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 Post subject: January 2nd Friday Trade Results - Profit $3380.00
PostPosted: Fri Jan 02, 2015 6:23 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 @ $3,380.00 dollars or +33.80 points, Emini ES ($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 @ $3,380.00 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=139&t=1973

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=255&t=2625

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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 began 2015 on a cautious note with the major averages surrendering their opening gains. The S&P 500 ended flat while the Dow Jones Industrial Average (+0.1%) settled just above its flat line.

Equity indices started the day with broad-based gains, but the early buying spree ended in a flash. The S&P 500 marked its high 11 minutes after the start of the session before reversing course. The index continued its retreat through the 9:00 ET release of disappointing Construction Spending and ISM reports, and marked its session low shortly after 13:30 ET.

The S&P 500 tried to fight its way back into the green during the afternoon, but losses among influential sectors like consumer discretionary (-0.7%), consumer staples (-0.4%), industrials (-0.2%), and technology (-0.2%) proved too large to overcome.

Notably, the discretionary sector suffered from broad weakness. Homebuilders and retailers lagged with iShares Dow Jones US Home Construction ETF (ITB 25.67, -0.21) and SPDR S&P Retail ETF (XRT 95.34, -0.67) falling 0.8% and 0.7%, respectively. The two groups helped the sector finish at the bottom of the leaderboard.

Elsewhere, industrials contributed to the persistent pressure as transport stocks underperformed. The Dow Jones Transportation Average lost 0.5% with all but five components ending in the red. Shipper Kirby (KEX 81.53, +0.79) outperformed while freight carrier CH Robinson (CHRW 73.84, -1.05) brought up the rear.

Similar to industrials, the technology sector kept the market under pressure during the afternoon. Large cap listings settled in mixed fashion, but Apple (AAPL 109.33, -1.05) fell 1.0%, which contributed to the underperformance of the Nasdaq Composite. However, chipmakers lagged early, but climbed into the afternoon, allowing the PHLX Semiconductor Index to end flat.

On the upside, the utilities sector (+0.6%) ended in the lead, but more notable was the outperformance of health care (+0.4%). The countercyclical group benefitted from daylong strength in biotechnology that sent the iShares Nasdaq Biotechnology ETF (IBB 306.34, +2.99) higher by 1.0%.

Also of note, the energy sector (+0.4%) ended in the green even as crude oil continued its retreat, dropping 1.6% to $52.57/bbl. Greenback strength factored into the move as the Dollar Index jumped 0.9% to 91.12. The dollar picked up about 1.5% against the British pound and 1.0% against the euro, with the latter sliding after a Financial Times op-ed penned by Mario Draghi was viewed as a preamble to a sovereign QE announcement from the European Central Bank.

Treasuries registered solid gains after erasing their overnight losses. The benchmark 10-yr yield fell five basis points to 2.12%.

Participation was in-line with recent totals as 628 million shares changed hands at the NYSE floor.

Economic data was limited to Construction Spending and ISM:

Construction spending in November declined 0.3% from October, which was revised up to show an increase of 1.2% versus 1.1% previously
The November reading was below the Briefing.com consensus estimate, which called for a 0.1% increase
The disappointment was rooted in public construction spending, which declined 1.7% to a seasonally adjusted annual rate of $277.30 billion largely due to a 2.5% pullback in educational construction spending
The ISM Index for December checked in at 55.5, down 3.2 percentage points from the high 58.7 reading in November
The December reading marked the 19th consecutive month of expansion; however, it was weaker than the Briefing.com consensus estimate, which was pegged at 57.5
A number above 50 denotes expansion, so the pullback in December doesn't connote weakness so much as it connotes the manufacturing sector cooling down from a very hot November

Monday's session will be free of economic data.

Dow Jones Industrial Average +0.1% YTD
S&P 500 UNCH YTD
Nasdaq -0.2% YTD
Russell 2000 -0.6% YTD

Week in Review: Stocks Slide Into 2015

The holiday-shortened week began with a full day of trading on Monday, yet the stock market acted like it was still on vacation. Volume was light and the major indices held to narrow trading ranges that bracketed the unchanged line for much of the session. The S&P 500 managed to eke out its seventh gain in the last eight sessions. In doing so, it established another record closing high that pulled it ever closer to the 2100 level. However, most of the action happened away from the U.S. stock market. To that end, European bourses had a roller-coaster session, riding a wave of Greek politics that included a third failed vote for the prime minister's preferred presidential candidate, the subsequent announcement that parliament would be dissolved, and news that snap elections would be held on January 25.

