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 Post subject: November 21st Thursday Trade Results - Profit $1362.50
PostPosted: Fri Nov 22, 2013 2:28 am 
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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)
http://twitter.com/wrbtrader (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 @ $800.00 dollars or +8.00 points, Emini ES ($ES_F) futures @ $562.50 dollars or +11.25 points, Light Crude Oil CL ($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 @ $1,362.50 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 chat room. You can read today's 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=123&t=1655

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=223&t=2061

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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/BOE/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 Closes Above 16,000 For First Time Ever

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

NEW YORK (CNNMoney)
Stocks were higher Thursday, following three straight days in the red for the S&P 500 and Nasdaq.

The Dow rose more than 100 points and closed above 16,000 for the first time ever. The blue chip index first crossed that psychological milestone earlier this week. The S&P 500 also gained ground up, while the Nasdaq rose more than 1%.

The market moved higher even as investors parsed through lackluster earnings from retailers and tried to make sense of the latest signals from the Federal Reserve about its bond-buying program.

Target (TGT, Fortune 500) shares slumped after the discount retailer reported lower-than-expected comparable same-store sales for the third quarter. Target blamed "an environment where consumer spending remains constrained" for the weakness, a troubling sign ahead of the key holiday shopping period. Target also trimmed its profit forecast for the year.

Still, one StockTwits trader remained bullish on Target, and said that the slide in the stock was a buying opportunity.

"Just started a position in $TGT," said kknezovich. "Fantastic business. Undervalued, despite the mixed quarter. Bullish."

Dollar Tree (DLTR, Fortune 500) shares also took a tumble after the discount retailer's earnings missed expectations. The company also lowered its guidance for the year.

But StockTwits trader retail_guru pointed out that although Dollar Tree's earnings came up short, its same-store sales were much stronger than those of Target and Wal-Mart (WMT, Fortune 500).

"Dollar Tree 3.1% comp miles ahead of -0.3% comp at Walmart & 0.9% comp at Target," he said. "Big boxes have no easy answers to $ stores $DLTR $TGT $WMT."

Abercrombie & Fitch (ANF) posted a quarterly loss and CEO Mike Jeffries said he expects weakness in revenue to continue into the fourth quarter. And Sears Holdings (SHLD, Fortune 500) reported a deepening loss on poor sales.

Still, there was some good corporate news. Shares of Green Mountain Coffee Roasters (GMCR) soared following quarterly earnings that beat market expectations. The company also boosted its stock buyback and announced that it will begin to pay a dividend.

"$GMCR to borrow Carl Icahn's word: "it's no-brainer to buy this one," said StockTwits trader JustRingDRegister. "GMCR is a Brewer not only a no-brainer. It will percolate up and up!"

But other traders worried that Green Mountain may have run too far too fast.

"$GMCR: sold my long position and went short," said contrarianspeculator. "Shares have gone up too far in too short of a time frame and need to correct Bearish."

The Fed also remained in focus Thursday. Stocks finished lower Wednesday after minutes from the latest Fed meeting revealed that officials may start winding down their stimulus program for reasons other than an improving job market.

As investors bet that the Fed may move to cut back on, or taper, its bond buying program sooner rather than later, they moved away from Treasuries, pushing the 10-year yield to 2.83%. When investors started to worry in the late spring that the Fed could taper at its September meeting, the 10-year yield rose from 1.6% in May to almost 3% in just a few months.

Meanwhile, the Senate Banking Committee approved Janet Yellen's nomination to become the first woman to lead the Federal Reserve Thursday morning. Yellen is the current vice chair of the Fed, has been nominated to chair the Fed after Ben Bernanke's term ends in early 2014. Her nomination now moves to the full Senate for a vote.

* America's 'manly' jobs aren't coming back

European markets closed mixed. The CAC 40 in Paris slipped after new data showed a contraction in French private sector output in November.

Asian markets were also mixed. Hong Kong and Shanghai's indexes fell after Chinese manufacturing stumbled for the first time in four months. But Japan's Nikkei surged almost 2% as the Bank of Japan expressed optimism about the country's recovery and said it would make no changes to its stimulus program.

