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 Post subject: December 4th Wednesday Trade Results - Profit $1370.00
PostPosted: Thu Dec 05, 2013 1:17 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 @ $2,120.00 dollars or +21.20 points, Emini ES ($ES_F) futures @ ($750.00) dollars or -15.00 points, Light Crude Oil CL ($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 @ $1,370.00 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 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=1666

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 See-Saw Despite Upbeat Data

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

NEW YORK (CNNMoney)
Stocks ended mixed Wednesday as investors tried to make sense of better-than expected economic reports and gauge the mindset of the Federal Reserve.

The Dow Jones Industrial Average and the S&P 500 closed modestly lower, while the Nasdaq managed to notch out slight a gain. The Dow and S&P 500 have fallen for the past four days.

Investors were paying close attention to economic data. In its Beige Book report on regional economic activity, the Fed said the economy expanded at a "modest to moderate pace" from early October to mid-November.

It noted gains in the auto and high-tech industries and reported that retailers are "hopeful, but cautious" about the holiday shopping season.

Investors remain fixated on clues as to when the Fed might pull back, or taper, its $85 billion per month bond buying program.

The three indexes were in the green earlier Wednesday after the Census Bureau said sales of new single family residential homes rose 25% in October compared to September, topping economists' expectations.

That report came after payroll processor ADP (ADP, Fortune 500) reported that 215,000 private-sector jobs were added in November -- well above the 160,000 gain that was expected.

Bond investors stayed focused on when the Fed might taper. The yield on the 10-year Treasury note was 2.83% after spiking to 2.85% earlier in the day, near the year's high of almost 3% back in September.

At that time, investors feared the Fed would taper at its meeting in September. It didn't. But some experts believe that the Fed could now announce it is pulling back on stimulus at the conclusion of its next meeting on December 18.

In corporate news, J.C. Penney (JCP, Fortune 500) said Tuesday that same-store sales in November grew 10% from the same period last year. The stock, which has been the worst performer on the S&P 500 this year, is in the midst of a turnaround and has caught the attention of some major hedge funds.

But investors seemed unimpressed with the decent November sales. Shares of J.C. Penney ended the day down over 4%.

Despite that, one trader on StockTwits was bullish that it would bounce back by the end of the day.

$JCP green by close," said Jason100.

That didn't happen. Others were optimistic, but acknowledged it's a difficult trade.

"$JCP only patient ppl or idiots can win this stock LOL", said Smellyegg.

Shares of Deere (DE, Fortune 500) jumped over 3% after the agricultural machinery giant announced it boosted its share repurchase program.

"Stopped out of $DE ystdy after holding for 2 weeks & today they announce buyback" said Sspencer_smb, a StockTwits trader who worried he missed out on the stock's recent move.

Another mover was Hewlett-Packard (HPQ, Fortune 500), which closed more than 2% higher after reports that the PC and printer maker plans to shed 1,100 jobs in its U.K. unit.

StockTwits trader Shaggyeleven was not buying the stock for now, but is keeping a close eye on it.

"$HPQ not in, watching, if keeps moving like this, thinking, I'm missing something."

Also trending on StockTwits: Apple (AAPL, Fortune 500).

Shares of the iPad maker have surged back to life in recent months, gaining almost 50% from its 52-week low earlier this year. Activist investor Carl Icahn reiterated in an interview with Time Wednesday that he wants the company to buy back more of its stock.

"$AAPL slow and steady rise the rest of the day" said trader ChazMac09.

Facebook (FB, Fortune 500)shares jumped 4%, giving it an overall gain of over 82% since January. There was a lot of chatter that the social networking stock could soon be added to the S&P 500.

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4:10 pm: [BRIEFING.COM] The S&P 500 shed 0.1%, registering its fourth consecutive decline. Today's session proved to be a bit of a roller coaster ride for stocks as the S&P 500 opened in the red, rallied into positive territory, fell to fresh lows, and regained the bulk of its losses into the close.

