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 Post subject: August 6th Tuesday Trade Results - No Trades
PostPosted: Tue Aug 06, 2013 9:11 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
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Quote:
No trades today due to personal reasons involving kitchen renovations.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($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 Profit @ $0.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
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=120&t=1572

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=216&t=1913

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

Market Context 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.

Stocks In The Summer Doldrums

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

NEW YORK (CNNMoney)
Stocks can't escape the August doldrums.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq declined between 0.6% and 0.7% Tuesday.

But investors are still flying high this year. U.S. stocks have all rallied 18% to 21% so far in 2013.

Taper talk: Chatter about Federal Reserve tapering caused some jitters again Tuesday. Atlanta Fed president Dennis Lockhart and Chicago Fed president Charles Evans both hinted that the Fed could begin easing its bond buying program as early as next month.

While speaking to reporters, Evans said he wouldn't rule out the possibility of dialing back the bond program next month, but reiterated that the Fed's decision is going to depend on economic data and the pace of the recovery.

Evans is a voting member on the Fed's monetary policy committee, while Lockhart is not. But the market has paid attention to comments from all Fed members recently for clues about the central bank's next move.

The Fed's stimulus policies, including its bond purchase program, known as quantitative easing, have been widely credited as a major factor in driving stocks higher over the past few years.

What's moving: The vast majority of large U.S.-traded companies have already reported quarterly results, but a few more are trickling in and generating plenty of buzz among traders on StockTwits.

Shares of Molson Coors Brewing (TAP) rose, after the brewer reported strong earnings and sales, helped by a 20% jump in beer volume.

howardlindzon: Guns worked...next up beer ....Molson's coming out of a huge base... might be adding cc @ivanhoff $TAP Bullish

Fossil (FOSL) stock also rallied on strong earnings.

EricDutram: $FOSL up almost 20% on earnings beat, solid guidance. Death of watches has been greatly exaggerated...

* Why Buffett didn't buy Washington Post

And shares of Michael Kors (KORS) rose sharply after the luxury retailer reported sales and earnings that blew past expectations.

vermut: $KORS cash company is generating exceeds all their investment needs. management says: possibility of stock buyout and dividend in future Bullish

But it wasn't all good news on the retail front.

mytfine: Did little ole $AEO blow up the retail party?

Shares of American Eagle Outfitters (AEO) tumbled after the teen clothing retailer cut its outlook for the current quarter due to weak demand.

DISH Network (DISH, Fortune 500) reported a quarterly loss due to high costs associated with an acquisition of two of its satellites.

In other corporate news, shares of The Washington Post (WPO) rose after Amazon.com (AMZN, Fortune 500) founder Jeff Bezos said he was buying the company's world-renowned newspaper business. Bezos is buying the company's flagship paper -- The Washington Post -- and other print properties for $250 million.

BATS exchange temporarily halts orders, resumes: The BATS BZX exchange stopped accepting trader orders for nearly an hour Tuesday afternoon while it was investigating system issues. The exchange, the nation's third largest after the New York Stock Exchange and Nasdaq, resumed taking order at 2 p.m. ET.

Image



4:15 pm : The S&P 500 settled lower by 0.6% as all ten sectors registered losses.

Stocks slipped out of the gate after today's better-than-expected economic data was unable to spark an opening bid.

The June trade deficit narrowed to $34.2 billion from May's downwardly revised $44.1 billion (from $45.0 billion). That was the smallest monthly trade deficit since October 2009. The Briefing.com consensus expected the deficit to fall to $43.4 billion. In the advance estimate for second quarter GDP, the Bureau of Economic Analysis assumed the trade deficit widened slightly in June. This huge downward surprise will likely add at least 0.5 percentage points to second quarter growth.

June exports increased by $4.1 billion to $191.2 billion, representing the largest amount of exports, nominal or real, on record. On the flip side, imports fell by $5.8 billion to $225.4 billion. Nearly the entire decline in imports was due to a drop in petroleum-based demand (-$2.0 billion) and a softening in cell phone imports (-$1.5 billion).

The S&P spent the first 90 minutes of the session in a steady decline as cyclical sectors pressured the index below the 1,700 level with financials, materials, and industrials leading to the downside.

All top-weighted banks ended in the red with Citigroup (C 51.48, -1.39) posting the largest loss among the majors. Meanwhile, the broader sector slid 0.9%.

