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 Post subject: December 17th Wednesday Trade Results - Profit $6450.00
PostPosted: Thu Dec 18, 2014 1:29 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $6,450.00 dollars or +129.00 points, Light Crude Oil CL ($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 @ $6,450.00 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=1960

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

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 Advance WRB Analysis Tutorial Chapters @ 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

Analysis -----> Trade Signals

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).

All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of 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 Wednesday session with solid gains that were paced by the Russell 2000. The small-cap index jumped 3.1% while the S&P 500 settled higher by 2.0% with all ten sectors registering gains.

Equities climbed through the first half of action and saw an extension of their rally in the afternoon once the FOMC released its latest policy directive.

As expected by some, the Fed removed the "considerable time" language from its policy statement, but that reference was replaced with a call for "patience," which essentially conveyed the same message. Above all, Chair Yellen reiterated that the central bank will remain data-dependent and reserves the right to accelerate, or defer, a rate hike in accordance with what the data are communicating about the progress being made toward the Fed's dual mandate.

With regard to inflation, Ms. Yellen touched on the drop in oil prices during her press conference, but showed little concern, saying the decline is expected to be transitory.

The policy statement was followed by volatile action in the bond market, but Treasuries slid to lows into the close. The benchmark 10-yr yield spiked eight basis points to 2.14%.

As for equities, the energy sector (+4.2%) paced the advance and ended near its high even as crude oil slumped into the close, ending higher by 1.0% at $56.44/bbl.

The energy sector was followed by the materials space (+2.8%), which benefitted from gains among miners and steelmakers. The Market Vectors Gold Miners ETF (GDX 17.98, +0.88) and Market Vectors Steel ETF (SLX 35.31, +1.27) ended higher by 5.2% and 3.7%, respectively.

Outside of the two commodity-related groups, the financial sector (+2.3%) represented the only other outperformer on the cyclical side. Influential sector components fueled the strength with Bank of America (BAC 17.26, +0.54) and JPMorgan Chase (JPM 59.77, +1.34) posting respective gains of 3.2% and 2.3%.

Elsewhere, the industrial sector (+0.9%) climbed out of the red after the FOMC statement, but the sector could not keep pace with the broader market amid relative weakness in transport stocks. FedEx (FDX 167.78, -6.48) tumbled 3.7% after missing estimates while peers Expeditors International (EXPD 43.28, -0.98) and UPS (UPS 108.55, -1.28) lost 2.2% and 1.2%, respectively. However, rail carriers CSX (CSX 35.77, +1.10) and Union-Pacific (UNP 114.89, +2.69) helped the Dow Jones Transportation Average end higher by 0.9%.

Today's participation was ahead of average with more than a billion shares changing hands at the NYSE floor.

Economic data included CPI, Core CPI, Q3 Current Account, and MBA Mortgage Index:

Consumer prices declined 0.3% in November after being unchanged in October, which was the biggest decline since CPI fell 0.8% in December 2008
The Briefing.com consensus expected a decline of 0.1%
The entire decline in prices can be attributed to the energy sector. Energy prices fell 3.8% in November, marking the fifth consecutive monthly decline and the largest drop since falling 9.5% in December 2008
Gasoline prices fell 6.6% after declining 3.0% in October
Food prices increased 0.2% in November, up from a 0.1% gain in October
Excluding food and energy, core CPI increased 0.1% in November, down from a 0.2% gain in October, while the consensus expected an increase of 0.1%
The current account deficit for the third quarter totaled $100.30 billion while the Briefing.com consensus expected the deficit to hit $95.00 billion
The second quarter deficit was revised down to $98.40 billion from $98.50 billion
The weekly MBA Mortgage Index fell 3.3% to follow last week's 7.3% spike

Tomorrow, weekly Initial Claims (Briefing.com consensus 292K) will be released at 8:30 ET while November Leading Indicators (consensus 0.5%) and the Philadelphia Fed Survey for December (consensus 26.0) will cross the wires at 10:00 ET.