For the second day in a row, the early weakness coincided with heavy selling in Europe. In addition, bonds and risk assets were pressured by a better-than-expected ADP Employment report, which indicated employment in the nonfarm private business sector rose by 215K in November (160K Briefing.com consensus). The report increased expectations for a strong nonfarm payrolls report on Friday, and re-invited speculation about the Fed's tapering timeline. Treasuries sold off following the data, sending the 10-yr yield higher by five basis points to 2.83%.

The opening losses were followed by a swift reversal after below-consensus ISM Services (53.9 actual versus 55.0 expected) for November and a ho-hum composite home sales report for September (354K actual versus 432K consensus) and October (444K actual versus 420K expected) raised some doubts about the sustainability of the economic improvement. This calmed some of the tapering fears, and helped the major indices regain their flat lines. Contributing to the rebound, were rumors suggesting Democrats and Republicans reached a budget agreement.

The budget deal rumors faded shortly thereafter while equity indices responded with a fade of their own. The S&P 500 tumbled to fresh lows, but was able to springboard off the 1,779 level and rally back to its flat line.

In large part, the late-afternoon rebound was powered by three sectors-financials (+0.2%), technology (+0.2%), and materials (+0.5%)-that outperformed throughout the session. Outside of the three, only the utilities sector (+0.2%) finished with a gain.

Notably, the materials sector received all-around support from most of its components. Steelmakers and miners outperformed as the Market Vectors Steel ETF (SLX 47.99, +0.39) gained 0.8% and Market Vectors Gold Miners ETF (GDX 21.22, +0.65) jumped 3.2%. On a related note, gold futures spiked 2.0% to $1244.60 per troy ounce.

The other commodity-linked sector, energy (-0.4%), ended among the laggards while crude oil added 1.2% to $97.19 per barrel.

Today's trading volume was just above average as more than 756 million shares changed hands on the floor of the New York Stock Exchange.

Looking at today's remaining economic data, the October trade deficit fell to $40.6 billion from an upwardly revised $43.0 billion. In large part, the decline was due to significant gains in sales of artwork (+$0.50 billion), gem diamonds (+$0.40 billion), and jewelry (+$0.40 billion). The Briefing.com consensus expected the trade deficit to fall to $40.5 billion.

Separately, the weekly MBA Mortgage Index tumbled 12.8% to follow last week's downtick of 0.3%.

Tomorrow, November Challenger Job Cuts will be reported at 7:30 ET while weekly initial claims and the second estimate of third quarter GDP will be released at 8:30 ET. The day's data will be topped off with the 10:00 ET release of October Factory Orders.

MarketWatch

Nasdaq +33.7% YTD
Russell 2000 +32.0% YTD
S&P 500 +25.7% YTD
DJIA +21.3 YTD

3:30 pm: [BRIEFING.COM] Precious metals rose along with other commodities today as the dollar index slipped further into negative territory. Both Feb gold and Mar silver lifted from their respective session lows of $1217.20 per ounce and $19.15 per ounce and trended higher as floor trade progressed. Both metals gained further momentum in afternoon action and pushed to new session highs. Gold settled 2.2% higher at $1220.70 per ounce while silver closed at $19.83 per ounce, booking a solid 4.0% gain.

Jan crude oil extended gains for a fourth consecutive session as it gained support from strong inventory data and the weaker dollar index. The EIA reported this morning that for the week ending Nov 29, crude oil inventories had a draw of 5.585 mln barrels when consensus was between a draw of 0.5 mln and a build of 0.3 mln barrels. The energy component dipped to a session low of $96.30 per barrel in late morning pit trade but quickly regained momentum. It rose to a session high of $97.54 per barrel and settled with a 1.2% gain at $97.18 per barrel.

Jan natural gas, however, extended yesterday's losses after pulling back from a session high of $4.01 per MMBtu set during morning floor action. It slipped into negative territory as it headed into the close and settled 0.3% lower at $3.96 per MMBtu.

3:00 pm: [BRIEFING.COM] The major averages have spent the past 90 minutes in a steady climb off their lows. The S&P 500 has narrowed its loss to 0.4% while the Nasdaq (-0.2%) continues to outperform.