Elsewhere, the materials space (-1.0%) finished at the bottom of the leaderboard as steelmakers, gold miners, and chemical producers displayed broad weakness. On a related note, gold futures fell 1.5% to $1282.90 per troy ounce while copper futures ended little changed at $3.173 per pound.

Another growth-oriented group, industrials, settled lower by 0.8% due to the underperformance of transportation-related names. The Dow Jones Transportation Average fell 1.3% as 18 of 20 components registered losses. Expeditors International (EXPD 41.21, +0.87) advanced 2.2% after beating on earnings and peer UPS (UPS 87.95, +0.09) tacked on 0.1% in sympathy.

Most cyclical sectors trailed behind the broader market, but technology and discretionary shares outperformed slightly. Although the tech sector ended off its lows, the largest component, Apple (AAPL 465.25, -4.20), slid 0.9%, and the top-weighted Dow component, IBM (IBM 190.99, -4.51), tumbled 2.3%.

In the discretionary space, media and publishing names displayed some strength after Washington Post (WPO 593.00, +24.30) agreed to sell its newspaper publishing business to Jeff Bezos. However, home builders and retailers lagged. The iShares Dow Jones US Home Construction ETF (ITB 21.90, -0.48) lost 2.1% and the SPDR S&P Retail ETF (XRT 81.97, -1.02) slumped 1.2% after American Eagle Outfitters (AEO 17.57, -2.40) issued cautious guidance.

Unlike growth-sensitive sectors, three of four countercyclical groups were able to erase a portion of their losses. Consumer staples, health care, and telecom services shed between 0.1% and 0.5% while the utilities space underperformed with a loss of 0.6%.

Today's volume was well ahead of yesterday, but at 658 million shares traded on the New York Stock Exchange, the final tally came up short of its 50-day moving average, which sits in the 768 million area.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and June consumer credit will be released at 15:00 ET.DJ30 -93.39 NASDAQ -27.18 SP500 -9.77 NASDAQ Adv/Vol/Dec 763/1.49 bln/1734 NYSE Adv/Vol/Dec 760/658.1 mln/2268

3:30 pm :

Sep crude oil erased most of its earlier losses as it gained support from the strongest reading of the ISM Non-Manufacturing Index since Feb 2011. The energy component climbed off its session low of $105.70 per barrel and brushed a session high of $107.06 per barrel. It settled just 0.3% lower at $106.56 per barrel.
Sep natural gas, on the other hand, pulled back from its session high of $3.36 per MMBtu and fell into negative territory. It brushed a session low of $3.31 per MMBtu and eventually settled with a 0.9% loss at $3.32 per MMBtu.
Precious metals traded in the red following the better-than-anticipated economic data released this morning.
Dec gold retreated from its session high of $1310.20 per ounce and touched a session low of $1296.70 per ounce. Unable to erase much of the loss, it settled 0.6% lower at $1301.90 per ounce.
Sep silver slipped to a session low of $19.52 per ounce moments after pit trade opened. It settled with a 1.0% loss at $19.72 per ounce, slightly below its session high of $19.75 per ounce.

DJ30 -88.13 NASDAQ -24.88 SP500 -9.27 NASDAQ Adv/Vol/Dec 807/1244.0 mln/1692 NYSE Adv/Vol/Dec 741/440 mln/2283

3:00 pm : The S&P 500 trades lower by 0.6% as today's session enters its final hour.

Similar to stocks, the dollar index hovers near its lows after a steady slide off its overnight highs. Notably, the greenback has surrendered some ground to the Australian dollar and the Japanese yen.

Australian dollar/U.S. dollar is higher by 0.8% at 0.8989 as trade squeezes higher despite the Reserve Bank of Australia's 25 basis point rate cut to a record low 2.50% while also suggesting the scope for further cuts remains. Tonight's data out of Australia will be limited to home loans.

Elsewhere, dollar/yen is lower by 0.7% at 97.66 as trade pushes lower for a third day. The current levels are notable as they coincide with support dating back to late June. The pair will be in focus tomorrow night when the Bank of Japan holds its latest policy meeting.DJ30 -94.33 NASDAQ -28.87 SP500 -10.20 NASDAQ Adv/Vol/Dec 778/1.13 bln/1723 NYSE Adv/Vol/Dec 713/394.6 mln/2309

2:30 pm : Equities remain in the red with the S&P 500 trading just four points above its session lows.

The late morning rebound in countercyclical groups has helped the S&P 500 climb off its lows. However, most cyclical sectors remain near their lows and that has prevented the broader market from reclaiming its losses.