Nasdaq Composite +11.2% YTD
S&P 500 +8.9% YTD
Dow Jones Industrial Average +4.7% YTD
Russell 2000 +0.9% YTD

3:35 pm: [BRIEFING.COM]

Oil prices had a wild day, falling as low as $54.21 to rising as high as $58.987/barrel, most likely on some short covering
Late in the session, WTI crude oil gave up most of its gains and closed $0.57 higher at $56.44/barrel
Natural gas futures gained some steam today, ending today's session 8 cents higher to $3.70/MMBtu
Gold and silver lost steam in afternoon trade.
Feb gold ended $0.20 higher to $1194.90/oz, while Mar silver gained $0.20 to $15.93/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.5% with one hour remaining in the session. The benchmark index has backed away from its session high, but remains above its pre-FOMC level. However, the S&P 500 has slipped below its 50-day moving average (2002.68), which is a level that has posed a challenge to the index earlier in the week.

The S&P 500 fell below its 50-day average on Monday, but tried to reclaim that level yesterday. The index was able to spend a portion of the Tuesday session north of the 50-day average, but slumped below that mark into the close.

Elsewhere, the Russell 2000 (+2.2%) spiked above its 50-day average (1146.18) at the start of the session and is likely to finish well above that level.

2:30 pm: [BRIEFING.COM] The major averages remain at their highs after spiking in reaction to the FOMC statement, which replaced the "considerable time" language with a call for patience before raising rates.

With regard to inflation, the Fed recognized the recent decline in market-based measures of inflation compensation. The Fed also acknowledged the decline in energy prices, but said that survey-based longer-term inflation expectations have remained stable.

Treasuries have shown volatility in recent going with the 10-yr yield (2.10%) sitting near its pre-FOMC level while the 2-yr yield (0.53%) has dropped to a new low. The 2-yr yield is currently lower by three basis points after being up 4 basis points ahead of the FOMC statement.

2:05 pm: [BRIEFING.COM] The Federal Reserve has just released its latest policy statement, which was met with a rally in equities. The S&P 500 is now higher by 1.8%.

As expected by some, the Fed dropped the "considerable time" reference from its directive, but the new language calling for the Fed to be "patient" before raising rates essentially conveys the same tone.

The news pressured the Dollar while boosting Treasuries. The 10-yr yield has narrowed its increase to three basis points at 2.09%.

Fed Chair Janet Yellen will begin her press conference at 14:30 ET.

1:35 pm: [BRIEFING.COM] The major US indices continue to hold large gains leading up to the FOMC policy update at the top of the hour. Fed Chair Yellen will be holding a press conference at 2:30 p.m. ET to discuss the decision and the committee's economic and interest rate projections.

Industrials (-0.3%) continue to lag the broad market rally following disappointing results from FedEx (FDX 166.09, -8.17). On the other hand, energy (+4.5) again is posting the largest outperformance on the day on the heels of a bounce in crude futures, which are up 3.6% at $57.94/bbl.

A number of Russian stocks have experienced volatile trading this week as a result of oil's continued decline and the central bank's decision to raise interest rates to 17% from 10.5%. The dollar-denominated RTS Index soared 14.2% on Wednesday. In response, a number of Russian ADRs, including Mobile Telesystems (MBT 6.70, +0.53), Yandex (17.90, +1.08), and VimpelCom (VIP 3.89, +0.60), have bounced back today.

12:55 pm: [BRIEFING.COM] The major averages hold solid midday gains with the Russell 2000 (+1.5%) in the lead. The small-cap index has been able to turn positive for the week (+0.3%) while the S&P 500 (+1.1%) has narrowed its week-to-date loss to 0.4%. Although the key indices trade near their highs at this juncture, some volatility is expected to surround the 14:00 ET release of the latest policy directive from the FOMC.