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4:20 pm: [BRIEFING.COM] The S&P 500 settled higher by 0.8%, snapping its three-day losing streak. The tech-heavy Nasdaq outperformed with an advance of 1.2% while the Dow Jones Industrial Average (+0.7%) registered its first close above the 16,000 level.

Stocks climbed throughout the session with the Nasdaq bolstered by some of its recent laggards. Momentum names like Facebook (FB 46.70, +0.27), LinkedIn (LNKD 220.61, +4.42), Priceline.com (PCLN 1159.11, +12.02), and Micron (MU 19.99, +1.19) gained between 0.6% and 6.3%. Micron led the group, breaking out to an 11-year high, after activist investor David Einhorn made a bullish case for the stock.

Biotechnology also provided the Nasdaq with a measure of support as the iShares Nasdaq Biotechnology ETF (IBB 214.21, +3.14) jumped 1.5%. On a related note, the health care sector outperformed in morning trade, but ended behind the broader market with a gain of 0.5%.

Other countercyclical groups also lagged, but only the telecom services sector (-0.3%) ended in the red. Meanwhile, consumer staples (+0.2%) and utilities (+0.3%) posted modest gains. Notably, the staples sector was pressured by Target (TGT 64.19, -2.30) as the stock fell 3.5% after reporting disappointing results.

Target was not the only retailer pressured by below-consensus earnings. Over on the discretionary side, Dollar Tree (DLTR 56.28, -2.64), Game Stop (GME 48.80, -3.64), and Sears Holdings (SHLD 59.93, -1.77) lost between 2.9% and 6.9% in reaction to disappointing earnings and/or guidance. It should be noted many retailers have offered cautious comments regarding their expectations for the holiday quarter. However, the SPDR S&P Retail ETF (XRT 87.55, +0.68) managed to outperform with a gain of 0.8%. Moreover, the consumer discretionary sector (+0.9%) ended among the leaders.

Speaking of leaders, financials (+1.5%) spent the entire session ahead of the remaining sectors. The group received broad support from its top components and Bank of America (BAC 15.59, +0.45) was the best performer among the majors.

Elsewhere, the energy sector (+0.8%) ended in-line with the broader market while crude oil spiked 1.6% to $95.34 per barrel. The other commodity-linked space-materials (+0.8%)-also kept pace with the broader market even as miners weighed. The Market Vectors Gold Miners ETF (GDX 22.53, -0.32) fell 1.4% while gold futures slid 1.1% to $1243.70 per troy ounce.

Treasuries ended mixed with the 10-yr yield slipping one basis point to 2.79%. Also of note, the 30-yr yield hit its highest level (3.938%) since August 2011 before ending at 3.883%. A fractional loss in the 5-yr note caused its yield to tick up to 1.363%.

Participation was on the light side as 669 million shares changed hands on the floor of the NYSE.

On the economic front, weekly initial claims dropped by 21,000 to 323,000 (Briefing.com consensus 333,000). The Department of Labor acknowledged, however, that the seasonal adjustments from the Veterans Day holiday may have played a role in the sharp decline, so we'll have to put an asterisk next to the encouraging headline.

Separately, producer prices declined 0.2% (consensus -0.2%) in October due to lower energy prices while core PPI, which excludes food and energy, increased 0.2% (consensus 0.1%). Over the last 12 months, PPI is up just 0.3% while core PPI has risen a tame 1.4%.

Lastly, manufacturing activity softened in November as the Philadelphia Fed's Business Outlook dropped to 6.5 from 19.8 in October. The Briefing.com consensus expected the index to fall to 11.9. Employment levels deteriorated notably as the Number of Employees Index fell to 1.1 from 15.4.

There is no notable economic data on tomorrow's schedule.

Russell 2000 +31.8% YTD
Nasdaq +31.5 YTD
S&P 500 +25.9% YTD
DJIA +22.2% YTD

3:30 pm: [BRIEFING.COM] Jan crude oil trended higher today, lifting from a session low of $94.11 per barrel set at pit trade open. The energy component rose as high as $95.63 per barrel and settled at $95.34 per barrel, booking a gain of 1.6%.

