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 Post subject: December 4th Thursday Trade Results - Profit $3320.00
PostPosted: Thu Dec 04, 2014 9:40 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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 @ $3,320.00 dollars or +33.20 points, Emini ES ($ES_F) futures @ $0.00 dollars or +00.00 points, Light Crude Oil CL ($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 @ $3,320.00 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

Trade Log: 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 in ##TheStrategyLab chat room 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=137&t=1951

Quote:
If any of my real-time posted trades are via key concepts discussed in the WRB Analysis free study guide or the Fading Volatility Breakout (FVB) free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the Advance WRB Analysis Tutorial Chapters 4 - 12 or the Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated only for fee-base clients or discuss the strategies with fee-base clients on my Skype contact list.

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 ##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

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

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=252&t=2585

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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.

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

4:10 pm: [BRIEFING.COM] The stock market ended the Thursday session on a modestly lower note ahead of Friday's Nonfarm Payrolls report for November. The S&P 500 shed 0.1% while the Russell 2000 (-0.5%) underperformed.

Thursday served as a perfect reminder for how dependent global equity markets have become on central bank stimulus. The first reminder occurred during the Asian session with China's Shanghai Composite soaring 4.3% amid expectations the People's Bank of China will introduce additional stimulus measures. While today's advance was impressive, it pales in comparison with an 18.3% surge in the index since November 20.

Meanwhile, the second reminder manifested itself through volatility in European and U.S. markets in reaction to the European Central Bank's latest policy statement and subsequent press reports.

As expected, the ECB made no changes to its interest rate corridor, but more notably, President Mario Draghi did not call for the start of a sovereign QE program, which had been expected by some. Instead, Mr. Draghi said the economic situation in the eurozone will be reassessed early next year. Furthermore, the ECB lowered its 2015 GDP projection to 1.0% from 1.6% and cut its harmonized inflation forecast for the region to 0.7% from 1.1%.

The absence of a QE announcement gave a boost to the euro while pressuring European and U.S. stocks. However, U.S. equities were able to string together a rebound after markets in Europe closed for the day. That recovery was capped with the S&P 500 spiking into the green just after 12:30 ET when Bloomberg reported the European Central Bank will prepare a broad-based QE package for the January meeting. In a way, preparations for such a program should be expected even if no announcement is made in January and it is worth pointing out that Mr. Draghi was pressed to define 'early' during his press conference, to which he responded, "Early, it means early, it doesn't mean the next meeting."

The vague report knocked the euro off its high to 1.2380 against the dollar after the single currency tested the 1.2455 level in the morning. Conversely, the Dollar Index (88.62, -0.33) halved its loss to 0.4%.

Although the early afternoon rebound sent the benchmark index back to its flat line, the S&P 500 was unable to extend that move. The index spent the next two hours within a point of unchanged before sliding away from its flat line into the close. Once again, an ECB-related report was cited for the afternoon weakness after Germany's Die Welt reported Mr. Draghi no longer enjoys majority support on the Executive Board.

Eight sectors finished in the red with energy (-0.9%) spending the day at the bottom of the leaderboard. The sector slumped as crude oil surrendered 0.8% to $66.75/bbl, but despite the decline, the energy sector will enter Friday with a week-to-date gain of 2.4% versus a slim 0.2% uptick for the S&P 500.

Outside of energy, telecom services (-0.2%) and industrials (-0.5%) were the only two groups unable to keep pace with the market. The industrial sector followed its top component-General Electric (GE 26.09, -0.29)-lower, while transport stocks held up relatively well with the Dow Jones Transportation Average ending in-line with the market.

Elsewhere, the consumer discretionary sector also finished in-line with the S&P 500, but retail stocks were pressured after Aeropostale (ARO 2.48, -0.71), Express (EXPR 13.19, -1.30), Guess? (GES 20.07, -2.10), and PVH (PVH 122.68, -1.72) disappointed with their earnings and/or guidance. The four names lost between 1.4% and 22.3% while the SPDR S&P Retail ETF (XRT 92.73, -0.64) fell 0.7%.