Some analysts expect the Fed to remove the "considerable time" language in its statement. Removing that phrase would likely feed perceptions in the market that the Fed is leaning to a rate hike in the first half of 2015. At the end of the day, though, the Fed has said it is data dependent and will reserve the right to accelerate, or defer, a rate hike in accordance with what the data are communicating about the progress it is making toward achieving its dual mandate.

Staying on that theme, today's CPI report suggests the Fed will not be in a rush to raise the fed funds rate. November CPI fell 0.3% (Briefing.com consensus -0.1%), which was the largest decline since December 2008. The November drop slowed year-over-year CPI growth to 1.3% from 1.7%.

Equities have climbed steadily through the first half of the session with the energy sector (+4.2%) setting the pace. The advance has been supported by crude oil, which trades higher by 3.7% at $58.01/bbl.

However, outside of energy, only two other sectors trade ahead of the broader market. The materials sector (+1.8%) has been boosted by miners and steelmakers while financials (+1.1%) have received support from influential components like Bank of America (BAC 17.06, +0.34) and JPMorgan Chase (JPM 59.15, +0.72).

Elsewhere among cyclical groups, consumer discretionary (+0.7%) and technology (+0.6%) have struggled to keep pace while the industrial sector (-0.4%) has spent the first half in negative territory.

Transport stocks are largely responsible for the sector's weakness with FedEx (FDX 166.19, -8.07) trading lower by 4.6% after missing estimates and reaffirming its guidance for fiscal year 2015. The broader Dow Jones Transportation Average has given up 1.2%.

Treasuries hover near their lows after failing to turn positive this morning. The 10-yr yield is higher by four basis points at 2.10%.

Economic data included CPI, Core CPI, Q3 Current Account, and MBA Mortgage Index:

Consumer prices declined 0.3% in November after being unchanged in October, which was the biggest decline since CPI fell 0.8% in December 2008
The Briefing.com consensus expected a decline of 0.1%
The entire decline in prices can be attributed to the energy sector. Energy prices fell 3.8% in November, marking the fifth consecutive monthly decline and the largest drop since falling 9.5% in December 2008
Gasoline prices fell 6.6% after declining 3.0% in October
Food prices increased 0.2% in November, up from a 0.1% gain in October
Excluding food and energy, core CPI increased 0.1% in November, down from a 0.2% gain in October, while the consensus expected an increase of 0.1%
The current account deficit for the third quarter totaled $100.30 billion while the Briefing.com consensus expected the deficit to hit $95.00 billion
The second quarter deficit was revised down to $98.40 billion from $98.50 billion
The weekly MBA Mortgage Index fell 3.3% to follow last week's 7.3% spike

12:25 pm: [BRIEFING.COM] The major averages hover near their best levels of the session with the S&P 500 higher by 1.1%. Meanwhile, the Russell 2000 (+1.4%) outperforms with today's gain helping the small-cap index return into positive territory for the week. The Russell 2000 is now higher by 0.3% for the week versus a 0.4% week-to date decline for the S&P 500.

Elsewhere, the Nasdaq Composite (+0.9%) trades right behind the broader market today, but the tech-heavy index remains lower by 1.4% for the week.

Also of note, Treasuries have marked fresh lows with the 10-yr yield higher by four basis points at 2.10%.

11:55 am: [BRIEFING.COM] Equity indices have continued rallying behind the energy sector (+4.8%), which has been aided by strength in the price of crude oil. The energy component is now higher by 3.5% at $57.93/bbl with the gain taking place despite dollar strength that has the Dollar Index (88.56, +0.43) trading higher by 0.5%.

Although the Dollar Index trades higher at this time, this could change in the afternoon when the FOMC releases its latest policy statement. Investors will scan the statement to see how the Fed frames the recent plunge in crude oil and whether the statement maintains its reference to keeping the fed funds rate at the zero bound for a "considerable time."

In all likelihood, a dovish statement would pressure the Dollar Index from its multi-year high.

11:25 am: [BRIEFING.COM] The major averages have climbed to new highs with the S&P 500 now up 0.9%.

