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 Post subject: December 3rd Tuesday Trade Results - Profit $2347.50
PostPosted: Tue Dec 03, 2013 10:37 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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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 @ $1,760.00 dollars or +17.60 points, Emini ES ($ES_F) futures @ ($312.50) dollars or -6.25 points, Light Crude Oil CL ($CL_F) futures @ $900.00 dollars or +0.90 points, Gold GC ($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 @ $2,347.50 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=124&t=1665

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=226&t=2114

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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.

Stocks: Momentum Fading After Record Run

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

NEW YORK (CNNMoney)
Is the bull getting tired?

It's just the second trading day of December and investors already look wary of letting the rampage run to the end of the year.

The Dow and S&P 500 were lower for a third day Tuesday, while the Nasdaq slipped for a second straight day.

The S&P has managed gains in December for 24 of the past 30 years, but with the index up 26% so far in 2013, investors are ready to take a break.

"It's likely that markets will be in a holding pattern as we head into the business end of the week that starts with ADP employment tomorrow, the ECB on Thursday and ending with payrolls on Friday," wrote Deutsche Bank analyst Jim Reid, in a market report.

Investors will probably stay cautious as they await the November jobs report, holding out hope that closely watched report will send a much clearer signal about the Fed's next move.

Major automakers were in the spotlight Tuesday, as they released monthly sales figures. Sales jumped 14% in November at General Motors (GM, Fortune 500), while Ford (F, Fortune 500) reported a 7.1% increase. Toyota (TM) delivered a 10% rise and sales at Chrysler, which is set to go public early next year, grew 16%.

Despite the positive sales, auto stocks were trading lower.

"All the numbers for $F are good except freakin' stock price," said StockTwits user CurmudgeonBoy. "Bah!"

But other traders noted that it's been a pretty good year for auto stocks so far.

"Seeing a lot of investors and traders frustrated with $F," said scheplick. "It's had a great run this year. Plus a decent dividend along the way."

* Bill Gross: Don't fight the Fed, but be wary

While the major auto makers suffered, Tesla (TSLA) shares surged after the German Federal Motor Transport Authority concluded its investigation into the three recent battery fires in Model S vehicles and found "no manufacturer-related defects."

Last month, Tesla CEO Elon Musk said there was no reason the company would need to recall any vehicles due to the fires.

That made most StockTwits traders optimistic that Tesla shares were finally recovering from a two-month lull.

"$TSLA on the road to previous highs?" wondered Northbound_Trader, adding that he was bullish.

"$TSLA BUY THIS STOCK AND DON"T LOOK BACK!" said hvalentino.

But others were more cautious. StockTwits user soopy9 said "$TSLA looks like it's setting up for quite the hangover."

Retail was also back in focus Tuesday. While disappointing Black Friday sales weighed on retailers and the broader market Monday, strong Cyber Monday sales were encouraging.

* Best Buy: Tablets and video games selling

Sales jumped more than 20% on Cyber Monday, making it the biggest online shopping day in history, according to an analysis released by IBM.

* Why Big Box stores can't crack China market

Also in the retail world, teen-focused Abercrombie & Fitch (ANF) was sharply higher after activist firm Engaged Capital sent a letter to the company's board saying that it needs to start searching for a successor to CEO Michael Jefferies, whose contract is due to expire February 1.

But traders were skeptical about the strength behind the day's gains, as the company has been struggling to attract customers, and the stock has been suffering.

"$ANF How much gains do you think you are going to give up by the end of the day?" quipped fgamarni. "Half ?"

And finally, Sony (SNE) said that it sold 2.1 million Playstation 4s worldwide as of Dec. 1

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4:20 pm: [BRIEFING.COM] The S&P 500 settled lower by 0.3% as equities saw a continuation of yesterday's selling. The benchmark index opened the session in negative territory as a cautious trade in Europe contributed to the early losses. However, an afternoon bid lifted indices off their lows, leading to just a modest decline.

Several reports attributed the notable weakness in Europe to participants reducing their risk exposure in anticipation of Friday's U.S. nonfarm payrolls report. Although the Federal Reserve has made it clear the strength of the labor market will play a large part in its tapering decision, the decision will also have to factor in the 2.0% inflation target, which remains elusive. Both PCE and core PCE prices hover near 1.0%.