The stock market ended Tuesday on a broadly lower note. The Nasdaq Composite (-0.6%) was the weakest performer among the major averages while the S&P 500 (-0.5%) ended a bit ahead of the tech-heavy index. Equities began the day in negative territory and remained below their flat lines until the close. However, participation was very limited with just 524 million shares changing hands at the NYSE floor. The light activity was also reflected by narrow trading ranges with the S&P 500 bounded between 2,080 and 2,084 for most of the session. Cyclical sectors were responsible for the bulk of the weakness as three of six growth-sensitive groups settled in-line with or behind the broader market while the utilities sector (-2.1%) was the only laggard on the countercyclical side.

Equities ended the last session of 2014 on a lower note. The S&P 500 lost 1.0%, but that did not stop the benchmark index from gaining 11.4% over the course of 2014. Meanwhile, the tech-heavy Nasdaq ended the session (-0.9%) and the year (+13.4%) ahead of the S&P 500. All ten sectors settled in the red with utilities (-1.9%) ending at the bottom of the leaderboard. In all likelihood, the selling was a function of profit taking after the countercyclical sector led the 2014 market rally with a gain of 24.3%. The remaining groups did not fare much better. The top-weighted technology sector (-1.2%) was among the early leaders, but began fading from its high not long before noon ET, dragging the broader market down with it.

Bond and equity markets were closed on Thursday for New Year.

3:25 pm: [BRIEFING.COM] Commodities endured a volatile session that was accentuated by a rally in the greenback that pushed the Dollar Index (91.10, +0.83) higher by 0.9%.

Crude oil traded just below the $54.00/bbl level overnight, but slumped as low as $52.15/bbl during morning action. The energy component rallied off its low after the start of the pit session, but was unable to stay in the green. A return into the neighborhood of the morning low locked in a decline of 1.6% at $52.57/bbl.

Natural gas climbed through the majority of the trading day, but a wave of selling just ahead of the close narrowed its gain to 2.5% at $2.98/MMbtu.

Precious metals spent some time on either side of their flat lines, but ultimately ended in the green. Gold added 0.2%, settling at $1,186.10/ozt while silver climbed 0.8% to $15.73/ozt.

Copper teetered on its December support level in the $2.810/lb area before settling lower by 0.3% at $2.8175/lb.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with one hour remaining in the session. The benchmark index began the first trading day of 2015 on an upbeat note, but the opening spike was met with selling interest that has persisted throughout the day.

The benchmark index has spent the past hour in a slow recovery from its session low, but there are still some spots of relative weakness that could stymie the rebound effort. To that point, consumer discretionary (-0.9%), industrials (-0.3%), and consumer staples (-0.5%) continue trailing the broader market.

Elsewhere, Treasuries remain not far from their highs with the 10-yr yield lower by five basis points at 2.12%.

2:30 pm: [BRIEFING.COM] Not much change in the major averages with the key indices trapped inside narrow ranges just above their session lows.

Investor participation over the past few days has been well below average, but that should have been expected from the holiday-shortened week. The lowest trading volume of 2014 was registered during the abbreviated Christmas Eve session, which saw just 340 million shares change hands at the NYSE floor. Meanwhile, the lowest full-session total was registered two days later when fewer than 436 million shares were traded.

In all likelihood, today's final tally will surpass the total from December 26 considering 333 million shares have already been traded with 90 minutes left to go. A customary rush of activity in the final minutes is expected to push today's total above the count from last Friday.

1:55 pm: [BRIEFING.COM] The major averages hover near their recently-established lows with the S&P 500 down 0.4%.