Although the benchmark index hovers near its best level of the session, only three sectors trade ahead of the broader market. The three outperformers include today's standout-energy (+4.4%)-as well as materials (+1.4%), and financials (+1.0%).

Of the remaining seven sectors, the discretionary space (+0.8%) has followed right behind the broader market with homebuilders and retailers contributing to the strength. The iShares Dow Jones US Home Construction ETF (ITB 24.30, +0.26) trades higher by 1.1% while the SPDR S&P Retail ETF (XRT 91.72, +0.40) has added 0.4%. Restaurant stocks have also shown relative strength with Darden Restaurants (DRI 57.95, +2.04) trading up 3.7% after reporting a one-cent beat and lifting the low end of its guidance.

10:55 am: [BRIEFING.COM] The S&P 500 (+0.7%) trades in the neighborhood of its session high that was notched during the opening hour. Nine of ten sectors trade in the green with the energy sector now up 3.8%. The surge in the growth-sensitive group has come about amid strength in crude oil as the energy component trades higher by 0.7% at $56.31/bbl.

Meanwhile, the other commodity-related sector-materials (+1.3%)-is the second best performer with steelmakers and miners providing support. The Market Vectors Gold Miners ETF (GDX 17.47, +0.37) and Market Vectors Steel ETF (SLX 34.80, +0.76) are both up near 2.2%.

Energy and materials notwithstanding, the financial sector (+0.8%) is the only other outperformer on the cyclical side.

Also of note, Treasuries have drifted away from their highs with the 10-yr yield now up two basis points at 2.08%.

10:40 am: [BRIEFING.COM]

Oil prices were in the red all day, helped by the API data that came out after the close yesterday
The API data showed a build of about 2 mln, which caused crude oil to fall almost $1/barrel
This morning, Jan crude started lower and fell as low as $54.21/barrel. Futures were rallying this morning off that LoD and came close to $55/barrel
However, the EIA storage data came out at 10:30am EST, which weighed on prices, causing crude to fall
Jan crude is now -0.8% at $55.47/barrel
The dollar index is rallying in recent trade, which is helping weigh on commodities, especially metals
After pulling back from morning highs, Feb gold is now -0.2% at $1192.50/oz, while Mar silver is -0.6% at $15.67/oz

10:00 am: [BRIEFING.COM] The key indices continue trading near their best levels of the day but the industrial sector (-0.4%) has not taken part in the early advance. Shares of FedEx (FDX 165.36, -8.90) have extended their earnings-driven decline to 5.1% while the Dow Jones Transportation Average is now down 1.0% for the session and lower by 2.1% for the week versus a 0.7% decline in the S&P 500.

On the upside, the energy sector remains in the lead with a gain of 2.3% even as crude oil remains lower by 1.2% at $55.28/bbl. That being said, crude has cut its early loss in half after testing the $54.40/bbl level this morning.

9:40 am: [BRIEFING.COM] The major averages began the session in the green with the S&P 500 (+0.5%) showing relative strength versus the Nasdaq Composite (+0.2%).

Nine of ten sectors sport opening gains with energy (+1.0%) and financials (+0.9%) in the lead. On the flip side, the industrial sector (-0.3%) hovers in the red amid weakness in the shares of FedEx (FDX 169.70, -4.56) after the logistics company reported below-consensus results. The broader Dow Jones Transportation Average trades lower by 0.7% at this juncture.

Treasuries have climbed off their overnight lows with the 10-yr yield little changed at 2.06% after touching the 2.10% level in overnight action.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +5.10. Nasdaq futures vs fair value: +8.70. The stock market is on track for a higher open with futures on the S&P 500 trading five points above fair value. Index futures have spent the entire night in positive territory, but recent action has seen a slide from highs. The S&P 500 futures hit their best level shortly after 7:15 ET, but they have backed away from that mark over the past two hours.