The opening losses were followed by a rebound, but only the Nasdaq was able to make a short-lived appearance in positive territory, seeing help from its largest component, Apple (AAPL 566.32, +15.09). The largest tech stock jumped 2.7% following news China Mobile (CHL 53.75, +0.13) began accepting iPhone pre-orders. Another Nasdaq member, Tesla (TSLA 144.70, +20.53), also displayed strength, surging 16.5% after Morgan Stanley named the stock its 'Top Pick.'

U.S. stocks tumbled to fresh lows two hours after the opening bell as their European counterparts weakened into the close. The selling pressured five of ten sectors while consumer staples (+0.5%), energy (+0.3%), technology (+0.4%), telecom services (+0.2%), and utilities (+0.6%) escaped with modest gains.

Notably, the energy sector advanced as crude oil futures (+$2.32 to $96.14/bbl) shot up on news OPEC might curb output in 2014 to ensure oil prices stay near $100/bbl.

On the downside, the materials (-1.2%) sector finished behind the remaining groups. Steel stocks were mixed, but the largest steelmaker, ArcelorMittal (MT 16.89, -0.40), underperformed with a loss of 2.3%. Miners also weighed as the Market Vectors Gold Miners ETF (GDX 20.57, -0.33) lost 1.6%. Also of note, Rio Tinto (RIO 52.38, +0.01) announced plans to cut its capital spending in half by 2015; however, the reaction was muted.

Other cyclical sectors did not fare much better as consumer discretionary, financials, and industrials lost between 0.7% and 0.9%. Elsewhere, health care (-0.8%) was the only laggard among countercyclical groups as biotechnology weighed. The iShares Nasdaq Biotechnology ETF (IBB 220.66, -4.07) lost 1.8%.

Today's weakness caused the CBOE Volatility Index (VIX 14.55, +0.32) to end at a seven-week high after being trapped between 11.99% and 14.36% since October 17.

Treasuries ended modestly higher with the 10-yr yield down two basis points at 2.78%.

Trading volume was just above average as 770 million shares changed hands on the floor of the NYSE.

There was no economic data of note released today.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and November ADP Employment Change will cross the wires at 8:15 ET. The October trade balance will be released at 8:30 ET while new home sales for September and October will be announced at 10:00 ET. Also at 10:00 ET, investors will receive the ISM Services Index for November. The busy day of data will be topped off with the 14:00 ET release of the Federal Reserve's December Beige Book.

Nasdaq +33.7%
Russell 2000 +32.3%
S&P 500 +25.9%
DJIA +21.5%

3:30 pm: [BRIEFING.COM] Jan crude oil extended gains for a third consecutive session as it gained support from a weaker dollar index. In addition, reports indicated that TransCanada's (TRP) 700K barrel-per-day Gulf Coast pipeline is expected to begin service to Texas on January 3rd. The energy component lifted from its session low of $93.67 per barrel set moments after pit trade opened and trended higher for the remainder of the session. It settled 2.4% higher at $96.04 per barrel, just below its session high of $96.19 per barrel.

Jan natural gas, on the other hand, fell for the first time in nine sessions, unable to hold on to mid-day gains. Prices advanced to a session high of $4.01 per MMBtu in late morning pit trade but retreated back into the red. Natural gas brushed a session low of $3.94 per MMBtu and eventually settled at $3.97 per MMBtu, or 0.5% lower.

Feb gold advanced to a session high of $1225.80 per ounce in morning pit action after trading as low as $1214.60 per ounce earlier in the session. However, the yellow metal was unable to hold the gain and retreated back into the red as it headed towards the close. It eventually settled 0.1% lower a t$1220.70 per ounce.

Mar silver extended yesterday's losses, trading in the red for its entire floor session. Prices dipped to a session low of $18.98 per ounce after pulling back from a session high of $19.22 per ounce set at pit trade open. Unable to gain much momentum, silver settled with a 1.2% loss at $19.06 per ounce.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.6% with one hour remaining in today's session. The benchmark index has risen off its lows during the past 30 minutes, but has yet to overtake its midday rebound high.