Eight of ten sectors continue trading in the red while financials (+0.1%) and materials (+0.3%) are back in positive territory. The largest S&P 500 sector, technology, is also showing some relative strength as it hovers right at its flat line.

Treasuries remain pinned to the mat with the 10-yr yield up five basis points at 2.84%.

2:30 pm: [BRIEFING.COM] The S&P 500 has ticked up off its low, but continues to hold a loss of 0.4%.

The Federal Reserve released its Beige Book for December, but the report did not contain any bombshells. The report described the economy as 'expanding at a modest to moderate pace' while manufacturing activity also continued to expand. The Beige Book identified motor-vehicle and high-technology industries as areas experiencing strongest growth.

Also of note, the report said that hiring increased modestly or was little changed across the twelve districts while inflation remains contained.

2:00 pm: [BRIEFING.COM] Recent action saw the major averages drop to fresh lows as broad-based selling pressure persists. The S&P 500 trades lower by 0.7% with all ten sectors hovering in the red.

The industrial space (-1.1%) has been a notable leader of the weakness as defense contractors and transports lag. The PHLX Defense Index is lower by 1.1% while the Dow Jones Transportation Average holds a loss of 1.2%.

It should be noted that today's weakness among transports comes after the group served as a leader of this year's steady rally. Despite today's loss, Transports remain higher by 7.8% so far in the fourth quarter versus a 6.0% quarter-to-date gain for the S&P.

The Federal Reserve will release its Beige Book at 13:00 ET, and we will bring the summary in our next update.

1:30 pm: [BRIEFING.COM] After staging a mid-morning recovery effort, the major indices have been beaten back and are probing their lows for the session. The turn was ignited following a report that a budget agreement in Washington has not yet been struck. The expeditious rebound in the morning was pinned in part on a rumor that a deal had been struck.

In any event, it is another session in which buyers have lacked conviction. The jump in long-term rates (10-yr yield at 2.84% versus 2.75% at start of the week) has been a negative factor at work today, yet the presumption that the market was due for a pullback after eight straight weeks of gains continues to hold some sway as well.

Selling activity has accelerated in the last 30 minutes with the S&P 500 taking out a support level in the 1789/1787 area. The next line of technical support falls at 1782/1781.

1:00 pm: [BRIEFING.COM] At midday, the S&P 500 trades lower by 0.2%, looking to avoid its fourth day of losses.

Stocks began the session in the red as cautious action in Europe once again contributed to early weakness. In addition, bonds and risk assets were pressured by a better-than-expected ADP Employment report, which indicated employment in the nonfarm private business sector rose by 215K in November (160K Briefing.com consensus). The report increased expectations for a strong nonfarm payrolls report on Friday, and re-invited speculation about the Fed's tapering timeline. Treasuries sold off following the data, sending the 10-yr yield higher by six basis points to 2.84%.

Despite the opening losses, equity indices made a temporary return into positive territory after below-consensus ISM Services (53.9 actual versus 55.0 expected) for November and a ho-hum composite home sales report for September (354K actual versus 432K consensus) and October (444K actual versus 420K expected) raised some doubts about the sustainability of the economic improvement. This calmed some of the tapering fears, and helped the major indices regain their flat lines. However, the gains were short-lived before the key indices headed back towards their lows. Meanwhile, the rebound in Treasuries was much more modest, and followed by a return to lows.

Seven of ten sectors register midday losses with consumer staples (-0.6%) and industrials (-0.5%) leading to the downside. On the flip side, financials (+0.1%), materials (+0.4%), and technology (+0.1%) display modest gains, but all three trade below their best levels of the session.

The materials sector outperforms as steelmakers and miners sport gains. The Market Vectors Steel ETF (SLX 47.98, +0.38) is higher by 0.8% while the Market Vectors Gold Miners ETF (GDX 21.36, +0.79) trades up 3.8%. On a related note, gold futures hover near their highs, up 2.2% at $1247.90 per troy ounce.

