TheStrategyLab.com Price Action Trading Support Forum

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)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $2,130.00 dollars or +21.30 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2,130.00 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 timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=130&t=1799


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.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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

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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=238&t=2329

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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. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

S&P 500 Hits New Record Of 1,900.5


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

NEW YORK (CNNMoney)
Investors ended the week on a high note before hitting the beach and barbecue for the long weekend.

Here's what you need to know before kicking off the holiday:

The Dow, S&P 500 and Nasdaq all rose on Friday. The S&P 500 closed at a new record of 1,900.5. The Dow ended the day up about 0.4% and the Nasdaq was up nearly 0.8%.

It's been a good week on Wall Street, with all three indexes finishing in positive territory, led by the Nasdaq's more than 2% gain.

1. Good day for shoes, not so pretty for clothes

In the corporate world, Foot Locker (FL, Fortune 500) bounced over 1.5% after the retailer reported a 14% jump in first quarter sales. The company said its quarterly sales and profits were the highest in its history.

"Footlocker Q points to casual footwear trend remaining strong as ever...$FL," said retail_guru on StockTwits.

But things weren't all good in the world of apparel, as Aeropostale (ARO) shares plunged more than 24%. The clothing company reported a narrower-than-expected loss for the first quarter, but said comparable sales decreased 13%.

StockTwits trader oracleofla felt the stock's punishment didn't fit the crime.

"$ARO i think this is a bit excessive..i am gonna jump in," he said.

2. HP cuts jobs, but stock jumps

Hewlett-Packard (HPQ, Fortune 500) is enjoying a nice rebound with a 6% pop on Friday. The tech giant fell Thursday in late trading. In an apparent error, the firm released its earnings report before the closing bell, which included plans to cut 11,000 to 16,000 jobs on top of the previously announced 34,000 job cuts.

StockTwits trader kaley didn't think HP's big jump Friday was warranted.

"$HPQ not seeing the enthusiasm for this company...they are doing a lot of cost cutting...not a good sign," she said.

Apple (AAPL, Fortune 500) finished the week at $614 a share, a 52-week high point for the company. Apple's Worldwide Developers Conference takes places June 2 to 6, which often bring the unveiling of new products. The stock is also set to split in early June with trading of the lower priced shares to begin on Monday, June 9.

"$AAPL finally doing what it is suppose to. Of all the stocks out there this is the most undervalued and underappreciated one," declared MarlonSilos on StockTwits.

Shares of eBay (EBAY, Fortune 500) recovered somewhat after taking a hit Thursday. The ecommerce conglomerate remains in the spotlight amid criticism that it was slow to inform customers about a hacking incident.

CNNMoney's Tech 30 index is up 1% Friday, although it's still down for the year, reflecting the roller coaster ride for many tech stocks so far in 2014.

3. Russia, Thailand: Big talk, not much market movement

On the international front, traders were keeping tabs on geopolitical developments. Speaking Friday at an international economic forum in St. Petersburg, Russian President Vladimir Putin warned of a "dangerous civil war" in Ukraine as fresh violence erupted ahead of this weekend's presidential election.

Still, European markets mostly finished in positive territory.

In Asia, shares of Thailand's main index slipped 1% and the baht dipped against the dollar after Thursday's coup. Fitch said any further escalation in political instability could cause lasting damage to the economy.

Other Asian markets ended with gains.





S&P 500 Ends At Record On Housing, HP; Transports Fly

By Angela Moon

NEW YORK (Reuters) - The S&P 500 closed at a record high on Friday, buoyed by a rally in housing stocks after better-than-expected home sales and a jump in Hewlett-Packard shares a day after the personal computer maker said it would cut more jobs.

The S&P 500 ended above 1,900, just below a record intraday high of 1,902.17 set on May 13 and above its record closing high of 1,897.45 the same day.

Eight of the 10 S&P sector indexes ended higher for the day.