The index continues facing quite a challenge as four sectors-consumer discretionary (-1.0%), health care (-0.9%), financials (-1.1%), and materials (-1.3%)-continue to trade with losses close to 1.0%.

On the upside, consumer staples (+0.3%) and utilities (+0.4%) have returned to their highs.

2:30 pm: [BRIEFING.COM] There hasn't been much let up to the selling as the major averages continue trolling near their lows. In addition, recent action saw consumer staples, energy, and technology return to their flat lines after holding modest gains throughout the morning.

At this juncture, the Dow (-0.8%) continues to trail its peers while the Russell 2000 (-0.8%) follows not far behind. The tech-heavy Nasdaq (-0.5%) has held up relatively well through today's broad-based selloff with Apple (AAPL 561.01, +9.78) contributing to the outperformance. The largest tech stock is higher by 1.8%.

Another Nasdaq component, Tesla (TSLA 140.76, +16.61) is having a strong showing today. The momentum darling has surged 13.3% after Morgan Stanley singled out the stock as its 'Top Pick.'

2:00 pm: [BRIEFING.COM] The major averages have continued their retreat with cyclical sectors seeing the largest losses. Also of note, the Russell 2000, which was among earlier outperformers, now lags with a loss of 0.7%.

Strikingly, today's weakness has caused the CBOE Volatility Index (VIX 14.98, +0.75) to break out of a six-week range. The near-term volatility measure hovers just below 15.00% after being trapped between 11.99% and 14.36% since mid-October.

Elsewhere, Treasuries have ticked down from their best levels of the session, but the 10-yr note continues to trade higher by seven ticks with its yield down three basis points at 2.773%.

1:25 pm: [BRIEFING.COM] The major indices are probing their worst levels of the day in an important retest that could be a springboard for an afternoon rebound run or an opening to extend today's losses.

There hasn't been any specific news item driving today's weakness. Oil futures (+$2.22 to $96.04/bbl) have shot up on news OPEC might curb output in 2014 to ensure oil prices stay near $100/bbl. That has been a headwind of sorts, yet the offset is that the oil stocks are doing relatively well today and have provided a small measure of support to the broader market.

In all likelihood, the selling today is simply an extension of the profit taking yesterday that was based in part on the recognition that some price exhaustion has been reached after eight straight weeks of upside. Those strong gains, which have led to overextended stock prices in many instances, has perhaps hastened portfolio rebalancing decisions as year-end approaches.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover near their lows. The S&P 500 trades lower by 0.4%, continuing its weakness from yesterday.

Stocks began the session in the red as notable losses across major European indices contributed to the early retreat. There was no specific catalyst responsible for the selling in Europe, but several reports have attributed the losses to participants reducing their risk exposure ahead of Friday's U.S. nonfarm payrolls report. Although the Fed has made it clear the strength of the labor market will play a large part in its tapering decision, it should be noted that decision will also have to factor in the Fed's 2.0% inflation target, which remains elusive. The Fed is falling short of that target with both PCE and core PCE prices hovering near 1.0%.

The major averages climbed off their opening levels, but the rebound was brief and the S&P 500 never made it back into positive territory. Instead, the index tumbled to a fresh low as European markets sold off into their close.

At this juncture, only four sectors trade in positive territory with the most influential group-technology (+0.2%)-holding the narrowest gain. Only one other cyclical group can be found in positive territory as energy trades higher by 0.2% on the back of a 2.1% gain in crude oil.

The remaining cyclical sectors register losses between 0.7% and 1.0% with discretionary shares leading to the downside. The sector is being pressured by quick-service restaurants after Yum! Brands (YUM 75.88, -1.83) said its same-store sales in China increased by 1.0% in November.

A handful of momentum names also weigh on the discretionary space as Amazon.com (AMZN 385.96, -6.34), Netflix (NFLX 357.09, -6.83), and Priceline.com (PCLN 1176.64, -11.86) display losses between 1.0% and 1.9%.

With regard to countercyclical groups, consumer staples (+0.2%), telecom services (-0.2%), and utilities (+0.3%) outperform while health care (-0.7%) lags.