On the upside, financials (+0.1%), materials (+0.3%), and technology (+0.1%) registered modest gains. Notably, the tech sector received a measure of support from the PHLX Semiconductor Index, which added 0.1%. Shares of Avago Technologies (AVGO 103.07, +7.94) spiked 8.4% and were responsible for the bulk of the uptick in reaction to strong quarterly results and guidance.

Treasuries ended on their highs with the 10-yr yield sliding four basis points to 2.24%.

Participation was a bit below average with just over 780 million shares changing hands at the NYSE floor.

Economic data was limited to initial claims and the Challenger Job Cuts report:

Weekly initial claims fell to 297,000 from an upwardly revised rate of 314,000 (from 313,000) while the Briefing.com consensus expected a decline to 295,000
Continuing claims increased to 2.362 million from an upwardly revised 2.323 million (from 2.316 million)
The Challenger Job Cuts report showed a 21.0% year-over-year decline in planned layoffs to follow the prior increase of 11.9%

Tomorrow, the November Nonfarm Payrolls report (Briefing.com consensus 230K) will be released at 8:30 ET alongside the October Trade Balance (consensus -$42.00 billion). The Factory Orders report for October (consensus 0.2%) will cross at 10:00 ET and the day's data will be topped off with the 15:00 ET release of the Consumer Credit report for October (consensus $16.50 billion).

Nasdaq Composite +14.2% YTD
S&P 500 +12.1% YTD
Dow Jones Industrial Average +8.0% YTD
Russell 2000 +0.8% YTD

3:40 pm: [BRIEFING.COM]

Energy continued to struggle and ended the day in the red
Natural gas prices came in this morning weak and extended losses following the weekly storage data
Jan nat gas closed $0.15 lower at $3.65/MMBtu
Jan crude oil lost steam again and finished at $66.75/barrel, down $0.55/barrel
Metals reversed, partially driven by Draghi comments/dollar
Feb gold closed $8.80 higher at $1207.40/oz, while Mar silver gained $0.10 to $16.55/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session. The benchmark index has taken a couple steps back after spending the past two hours on its flat line.

Only two sectors-technology (+0.2%) and materials (+0.2%)-remain in the green while energy (-0.7%), industrials (-0.6%), and consumer staples (-0.2%) trail the benchmark index. Although the energy space is the weakest performer today, it remains atop this week's leaderboard with a solid gain of 2.5%.

Elsewhere, Treasuries have inched to new highs with the 10-yr yield down two basis points at 2.26%.

2:25 pm: [BRIEFING.COM] Afternoon action continues with the S&P 500 sitting on its flat line. In fact, the benchmark index has been anchored to the unchanged level for the past two hours. The S&P 500 completed its rebound with a spike into the green following the Bloomberg report regarding ECB's QE preparations, but the index has been unable to find incremental buyers since then.

At this juncture, four sectors trade in the green with materials (+0.4%) in the lead while four other groups hover in the red. The remaining two sectors-consumer discretionary and consumer staples-sit right on their flat lines.

Elsewhere, the Russell 2000 (-0.3%) trails the broader market and today's underperformance has brought the small-cap index in-line with the S&P 500 for the week. Both indices are higher by 0.3% since last Friday.

2:00 pm: [BRIEFING.COM] The S&P 500 continues hovering near its flat line.

While today everyone was dissecting this morning's ECB meeting, tomorrow the focus will switch to the November employment report.

Since the beginning of September, the initial claims level has averaged roughly 290,000. That is a level consistent with an employment sector at, or near, full employment. While this week's claims reading is still above that trend, the pullback from last week suggests that overall employment conditions have not changed materially.

Clearly, businesses have reduced layoff activities, but so far that has not translated into a strong and stable acceleration in payroll growth. It is possible that the number of discouraged workers is smaller than we assume. That would suggest that the pool of unemployed is also smaller. If this is the case, then payroll gains could be blunted by the lack of available talent.

If there is still slack in the labor market, we would expect payroll gains in the neighborhood of 250,000 -- 275,000.