Looking at today's remaining economic data, the October trade deficit fell to $40.6 billion from an upwardly revised $43.0 billion. In large part, the decline was due to significant gains in sales of artwork (+$0.50 billion), gem diamonds (+$0.40 billion), and jewelry (+$0.40 billion). The Briefing.com consensus expected the trade deficit to fall to $40.5 billion.

Separately, the weekly MBA Mortgage Index tumbled 12.8% to follow last week's downtick of 0.3%.

12:30 pm: [BRIEFING.COM] Recent action saw the major averages continue their retreat. The S&P 500 has returned near its lows with broad-based selling weighing on all sectors. Financials (+0.1%) and materials (+0.2%) continue to hold modest gains, but both groups are well off their highs. The tech sector also outperforms, trading flat.

The remaining cyclical sectors trade in negative territory with energy (-0.5%) and industrials (-0.7%) leading to the downside.

On the countercyclical side, consumer staples (-0.7%), health care (-0.6%), and telecom services (-0.4%) lag while utilities (-0.3%) trade in-line with the S&P.

12:00 pm: [BRIEFING.COM] The Dow and S&P 500 have spent the past 30 minutes hovering right at their flat lines while the Nasdaq (+0.1%) continues to display a modest gain.

Stocks reclaimed their early losses after the ISM Services Index and home sales reports for September and October calmed some tapering fears brought on by the better-than-expected ADP Employment report. However, the major averages have not been able to make it too far past their respective flat lines.

Also of note, Treasuries ticked up in reaction to the ISM Services and home sales data, but have since returned to their earlier lows. The 10-yr yield is higher by six basis points at 2.84%.

11:30 am: [BRIEFING.COM] Equity indices have ticked down from their best levels of the session, but they remain in positive territory.

Although six sectors register gains, only three trade with gains larger than 0.1%. These three leaders include financials (+0.4%), materials (+0.7%), and technology (+0.4%). The outperformance of financials and technology is noteworthy as the pair represents the largest two S&P 500 sectors. However, the third largest sector, health care, underperforms with a loss of 0.3%.

Elsewhere, Treasuries hover just off their lows with the 10-yr yield up five basis points at 2.84%.

11:00 am: [BRIEFING.COM] The major averages hover near their best levels of the session after staging a swift rebound off their opening lows.

The early weakness was accompanied by a selloff in Treasuries as the stronger-than-expected ADP Employment Change report fueled some tapering angst. However, a retreat in ISM Services (to 53.9 from 55.4) and a middle-of-the-road new home sales report counteracted some of those fears, raising some doubts about the sustainability of the economic improvement.

Equity indices regained their respective flat lines shortly after the latest set of data with the Nasdaq (+0.3%) providing leadership. On a related note, the technology sector (+0.5%) is among the leaders.

10:35 am: [BRIEFING.COM] Jan crude oil has been trading higher this morning. OPEC confirmed that the Conference decided to maintain the current production level of 30.0 mln barrels a day. The energy component rose to a session high of $97.21 but slipped to a session low of $96.54 following inventory data. It is now trading at $96.71, or 0.7% higher.

Jan natural gas advanced to a session high of $4.01 and continues to hold on to most of its morning's gains. It is currently trading 0.6% higher at $4.00.

Precious metals are also trending higher as the dollar index remains in the red following economic data released this morning. Jan gold erased overnight losses as it lifted from its session low of $1217.20 set at pit trade open. It touched a session high of $1230.40 and is now at $1227.40, or 0.5% higher.

Mar silver came off its session low of $19.16 and traded as high as $19.41 in recent action. It is now up 1.4% at $19.33.

10:05 am: [BRIEFING.COM] The S&P 500 has trimmed its loss to 0.2%.

September new home sales hit an annualized rate of 354,000, which was down from the August rate of 421,000, and worse than the rate of 432,000 that had been broadly expected by the Briefing.com consensus. For October, home sales came in at an annualized rate of 444,000 while the consensus expected a reading of 420,000.

Separately, the November ISM Services Index fell to 53.9 from 55.4 while the Briefing.com consensus expected a downtick to 55.0.

