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 Post subject: January 6th Tuesday Trade Results - Profit $8100.00
PostPosted: Wed Jan 07, 2015 4:03 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)
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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 @ $8,100.00 dollars or +162.00 points, Light Crude Oil CL ($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 @ $8,100.00 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=1975

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] Equity indices ended the Tuesday session in the red with the Russell 2000 (-1.7%) pacing the retreat. Meanwhile, the S&P 500 lost 0.9% with eight sectors registering losses.

The stock market held up relatively well through the first hour of action, but the return of some recent concerns pressured cyclical sectors and the broader market into negative territory. Specifically, the S&P 500 reversed from its session high after The Financial Times reported, citing Oxford Economics research, that Syriza party in Greece is on track to win enough votes that would translate into a mandate to push back against austerity policies imposed by the European Union. In addition to hitting U.S. stocks, the news knocked European markets off their highs and set a fire under U.S. Treasuries. The resulting safe-haven flows underpinned Treasuries, sending the benchmark 10-yr yield lower by seven basis points to 1.96% after marking a low just under the 1.89% level.

However, the market had more to contend with than just the update regarding Greece. Namely, crude oil continued its sharp downtrend while fund manager Bill Gross of Janus Capital published his investment outlook for 2015, which revealed that Mr. Gross expects negative returns from 'many' asset classes. This disclosure wasn't entirely new, considering Mr. Gross was quoted by Reuters yesterday as saying "Be prepared for low returns in almost all asset categories."

As for oil, the energy component was little changed in early overnight action, but began slipping just ahead of the opening bell in Europe. Crude was unable to pull away from its overnight low, extending its decline to 4.0% at $48.10/bbl. The commodity ended the pit session down 10.5% from its 2014 close.

Meanwhile, the energy sector (-1.3%) settled near the bottom of the leaderboard, only ahead of financials (-1.5%). Major energy components like ConocoPhillips (COP 62.93, -2.71), EOG Resources (EOG 84.20, -2.48) and Schlumberger (SLB 81.72, -1.63) lost between 2.0% and 4.1% while Dow members Chevron (CVX 108.03, -0.05) and ExxonMobil (XOM 89.81, -0.48) outperformed.

Elsewhere, the industrial sector (-0.9%) also spent the day among the laggards. For the second day in a row, transport stocks were partially responsible for the underperformance as the Dow Jones Transportation Average lost 1.7%. FedEx (FDX 169.79, -0.01) was unable to hold its intraday gain, ending flat, after UBS upgraded the logistics company to 'Buy.' As for the Transportation Average, the bellwether complex is now down 4.3% after the first two sessions of the week.

The S&P 500 was able to reclaim about a third of its decline during afternoon action with countercyclical sectors lending some support. Consumer staples (unch) and health care (-0.3%) outperformed while the two smallest sectors by weight-telecom services (+0.4%) and utilities (+0.1%)-spent the bulk of the session in positive territory.

Today's participation was well ahead of average with more than 915 million shares changing hands at the floor of the New York Stock Exchange.

Economic data was limited to Factory Orders and ISM Services:

Factory orders posted their fourth consecutive monthly decline, falling 0.7% in November which was worse than the 0.4% decline expected by the Briefing.com consensus
The October reading was left unrevised at -0.7%
Orders for durable goods declined 0.9%, which was more than a previously reported 0.7% decline. Nondurable goods orders, meanwhile, declined 0.5%
Shipments, which factor into GDP growth, declined 0.6% in November on top of a 0.9% decline in October
The ISM Services Index for December fell to 56.2 from 59.3 while the Briefing.com consensus expected a downtick to 58.5
The dip in December was driven by a pullback in all index categories with two indices falling into contraction:
Backlog of Orders Index fell to 49.5 from 55.5
Prices Index fell to 49.5 from 54.4

Tomorrow the weekly MBA Mortgage Index will be released at 7:00 ET while the December ADP Employment Change report (Briefing.com consensus 230K) will cross the wires at 8:15 ET. The November trade deficit (consensus $41.80 billion) will be reported at 8:30 ET while the FOMC Minutes from the December meeting will be released at 14:00 ET.

Dow Jones Industrial Average -2.5% YTD
S&P 500 -2.7% YTD
Nasdaq Composite -3.0% YTD
Russell 2000 -3.6% YTD

3:40 pm: [BRIEFING.COM]

Oil continues to be weak, while natural gas futures rallied into the close
At the end of today's session, Feb WTI crude oil closed $2.01 lower to $48.02/barrel
Feb natural gas ended 6 cents higher at $2.94/MMBtu
Precious metals rose today.... Feb gold gained $16.20 to $1219.80/oz, while Mar silver rose $0.41 to $16.64/oz

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.6% with one hour remaining in the session. The benchmark index has been able to add about 10 points since our last update with funds flowing into some of the sectors that spent the day in a position of relative weakness. To that point, the materials sector has narrowed its decline to 0.2%, but more notably, the influential consumer discretionary space has caught up to the S&P 500.

The remaining cyclical groups continue showing relative weakness, but the top-weighted technology sector (-0.6%) now trades just a step behind the broader market.

Over on the countercyclical side, the health care sector (+0.1%) has poked its head into the green even as biotechnology remains weak. The iShares Nasdaq Biotechnology ETF (IBB 302.20, -3.65) remains lower by 1.1%.

2:25 pm: [BRIEFING.COM] Not much change in the major average with the S&P 500 (-1.0%) continuing to troll near the 2,000 level.