If the benchmark index were to end today's session at its current level, that would represent a 1.8% decline for the week. That showing would put the S&P 500 in-line with the Russell 2000 (-1.1%), which is also lower by 1.8% since last Friday, but ahead of the Nasdaq Composite (-0.6%). The tech heavy index has given up 2.0% so far this week while the price-weighted Dow has held up a bit better and is down 1.6% week-to-date.

Elsewhere, crude oil trades lower by 1.1% at $52.69/bbl after returning into negative territory. The move has caused the energy sector (+0.1%) to return into the neighborhood of its flat line after showing notable strength at midday.

1:30 pm: [BRIEFING.COM] The major U.S. indices remain in negative territory. The Nasdaq (-0.6%) is underperforming today, weighed down by weakness in Apple (AAPL 109.21, -1.17).

After setting a new multi-year low earlier of $52.03, crude oil (-0.27 to $53.00/bbl) has crawled back and rests just under break-even levels on the day. In related news, shares of Linn Energy (LINN 11.83, +1.70) are surging after the company announced a 53% cut to its 2015 Capital Expenditures budget and slashed its planned 2015 distribution to shareholders by 57%. Shares, which before today were down 66% since October, initially dropped 12% on the announcement but have since rebounded. Investors may have more than priced in the decision following the slump in the price of oil and the expectation the company would announce capex and distribution cuts.

Separately, natural gas futures (+0.189 to 3.078) are at their session highs as harsher winter weather is expected in the near term.

12:55 pm: [BRIEFING.COM] The major averages trade lower across the board at midday with the Russell 2000 (-1.1%) pacing the decline. For its part, the S&P 500 is lower by 0.3% with six sectors in the red.

Equities opened the first session of 2015 with modest gains, but the key indices began fading from their early highs just ten minutes into the trading day. That retreat continued through the release of a disappointing Construction Spending report for November and a below-consensus December ISM Index.

The S&P 500 marked its low around 11:15 ET and has hovered just above that level since then. Heavily-weighted consumer discretionary (-1.0%), industrials (-0.7%), and technology (-0.4%) were among the early decliners while financials (-0.4%) and consumer staples (-0.6%) were dragged lower by the broader market.

Most notably, the technology sector has suffered from weakness in its top component. Shares of Apple (AAPL 109.37, -1.01) were down as much as 2.0%, but the heavyweight has narrowed its loss to 0.9%, which is still putting pressure on the Nasdaq Composite (-0.5%).

The tech-heavy index has been unable to catch up to the broader market due to weakness among chipmakers. The PHLX Semiconductor Index is lower by 0.7% with all but three components in the red.

However, not all high-beta groups have been hit with selling interest. Biotechnology has outperformed since the start with the iShares Nasdaq Biotechnology ETF (IBB 305.24, +1.89) trading higher by 0.6% at this juncture. Meanwhile, the health care sector has added 0.4%.

Also of note, the energy sector (+0.5%) trades ahead of the remaining groups after being pressured by early weakness in crude. Like the sector, oil has climbed off its early morning low and now trades higher by 0.1% at $53.29/bbl.

Treasuries hold solid gains after surging from their overnight lows. The 10-yr yield is lower by five basis points at 2.12%.

Economic data was limited to Construction Spending and ISM:

Construction spending in November declined 0.3% from October, which was revised up to show an increase of 1.2% versus 1.1% previously
The November reading was below the Briefing.com consensus estimate, which called for a 0.1% increase
The disappointment was rooted in public construction spending, which declined 1.7% to a seasonally adjusted annual rate of $277.30 billion largely due to a 2.5% pullback in educational construction spending
The ISM Index for December checked in at 55.5, down 3.2 percentage points from the high 58.7 reading in November
The December reading marked the 19th consecutive month of expansion; however, it was weaker than the Briefing.com consensus estimate, which was pegged at 57.5
A number above 50 denotes expansion, so the pullback in December doesn't connote weakness so much as it connotes the manufacturing sector cooling down from a very hot November

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) inch up from its session low while the Nasdaq Composite (-0.5%) and Russell 2000 (-1.2%) continue trailing the benchmark index.

The intraday retreat in equities has had little effect on the Dollar Index (91.03, +0.76), which has climbed to a fresh high for the day. The greenback has shown significant strength against European currencies with the pound (1.5359) and the euro (1.2012) down 215 and 75 pips against the dollar, respectively.