9:45 am: [BRIEFING.COM] The major averages registered opening losses with the S&P 500 (-0.4%) pacing the early decline. Countercyclical sectors have shown early weakness as consumer staples, telecom services, and utilities trade with losses between 0.6% and 1.0%. The final defensive sector, health care, trades in-line with the broader market.

On the cyclical side, financials (-0.1%), materials (+0.3%), and technology (-0.2%) outperform while energy (-0.6%) and industrials (-0.5%) lag.

Treasuries remain near their lows with the 10-yr yield up five basis points at 2.84%.

New Home Sales for September and October and the November ISM Services Index will all be reported at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -10.80. After registering eight consecutive weekly gains, the S&P 500 finds itself in the midst of another streak. Yesterday, the benchmark index registered its third consecutive decline, and that weakness is expected to continue today as the S&P 500 futures trade 0.4% below fair value.

Once again, today's early weakness coincides with another round of aggressive selling in Europe where France's CAC and Germany's DAX both trade with losses close to 1.0% apiece.

In today's economic data, the October trade deficit fell to $40.6 billion from an upwardly revised $43.0 billion. The Briefing.com consensus expected the trade deficit to fall to $40.5 billion.

Separately, the ADP National Employment Report indicated employment in the nonfarm private business sector rose by 215K in November. This was above the increase of 160K expected by the Briefing.com consensus.

The better-than-expected data created some jitters regarding tapering expectations. Treasuries sold off, sending the 10-yr yield higher by almost six basis points to 2.84%.

More data remains on today's calendar with the New Home Sales report for September and October and November ISM Services all set to be released at 10:00 ET. Lastly, the Federal Reserve will release its December Beige Book at 14:00 ET.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -9.80. The S&P 500 futures trade 0.4% below fair value.

Major Asian indices ended mostly lower, but China's Shanghai Composite (+1.3%) stood out following the announcement of plans to create up to 18 new free-trade zones. In addition, the Ministry of Commerce said 12 other agreements have been finalized while six more are being negotiated. Regional economic data was limited to just a handful of releases. China's HSBC Services PMI ticked down to 52.5 from 52.6 and India's HSBC Services PMI ticked up to 47.2 from 47.1. Elsewhere, Australia's GDP rose 0.6% quarter-over-quarter (0.8% forecast, 0.7% prior) while the year-over-year reading reflected growth of 2.3% (2.6% expected, 2.4% last). Separately, the AIG Services Index improved to 48.9 from 47.9.

In Japan, the Nikkei closed lower by 2.2% as only 10 of 225 components registered gains. Exporters lagged as Sony, Kyocera, and Yamaha lost between 3.4% and 3.9%. Nisshin Steel Holdings outperformed with a gain of 1.5%.
Hong Kong's Hang Seng lost 0.8% as energy and financials underperformed. PetroChina fell 1.6% and China Resources Land settled lower by 1.9%.
In China, the Shanghai Composite settled higher by 1.3% with shipping stocks displaying strength. China Shipping Development and Shanghai International Port Group both surged the limit, 10.0%.

Core European averages trade notably lower for the second consecutive day with Germany's DAX (-1.2%) pacing the retreat. Regional indices began the session with modest gains as they looked to rebound from yesterday's sharp decline. However, the early strength has morphed into modest weakness as indices in Great Britain, Germany, and France hover near their lows. Investors received several economic data points. Eurozone GDP ticked up 0.1% quarter-over-quarter while the year-over-year reading fell 0.4%, as expected. Separately, retail sales declined 0.2% month-over-month (0.3% forecast, -0.6% last) while the year-over-year reading ticked down 0.1% (0.9% consensus, 0.3% prior). Also of note, Services PMI increased to 51.2 from 50.9 (50.9 forecast). Elsewhere, Germany's Services PMI rose to 55.7 from 54.5 (54.5 consensus). Great Britain's Services PMI slipped to 60.0 from 62.5 (62.0 expected). Italian Services PMI fell to 47.2 from 50.5 (50.2 forecast). French Services PMI ticked down to 48.0 from 48.9 (48.8 expected). Swiss industrial orders declined 2.3% (2.0% forecast, -4.3% last).