The discretionary sector is the only growth-oriented group that has ticked up from its lows thanks to the relative strength of media names. However, home builders and retailers remain weak. The iShares Dow Jones US Home Construction ETF (ITB 21.90, -0.48) is lower by 2.1% while retailers have been pressured by disappointing guidance from American Eagle Outfitters (AEO 17.14, -2.83).DJ30 -88.47 NASDAQ -27.11 SP500 -9.13 NASDAQ Adv/Vol/Dec 767/1.05 bln/1728 NYSE Adv/Vol/Dec 703/360.2 mln/2313

2:00 pm : The S&P 500 continues to hold its recent levels as the rebound effort stalls due to continued weakness among cyclical sectors. Notably, the two weakest performers, industrials and materials, remain near their lows while three of four countercyclical groups (consumer staples, telecom services, and health care) have erased more than half of their losses.

Yesterday's session produced the third lowest NYSE trading volume of the year and while today's session is on pace to eclipse yesterday's total of 533 million, it is unlikely to produce a final tally above the 50-day average of 762 million.DJ30 -106.10 NASDAQ -29.15 SP500 -10.50 NASDAQ Adv/Vol/Dec 751/982.2 mln/1744 NYSE Adv/Vol/Dec 668/335.8 mln/2329

1:25 pm : The major averages are trying to work their way back from larger losses, but it has been slow going with a lack of concerted leadership.

Interestingly, the stock market had a fairly muted response to the recent headline that Chicago Fed President Evans said today that he would not rule out a September tapering. This is noteworthy because Mr. Evans is regarded as perhaps the most dovish member of the FOMC. Also of note is that the Treasury market saw a pickup in buying interest after the remarks from Mr. Evans. That is counterintuitive since the remarks from Mr. Evans have a hawkish-sounding angle to them, unless the Treasury market is already looking ahead to the idea that a tapering in September would be premature and would stunt growth.

The wild card in the Treasury market's response is that the 3-yr auction results printed near the same time Evans' remarks hit the wires, and demand was good (not great, but good). The $32 bln offered drew 0.631% and a 3.21 bid-to-cover. The latter was below the 12-auction average of 3.49x, but there was a solid 41.4% takedown by indirect bidders.


DJ30 -81.57 NASDAQ -23.12 SP500 -7.87 NASDAQ Adv/Vol/Dec 786/894 mln/1697 NYSE Adv/Vol/Dec 717/302 mln/2260

1:00 pm : The first half of today's session proved to be a unidirectional affair after sellers took control at the open.

Stocks began selling off even after it was reported that the June trade deficit narrowed to $34.2 billion from May's downwardly revised $44.1 billion (from $45.0 billion). That was the smallest monthly trade deficit since October 2009. The Briefing.com consensus expected the deficit to fall to $43.4 billion. The Bureau of Economic Analysis assumed the trade deficit widened slightly in June in the advance estimate for second quarter GDP. This huge downward surprise in the trade deficit will likely add at least 0.5 percentage points to second quarter growth.

June exports increased by $4.1 billion to $191.2 billion, representing the largest amount of exports, nominal or real, on record. On the flip side, imports fell by $5.8 billion to $225.4 billion. Nearly the entire decline in imports was due to a drop in petroleum-based demand (-$2.0 billion) and a softening in cell phone imports (-$1.5 billion).

The upbeat data failed to spark an equity bid and the S&P 500 slid below 1,700 shortly after the opening bell.

At midday, all ten sectors remain in the red with cyclical groups leading to the downside. The materials sector (-0.9%) is the weakest performer as steelmakers and gold miners lag. On a related note, gold futures trade down 1.5% at $1283.30 per troy ounce.

The materials space has been followed closely by industrials as the sector holds a loss of 0.8%. Transportation companies have displayed broad weakness and the Dow Jones Transportation Average is lower by 1.3% as 19 of 20 components hover in the red. Logistics company Expeditors International (EXPD 41.70, +1.35) is the lone advancer after beating on earnings.

Elsewhere, another commodity-related sector, energy, is off by 0.5% as crude oil trades down 1.1% to $105.38 per barrel.

Although most growth-oriented groups trail behind the broader market, the technology sector trades in line with the S&P. However the top sector component, Apple (AAPL 465.83, -3.62), is lower by 0.8% while the top Dow member, IBM (IBM 191.09, -4.40), sports a loss of 2.3%.