Treasuries hover near their highs with the 10-yr yield down four basis points at 2.76%.

12:30 pm: [BRIEFING.COM] The S&P 500 has climbed off its lows, but continues to hold the bulk of its loss. At this juncture, the index is facing quite the uphill climb as only four sectors trade in positive territory. Of those four, the most influential group-technology (+0.1%)-holds the slimmest gain.

On the downside, the market remains pressured by consumer discretionary, health care, financials, industrials, and materials as the five groups trade with losses between 0.7% and 1.0%.

12:00 pm: [BRIEFING.COM] Sellers remain in control as equity indices continue inching lower with the Dow (-0.7%) pacing the decline. Interestingly, small caps have held up relatively well as the Russell 2000 displays a loss of 0.4%.

The outperformance of the small cap index comes after the Russell led yesterday's weakness with a 1.2% loss. Despite its relative strength today, the Russell is off to a slow start this week, trading lower by 1.7% since yesterday's open.

With regard to individual sectors, the discretionary (-1.2%) space continues leading the market lower. Elsewhere, the materials sector is the only other group trading with a loss larger than 1.0%. Steelmakers are mixed, but the largest industry member, ArcelorMittal (MT 16.87, -0.42), lags with a loss of 2.4%.

11:30 am: [BRIEFING.COM] Recent action saw equity indices retreat towards their opening lows. The weakness took place as European averages fell to their lows into the close. With European markets now done for the day, the focus will be squarely on U.S. stocks.

The recent weakness was driven by three influential sectors as consumer discretionary (-1.0%), financials (-0.8%), and materials (-1.0%) fell to fresh lows. Momentum names have contributed to the selling among discretionary shares as Amazon.com (AMZN 383.75, -8.55) and Priceline.com (PCLN 1177.02, -11.48) hold respective losses of 2.2% and 1.0%.

11:00 am: [BRIEFING.COM] The major averages have spent the past hour in a steady climb off their opening lows. The Nasdaq (+0.03%) has clawed its way back into positive territory while the Dow (-0.4%) and S&P 500 (-0.1%) remain modestly lower.

Sector standing has not changed much as two defensive sectors-consumer staples (+0.2%) and utilities (+0.6%)-and two cyclical groups-energy (+0.4%) and technology (+0.4%)--register modest gains while the other six sectors hover in the red.

Notably, the energy sector has drawn strength from crude oil, which trades at its highest level in a month. The energy component sports an advance of 2.1% at $95.76 per barrel.

10:30 am: [BRIEFING.COM] The commodities space is mixed this morning, with precious metals trading in the red while crude oil posts gains.

Jan crude oil rose from a session low of $93.67 set moments after floor trade opened as it gained support from a weaker dollar index. It pushed above the $95.00 level in recent action and is currently printing a gain of 1.3% at $95.07.

Jan natural gas came off its session low of $3.96 and broke into positive territory about half an hour ago. It brushed a session high of $4.01 and is now up 0.1% at $3.99.

Precious metals are chopping around in negative territory so far. Feb gold pulled back from its session high of $1223.50 and touched a session low of 1214.60. It is now inching slightly higher but is still lower by 0.3% at $1218.80. Mar silver fell to a session low of $18.98 in recent action. Unable to gain much momentum, it is now trading at $19.05, or 1.2% lower.

9:55 am: [BRIEFING.COM] Equity indices continue to hover near their opening lows, but two defensive sectors-consumer staples and utilities-have climbed out of the red. Meanwhile, the other two-health care and telecom services-remain in the red with respective losses of 0.6% and 0.2%.

Elsewhere, cyclical sectors (excluding energy and technology) are down between 0.1% and 0.6%. The discretionary space is the weakest performer as quick-service restaurants lag after Yum! Brands (YUM 75.48, -2.23) reported a 1.0% increase in its same-store sales in China. The two cyclical outperformers-energy and technology-are higher by 0.1% and 0.2%, respectively.

9:40 am: [BRIEFING.COM] The major averages registered opening losses with the Dow (-0.4%) leading to the downside. The price-weighted index is being pressured by Visa (V 201.16, -3.97), which trades lower by 2.0% on news an additional eight million shares is being offered.