The pound was pressured by a disappointing Manufacturing PMI reading out of the UK (52.5; expected 53.6) while the euro slumped following Mario Draghi's op-ed in The Financials Times, which was viewed as a prelude to a QE announcement from the European Central Bank.

11:55 am: [BRIEFING.COM] Selling pressure remains palpable with the key indices trading near their lowest levels of the session.

Heavily-weighted consumer discretionary (-0.8%) and industrial sectors (-0.9%) have extended their losses, which has kept the broader market near its low even as the energy sector (+0.2%) has returned into positive territory thanks to a rebound in crude oil. WTI crude is now higher by 0.4% at $53.45/bbl after marking an early morning low just north of the $52.00/bbl level.

Outside of energy, health care (+0.3%), telecom services (+0.4%), and utilities (+0.1%) represent the only other advancers.

11:25 am: [BRIEFING.COM] The major averages have continued their retreat that began shortly after the indices hit their opening highs. The Russell 2000 has widened its decline to 1.2% while the S&P 500 is now lower by 0.4%.

Elsewhere, the tech-heavy Nasdaq (-0.7%) trails the broader market due to a 2.0% loss in its top-weighted component-Apple (AAPL 108.18, -2.20)-and weakness among chipmakers. The PHLX Semiconductor Index trades down 0.9% with Intel (INTC 36.39, +0.10) representing the lone advancer within the high-beta group.

Although the selling interest has been wide-reaching, biotechnology remains in a position of relative strength with the iShares Nasdaq Biotechnology ETF (IBB 304.18, +0.83) trading higher by 0.3%.

Treasuries have extended to their best levels of the day with the 10-yr yield down six basis points at 2.11%.

10:55 am: [BRIEFING.COM] Equity indices have headed to fresh lows after failing to hold their opening gains. The slide from highs has been paced by the Russell 2000, which finished 2014 behind other major indices.

Currently, the small cap index trades lower by 1.1% while the S&P 500 is down 0.2% with seven sectors in the red. Consumer discretionary (-0.7%) and industrials (-0.6%) have slipped to the bottom of the leaderboard after starting the day in-line with the broader market. Retailers and homebuilders have pressured the discretionary space while transport stocks are largely responsible for the losses in the industrial sector.

The SPDR S&P Retail ETF (XRT 95.20, -0.81) and iShares Dow Jones US Home Construction ETF (ITB 25.51, -0.37) hold respective losses of 0.9% and 1.5% while the Dow Jones Transportation Average has given up 1.2%. The bellwether complex has suffered from losses among all components with the exception of airlines. Delta Air Lines (DAL 49.46, +0.28) and United Continental (UAL 66.97, +0.07) hold slim gains as they benefit from lower oil prices.

10:25 am: [BRIEFING.COM] The Dollar Index is higher by 0.7% at 90.93 after climbing steadily throughout the night.

Crude oil held an overnight gain, but slumped in the early morning hours to a session low near $52.15/bbl. The energy component has narrowed its loss to 1.4% and currently hovers near $52.55/bbl

Natural gas, meanwhile, has headed in the opposite direction. It is currently higher by 4.3% at $3.02/MMBtu

Gold futures traded little changed in overnight action, but began slipping in the morning. The yellow metal is currently lower by 0.6% at $1176.30/ozt. Silver is higher by 0.2% at $15.62/ozt

Also of note, copper futures are lower by 0.8%, testing support at $2.805/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.5%.

The ISM Index for December declined to 55.5 from 58.7 while the Briefing.com consensus expected the reading to slip to 57.0.

Construction Spending decreased 0.3% month-over-month in November, while the Briefing.com consensus expected an increase of 0.1%.

9:40 am: [BRIEFING.COM] As expected, the major averages have climbed out of the gate amid overall strength. The S&P 500 trades higher by 0.6% with nine sectors in the green.

Health care (+1.3%) has claimed the early lead, which is largely due to the opening strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 309.10, +5.75) has spiked 1.9%.