The Dow Jones Transportation Average (.DJT) rose 0.8 percent to close at a record high, after hitting a lifetime intraday high of 7,995.39.

Housing stocks ranked among the market's biggest outperformers, with the housing index (^HGX) up 1.9 percent.

Big tech names like Apple Inc (AAPL.O) and Amazon (AMZN.O) lifted the Nasdaq and helped it outperform the broader market. Apple shares ended up 1.1 percent at $614.13. Amazon shares jumped 2.4 percent to $312.24.

Hewlett-Packard (HPQ) jumped 6.1 percent to $33.72. The stock was among the S&P 500's best performers a day after the personal computer maker said it may cut as many as 16,000 more jobs in a major ramp-up of CEO Meg Whitman's years-long effort to turn the company around and relieve pressure on its profit margins.

The CBOE Volatility Index, or VIX (^VIX), fell 5.6 percent to end at 11.36, its lowest level since March 2013. Known as Wall Street's fear index, the VIX is extremely low by historical standards.

The VIX, at those levels, shows investors' lack of anxiety and "a certain amount of complacency," said Donald Selkin, chief market strategist at National Securities in New York.

"The lower the VIX, the more overbought the market gets, leaving it vulnerable to some kind of setback," Selkin said.

The Dow Jones industrial average (^DJI) rose 63.19 points or 0.38 percent, to 16,606.27. The S&P 500 (^GSPC) gained 8.04 points or 0.42 percent, to end at 1,900.53, a record. The Nasdaq Composite (^IXIC) added 31.47 points or 0.76 percent, to 4,185.81.

The S&P 500 posted its fifth daily advance out of the past six sessions, and its first weekly gain out of the past three.

For the week, the Dow rose 0.7 percent, the S&P 500 jumped 1.2 percent and the Nasdaq gained 2.3 percent.

A total of 146 stocks on the Big Board and Nasdaq touched 52-week highs, while just 26 issues hit 52-week lows. Two of the issues hitting 52-week lows on the Nasdaq are exchange-traded securities that track volatility.

HOUSING, TRANSPORT STOCKS RALLY

Housing stocks rallied for a second day after data from the Commerce Department showed sales of new U.S. single-family homes rose more than expected in April and the supply of houses on the market hit a 3-1/2 year high. A day ago, another report showed existing home sales rebounded in April.

Shares of Lennar Corp (LEN.N), the second-largest U.S. homebuilder in terms of revenue, shot up 4 percent to $40.54. The stock of top U.S. homebuilder D.R. Horton Inc (DHI.N) climbed 4.1 percent to $23.57.

The Russell 2000 (.TOY) index of small-cap shares rose 1.1 percent, outperforming the broader S&P 500. The Russell fell into correction territory last week - defined as a 10 percent decline from a recent closing high.

Among transportation stocks, about a quarter of the Dow Jones Transportation Average marked fresh 52-week highs, including three airlines - Delta (DAL.N), Southwest (LUV.N) and Alaska Air (ALK.N) - and two railroads - Norfolk Southern (NSC.N) and Union Pacific (UNP.N).

FedEx (FDX.N) shares jumped 1.6 percent to $141.50.

Bucking Friday's modest upswing was Aeropostale (ARO.N), which slid 24.6 percent to $3.41 after the teen apparel retailer forecast a bigger-than-expected loss for the current quarter.

Volume was light going into the Memorial Day holiday weekend, when the U.S. stock market will be closed on Monday. About 4.6 million shares traded on all U.S. platforms, below May's average of 5.9 million, according to BATS exchange data.

Two stocks rose for every one that fell on the New York Stock Exchange, while gainers outnumbered decliners on the Nasdaq Stock Market by a ratio of nearly 3 to 1.

3:30 pm: [BRIEFING.COM]

June gold chopped around in negative territory today as the dollar index traded slightly higher. The yellow metal touched a session low of $1286.60 per ounce in early morning action and later brushed a session high of $1294.80 per ounce. It eventually settled 0.3% lower at $1291.60 per ounce, booking a 0.1% loss for the week.