1:30 pm: [BRIEFING.COM] After spiking to the highs of the day on a Bloomberg story stating that the ECB is considering a proposal for an asset program next month, the major US markets have cooled off and remain around flat lines at the moment. Traders are taking stock of the aforementioned headline but in general seem inclined to view it as not being "new" news.

The euro has seen some volatility off the ECB headline mentioned above. Earlier today it crossed at 1.245 against the Dollar, but has since dropped back to 1.237.

Technology (+0.2%) and Materials (+0.3%) remain the strongest sectors on the day while Energy (-0.6%) and Industrials (-0.3%) continue to underperform.

1:00 pm: [BRIEFING.COM] The major averages trade near their flat lines at midday after climbing off their morning lows. The S&P 500 (-0.1%) holds a one-point loss while the Nasdaq Composite (+0.1%) outperforms.

Equities started the Thursday session under pressure after the European Central Bank's latest policy statement did not call for the deployment of a sovereign QE program. Instead, ECB President Mario Draghi said the economic situation in the Eurozone will be reassessed early next year. That remark indicated the ECB is not yet ready to begin purchasing sovereign debt, which had been expected by some. Furthermore, the ECB lowered its 2015 GDP projection to 1.0% from 1.6% and cut its harmonized inflation forecast for the region to 0.7% from 1.1%.

Although U.S. stocks started the day under pressure, the key indices have been rising steadily since markets in Europe closed for the day. The S&P 500 completed its rebound with a recent spike into the green after a Bloomberg report said the European Central Bank will prepare a broad-based QE package for the January meeting. In a way, preparations for such a program should be expected even if no announcement is made and it is worth pointing out that Mr. Draghi was pressed to define 'early' during his press conference, to which he responded, 'early means early, but not next meeting.'

The euro spiked this morning, but the single currency (1.2370) has halved its morning gain. Conversely, the Dollar Index (88.67, -0.28) has narrowed its loss to 0.3%.

As for equities, today's weakest sector-energy-has been able to trim its loss to 0.9% even though crude oil remains lower by 1.4% at $66.47/bbl. Outside of energy, the industrial sector (-0.3%) is the only notable laggard at this juncture with General Electric (GE 26.09, -0.29) contributing to the underperformance. Transport stocks, meanwhile, trade mostly higher with the Dow Jones Transportation Average up 0.2%.

Elsewhere, heavily-weighted technology (+0.2%) and health care (+0.2%) have contributed to the rebound. Large cap tech names like Google (GOOGL 540.83, +3.86), Facebook (FB 75.34, +0.46), and Microsoft (MSFT 48.94, +0.87) sport solid gains between 0.6% and 1.9% while other influential sector members trade mixed. Chipmakers have been able to stay ahead of the market with the PHLX Semiconductor Index up 0.1% after Avago Technologies (AVGO 102.68, +7.55) reported better than expected results and boosted its guidance.

Treasuries hold modest gains with the 10-yr yield lower by a basis point at 2.27%.

Economic data was limited to initial claims and the Challenger Job Cuts report:

Weekly initial claims fell to 297,000 from an upwardly revised rate of 314,000 (from 313,000) while the Briefing.com consensus expected a decline to 295,000
Continuing claims increased to 2.362 million from an upwardly revised 2.323 million (from 2.316 million)
The Challenger Job Cuts report showed a 21.0% year-over-year decline in planned layoffs to follow the prior increase of 11.9%

12:25 pm: [BRIEFING.COM] Equity indices have continued their rebound with the Nasdaq inching back into the green while the S&P 500 is now lower by just three points.

In our prior update, we singled out the technology sector (+0.2%) as an area that could fuel an extension of the rebound. So far, the sector has played along as it hovers just below its early high. However, the tech sector is not the only group that has helped the market distance itself from the morning low. Health care (+0.1%) sports a slim gain thanks to strength in biotechnology while financials (-0.1%) trade just ahead of the S&P 500.

Collectively, health care, financials, and technology account for nearly 50.0% of the entire market.

11:55 am: [BRIEFING.COM] Recent action saw the S&P 500 narrow its loss to 0.3% while the Russell 2000 has cut its decline to 0.4%.