Elsewhere, influential sectors like technology (+0.9%), consumer discretionary (+0.6%), and industrials (+0.6%) trade in-line with or ahead of the broader market while energy (-0.4%) lags. The growth-sensitive sector began the day in negative territory while crude oil has narrowed its loss to 0.7% at $52.95/bbl.

The ISM Index for December (Briefing.com consensus 57.5) and the November Construction Spending report (consensus 0.1%) will be released at 10:00 ET.

9:07 am: [BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +22.20. The stock market is on track to begin the New Year on an upbeat note. The S&P 500 futures trade nine points above fair value after spending the entire night in positive territory.

For the time being, major trends that held into the end of 2014 have continued intact. Futures trade in the green, the Dollar Index (90.88, +0.61) has extended to a fresh multi-year high, while crude oil remains pressured. The energy component is lower by 1.7% at $52.35/bbl.

With oil in the red, major energy sector components like Chevron (CVX 111.26, -0.92), ConocoPhillips (COP 68.06, -1.00), Occidental Petroleum (OXY 79.40, -1.21), and Schlumberger (SLB 84.32, -1.09) are on track to begin the session in negative territory.

Today's economic data will be limited to the ISM Index for December (Briefing.com consensus 57.5) and November Construction Spending (consensus 0.1%) with both reports set to be released at 10:00 ET.

Treasuries hold slim losses with the 10-yr yield up one basis point at 2.18%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +18.70. The S&P 500 futures trade eight points above fair value.

Markets across Asia rallied to start 2015.

In economic data:
China's Manufacturing PMI ticked down to 50.1 from 50.3, as expected
Singapore's Q4 GDP rose 1.6% quarter-over-quarter (expected 2.6%; previous 3.1%) while the year-over-year reading increased 1.5% (consensus 1.9%; last 2.8%)
India's HSBC Markit Manufacturing PMI climbed to 54.5 from 53.3 (forecast 51.5)
South Korea's HSBC Manufacturing PMI rose to 49.9 from 49.0
Indonesia's Core Inflation accelerated to 4.9% from 4.2% (expected 4.6%)

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Japan's Nikkei was closed for the New Year.
Hong Kong's Hang Seng rose 1.1% to hit a three-week high. Mainland developers surged on speculation of further PBoC easing with China Overseas Land & Investment and China Resources Land climbing 8.5% and 7.1%, respectively.
China's Shanghai Composite was closed in celebration of the New Year.
India's Sensex gained 1.4% to reclaim its 50-day average as action ticked to a three-week high. Financials were among the top performers with ICICI Bank adding 2.8% and Axis Bank gaining 2.2%.

Major European indices trade mostly lower with Germany's DAX (-0.6%) trailing the region. European Central Bank President Mario Draghi authored an op-ed in The Financial Times, arguing for tighter cooperation among Eurozone countries. The comments were viewed as a sign of an impending QE program, pressuring the euro below the 1.2050 mark against the dollar

Participants received several data points:
Eurozone Manufacturing PMI slipped to 50.6 from 50.8 (expected 50.8)
Germany's Manufacturing PMI held at 51.2, as expected
UK's Manufacturing PMI fell to 52.5 from 53.5 (expected 53.6) while BoE Consumer Credit expanded GBP1.25 billion (consensus GBP1.10 billion; previous GBP1.09 billion). Separately, Mortgage Lending came in at GBP2.10 billion (expected GBP1.50 billion; previous GBP1.60 billion)
French Manufacturing PMI declined to 47.5 from 47.9 (expected 47.9)
Italy's Manufacturing PMI slipped to 48.4 from 49.0 (consensus 49.4)
Spain's Manufacturing PMI fell to 53.8 from 54.7 (expected 54.7)

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In France, the CAC has given up 0.3%. Consumer names Danone, LVMH, and L'Oreal hold losses between 1.1% and 1.3% while financials BNP Paribas, Credit Agricole, and Societe Generale outperform with gains between 0.9% and 1.9%.
UK's FTSE is lower by 0.3% with consumer names on the defensive. British American Tobacco, J Sainsbury, and Unilever are down between 1.0% and 1.4%. Drugmakers AstraZeneca and Shire outperform with respective gains of 0.5% and 0.3%.
Germany's DAX trades down 0.6%. Heavyweights BMW, Adidas, and Merck are down between 1.0% and 2.1%. Commerzbank and Deutsche Bank lead, trading higher by 1.8% and 1.4%, respectively.
Italy's MIB trades higher by 0.8% amid strength in financials. Banca di Milano Scarl, Banco Popolare, and Unicredit hold gains between 2.4% and 5.7%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +15.50. U.S. equity futures continue drifting near their recent levels with the S&P 500 futures seven points above fair value.