The S&P has been able to regain about five points off its lows as countercyclical groups contribute to the rebound. Consumer staples, health care, telecom services, and utilities are all down between 0.1% and 0.4%. These sectors have helped the broader market reverse directions, but the benchmark index is unlikely to reclaim its flat line during afternoon action if cyclical sectors prove unable to erase some of their losses.DJ30 -82.06 NASDAQ -22.63 SP500 -8.16 NASDAQ Adv/Vol/Dec 757/835.5 mln/1717 NYSE Adv/Vol/Dec 672/281.9 mln/2308

12:30 pm : The S&P 500 remains just three points above its lows as the recovery effort runs into some resistance. The market's climb off lows has been aided by the outperformance of countercyclical groups as consumer staples, health care, telecom services, and utilities sport losses between 0.3% and 0.6%.

However, the underperformance of all six cyclical groups has limited the rebound so far. The technology sector is the top performing (-0.6%) growth-oriented group, but one of its top components IBM (IBM 191.20, -4.30) remains near its lows. Meanwhile, the top sector component, Apple (AAPL 464.89, -4.56), is lower by 1.0%.DJ30 -107.00 NASDAQ -27.93 SP500 -10.74 NASDAQ Adv/Vol/Dec 710/763.8 mln/1747 NYSE Adv/Vol/Dec 573/259.2 mln/2400

11:55 am : The S&P 500 holds four points above its lowest level of the day as all ten sectors remain in the red.

Of the ten sectors, the consumer staples group holds the slimmest loss (-0.3%) while materials (-0.9%) trail behind the remaining sectors. Gold miners and steelmakers have been pressured today with the Market Vectors Gold Miners ETF (GDX 24.43, -1.00) down 3.9% and Market Vectors Steel ETF (SLX 40.88, -0.52) lower by 1.3%.

With regards to metals, gold futures are lower by 1.3% at $1285.40 per troy ounce while copper is little changed at $3.172 per pound.DJ30 -96.73 NASDAQ -27.84 SP500 -10.01 NASDAQ Adv/Vol/Dec 676/677.7 mln/1762 NYSE Adv/Vol/Dec 559/230.1 mln/2400

11:35 am : The past 30 minutes saw the major averages climb off their lows. However, so far, the S&P has only been able to regain roughly three points. Countercyclical sectors were the first to tick up from their lowest levels of the day while some cyclical groups remain near their lows.

Notably, one of the most influential sectors, health care, has trimmed its loss to 0.5%. Elsewhere, another influential group, industrials (-0.8%), remains near its lows.

Treasuries have been relatively quiet and the 10-yr note has been trapped in a narrow range. The benchmark 10-yr yield is currently higher by two basis points at 2.66%.DJ30 -105.20 NASDAQ -28.68 SP500 -10.06 NASDAQ Adv/Vol/Dec 648/611.9 mln/1771 NYSE Adv/Vol/Dec 560/208.9 mln/2371

11:00 am : The major averages have continued their slide amid broad-based weakness. All ten sectors trade in the red with the materials space (-1.0%) as the weakest performer while consumer staples and utilities outperform with losses near 0.5%.

Notably, consumer staples and utilities have ticked up off their lows while all cyclical groups continue to hover near their lows. Consumer discretionary, industrial, and materials sectors are all down near 0.9% while the energy space outperforms other discretionary groups with a loss of 0.6%.

The continued weakness in equities has caused further gains in the CBOE Volatility Index (VIX 12.80, +0.96) as investors seek downside protection after the VIX ended yesterday's session at its lowest level since mid-March.DJ30 -126.70 NASDAQ -33.60 SP500 -12.21 NASDAQ Adv/Vol/Dec 564/483.1 mln/1806 NYSE Adv/Vol/Dec 491/170.1 mln/2400

10:35 am : Commodities are mixed this morning with precious metals and crude oil in the red, natural gas flat and copper showing modest gains.

Crude oil sold off this morning and is now -1.0% at $105.46/barrel. Sept natural gas futures sold off its early-morning HoD and is now back to the flat line at $3.32/MMBtu.

Gold futures have been in the red all session, while silver futures spent a few brief moments in positive territory earlier this morning. Dec gold is now -1.5% at $12.83/oz, while Sept silver is -1.0% at $19.54/oz. DJ30 -103.19 NASDAQ -26.65 SP500 -10.35 NASDAQ Adv/Vol/Dec 618/375.7 mln/1726 NYSE Adv/Vol/Dec 538/137 mln/2329

10:00 am : The major averages have continued slipping from their opening levels. The Dow is the weakest index as IBM (IBM 191.29, -4.21) weighs. Meanwhile, the S&P 500 trades ahead of the Dow, but all ten S&P sectors hover in the red.