Meanwhile, the S&P 500 displays a loss of 0.3% as nine of ten sectors hover in the red. Cyclical groups are among the early laggards as consumer discretionary and materials trade with losses close to 0.5% each. On the upside, the technology sector (+0.1%) is the lone advancer as its top component, Apple (AAPL 560.75, +9.52), trades higher by 1.7%.

Treasuries remain near their best levels with the 10-yr yield down two basis points at 2.78%.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -3.00. Equity indices are poised to start the session on a lower note as futures remain pinned to the mat. The S&P 500 futures hold a loss of 0.4% with the entire decline coming during the European session where major indices display losses in excess of 1.0%.

Several reports have attributed the weakness overseas to fears of imminent tapering following yesterday's strong ISM report; however, it bears noting that the Fed has made it clear employment and inflation data will serve as the main guideposts rather than soft (survey) data. On that note, the November nonfarm payrolls report, scheduled for a Friday release, is expected to receive some added attention. The Briefing.com consensus expects the report to indicate the addition of 188,000 jobs.

There was no economic data today, but Rio Tinto (RIO 52.33, -0.04) announced plans to cut next year's capital expenditure budget in half, which reflects on the challenging environment the company is facing.

Treasuries hover near their best levels of the morning with the 10-yr yield off almost three basis points at 2.77%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -2.80. The S&P 500 futures continue to hover near their lows (-0.3%).

Major Asian markets ended the session on a lower note, but Japan's Nikkei (+0.6%) and China's Shanghai Composite (+0.7%) withstood the region-wide pressure and closed on their respective highs. The outperformance took place even after China's Non-Manufacturing PMI slipped to 56.0 from 56.3, and amid reports the government may set the 2014 GDP growth target at 7.0% versus 7.5% in 2013. Looking at remaining data, Japan's monetary base rose 52.5% year-over-year (47.2% expected, 45.8% prior) and average cash earnings ticked up 0.1% year-over-year (-0.2% last). Elsewhere, Australia's third quarter current account deficit widened to AUD12.70 billion from AUD12.10 billion (AUD11.60 billion expected) and retail sales rose 0.5% month-over-month (0.4% forecast, 0.9% previous). Also of note, the Reserve Bank of Australia left its key interest rate unchanged at 2.50%, as expected. The decision to maintain its current policy course was coupled with a statement that was very similar to remarks made in November. The central bank views the Australian dollar as 'still uncomfortably high' even though AUDUSD has slid from 0.9530 to 0.9120 since early November.

In Japan, the Nikkei closed higher by 0.6% as cyclical names led the way. Nippon Paper Industries and Nippon Sheet Glass jumped 5.7% and 4.4%, respectively. SoftBank also finished among the leaders, gaining 4.4%.
Hong Kong's Hang Seng ended lower by 0.5% as retailer Li & Fung paced the decline with a 1.9% loss. Casino and gaming names outperformed as Sands China rose 2.5% and Galaxy Entertainment gained 1.6%.
In China, the Shanghai Composite settled higher by 0.7% with the entire gain coming in the final two hours of the session. Financials displayed strength with China Vanke climbing 1.1%.

Major European indices trade broadly lower with France's CAC (-1.7%) leading the region lower. The weakness has been attributed to participants taking some money off the table ahead of Friday's November nonfarm payrolls report in the U.S., which could speak in favor of tapering in the near term. Among news of note, European Commissioner Olli Rehn said that he is skeptical of the impact of Italy's privatization plans. Mr. Rehn also mentioned that Italy had not respected its debt cut objectives. Economic data was limited. Eurozone PPI fell 0.5% month-over-month (-0.2% forecast, 0.2% prior) while the year-over-year reading decreased 1.4% (-1.0% expected, -0.9% last). Great Britain's construction PMI jumped to 62.6 from 59.4 (59.0 consensus). Elsewhere, Spain's unemployment claims decreased 2,500 after increasing by 87,000 last month (+44,300 expected). Also of note, Norway's core retail sales fell 1.0% month-over-month (0.2% expected, 0.7% prior).