Dec natural gas popped to a session high of $3.74 per MMBtu following better than anticipated inventory data that showed a draw of 45 bcf when consensus called for a draw of 33-38 bcf. However, prices reversed and touched the break-even line in afternoon action. Natural gas eventually settled 0.8% higher at $3.70 per MMBtu.

Precious metals traded lower as investors digested yesterday's FOMC minutes that suggested the Fed could look to taper its stimulus program if the economy continued to improve. Dec gold dipped to a session low of $1235.80 per ounce shortly after equity markets opened. It inched slightly higher as the session progressed and settled with a 1.1% loss at $1243.70 per ounce.

Dec silver touched a session low of $19.70 per ounce in morning pit action but managed to trend higher until late afternoon floor trade. It brushed a session high of $20.05 per ounce and settled at $19.93 per ounce, shaving losses to 0.6%.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.8% as today's session enters its final hour.

This morning investors received several quarterly reports from retailers with most cautioning against a soft holiday quarter. However, their impact from their warnings has been contained to individual names. The broader market appears unconcerned with these warnings while the discretionary sector outperforms with a gain of 1.0%.

One retailer that is having an impact on its sector is Target (TGT 64.30, -2.19). The stock trades lower by 3.3% following its disappointing report.

Following today's close, the focus will once again turn to retailers as Gap (GPS 41.78, +0.53), Ross Stores (ROST 80.47, -0.85), and The Fresh Market (TFM 49.88, +0.92) are scheduled to report their quarterly results.

2:30 pm: [BRIEFING.COM] Not much has changed since our last update as the major averages remain near their best levels of the session.

With stocks hovering on their highs, the CBOE Volatility Index (VIX 12.55, -0.85) languishes near its lowest level of the day. The near-term volatility measure has been an afterthought over the past month given it has bounced between 12.00% and 14.50% since mid-October.

Elsewhere, Treasuries have returned to their highs. The 10-yr yield is lower by two basis points at 2.78%.

2:05 pm: [BRIEFING.COM] Equity indices have extended to fresh highs with the Russell 2000 (+1.7%) maintaining its leadership. Meanwhile, the S&P 500 remains supported by heavily-weighted consumer discretionary (+1.0%) and financial (+1.5%) sectors. However, outside of the two cyclical groups, the energy (+0.9%) space is the only other sector trading ahead of the broader market.

The energy sector has received support from its underlying commodity as crude oil trades higher by 1.6% at $95.35 per barrel. Meanwhile, the other commodity-linked sector-materials-trails the broader market with a gain of 0.7% as miners lag. The Market Vectors Gold Miners ETF (GDX 22.51, -0.34) is lower by 1.5% while gold futures trade down 1.2% at $1243.20 per troy ounce.

1:30 pm: [BRIEFING.COM] A good showing for the equity market thus far today as it wasted little time making up yesterday's losses. As stated earlier, the bulk of today's gains came in the first 90 minutes of trading. Since then, it has been a pretty range-bound trade that has been more noticeable for the lack of selling interest than it has been for the lack of buying interest.

The major indices currently sit near their best levels of the day, supported by influential leadership out of the financial (+1.5%), consumer discretionary (+0.8%), energy (+0.8%), and information technology (+0.7%) sectors.

The return to the risk-on trade in the equity market, however, is perhaps best seen in the small-cap and midcap stocks, which are outperforming their larger counterparts. The Russell 2000 leads all comers with a 1.4% gain while the S&P 400 Midcap trails behind with a gain of 1.0%.

12:55 pm: [BRIEFING.COM] At midday, the S&P 500 trades higher by 0.6% as eight of ten sectors register gains. Stocks made the bulk of their advance during the first 90 minutes of action, while action over the past two hours has been relatively subdued.

Financials (+1.3%) have paced the advance, and today's solid gain has vaulted the group to the top of the November leaderboard. The sector now trades with a month-to-date gain of 3.8% while only one other sector-health care-holds a November gain larger than 3.0%.