July silver also traded lower, dipping to a session low of $19.30 per ounce moments after floor trade opened. It chopped around near the $19.40 per ounce level in afternoon action and settled with a 0.6% loss at $19.41 per ounce. Today's weakness cut silver's weekly gain to 0.4%.

July crude oil came off its session low of $103.87 per barrel in morning action and advanced as high as $104.57 per barrel. It traded in a consolidative pattern slightly below that level in afternoon pit trade and settled at $104.36 per barrel, or 0.6% higher. The energy component booked a 2.8% gain for the week.

June natural gas also traded in positive territory today, climbing as high as $4.41 per MMBtu. It settled 0.9% higher at $4.40 per MMBtu, shaving losses for the week to 0.2%.

2:55 pm: [BRIEFING.COM] The S&P 500 has knocked on the door of 1900 a few times today, but there has been a reluctance to let it in. It just hit 1900.03 a few minutes ago, but couldn't get more than a foot in the door before it shut. Like the salesman who won't go away, though, the S&P 500 has been resting on that doorstep for the better part of the last four hours.

With an hour to go in the trading day, the closing intrigue will revolve around whether the S&P 500 clears 1900 on a closing basis and whether the Russell 2000 sticks above its 200-day moving average (1118.09). The S&P 500 needs to finish above 1897.45 to set a new, all-time closing high.

Strength in the technology sector (+0.9%) has been a key factor underlying the broader market's positive bias today.

The grind higher this week (and it has been a grind) has scraped the skin off the CBOE Volatility Index (VIX 11.47, -0.56), which is down 4.7% today and 7.8% for the week.

2:30 pm: [BRIEFING.COM] Equities are holding steady as the afternoon session drifts towards the close. This week was very quiet in terms of economic data, but next week will be a bit busier.

On Tuesday, the May Consumer Confidence report will be released at 10:00 ET, while Thursday's session will feature the second look at Q1 GDP. Thursday will also feature the Pending Home Sales report for April, while Friday will be headlined by the latest personal income and personal spending data.

The final reading of the May Michigan Sentiment survey will also be released on Friday at 9:55 ET.

2:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% as the quiet afternoon continues. There hasn't been much change among individual sectors other than some minor slippage in the energy (-0.1%), utilities (-0.1%), and telecom services (unch) sectors.

On the upside, today's leaders-consumer discretionary (+0.7%) and technology (+0.7%)-are holding their ground.

Elsewhere, the bond market has just closed for the day with the 10-yr note up four ticks, which pressured its yield two basis point to 2.54%.

1:25 pm: [BRIEFING.COM] There hasn't been anything scintillating about today's trading action necessarily, but it has still produced some excitement. To that end, the Russell 2000 has crossed back above its 200-day moving average, the S&P 500 stopped a whisker shy of 1900 (placing it above its all-time closing high), and the Dow Jones Transportation Average has vaulted to another record high.

As expected, most of today's move came early. For the most part, the major indices have been confined to a narrow trading range that has been noteworthy more so for the lack of selling interest than the lack of buying interest.

All in all, it has been a pretty good week of returns for the indices, notwithstanding that the trading volume has been completely anemic.

At its current level, the S&P 500 is up 1.1% for the week. The Russell 2000 and Nasdaq Composite, however, have been the standouts, with gains of 2.6% and 2.0%, respectively.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover near their best levels of the session. Similar to yesterday, the Russell 2000 (+0.9%) leads, while the Dow (+0.3%), Nasdaq (+0.5%), and S&P 500 (+0.4%) sport more modest gains.

The first half of the final session of the week has been very quiet, which is understandable, considering many are likely looking ahead to the three-day Memorial Day weekend. On that note, the first four sessions of the week produced an average trading volume of just 587 million. In all likelihood, the market will be challenged to surpass that total today since only 226 million shares have traded hands at the NYSE so far.