Today's headline event will be the 14:00 ET release of the latest policy directive from the FOMC and the subsequent press conference with some analysts expecting the Fed to remove the "considerable time" language in the statement. Removing that phrase would likely feed perceptions in the market that the Fed is leaning to a rate hike in the first half of 2015. At the end of the day, though, the Fed has said it is data dependent and will reserve the right to accelerate, or defer, a rate hike in accordance with what the data are communicating about the progress it is making toward achieving its dual mandate.

Speaking of data, the CPI report for November, which was released earlier, is unlikely to push the Fed towards a rate hike in the near term. Total CPI fell 0.3% (Briefing.com consensus -0.1%) in November while Core CPI, which excludes food and energy, matched expectations with an increase of 0.1%. On a year-over-year basis, total CPI has eased to 1.3% from 1.7% and core CPI has slowed to 1.7% from 1.8%.

On the corporate front, Dow Jones Transportation Average component FedEx (FDX 167.20, -7.26) is on course to open lower by 4.2% after missing bottom-line estimates and reaffirming its guidance for fiscal year 2015. On the flip side, TASER International (TASR 24.09, +1.24) is indicated to open higher by 5.5% after the Los Angeles Police Department ordered body cameras from the company.

Treasuries hold modest losses with the 10-yr yield higher by a basis point at 2.07%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +8.90. Nasdaq futures vs fair value: +15.70. The S&P 500 futures trade nine points above fair value.

Markets finished mixed across Asia. The Bank of Thailand held its key rate unchanged at 2.00%, as expected.

In economic data:
Japan's trade deficit narrowed to JPY930 billion from JPY990 billion (expected deficit of JPY990 billion) as imports fell 1.7% year-over-year (consensus 1.1%; previous 2.7%) while exports rose 4.9% (expected 6.3%; last 9.6%)
Australia's MI Leading Index ticked down 0.1% month-over-month (previous 0.1%)

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Japan's Nikkei ticked off six-week lows, adding 0.4%. Heavyweight Japan Tobacco tumbled 7.8% due to its heavy exposure to Russia.
Hong Kong's Hang Seng shed 0.4% to a seven-month low. Casino stocks were battered on word authorities will crackdown on illicit money flows. Galaxy Entertainment tumbled 8.2% and Sands China sank 6.2%.
China's Shanghai Composite advanced 1.3% to close at its best level since November 2010. Citic Securities surged the limit, 10%, amid continued speculation Beijing will not end margin trading.
India's Sensex fell 0.3% to a two-month low. Pharma was a drag as Cipla lost 2.9% and Sun Pharmaceutical dropped 2.3%.

Major European indices trade lower across the board with Italy's MIB (-1.9%) showing the largest decline. Elsewhere, The Bank of England released the minutes from its latest meeting, which showed no changes to the voting pattern with seven members favoring no change to policy while two voted for a rate hike.

Economic data was limited:
Eurozone CPI rose 0.3% year-over-year while Core CPI increased 0.7%. Both readings matched expectations.
UK's Claimant Count decreased by 26,900 (expected -21,200; previous -25,100) while the Unemployment Rate held at 6.0% (consensus 5.9%). Also of note, Average Earnings Index + Bonus rose 1.4% (expected 1.2%; prior 1.0%)

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UK's FTSE is lower by 0.8% with growth-sensitive names on the defensive. Aggreko, Petrofac, and Mondi hold losses between 1.9% and 4.0%. Miners outperform with Antofagasta and Rio Tinto up 0.6% and 1.4%, respectively.
In France, the CAC trades down 0.7% amid broad weakness. Financials lag with Credit Agricole and Societe Generale lower by 2.6% and 2.8%, respectively. Consumer names have shown relative strength as Louis Vuitton and L'Oreal trade with gains close to 0.5% apiece.
Germany's DAX has given up 0.8%. Deutsche Lufthansa is the weakest performer, down 2.0%, while financials trade in mixed fashion. Commerzbank is lower by 1.3 while Deutsche Bank outperforms with a slim loss of 0.1%.
Italy's MIB leads the retreat with a 1.7% decline. BMPS, UBI Banca, Mediobanca, Intesa Sanpaolo, and Unicredit hold losses between 2.2% and 4.1%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +23.20. The S&P 500 futures trade ten points above fair value.