So far, only the materials sector (+0.2%) has been able to turn positive while the remaining nine groups continue trading in the red. Outside of materials, the technology sector (unch) is the only group trading near its flat line. The technology sector deserves added attention into the afternoon since the top-weighted group has the potential to move the market in either direction. Large cap components continue trading in mixed fashion while chipmakers outperform with the PHLX Semiconductor Index little changed.

Elsewhere among influential sectors, financials (-0.2%) and health care (-0.2%) follow not far behind while energy (-1.2%) and industrials (-0.6%) lag.

11:25 am: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 trading lower by 0.5%. However, the foreign exchange market has been more a bit more active.

The Dollar Index (88.29, -0.66) slumped to lows after today's policy statement from the European Central Bank did not call for the start of a sovereign QE program. The dollar weakness has been brought on by significant euro strength with the single currency up about 120 pips (1.2440) since ECB President Mario Draghi's press conference. As for the Dollar Index, it is now lower by 0.8% and it is worth noting that continued weakness would likely test the resolve of recent dollar longs that entered after the index posted five consecutive monthly gains.

Elsewhere, Treasuries have climbed steadily with the 10-yr note at its high with the benchmark yield lower by two basis points at 2.26%.

10:55 am: [BRIEFING.COM] Unable to build on the modest early gain in the Nasdaq Composite (-0.2%), the major averages have slid to new lows for the session. The S&P 500 is now lower by 0.5% while the Russell 2000 (-0.8%) underperforms.

Equity indices tried to rebound from their opening lows, but only the Nasdaq was able to move into the green. However, the tech-heavy index could not build on its early gain with large cap technology components and biotech names acting as a drag. The iShares Nasdaq Biotechnology ETF (IBB 306.72, -1.53) is lower by 0.5% while influential tech names like Oracle (ORCL 41.54, -0.52), Intel (INTC 37.10, -0.33), and Hewlett-Packard (HPQ 38.81, -0.24) are down between 0.6% and 1.2%.

It is worth mentioning the technology sector-and the Nasdaq-have been kept from sliding deeper into the red by solid gains in the shares of Apple (AAPL 116.57, +0.64) and Microsoft (MSFT 48.64, +0.56).

Elsewhere, the broader market has faced continued weakness in the energy sector, which is now down 1.5%.

10:35 am: [BRIEFING.COM]

Natural gas futures extend recent losses following the EIA storage data, which showed a smaller-than-expected draw out of U.S. inventory
As a result, Jan nat gas fell to a new LoD of $3.67/MMBtu and is currently
Energy in general has been in the red all morning. Oil prices are lower again as the market remains in oversupply after OPEC left output unchanged
OPEC is still a catalyst weighing on oil prices
Commodities were mostly lower this morning despite modest weakness in the dollar index, but then Draghi comments started to mix things up.
Initial comments caused the dollar index to sell-off and precious metals to rally to new highs on the day. However, later comments caused both to reverse.
Gold is now back in the red and silver and copper continued to pull back from today's highs.
Jan crude oil is now -0.9% at $66.75/barrel
Jan nat gas is -3.5% at $3.68/MMBtu
Feb gold is now +0.01% at $1208.80/oz, while Mar silver +1% at $16.58/oz
Mar copper is +1.4% at $2.91/lb

9:55 am: [BRIEFING.COM] The S&P 500 (-0.2%) continues hovering close to its opening low while the Nasdaq Composite (+0.1%) trades near its high thanks to the absence of energy companies inside the tech-heavy index.

The Nasdaq has received a measure of support from chipmakers as the PHLX Semiconductor Index trades higher by 0.3% with Avago Technologies (AVGO 102.16, +7.03) pacing the rally after beating estimates and hiking its guidance. Shares of AVGO have added 7.5% in the early going. Meanwhile, large cap tech components trade mostly lower, but Apple (AAPL 116.27, +0.34), Facebook (FB 75.34, +0.46), and Microsoft (MSFT 48.83, +0.75) outperform.