Health care, industrials, materials, and utilities have shown significant early weakness as all four sectors hold losses of 0.6%. On the flip side, consumer staples, energy, and technology trade ahead of the broader market with losses between 0.1% and 0.3%.

The early weakness has prompted some investors to seek downside protection as indicated by the jump in the CBOE Volatility Index (VIX 12.38, +0.54).DJ30 -87.08 NASDAQ -14.78 SP500 -6.19 NASDAQ Adv/Vol/Dec 677/204.3 mln/1570 NYSE Adv/Vol/Dec 611/86.9 mln/2158

09:45 am : The major averages began the session in negative territory with the Dow trailing behind the other indices as IBM (IBM 191.01, -4.49) weighs after Credit Suisse downgraded the stock to 'Underperform' from 'Neutral.' While IBM weighs on the Dow (-0.5%), the broader technology sector (-0.2%) trades in line with the S&P 500 (-0.2%).

In addition to technology, eight other sectors have also registered early losses. The lone exception is the energy sector, which hovers just above its flat line while crude oil trades down 0.5% at $106.30 per barrel.

Similar to stocks, Treasuries are near their lows with the benchmark 10-yr yield higher by two basis points at 2.67%.DJ30 -82.02 NASDAQ -7.97 SP500 -4.13 NASDAQ Adv/Vol/Dec 822/117.3 mln/1341 NYSE Adv/Vol/Dec 831/62.3 mln/1857

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -3.80. The S&P 500 futures have climbed off their lows, but they continue to indicate a slightly lower start to today's cash session.

Overnight action has been mostly quiet with Asian markets ending the day on a mixed note. Meanwhile, European indices are little changed as the uneventful session heads into the home stretch.

Today's economic data was limited to the latest update on the trade deficit, which narrowed to $34.2 billion in June from May's downwardly revised $44.1 billion (from $45.0 billion). That was the smallest monthly trade deficit since October 2009. The Briefing.com consensus expected the deficit to fall to $43.4 billion. The Bureau of Economic Analysis assumed the trade deficit widened slightly in June in the advance estimate for second quarter GDP. This huge downward surprise in the trade deficit will likely add at least 0.5 percentage points to second quarter growth.

June exports increased by $4.1 billion to $191.2 billion, representing the largest amount of exports, nominal or real, on record. On the flip side, imports fell by $5.8 billion to $225.4 billion. Nearly the entire decline in imports was due to a drop in petroleum-based demand (-$2.0 billion) and a softening in cell phone imports (-$1.5 billion).

In notable pre-market movers, American Eagle Outfitters (AEO 16.86, -3.11) has tumbled 15.6% after lowering its second and third quarter earnings guidance below consensus.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -2.30. The S&P 500 futures trade lower by 0.1%.

Asian markets ended in mixed fashion with Japan's Nikkei outperforming with a gain of 1.0% after climbing out of the red during the final two hours of action. In China, the chief economist of the Asia Development Bank said GDP for the next two years could fall somewhere in the 7.0% range, but the bank may make further cuts to its forecast from the current expectation of 7.7%. Regional economic data was limited to just a handful of releases. The Reserve Bank of Australia cut its key interest rate to 2.50% from 2.75%, as expected. In addition, the country reported a trade surplus of AUD600 million (AUD800 million expected, AUD510 million prior). Also of note, the House Price Index rose 2.4% quarter-over-quarter (1.0% expected, 0.80% prior) while ANZ Job Advertisements slipped 1.1% month-over-month (-1.6% expected). Japan's Leading Index slipped to 107.0 from 110.7 (108.0 expected).

In Japan, the Nikkei closed higher by 1.0% as producers of basic materials rallied. Hokuetsu Kishu Paper and Mistui Chemicals added near 4.0% each while Tokai Carbon jumped 9.0%. On the downside, Sony fell 4.6% after the company rejected investor Dan Loeb's proposal to sell parts of Sony Entertainment.
Hong Kong's Hang Seng ended lower by 1.3% as financials lagged. China Resources Land lost 2.0% and HSBC fell 5.0% following disappointing earnings. Food producer Want Want China was among the advancers with a gain of 2.2%.
China's Shanghai Composite added 0.5% as discretionary and industrial names displayed strength. Hubei Hongcheng General Machinery and Shanghai Jiao Yun jumped 10.0% apiece.