The health care sector trades higher by 0.3%, which has extended its November advance to 3.3%. The space has received significant support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 213.38, +2.31) sports a gain of 1.1%.

Meanwhile, other countercyclical groups also trail the broader market. The utilities sector is higher by 0.5% while consumer staples (-0.1%) and telecom services (-0.3%) hover in the red. Notably, staples have been pressured by Target (TGT 63.90, -2.59), which reported disappointing results.

Over on the discretionary side, the sector trades higher by 0.7% even after retailers like Buckle (BKE 51.79, -0.67), Dollar Tree (DLTR 56.23, -2.69), Sears Holdings (SHLD 60.61, -1.09), and Gamestop (GME 49.42, -3.02) released disappointing results or guidance. However, the broader SPDR S&P Retail ETF (XRT 87.50, +0.63) outperforms with a gain of 0.8% as most top ETF components register gains.

Elsewhere, Treasuries hover near their best levels of the session with the 10-yr yield down two basis points at 2.79%. Also of note, the 30-yr yield hit its highest level (3.938%) since August 2011, and now trades near 3.893%.

On the economic front, weekly initial claims dropped by 21,000 to 323,000 (Briefing.com consensus 333,000). The Department of Labor acknowledged, however, that the seasonal adjustments from the Veterans Day holiday may have played a role in the sharp decline, so we'll have to put an asterisk next to the encouraging headline.

Separately, producer prices declined 0.2% (Briefing.com consensus -0.2%) in October due to lower energy prices while core PPI, which excludes food and energy, increased 0.2% (Briefing.com consensus 0.1%). Over the last 12 months, PPI is up just 0.3% while core PPI has risen a tame 1.4%.

Lastly, manufacturing activity softened in November as the Philadelphia Fed's Business Outlook dropped to 6.5 from 19.8 in October. The Briefing.com consensus expected the index to fall to 11.9. Employment levels deteriorated notably as the Number of Employees Index fell to 1.1 from 15.4.

12:35 pm: [BRIEFING.COM] Stocks have spent the past 90 minutes near their current levels as three cyclical sectors-consumer discretionary, energy, and financials-continue providing leadership.

Interestingly, the discretionary sector has been able to overcome disappointing results from Buckle (BKE 51.79, -0.67), Dollar Tree (DLTR 56.30, -2.62), and Sears Holdings (SHLD 61.08, -0.62) and cautious guidance from Gamestop (GME 48.59, -3.85). On the upside, L Brands (LTD 64.05, -0.06) surpassed analyst estimates, but its stock trades with a slim loss.

Even though most retailers who reported their results today trade lower, the SPDR S&P Retail ETF (XRT 87.53, +0.66) is higher by 0.8%.

12:00 pm: [BRIEFING.COM] The major averages continue holding their recent levels with the tech-heavy Nasdaq trading higher by 0.9%. Recent weeks have seen the index follow in the footsteps of momentum names, and that appears to be the case once again today as momentum names trade broadly higher. Facebook (FB 47.03, +0.60), LinkedIn (LNKD 220.18, +4.00), Tesla (TSLA 123.29, +2.18), and Micron (MU 19.76, +0.96) trade with gains between 1.3% and 5.1%.

Meanwhile, top Nasdaq components also trade in positive territory, but their gains have been more limited. It should be noted the index is receiving significant support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 213.95, +2.88) trades higher by 1.4%.

11:30 am: [BRIEFING.COM] Equities remain near their highs with the financial sector (+1.1%) providing leadership. Furthermore, today's gain has placed the sector atop this month's leaderboard. The sector sports a November advance of 3.6%, and health care is the only other space trading with a month-to-date gain larger than 3.0%.

Today, financials are receiving broad support and Dow components American Express (AXP 83.20, +0.95), Goldman Sachs (GS 166.54, +1.54), JPMorgan Chase (JPM 57.02, +0.91), and Travelers (TRV 88.89, +0.96) are up between 1.0% and 1.6%.

Elsewhere, Treasuries have returned into positive territory, sending the 10-yr yield lower by one basis point to 2.79%.