9:40 am: [BRIEFING.COM] The major averages began the session in the red, but their opening losses have been limited. The S&P 500 (-0.2%) hovers just below its flat line while the Nasdaq Composite has been able to return to its unchanged level.

Eight of ten sectors hold opening losses with energy (-1.2%) showing the largest decline. The growth-sensitive sector is the weakest performer after leading the market during the first three sessions of the week. Meanwhile, crude oil trades down 1.3% at $66.51/bbl.

Elsewhere, consumer discretionary (-0.3%), industrials (-0.3%), and telecom services (-0.3%) also trail the broader market while the remaining groups have held up a bit better.

Treasuries remain flat with the 10-yr yield at 2.28%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -4.50. The stock market is on track for a lower open with the S&P 500 futures trading five points below fair value. Index futures traded little changed overnight, but slumped to lows alongside European indices after the European Central Bank did not announce the deployment of a sovereign QE program, which is what some investors and investment banks in Europe had expected.

During his press conference, Mr. Draghi said that the central bank has begun buying covered bonds and the economic situation in the Eurozone will be reassessed early next year. That remark indicated the ECB is not yet ready to begin purchasing sovereign debt. Furthermore, the ECB lowered its 2015 GDP projection to 1.0% from 1.6% and cut its harmonized inflation forecast to 0.7% from 1.1%.

The euro spiked about 100 pips (1.2400) in reaction to the comments, pressuring the Dollar Index (88.53, -0.42) to a fresh low (-0.5%).

Domestically, investors have received a handful of quarterly reports from retailers, but the results have not been very impressive. To that point, Aeropostale (ARO 2.71, -0.48), Dollar General (DG 65.80, -0.89), Express (EXPR 12.85, -1.64), PVH (PVH 123.50, -0.90) are all on track to begin in the red after disappointing with their earnings and/or guidance.

However, for the time being, participants are likely to pay more attention to the broad market to see how the key indices handle the lack of new stimulus from the ECB.

Treasuries are little changed with the 10-yr yield at 2.28%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -13.30. The S&P 500 futures trade eight points below fair value.

Markets gained across Asia. A Nikkei report out yesterday during U.S. trade suggested Japan Prime Minister Shinzo Abe's LDP would win a super majority in the upcoming election.

In economic data:
Australia's trade deficit narrowed to AUD1.32 billion from AUD2.24 billion (expected deficit of AUD1.81 billion) as imports fell 2.0% (prior -6.0%) and exports increased 2.0% (previous 1.0%). Separately, Retail Sales rose 0.4% month-over-month (expected 0.1%; prior 1.3%)
South Korea's Q3 GDP was left unrevised at 0.9% quarter-over-quarter, as expected

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Japan's Nikkei posted its fourth consecutive advance, gaining 0.9%. Airbag maker Takata lagged, dropping 3.3%, following reports Ford would expand its recall.
Hong Kong's Hang Seng rallied 1.7% off the 50-day average. Bank of Communications was the top performer, climbing 8.0%.
China's Shanghai Composite surged 4.3% to its best levels since May 2011 amid further speculation of PBOC easing. Energy giants Sinopec and PetroChina both gained the limit, 10%.
India's Sensex added 0.4% to end just shy of record highs. ITC jumped 5.5% on word the government may not stop the sale of single cigarettes.

Major European indices have surrendered their gains during a press conference held by European Central Bank President Mario Draghi. Mr. Draghi said that the central bank has begun buying covered bonds and the economic situation in the Eurozone will be reassessed early next year. That remark indicated the ECB is not yet ready to deploy a sovereign QE program, which was expected by some investors going into today's meeting. Also of note, the ECB lowered its 2015 GDP projection to 1.0% from 1.6% and cut its harmonized inflation forecast to 0.7% from 1.1%. The euro spiked about 100 pips (1.2390) in reaction to the comments while European indices fell to lows.

Elsewhere, The Bank of England maintained its policy stance and kept its key interest rate and purchasing program at their respective 0.5% and GBP375 billion.