All ten sectors display gains with cyclical groups looking a bit stronger than the four defensive sectors. Heavily-weighted consumer discretionary (+0.7%), technology (+0.6%), and industrials (+0.6%) occupy the top of the leaderboard, while energy (+0.1%), utilities (+0.1%), and health care (+0.1%) round out the bottom.

Interestingly, even though the health care sector has been lagging, biotechnology has fared a bit better, which is likely a function of the relative strength among high-growth names. The iShares Nasdaq Biotechnology ETF (IBB 234.76, +0.61) trades higher by 0.3%.

Elsewhere, high-beta components have done their part in providing support to the technology sector and the Nasdaq Composite. Chipmakers in particular are seeing solid gains across the board with the 30-component PHLX Semiconductor Index trading up 0.8%.

With stocks on highs, participants have not shown much demand for volatility protection, which has sent the CBOE Volatility Index (VIX 11.56, -0.47) to levels last seen in March 2013.

Treasures rallied into the late morning, but reversed from their highs shortly after 11:00 ET. At this juncture, the 10-yr note is higher by five ticks with its yield down two basis points at 2.54%.

Economic data was limited to April new home sales, which increased 6.4% from an upwardly revised 407,000 (from 384,000) in March to 433,000. The Briefing.com consensus expected new home sales to increase to 415,000. The big story in the new homes sales report is that median home prices fell 1.3% year-over-year. That was the second year-over-year decline in three months. Over the past few years, new home price growth has outpaced existing home price gains. That has led to a large increase in the new home price premium.

12:25 pm: [BRIEFING.COM] Equity indices remain near their recent levels as the quiet final session of the week continues.

Sector leadership has not changed much as consumer discretionary (+0.6%) and technology (+0.6%) continue holding the lead, while industrials (+0.5%) follow not far behind. The industrial sector owes its outperformance to transports as the Dow Jones Transportation Average (+0.8%) trades at a fresh all-time high.

Including today's solid gain, the bellwether complex is higher by 4.1% in May and up 7.9% since the start of 2014 versus a 0.2% year-to-date gain for the Dow Jones Industrial Average.

12:00 pm: [BRIEFING.COM] The Dow (+0.3%) and S&P 500 (+0.3%) remain near their highs that were established within the last hour, while the Nasdaq (+0.5%) has extended to a new session best.

In part, the outperformance of the Nasdaq is due to the strength within the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 235.30, +1.15) is higher by 0.5%, while the health care sector (+0.2%) has climbed to a new high.

Biotechnology notwithstanding, the technology sector (+0.5%) has been no slouch, and is also contributing to the outperformance of the Nasdaq Composite.

11:25 am: [BRIEFING.COM] Not much change in the major averages as they continue their slow drift higher. All ten sectors hold gains, but growth-sensitive groups are staying ahead of their countercyclical peers.

Two of the four top-weighted S&P 500 sectors-consumer discretionary (+0.5%) and technology (+0.5%)-lead, while the remaining cyclical groups follow not far behind. The financial sector (+0.3%) is the weakest-performer among the bunch, but the group trades not far behind the broader market.

On the countercyclical side, consumer staples, health care, telecom services, and utilities are up between 0.1% and 0.2%.

11:00 am: [BRIEFING.COM] The major averages have built on their opening gains and the Dow, Nasdaq, and S&P 500 are all up near 0.3% apiece. Small caps, meanwhile, are showing strength once again with the Russell 2000 trading higher by 0.6%.

The Russell 2000 has reclaimed its 200-day moving average (1118.62), which has served as an encouraging factor for the broader market. The S&P 500, meanwhile, has climbed above its record close of 1897.45.

Prior to the open, we discussed this week's trading volume, which has been lacking. True to form, the first 90 minutes of today's session have seen volume comparable with yesterday's total, which marked the second-lowest tally of the year. So far, less than 150 million shares have changed hands at the NYSE.