Major European indices are little changed after the release of economic data focusing mostly on Britain. British Halifax House Price Index jumped 0.9% month-over-month (0.5% expected, 0.7% prior) while industrial production rose 1.1% month-over-month (0.6% expected, 0.0% prior) and manufacturing production increased 1.9% month-over-month (0.9% expected, -0.7% previous). Elsewhere, Italy reported GDP contraction of 0.2% quarter-over-quarter (-0.4% expected, -0.6% previous) while industrial production ticked up 0.3% month-over-month (0.4% forecast, 0.1% prior).

Great Britain's FTSE is off by 0.1% as miners underperform. Anglo American, Antofagasta, Glencore Xstrata, and Fresnillo are all down between 2.3% and 6.3%. On the upside, Standard Chartered is higher by 3.7% after reporting solid quarterly results.
In Germany, the DAX trades with a loss of 0.1%. Chemical producer K+S leads to the downside with a loss of 10.0% after the company said it no longer expects to achieve its profit targets for 2013.
France's CAC is higher by 0.2% with health care and consumer names in the lead. L'Oreal and Sanofi are both up near 2.0%. On the downside, Veolia Environnement trades down 3.2% after the company's earnings disappointed.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -2.80. The S&P 500 futures continue to hold a loss of 0.2%.

The June trade deficit narrowed to $34.2 billion from $44.1 billion. The Briefing.com consensus expected the deficit to come in at $43.4 billion.

07:56 am : [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -3.30. U.S. equity futures hold slim losses amid mixed overseas action. The S&P 500 futures are off by 0.2%.

Looking at overnight developments:

Asian markets ended in mixed fashion. Japan's Nikkei +1.0%, China's Shanghai Composite +0.5%, and Hong Kong's Hang Seng -1.3%.
In regional economic data:
The Reserve Bank of Australia has cut its key interest rate to 2.50% from 2.75%, as expected. In addition, the country reported a trade surplus of AUD600 million (AUD800 million expected, AUD510 million prior). Also of note, the House Price Index rose 2.4% quarter-over-quarter (1.0% expected, 0.80% prior) while ANZ Job Advertisements slipped 1.1% month-over-month (-1.6% expected).
Japan's Leading Index slipped to 107.0 from 110.7 (108.0 expected).
Looking at news:
In China, the chief economist of the Asia Development Bank said GDP for the next two years could fall somewhere in the 7.0% range, but the bank may make further cuts to its forecast from the current expectation of 7.7%.

Major European indices trade little changed. Great Britain's FTSE -0.1%, Germany's DAX -0.1%, and France's CAC +0.2%.
Regional economic data was focused mostly on Britain:
British Halifax House Price Index jumped 0.9% month-over-month (0.5% expected, 0.7% prior) while industrial production rose 1.1% month-over-month (0.6% expected, 0.0% prior) and manufacturing production increased 1.9% month-over-month (0.9% expected, -0.7% previous).
Italy reported GDP contraction of 0.2% quarter-over-quarter (-0.4% expected, -0.6% previous) while industrial production ticked up 0.3% month-over-month (0.4% forecast, 0.1% prior).
In news:
For the second day in a row, trade across Europe has been largely uneventful. In general, bank shares trade in mixed fashion, but Standard Chartered in Britain and Credit Agricole in France hold gains following above-consensus quarterly results.

In U.S. corporate news:

American Eagle Outfitters (AEO 16.86, -3.10) is -15.5% after lowering its second and third quarter guidance below consensus.
Cognizant Tech (CTSH 76.00, +2.59) is +3.5% after beating on earnings and revenue.
CVS Caremark (CVS 61.60, -0.02) is little changed following its earnings beat and improved third quarter earnings guidance.
Fossil (FOSL 117.21, +9.79) is +9.1% after beating on earnings and revenue. In addition, the company issued mixed guidance, expecting above-consensus third quarter revenue while earnings are expected to come in below analyst estimates.
Michael Kors (KORS 71.98, +4.10) is +6.0% after beating on earnings and revenue. However, the company guided second quarter earnings below consensus while expecting full-year earnings to come in ahead of analyst expectations.

The June trade balance will be reported at 8:30 ET.

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

07:05 am : Nikkei...14401.06...+143.00...+1.00%. Hang Seng...21923.70...-298.30...-1.30%.

07:05 am : FTSE...16766.01...+8.80...+0.10%. DAX...8392.55...-5.80...-0.10%.

07:05 am : [BRIEFING.COM] S&P futures vs fair value: +1699.40. Nasdaq futures vs fair value: +3134.20.

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

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