11:00 am: [BRIEFING.COM] Equity indices have built on their opening gains, and the Russell 2000 (+1.2%) has climbed into the lead. Meanwhile, the S&P 500 trades higher by 0.7% as all ten sectors register gains.

Sector leadership has come from cyclical groups as consumer discretionary (+0.8%), energy (+0.9%), and financials (+1.0%) trade ahead of the remaining sectors.

On the flip side, three of four countercyclical sectors (consumer staples, telecom services, and utilities) trail the broader market while health care (+0.7%) outperforms as biotechnology contributes to the strength. The iShares Nasdaq Biotechnology ETF (IBB 214.01, +2.94) is higher by 1.4%, and is now up 4.2% in November after showing weakness during the first week of the month.

10:35 am: [BRIEFING.COM] Seeing some strength again in energy, while precious metals are in the red, like yesterday. Meanwhile, the dollar index has been mostly modestly lower/flat this morning.

Crude oil began to climb higher in the overnight session and rose as high as $94.69/barrel, which occurred 22 minutes after floor trading began. In current activity, January crude oil futures are +1.0% at $94.75/barrel.

Natural gas futures are showing a similar pattern to crude oil. Just ahead of the release of the weekly EIA inventory data, Dec nat gas was about 1.0% higher. Following the data, Dec nat gas spiked to a new HoD. in current trade, Dec nat gas is +1.5% at $3.73/MMBtu.

The metals space is mixed overall with gold, silver and platinum futures all in the red. Overnight on the LME, aluminum futures fell -0.2% at $1751/ton. Meanwhile copper futures are flat, while iron ore and palladium futures are higher.

The biggest movers are the precious metals, which hit new session lows in recent trade. Dec gold is now -1.5% at $1238.50/oz, Dec silver is -1.4% at $19.78/oz.

10:00 am: [BRIEFING.COM] The major averages remain near their best levels and the Nasdaq (+0.7%) continues to lead.

Just reported, the November Philadelphia Fed Survey fell to 6.5 from 19.8. Economists polled by Briefing.com had expected that the Survey would decline to 11.9.

9:45 am: [BRIEFING.COM] Equities registered opening gains with the Nasdaq (+0.5%) pacing the early advance. At this juncture, nine of ten sectors trade in positive territory with energy (+0.5%), health care (+0.5%), and technology (+0.4%) leading the way.

Elsewhere, the discretionary sector trades higher by 0.3%, but retailers weigh. The SPDR S&P Retail ETF (XRT 86.76, -0.11) is lower by 0.1% after several components reported earnings. Most notably, Dollar Tree (DLTR 55.62, -3.30) is lower by 5.6% and Target (TGT 63.85, -2.64) holds a loss of 4.0% after both reported disappointing results.

Treasuries have resumed their downtrend despite seeing some overnight strength. The benchmark 10-yr yield is higher by two basis points at 2.82%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +15.00. Equity indices are poised for an upbeat open with the S&P 500 expected to erase a good portion of yesterday's loss at the start of the session. Overnight, the Bank of Japan maintained its policy stance, but Governor Haruhiko Kuroda said the central bank may abandon its inflation target for the time being, and that it stands ready to act, if needed. This gave a boost to the Nikkei, which jumped 1.9%. Meanwhile, the yen weakened against the dollar, sending USDJPY above the 100.50 level.

Despite the Nikkei's outperformance, the risk rally stumbled at the start of the European session after major economies reported mixed PMI readings. Most notably, Germany's Manufacturing and Services PMI beat expectations while results from France disappointed on both fronts.

Domestically, investors are expected to focus on the retail space after several components reported earnings. Notably, Dollar Tree (DLTR 55.30, -3.62) is lower by 6.1% and Target (TGT 64.50, -1.99) holds a pre-market loss of 3.0% after both reported disappointing results.

On the economic front, weekly initial claims dropped by 21,000 to 323,000 (Briefing.com consensus 333,000). The Department of Labor acknowledged, however, that the seasonal adjustments from the Veterans Day holiday may have played a role in the sharp decline, so we'll have to put an asterisk next to the encouraging headline.