Great Britain's FTSE is lower by 0.6% with financials leading. Aberdeen Asset Management, Barclays, and Standard Chartered are all down between 2.4% and 6.3%. On the upside, miners Antofagasta and Rio Tinto outperform with respective gains of 0.7% and 1.1%.
In France, the CAC trades down 0.9%. Bank shares are also responsible for a good portion of the decline as BNP Paribas, Credit Agricole, and Societe Generale hold losses between 1.7% and 2.7%.
Germany's DAX holds a loss of 1.1%. Producers of basic materials lag with BASF, HeidelbergCement, and ThyssenKrupp down between 1.9% and 2.4%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -7.50. The S&P 500 futures trade lower by 0.4% versus fair value.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 215K in November. This was above the increase of 160K expected by the Briefing.com consensus.

Separately, the October trade deficit narrowed to $40.6 billion from $43.0 billion. The Briefing.com consensus expected the deficit to come in at $40.5 billion.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -7.00. U.S. equity futures trade near their lows amid cautious action in Europe. The S&P 500 futures are down 0.3% versus fair value.

Looking at overnight developments:

Asian markets ended mixed. Japan's Nikkei -2.2%, Hong Kong's Hang Seng -0.8%, and China's Shanghai Composite +1.3%.
Regional economic data was limited:
China's HSBC Services PMI ticked down to 52.5 from 52.6.
India's HSBC Services PMI ticked up to 47.2 from 47.1.
Australia's GDP rose 0.6% quarter-over-quarter (0.8% forecast, 0.7% prior) while the year-over-year reading reflected growth of 2.3% (2.6% expected, 2.4% last). Separately, the AIG Services Index improved to 48.9 from 47.9.
In news:
China's Shanghai Composite stood out following the announcement of plans to create up to 18 new free-trade zones. In addition, the Ministry of Commerce said 12 other agreements have been finalized while six more are being negotiated.

Major European indices hover near their lows. Great Britain's FTSE -0.6%, Germany's DAX -0.9%, and France's CAC -1.0%.
Investors received several economic data points:
Eurozone GDP ticked up 0.1% quarter-over-quarter while the year-over-year reading fell 0.4%, as expected. Separately, retail sales declined 0.2% month-over-month (0.3% forecast, -0.6% last) while the year-over-year reading ticked down 0.1% (0.9% consensus, 0.3% prior). Also of note, Services PMI increased to 51.2 from 50.9 (50.9 forecast).
Germany's Services PMI rose to 55.7 from 54.5 (54.5 consensus).
Great Britain's Services PMI slipped to 60.0 from 62.5 (62.0 expected).
Italian Services PMI fell to 47.2 from 50.5 (50.2 forecast).
French Services PMI ticked down to 48.0 from 48.9 (48.8 expected).
Swiss industrial orders declined 2.3% (2.0% forecast, -4.3% last).
Among news of note:
Core European indices began the session with modest gains as they looked to rebound from yesterday's notable losses. However, the early strength has morphed into weakness as indices in Great Britain, Germany, and France sit on their lows.

In U.S. corporate news:

Express (EXPR 20.51, -4.16): -16.9% following its bottom-line miss on in-line revenue. In addition, the retailer guided Q4 earnings below consensus.
J.C. Penney (JCP 10.25, +0.14): +1.4% after the company reported a 10.1% increase in its November same-store sales.
OmniVision (OVTI 14.14, -1.85): -11.6% after the company's below-consensus Q3 guidance overshadowed its earnings beat on above-consensus revenue.
U.S. Bancorp (USB 39.50, +0.98): +2.5% after Goldman Sachs added the stock to its 'Conviction Buy' list.

The weekly MBA Mortgage Index tumbled 12.8% to follow last week's downtick of 0.3%.

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

6:27 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +1.50.

6:27 am: [BRIEFING.COM] Nikkei...15407.94...-341.70...-2.20%. Hang Seng...23728.70...-181.80...-0.80%.

6:27 am: [BRIEFING.COM] FTSE...6525.98...-6.50...-0.10%. DAX...9235.15...+11.80...+0.10%.

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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