Great Britain's FTSE is lower by 0.7% as miners weigh after Rio Tinto (-0.7%) announced plans to cut its capital spending in half. Antofagasta and Randgold Resources are down 5.5% and 3.0%, respectively.
Germany's DAX holds a loss of 1.1% as 28 of 30 components trade lower. Deutsche Lufthansa is the weakest performer, down 3.2%. On the upside, Fresenius SE and Fresenius Medical both display gains close to 1.2%.
In France, the CAC trades down 1.7% with exporter Renault (-4.1%) leading the slide. Telecom provider Orange also appears among the laggards, down 3.4%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -1.80. Equity futures remain near their lows as cautious action in Europe continues to weigh. Futures on the Dow (-0.4%) are showing the most notable weakness while Nasdaq futures (-0.1%) hold modest losses.

Dow futures are being pressured by their largest component as Visa (V 200.24, -4.89) trades lower by 2.4% amid reports the company is offering an additional eight million shares.

Meanwhile, Nasdaq futures owe their outperformance to Apple (AAPL 555.80, +4.57), which trades higher by 0.8% in reaction to news China Mobile (CHL 53.62, 0.00) has begun accepting iPhone pre-orders.

Treasuries hover on their highs with the 10-yr yield down two basis points at 2.77%.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -2.30. U.S. equity futures hover near their lows amid cautious overseas action. The S&P 500 futures trade lower by 0.3%.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.5%, Japan's Nikkei +0.6%, and China's Shanghai Composite +0.7%.
Investors received a fair share of data:
Japan's monetary base rose 52.5% year-over-year (47.2% expected, 45.8% prior) and average cash earnings ticked up 0.1% year-over-year (-0.2% last).
China's Non-Manufacturing PMI slipped to 56.0 from 56.3.
The Reserve Bank of Australia left its key interest rate unchanged at 2.50%, as expected. Also of note, third quarter current account deficit widened to AUD12.70 billion from AUD12.10 billion (AUD11.60 billion expected) and retail sales rose 0.5% month-over-month (0.4% forecast, 0.9% previous).
In news:
The Reserve Bank of Australia's decision to maintain its current policy course was coupled with a statement that was very similar to remarks made in November. The central bank views the Australian dollar as 'still uncomfortably high' even though AUDUSD has slid from 0.9530 to 0.9120 since early November.
Major European indices trade broadly lower. Great Britain's FTSE -0.8%, Germany's DAX -1.1%, and France's CAC -1.8%. Elsewhere, Italy's MIB -1.1% and Spain's IBEX -1.1%.
Economic data was limited:
Eurozone PPI fell 0.5% month-over-month (-0.2% forecast, 0.2% prior) while the year-over-year reading decreased 1.4% (-1.0% expected, -0.9% last).
Great Britain's construction PMI jumped to 62.6 from 59.4 (59.0 consensus).
Spain's unemployment claims decreased 2,500 after increasing by 87,000 last month (+44,300 expected).
Norway's core retail sales fell 1.0% month-over-month (0.2% expected, 0.7% prior).
Among news of note:
European Commissioner Olli Rehn said that he is skeptical of the impact of Italy's privatization plans. Mr. Rehn also mentioned that Italy had not respected its debt cut objectives.

In U.S. corporate news:

Apple (AAPL 556.48, +5.25): +1.0% amid reports China Mobile (CHL 53.62, 0.00) has begun accepting iPhone pre-orders.
Pfizer (PFE 31.50, -0.33): -1.0% after Goldman Sachs removed the stock from its 'Conviction Buy' list.
Yum! Brands (YUM 76.28, -1.43): -1.8% after the company reaffirmed its full-year 2013 earnings forecast and reported a 1.0% increase in November same-store sales in China.

6:28 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -4.50.

6:28 am: [BRIEFING.COM] Nikkei...15749.66...+94.60...+0.60%. Hang Seng...23910.47...-128.10...-0.50%.

6:28 am: [BRIEFING.COM] FTSE...6539.80...-55.50...-0.80%. DAX...9304.71...-97.30...-1.00%.

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

http://www.thestrategylab.com
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