor fell 4.1%.
Hong Kong's Hang Seng finished lower by 2.2% as fears of a slowdown weighed. Financials were battered with China Construction bank giving up 3.2% as it went ex-dividend.
In China, the Shanghai Composite fell 2.8% as trade slid to a six-month low. Commodity names were weak as Jiangxi Copper was among the laggards, posting a 4.0% decline. Elsewhere, automakers came under fire with SAIC Motor shedding 3.9%.

European indices trade with losses across the board. Regional economic news was limited to just two releases. Germany's Wholesale Price Index declined 0.4% (+0.3% expected, -0.2% previous). Elsewhere, Swiss PPI declined 0.3% month-over-month (+0.1% expected, +0.2% previous) while the year-over-year reading slipped 0.2% (+0.2% forecast, -0.1% prior). Also of note, the European Central Bank has released its Monthly Bulletin, in which the central bank singled out Italy for failing to control its deficits.

France's CAC is off by 0.6% as financials and technology lag. Credit Agricole and Gemalto trade with respective losses of 1.3% and 2.9%. Utilities are among the outperformers as GDF Suez trades higher by 1.6%.
In the United Kingdom, the FTSE trades lower by 0.8% with financials leading to the downside. Royal Bank of Scotland is down 4.1% after Chief Executive Officer Stephen Hester left his post. In addition, the bank began cutting 2,000 jobs in its investment banking division.
Germany's DAX trades down 1.5% as 28 of 30 components hover in the red. Growth-sensitive names HeidelbergCement and ThyssenKrupp are both down near 2.0% while utility providers outperform. E.ON and RWE are higher by 1.3% and 0.5%, respectively.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -10.00. Equity futures continue to trade in the red with the S&P 500 futures off by 0.2%.

The latest weekly initial jobless claims count totaled 334,000, which was lower than the 345,000 that had been expected by the Briefing.com consensus. Today's tally was below the unrevised prior week count of 346,000. As for continuing claims, they rose to 2.973 million from 2.971 million.

May retail sales rose 0.6%, while the Briefing.com consensus expected an increase of 0.3%. The prior month's reading pointed to an uptick of 0.1%. Excluding autos, retail sales increased 0.3%, which was in line with expectations.

Export prices, excluding agriculture, decreased by 0.7% in May after they had decreased 0.5% during the prior month. Excluding oil, import prices declined 0.3%, which follows last month's decline of 0.2%.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -12.00.

U.S. equity futures trade with modest losses amid cautious overseas action. The S&P 500 futures are lower by 0.2%.

Reviewing overnight developments:

Asian markets ended broadly lower. Japan's Nikkei fell 6.4%, China's Shanghai Composite tumbled 2.7%, and Hong Kong's Hang Seng lost 2.2%.
In regional economic data:
Japan continued to be a net seller of foreign bonds as the latest Foreign Bonds Buying report indicated a decline of JPY386.9 billion.
South Korea left its key interest rate unchanged at 2.50%, as expected.
The Reserve Bank of New Zealand also elected to leave its interest rate unchanged at 2.50%, in line with expectations.
Australia's employment change surprised to the upside with a reading of 1,100 (-10,000 expected, 45,000 prior), which, in turn, helped the unemployment rate ease to 5.5% (5.6% expected, 5.6% prior).
Looking at news:
The Nikkei's 6.4% decline pushed the index back into bear market territory as it now sits nearly 22.0% below its May 22 high. The overnight slide occurred amid continued strengthening of the yen. Dollar/yen fell as low as 93.79 as the Asian session drew to its close before rebounding to its current level near 94.15.
The World Bank has lowered its 2013 global growth forecast to 2.2% and revised its expectations for China's 2013 GDP growth to 7.7% from 8.4%. In addition, the forecast for Japan was raised to 1.4% from 0.8%.

European indices trade with losses across the board. France's CAC is off by 0.7%, Britain's FTSE trades down 0.8%, and Germany's DAX holds a loss of 1.4%.
Regional economic news was limited:
Germany's Wholesale Price Index declined 0.4% (+0.3% expected, -0.2% previous).
Swiss PPI declined 0.3% month-over-month (+0.1% expected, +0.2% previous) while the year-over-year reading slipped 0.2% (+0.2% forecast, -0.1% prior).
In news:
The European Central Bank has released its Monthly Bulletin, in which the central bank singled out Italy for failing to control its deficits.

In U.S. corporate news:

Belo (BLC 13.61, +2.88) is jumping 26.8% after agreeing to be acquired by Gannet (GCI 22.76, +2.91) for $13.75 per share, representing a 28.0% premium to Belo's closing price from yesterday.
Safeway (SWY 28.93, +5.82) trades higher by 25.1% after announcing an agreement to sell its Canadian operations to Sobeys for CAD5.8 billion.

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.

06:48 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -15.00.

06:48 am : Nikkei...12445.38...-843.90...-6.40%. Hang Seng...20887.04...-467.60...-2.20%.

06:48 am : FTSE...7570.65...-68.90...-1.10%. DAX...8017.21...-126.10...-1.60%.

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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