Separately, producer prices declined 0.2% (Briefing.com consensus -0.2%) in October due to lower energy prices while core PPI, which excludes food and energy, increased 0.2% (Briefing.com consensus 0.1%). Over the last 12 months, PPI is up just 0.3% while core PPI has risen a tame 1.4%.

The November Philadelphia Fed Survey will be released at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +12.20. The S&P 500 futures trade higher by 0.2%.

Markets across Asia were mostly lower as only Japan's Nikkei (+1.9%) managed to stay out of the red. The losses came as fears the U.S. Federal Reserve would scale back its bond-buying program spread around the globe after the latest FOMC minutes indicated the Fed may begin to taper in the 'coming months' with better data. The Nikkei rallied as the Bank of Japan kept policy unchanged, but it was the comments from BOJ Governor Kuroda that sparked the bid. Mr. Kuroda indicated the central bank may abandon its inflation target for the time being, and that it stands ready to act, if needed. Elsewhere, China's Shanghai Composite finished flat despite the latest HSBC Flash Manufacturing PMI (50.4 actual v. 50.9 expected, 50.9 previous) reading falling short of estimates. The weak Chinese data weighed on Australia's ASX (-0.4%). After Australian markets closed, Reserve Bank of Australia Governor Glenn Stevens took the mic, suggesting the strength of the Aussie dollar has caused the central bank to keep an open mind on intervention. Data from the region saw Singapore's GDP climb 1.3% quarter-over-quarter (-1.0% expected) and Malaysia's unemployment rate hold steady at 3.1%.

In Japan, the Nikkei advanced 1.9% as trade rallied to a six-month high. The weaker yen provided a boost to names like Kyocera and Honda Motor, which gained 2.7% and 3.4%, respectively. Heavyweights Softbank (+3.1%) and Fast Retailing (+3.6%) also saw robust gains.
Hong Kong's Hang Seng shed 0.5% as trade edged off nine-month highs. Real estate developers and financials lagged with New World Development falling 3.3% and Bank of Communications giving up 1.9% to lead their respective sectors lower.
In China, the Shanghai Composite settled flat amid a choppy trade. Defense stocks saw profit-taking after their recent gains with Aerospace Communications tumbling 6.8% after surging nearly 30% over the previous three sessions.

European indices are mixed after starting the session with broad losses. Italy's MIB leads the way with a gain of 0.5%. Among news of note, Germany's Finance Minister Wolfgang Schaeuble said the European Central Bank cannot solve the eurozone's deficit issues. This came after yesterday's speculation surrounding the possible deployment of negative deposit rates by the ECB. Separately, an article in Germany's Der Spiegel suggested Bundesbank President Jens Weidmann could be the next finance minister. Investors received several regional PMI readings, but they were mostly disappointing. Eurozone Manufacturing PMI ticked up to 51.5 from 51.3, as expected. Meanwhile, Services PMI slipped to 50.9 from 51.6 (51.9 forecast). Germany's Manufacturing PMI rose to 52.5 from 51.7 (52.0 expected) while Services PMI improved to 54.5 from 52.9 (53.0 consensus). France's Manufacturing PMI fell to 47.8 from 49.1 (49.5 forecast) while Services PMI dropped to 48.8 from 50.9 (51.0 expected). Also of note, Italian Wage Inflation came in at 0.2% month-over-month (0.0% prior). Elsewhere, Great Britain's public sector net borrowing came in at GBP6.40 billion (GBP7.30 billion forecast, GBP8.6 billion last). Separately, CBI Industrial Trends Orders rose to 11 from -4 (1 forecast).