Economic data was limited:
Eurozone Retail PMI jumped to 48.9 from 47.0
Great Britain's Halifax House Price Index rose 0.4% month-over-month (expected 0.3%; previous -0.4%) while the year-over-year reading increased 8.2% (prior 8.8%)
French Q3 Unemployment Rate spiked to 10.4% from 10.1% (expected 10.3%)

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United Kingdom's FTSE trades down 0.5% with miners and energy stocks on the defensive. Anglo American, Tullow Oil, BP, and Rio Tinto hold losses between 1.8% and 2.9%.
Germany's DAX is lower by 0.8%. Bank shares are under pressure with Commerzbank and Deutsche Bank down 2.8% and 2.0%, respectively.
In France, the CAC has given up 1.2% with banks and energy names leading the slide. Technip, Total, Creidt Agricole, and Societe Generale are down between 1.7% and 2.6%. Telecom provider Orange leads with a gain of 1.9%.
Italy's MIB holds a loss of 1.8% amid weakness in bank shares. BMPS, Banco Popolare, Unicredit, and UBI Banca are down between 2.1% and 3.4%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +3.20. The S&P 500 futures trade right below fair value.

The latest weekly initial jobless claims count totaled 297,000 while the Briefing.com consensus expected a reading of 295,000. Today's tally was below the revised prior week count of 314,000 (from 313,000). As for continuing claims, they rose to 2.362 million from 2.323 million.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: +5.00. U.S. equity futures trade little changed amid mixed action overseas. The S&P 500 futures hover just above fair value after respecting a four-point range through the night.

Outside of a 4.3% surge in China's Shanghai Composite on expectations for additional stimulus, the overnight session was quiet with investors readying for the latest policy statement from the European Central Bank. As expected, the central bank did not announce any changes to its rate corridor, but Mario Draghi has yet to hold his press conference, which is scheduled to begin at 8:30 ET.

Domestically, the Challenger Job Cuts report showed a 21.0% year-over-year decline in planned layoffs to follow the prior increase of 11.9%. Today's remaining report-Weekly Initial Claims-will cross the wires at 8:30 ET (Briefing.com consensus 295K).

Treasuries hover just below their flat lines with the 10-yr yield at 2.28%.

In U.S. corporate news of note:

Aeropostale (ARO 2.84, -0.35): -11.0% after its cautious guidance overshadowed a one-cent beat.
Avago Technologies (AVGO 102.15, +7.02): +7.4% after beating estimates and guiding higher.
Dollar General (DG 66.00, -0.69): -1.0% after missing by a penny.
Express (EXPR 12.95, -1.54): -10.6% after its below-consensus Q4 earnings guidance masked a one-cent beat.
PVH (PVH 122.68, -1.72): -1.4% after its below-consensus earnings guidance for fiscal year 2015 overshadowed its bottom-line beat.
Sears Holdings (SHLD 34.97, +0.72): +2.1% after beating earnings and revenue estimates.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.9%, Hong Kong's Hang Seng +1.7%, and China's Shanghai Composite +4.3%
In economic data:
Australia's trade deficit narrowed to AUD1.32 billion from AUD2.24 billion (expected deficit of AUD1.81 billion) as imports fell 2.0% (prior -6.0%) and exports increased 2.0% (previous 1.0%). Separately, Retail Sales rose 0.4% month-over-month (expected 0.1%; prior 1.3%)
South Korea's Q3 GDP was left unrevised at 0.9% quarter-over-quarter, as expected
In news:
The big jump in China was paced by brokerage and energy names

Major European indices trade mostly higher. Germany's DAX +0.5%, France's CAC +0.3%, and Great Britain's FTSE -0.1%. Elsewhere, Italy's MIB -0.2% and Spain's IBEX -0.1%
Economic data was limited:
Eurozone Retail PMI jumped to 48.9 from 47.0
Great Britain's Halifax House Price Index rose 0.4% month-over-month (expected 0.3%; previous -0.4%) while the year-over-year reading increased 8.2% (prior 8.8%)
French Q3 Unemployment Rate spiked to 10.4% from 10.1% (expected 10.3%)
Among news of note:
The Bank of England maintained its policy stance and kept its key interest rate and purchasing program at their respective 0.5% and GBP375 billion
The European Central Bank also stayed on its current policy course and kept its main refinancing rate at 0.05%

6:52 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +4.50.