10:35 am: [BRIEFING.COM]

Commodities are mixed this morning, while the dollar index remains in positive territory
However, the index has been slowly sliding lower from its HoD
July crude oil has been climbed higher all morning and rose as high as $104.33/barrel.
A few minutes before floor trading began, crude started to pull back and is now +0.4% at $104.10/barrel.
June natural gas has been in positive territory all morning and is now +0.4% at $4.38/MMBtu
Gold and silver have been in the red so far today. Two minutes before the open, gold drop almost $5/oz to $1286.60/oz
June gold is now -0.2% at $1293.10/oz, July silver is -0.5% at $19.43/oz
July copper is +0.8% at $3.17/lb

10:00 am: [BRIEFING.COM] The S&P 500 has extended its gain to 0.2% as eight sectors continue trading in the green.

April new home sales hit an annualized rate of 433,000, which was up from the revised March rate of 407,000 (from 384,000), and better than the rate of 415,000 that had been broadly expected by the Briefing.com consensus.

9:45 am: [BRIEFING.COM] Equity indices climbed out of the gate, but their opening gains were fairly limited. The S&P 500 trades higher by 0.1% with eight sectors showing gains.

Of the eight advancers, technology leads the way with a gain of 0.3%, while consumer discretionary (+0.2%) and industrials (+0.2%) follow not far behind. On the downside, the health care sector (-0.1%) holds a slim loss.

Treasuries remain near their highs with the 10-yr yield down two basis points at 2.54%.

The New Home Sales report (Briefing.com consensus 415K) for April will be released at 10:00 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +3.00. The stock market is on track for a marginally higher open as futures on the S&P 500 trade less than a point above fair value. The slim gain comes after futures held inside a three-point range during overnight action, but fell to lows during the past 30 minutes as the yen surged from its lows, sending the dollar/yen pair into the 101.85 area. The European session, meanwhile, has not introduced too much additional volatility as the key indices there trade little changed ahead of weekend parliamentary elections across the European Union and a Sunday presidential election in Ukraine.

Back home, participants are gearing up for a three-day weekend, which is likely to lead to below-average volume, which has been the case all week. Today's number to beat will be 587 million, which is the average NYSE floor volume over the past four sessions.

Today's lone economic data point will come in the form of the New Home Sales report (Briefing.com consensus 415K) for April, which will be released at 10:00 ET.

Treasuries hold modest gains. The 10-yr note is higher by five ticks with its yield down two basis points at 2.53%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +3.00. The S&P 500 futures trade one point above fair value.

Asian markets ended the week on a mostly higher note, but Thailand's SET opened roughly 2.0% lower following the official coup d' tat announcement from the Army; however, the index climbed off its lows, narrowing its loss to 0.6% by the close.

Economic data was limited:
Singapore's CPI rose 2.5% year-over-year (consensus 2.6%, previous 1.2%).

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Japan's Nikkei rallied 0.9% with support from financials. Matsui Securities and Resona Holdings gained 4.3% and 3.3%, respectively.
Hong Kong's Hang Seng eked out a slim gain of 0.1% as property names outperformed. China Overseas Land and China Resources Land posted respective gains of 5.5% and 3.9%.
China's Shanghai Composite climbed 0.7% into the close. Technology names led as China National Software & Service, Insigma Technology, and Inspur Software gained between 8.1% and 10.1%.

Major European indices trade in mixed fashion ahead of weekend elections across the continent. In addition to the EU Parliamentary elections that are set to take place this weekend, Ukraine will vote in its own presidential election on Sunday.

In economic data:
Germany's GDP rose 0.8% quarter-over-quarter, as expected, while the year-over-year reading increased 2.5% (consensus 2.3%, previous 2.5%). Separately, Ifo Business Climate Index fell to 110.4 from 111.2 (expected 110.9) as Current Assessment slipped to 114.8 from 115.3 (consensus 115.5) and Business Expectations fell to 106.2 from 107.3 (forecast 106.6).
Italy's non-EU trade surplus narrowed to EUR1.65 billion from EUR2.70 billion. Separately, Retail Sales slipped 0.2% month-over-month (consensus 0.3%, previous -0.2%) and Wage Inflation was unchanged month-over-month (prior 0.0%).