Great Britain's FTSE trades up 0.2%. Drug makers AstraZeneca and Shire outperform with gains close to 2.6% apiece. Miners lag with Antofagasta and Vedanta Resources down 1.9% and 3.4%, respectively.
In Germany, the DAX is lower by 0.1% as steelmaker ThyssenKrupp and fertilizer producer K+S lag with respective losses of 2.1% and 2.4%. Utilities outperform with RWE trading higher by 3.7% and E.ON sporting an advance of 2.4%.
France's CAC is off 0.1% as Michelin weighs. The tire maker trades lower by 2.0%. Financials are showing relative strength with BNP Paribas and Credit Agricole up 0.7% and 0.8%, respectively.
In Italy, the MIB is higher by 0.5% as financials outperform. Intesa Sanpaolo trades with a gain of 1.7% and UniCredit holds an advance of 1.3%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +5.40. Nasdaq futures vs fair value: +12.00. The S&P 500 futures trade higher by 0.3%.

The latest weekly initial jobless claims count totaled 323,000, which was lower than the 333,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 344,000. As for continuing claims, they rose to 2.876 million from 2.810 million.

Separately, October producer prices ticked down 0.2%, in-line with the Briefing.com consensus. Core producer prices rose 0.2% while the Briefing.com consensus expected an uptick of 0.1%.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +11.70. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.2%.

Looking at overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei +1.9%, Hong Kong's Hang Seng -0.5%, and China's Shanghai Composite settled flat.
In regional economic data:
China's HSBC Manufacturing PMI slipped to 50.4 from 50.9 (50.8 expected).
The Bank of Japan left its key interest rate unchanged at 0-0.1%, as expected. Separately, the foreign bonds buying report indicated net purchases in the amount of JPY349.90 billion (JPY357.80 billion prior).
Hong Kong's CPI rose 4.3% year-over-year (4.6% expected, 4.6% last).
Singaporean GDP expanded at 5.8% year-over-year (5.3% expected, 5.1% prior).
New Zealand's credit card spending rose 3.2% year-over-year (5.1% last).
Among news of note:
The Bank of Japan maintained its current policy stance and made no changes to its economic assessment for the third month in a row.
China's Finance Minister Lou Jiwei said more transparency is needed in the country's budget system while the tax system needs more fairness.

Major European indices trade mixed. Germany's DAX -0.4%, France's CAC -0.5%, and Great Britain's FTSE is unchanged. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.2%.
Investors received several economic data points:
Eurozone Manufacturing PMI ticked up to 51.5 from 51.3, as expected. Meanwhile, Services PMI slipped to 50.9 from 51.6 (51.9 forecast).
Germany's Manufacturing PMI rose to 52.5 from 51.7 (52.0 expected) while Services PMI improved to 54.5 from 52.9 (53.0 consensus).
France's Manufacturing PMI fell to 47.8 from 49.1 (49.5 forecast) while Services PMI dropped to 48.8 from 50.9 (51.0 expected).
Italian Wage Inflation came in at 0.2% month-over-month (0.0% prior).
Great Britain's public sector net borrowing came in at GBP6.40 billion (GBP7.30 billion forecast, GBP8.6 billion last). Separately, CBI Industrial Trends Orders rose to 11 from -4 (1 forecast).
In news:
Germany's Finance Minister Wolfgang Schaeuble said the European Central Bank cannot solve the eurozone's deficit issues. This came after yesterday's speculation surrounding the possible deployment of negative deposit rates by the ECB.

In U.S. corporate news:

Abercrombie & Fitch (ANF 34.70, -0.29): -0.8% after beating bottom line estimates and guiding for a decrease in comparable store sales during the fourth quarter.
Dollar Tree (DLTR 55.50, -3.42): -5.8% after reporting disappointing results and guiding fourth quarter results below consensus.
Green Mountain Coffee Roasters (GMCR 66.20, +4.37): +7.1% after beating on earnings and revenue.
Target (TGT 63.50, -2.99): -4.5% following its revenue miss.

Weekly initial claims and October PPI will be reported at 8:30 ET while the November Philadelphia Fed survey will be released at 10:00 ET.

6:34 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +10.50.

6:34 am: [BRIEFING.COM] Nikkei...15365.60...+289.50...+1.90%. Hang Seng...23580.29...-120.60...-0.50%.

6:34 am: [BRIEFING.COM] FTSE...6684.97...+3.90...+0.10%. DAX...9179.62...-22.50...-0.20%.

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

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

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