6:52 am: [BRIEFING.COM] Nikkei...17,887.21...+166.80...+0.90%. Hang Seng...23,832.56...+403.90...+1.70%.

6:52 am: [BRIEFING.COM] FTSE...6,720.72...+4.10...+0.10%. DAX...10,023.12...+51.20...+0.50%.

Dollar Gaining 7th Week Before Jobs; Yen Drop Spurs Bankruptcies

By Mariko Ishikawa and Kevin Buckland Dec 4, 2014 8:42 PM ET

The dollar headed for a seventh weekly gain, after rising above 120 yen yesterday for the first time since July 2007, as economists predicted U.S. job growth quickened while Japan is in recession and Europe struggles.

The U.S. currency has risen at least 3.8 percent versus all its 16 major peers in the past three months amid speculation the Federal Reserve will boost interest rates next year. The euro rose from a two-year low yesterday after European Central Bank President Mario Draghi said policy makers will wait to assess whether extra stimulus is needed. Corporate bankruptcies in Japan related to the weak yen increased last month to the most since at least January 2013, Teikoku Databank Ltd. said.

“If the payrolls number is good, dollar-yen will rise, but we’re getting pretty close to the end of this rally,” said Kazuo Shirai, a trader at MUFG Union Bank NA in Los Angeles. “The move has been very fast, without a major correction lower. I don’t think we’ll get to 125 anytime soon.”

The dollar was little changed at 119.75 yen at 10:38 a.m. in Tokyo, having risen 1 percent this week. It rose to 120.25 yesterday, the highest since July 2007. The U.S. currency traded at $1.2381 per euro after climbing to $1.2280 yesterday, the strongest since August 2012. The euro gained 0.1 percent to 148.38 yen.

U.S. employers added 230,000 workers in November after hiring 214,000 the previous month, according a Bloomberg News survey before today’s Labor Department report. Payrolls have increased by more than 200,000 in each month since February.

Dollar’s Surge

The dollar has surged 7 percent in the past three months, the best performer of 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The euro rose 1.8 percent, while the yen slumped 7.5 percent.

The Fed will increase its benchmark interest rate in about nine months, based on data compiled by Morgan Stanley, one of the 22 primary dealers that trade with the Fed.

The euro jumped 0.6 percent versus the dollar yesterday as the ECB refrained from introducing extra stimulus known as quantitative easing.

“The ECB President disappointed the market regarding QE,” boosting the euro, Imre Speizer, a markets strategist at Westpac Banking Corp. in Auckland, wrote today in a research note. “Draghi did strengthen the likelihood of QE but said the ECB would assess the need for it early in 2015, rather than January which some in the market had speculated on.”

Euro’s Decline

The common currency has dropped 9.9 percent this year as the central bank cut interest rates to a record and started purchases of asset-backed securities and covered bonds as part of its quantitative easing policy to boost the economy.

Corporate bankruptcies due to the yen climbed to 42 last month, the most on a monthly basis since surveys started in January 2013, Teikoku Databank said yesterday. Yen-induced bankruptcies have broken a monthly record for three straight months, the company said.

The yen will keep weakening regardless of the outcome of a national election on Dec. 14, Nomura Holdings Inc. said.

The currency’s most-accurate forecaster predicts a decline of more than 4 percent to 125 per dollar by the end of next year, a level last seen in 2002. The yen has already tumbled 15 percent since June 30.

A gauge of foreign-exchange volatility fell yesterday after matching a 15-month high.

JPMorgan Chase & Co.’s global foreign-exchange volatility index dropped to 8.99 percent after earlier increasing to 9.48 percent, matching the highest since September 2013.

To contact the reporters on this story: Mariko Ishikawa in Tokyo at mishikawa9@bloomberg.net; Kevin Buckland in Tokyo at kbuckland1@bloomberg.net

To contact the editors responsible for this story: Garfield Reynolds at greynolds1@bloomberg.net Nicholas Reynolds, Tomoko Yamazaki

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

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

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