Today's session is expected to be very quiet with many participants foregoing Friday market action in favor of an extended weekend. To that point, futures have traded inside narrow ranges with the S&P 500 futures bouncing between 2,058 and 2,062 since the start of the European session.

Elsewhere, crude oil began the year in the same fashion it ended 2014. WTI crude futures trade lower by 1.6% at $52.39/bbl while Brent Crude has surrendered 2.4% to $55.97/bbl.

Dollar strength has contributed to the weakness in commodities as the Dollar Index (90.88, +0.61) trades higher by 0.7%.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +19.20. U.S. equity futures trade modestly higher despite cautious action overseas. The S&P 500 futures hover eight points above fair value.

Global markets have begun 2015 on a mixed note with markets in Asia posting gains while most of their European counterparts have retreated to begin the day. Trading volume, however, has remained on the light side with some participants staying away from the markets as the holiday-shortened week winds to a close.

Domestically, today's economic data will be limited to the ISM Index for December (Briefing.com consensus 57.5) and November Construction Spending (consensus 0.1%). Both reports will be released at 10:00 ET.

Treasuries hold modest losses with the 10-yr yield up two basis points at 2.19%.

In U.S. corporate news of note:

Energy names like Chevron (CVX 111.55, -0.63), ConocoPhillips (COP 68.02, -1.04), and Schlumberger (SLB 84.00, -1.41) are among the early laggards as crude oil trades lower by 1.7% at $52.38/bbl.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +1.1% while Japan's Nikkei and China's Shanghai Composite were closed
In economic data:
China's Manufacturing PMI ticked down to 50.1 from 50.3, as expected
Singapore's Q4 GDP rose 1.6% quarter-over-quarter (expected 2.6%; previous 3.1%) while the year-over-year reading increased 1.5% (consensus 1.9%; last 2.8%)
India's HSBC Markit Manufacturing PMI climbed to 54.5 from 53.3 (forecast 51.5)
South Korea's HSBC Manufacturing PMI rose to 49.9 from 49.0
Indonesia's Core Inflation accelerated to 4.9% from 4.2% (expected 4.6%)
In news:
The drop in China's Manufacturing PMI represented the lowest reading in about 18 months

Major European indices trade mostly lower. UK'S FTSE -0.3%, France's CAC -0.4%, and Germany's DAX -0.7%. Elsewhere, Italy's MIB +0.8% and Spain's IBEX +0.7%
Participants received several data points:
Eurozone Manufacturing PMI slipped to 50.6 from 50.8 (expected 50.8)
Germany's Manufacturing PMI held at 51.2, as expected
UK's Manufacturing PMI fell to 52.5 from 53.5 (expected 53.6) while BoE Consumer Credit expanded GBP1.25 billion (consensus GBP1.10 billion; previous GBP1.09 billion). Separately, Mortgage Lending came in at GBP2.10 billion (expected GBP1.50 billion; previous GBP1.60 billion)
French Manufacturing PMI declined to 47.5 from 47.9 (expected 47.9)
Italy's Manufacturing PMI slipped to 48.4 from 49.0 (consensus 49.4)
Spain's Manufacturing PMI fell to 53.8 from 54.7 (expected 54.7)
Among news of note:
European Central Bank President Mario Draghi authored an op ed in The Financial Times, arguing for tighter cooperation among Eurozone countries. The comments were viewed as a sign of an impending QE program, pressuring the euro into the 1.2050 area against the dollar

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +19.20.

7:58 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...23857.82...+252.80...+1.10%.

7:58 am: [BRIEFING.COM] FTSE...6546.59...-19.50...-0.30%. DAX...9740.47...-65.10...-0.70%.

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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