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Great Britain's FTSE is lower by 0.3%. Energy names lag with Tullow Oil and Royal Dutch Shell down 1.3% and 0.7%, respectively. On the upside, London Stock Exchange is higher by 1.7%.
In France, the CAC trades up 0.1%. Credit Agricole leads with a gain of 2.1%, while Orange is the weakest performer, down 1.9%.
Germany's DAX holds an advance of 0.2% with utilities providing support. E.ON is higher by 1.2% and RWE trades up 1.6%. Deutsche Bank weighs, trading lower by 1.4%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +4.20. U.S. equity futures continue trading modestly higher as today's session appears to be setting up for a quiet open. In fact, quiet has been the general theme since Monday as the first four sessions of the week generated an average NYSE floor volume of just 587 million, which is well below the longer-term average of 703 million.

With a three-day weekend looming, today's volume is likely to remain closer to this week's average than the longer average.

Today's economic data will be limited to the New Home Sales report (Briefing.com consensus 415K) for April, which will be released at 10:00 ET.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +3.50. U.S. equity futures hold slim gains amid subdued action overseas. The S&P 500 futures trade two points above fair value.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +0.1%, China's Shanghai Composite +0.7%, and Japan's Nikkei +0.9%.
Economic data was limited:
Singapore's CPI rose 2.5% year-over-year (consensus 2.6%, previous 1.2%).
In news:
Thailand's SET opened roughly 2.0% lower following the official coup d' tat announcement from the Army; however, the index climbed off its lows, narrowing its loss to 0.6%.

Major European indices trade in mixed fashion. Great Britain's FTSE -0.2%, France's CAC +0.1%, and Germany's DAX +0.2%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX is flat.
In economic data:
Germany's GDP rose 0.8% quarter-over-quarter, as expected, while the year-over-year reading increased 2.5% (consensus 2.3%, previous 2.5%). Separately, Ifo Business Climate Index fell to 110.4 from 111.2 (expected 110.9) as Current Assessment slipped to 114.8 from 115.3 (consensus 115.5) and Business Expectations fell to 106.2 from 107.3 (forecast 106.6).
Italy's non-EU trade surplus narrowed to EUR1.65 billion from EUR2.70 billion. Separately, Retail Sales slipped 0.2% month-over-month (consensus 0.3%, previous -0.2%) and Wage Inflation was unchanged month-over-month (prior 0.0%).
Among news of note:
European markets are quiet ahead of weekend elections across the continent. In addition to the EU Parliamentary elections that are set to take place this weekend, Ukraine will vote in its own presidential election on Sunday.

In U.S. corporate news:

Aeropostale (ARO 3.80, -0.72): -15.9% after its cautious guidance overshadowed its earnings beat on light revenue.
Aruba Networks (ARUN 18.41, -1.65): -8.2% despite reporting in line earnings on above-consensus revenue.
Foot Locker (FL 49.95, +1.78): +3.7% after beating on earnings and revenue.
Gamestop (GME 38.95, +2.07): +5.6% following its earnings beat on below-consensus revenue.
Ross Stores (ROST 67.50, -0.60): -0.9% in reaction to its in-line report.
Youku Tudou (YOKU 19.81, -0.59): -2.9% after missing revenue estimates on above-consensus earnings.

The New Home Sales report (Briefing.com consensus 415K) for April will be released at 10:00 ET.

6:23 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +5.00.

6:23 am: [BRIEFING.COM] Nikkei...14462.17...+124.40...+0.90%. Hang Seng...22965.86...+12.10...+0.10%.

6:23 am: [BRIEFING.COM] FTSE...680.12...-16.20...-0.20%. DAX...9750.50...+29.60...+0.30%.

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

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

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