Total CPI fell 0.3% (Briefing.com consensus -0.1%) in November while Core CPI, which excludes food and energy, ticked up 0.1% (Briefing.com consensus +0.1%). On a year-over-year basis, total CPI is up 1.3% and core CPI is up 1.7%.

The current account deficit for the third quarter totaled $100.30 billion while the Briefing.com consensus expected the deficit to hit $95.00 billion. The second quarter deficit was revised to $98.40 billion from $98.50 billion.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +8.90. Nasdaq futures vs fair value: +19.70. U.S. equity futures hover in the top half of their trading range despite cautious action overseas. The S&P 500 futures hover nine points above fair value after climbing steadily through the night. Today's main event will be the 14:00 ET release of the latest policy directive from the FOMC with some analysts expecting the Fed to remove the 'considerable time' language in the statement. Removing the phrase "considerable time" would likely feed perceptions in the market that the Fed is leaning to a rate hike in the first half of 2015. At the end of the day, though, the Fed has said it is data dependent and will reserve the right to accelerate, or defer, a rate hike in accordance with what the data are communicating about the progress it is making toward achieving its dual mandate.

The Dollar Index (88.26, +0.14) sports a slim gain after retreating yesterday while crude oil trades lower by 2.0% at $54.84/bbl after ending yesterday's session unchanged.

Treasuries hover near their lows with the 10-yr yield higher by four basis points at 2.10%.

The weekly MBA Mortgage Index fell 3.3% to follow last week's 7.3% spike.

November CPI (Briefing.com consensus -0.1%), Core CPI (consensus 0.1%), and Q3 Current Account Balance (consensus -$95.00 billion) will all be reported at 8:30 ET.

In U.S. corporate news:

FedEx (FDX 169.10, -5.16): -3.0% after missing bottom-line estimates and reaffirming its guidance for fiscal year 2015.
Verizon (VZ 45.20, -0.33): -0.7% after Goldman Sachs downgraded the stock to 'Neutral' from 'Buy.'

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.4%, Japan's Nikkei +0.4%, and China's Shanghai Composite +1.3%
In economic data:
Japan's trade deficit narrowed to JPY930 billion from JPY990 billion (expected deficit of JPY990 billion) as imports fell 1.7% year-over-year (consensus 1.1%; previous 2.7%) while exports rose 4.9% (expected 6.3%; last 9.6%)
Australia's MI Leading Index ticked down 0.1% month-over-month (previous 0.1%)
In news:
Asia Development Bank lowered its 2015 GDP forecast for developing Asia to 6.2% from 6.4% and cut its 2015 outlook for China to 7.2% from 7.4%

Major European indices trade lower across the board. France's CAC -0.7%, Germany's DAX -0.8%, and UK's FTSE -0.9%. Elsewhere, Spain's IBEX -1.1% and Italy's MIB -1.7%
Economic data was limited:
Eurozone CPI rose 0.3% year-over-year while Core CPI increased 0.7%. Both readings matched expectations.
UK's Claimant Count decreased by 26,900 (expected -21,200; previous -25,100) while the Unemployment Rate held at 6.0% (consensus 5.9%). Also of note, Average Earnings Index + Bonus rose 1.4% (expected 1.2%; prior 1.0%)
Among news of note:
The Bank of England released the minutes from its latest meeting, which showed no changes to the voting pattern with seven members favoring no change while two voted for a rate hike

7:00 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +23.00.

7:00 am: [BRIEFING.COM] Nikkei...16,819.73...+61.40...+0.40%. Hang Seng...22,585.84...-84.70...-0.40%.

7:00 am: [BRIEFING.COM] FTSE...6,287.33...-44.50...-0.70%. DAX...9,502.48...-60.40...-0.60%.

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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