At this juncture, the materials sector (-0.8%) is the only cyclical group trading ahead of the broader market while the other five cyclical sectors trail the S&P 500. Notably, financials (-1.7%) have not been able to pull away from their lows and the group has been joined by the energy sector (-1.7%) at the bottom of the leaderboard. As for crude oil, the energy component heads into the pit close just above its low, down 4.2% at $47.96/bbl.

Elsewhere, Treasuries have ticked down from their highs, but they continue holding most of their gains. The 10-yr yield is lower by nine basis points at 1.94% after marking a low at 1.89%.

1:55 pm: [BRIEFING.COM] Today marks the third trading session in January. It's not even over yet, and already the S&P 500 is down 2.9% since the end of 2014.

It has been an unnerving start for many to say the least, especially since it has been accompanied by a sharp drop in yield for longer-dated Treasury securities and a sharp drop in oil prices -- neither of which fits the picture of an improving global economy.

With today's retreat, the S&P 500 has surrendered approximately 96 points, or 80%, of the 121-point gain it logged between its low on December 16 (i.e. the day before the FOMC pronouncement that it will be patient in raising the fed funds rate) and its high on December 29.

The pullback has been broad-based in nature, though, as the Russell 2000, the S&P Midcap 400, Nasdaq Composite, and Dow Jones Industrial Average are all down between 2.8% and 4.0% this year.

For what it's worth, the S&P 500 declined 3.6% in January 2014 and finished the year with an 11.4% gain.

1:30 pm: [BRIEFING.COM] The major U.S. indices continue to set new session lows with the Nasdaq now down 1.8%

Utilities (+0.5%) are the only S&P sector in the green today as investors are drawn to the sector's relatively high dividend yields as the yield on the 10-yr note (now 1.93%) continues to drop. After poking into positive territory, telecoms (-0.1%) are again red, but displaying relative strength compared to the remaining S&P sectors. Shares of Verizon Communications (VZ 46.86, +0.29) are bucking the trend today after presenting at the Citigroup Media Conference earlier. The company detailed that it saw continued strong customer growth in the fourth quarter and expects 1Q2015 margins to return to historical levels.

Futures prices of WTI crude oil (-2.10 to $47.94/bbl) are substantially lower again, establishing further multi-year lows earlier after dropping as low as $47.74.

1:00 pm: [BRIEFING.COM] The major averages trade broadly lower at midday with the Russell 2000 (-1.6%) pacing the retreat. For its part, the S&P 500 is lower by 0.8% with eight of ten sectors in the red.

The stock market spent the first hour of today's session near its flat line, holding its ground through the release of disappointing ISM Services and Factory Orders reports. Equity indices marked their highs around 10:30 ET, but began suffering from broad-based weakness shortly thereafter.

That turn occurred after The Financial Times reported that according to Oxford Economics, Syriza party in Greece is on track to win enough votes that would translate into a mandate to push back against austerity policies imposed by the European Union. The news knocked European markets off their highs and set a fire under U.S. Treasuries. At this juncture, the benchmark 10-yr yield is lower by 10 basis points at 1.93%.

Also of note, the cautious posture may have been fortified by comments from Bill Gross, who shared his 2015 outlook, saying he expects negative returns from 'many' asset classes. However, it is worth mentioning that Mr. Gross was quoted by Reuters yesterday as saying "Be prepared for low returns in almost all asset categories."

Another point of focus has been the continued slide in crude oil. The energy component marked an overnight low in the $48.70/bbl area and tried to stage a rebound, which never came to fruition. Instead, the commodity has widened its decline and trades just above its recently-established low, down 3.7% at $48.21/bbl.

Meanwhile, the energy sector (-1.2%) trades behind the broader market, which is also the case with four of the remaining five cyclical groups. Financials (-1.6%) and industrials (-1.6%) have taken turns occupying the bottom of the leaderboard with the industrial sector pressured by transport stocks. The Dow Jones Transportation Average is lower by 1.9% today and down 4.4% after the first two sessions of the week. Almost all index components show losses larger than 1.0% while FedEx (FDX 170.38, +0.58) has bucked the trend after receiving an upgrade to 'Buy' at UBS.

Economic data was limited to Factory Orders and ISM Services:

Factory orders posted their fourth consecutive monthly decline, falling 0.7% in November which was worse than the 0.4% decline expected by the Briefing.com consensus
The October reading was left unrevised at -0.7%
Orders for durable goods declined 0.9%, which was more than a previously reported 0.7% decline. Nondurable goods orders, meanwhile, declined 0.5%
Shipments, which factor into GDP growth, declined 0.6% in November on top of a 0.9% decline in October
The ISM Services Index for December fell to 56.2 from 59.3 while the Briefing.com consensus expected a downtick to 58.5
The dip in December was driven by a pullback in all index categories with two indices falling into contraction:
Backlog of Orders Index fell to 49.5 from 55.5
Prices Index fell to 49.5 from 54.4

12:25 pm: [BRIEFING.COM] Continued selling interest has pressured the S&P 500 (-1.2%) back to the 2,000 level. For the time being, there are no signs of an impending rebound as all six cyclical sectors trade behind the broader market.

Elsewhere, the utilities sector (+0.5%) remains in the green, but the group is not large enough to force the broader market to follow. The sector accounts for just 3.0% of the entire market while today's weakest sector-industrials (-1.8%)-represents nearly 11.0% of the S&P 500.

In all likelihood, the rate-sensitive utilities sector has been supported by today's plunge in Treasury yields. The benchmark 10-yr yield is currently lower by 14 basis points at 1.90%. The 10-yr yield began tumbling from its rebound high after The Financial Times cited the Oxford Economics report stating Syriza is on track to win strong support in the upcoming snap election on January 25.

11:55 am: [BRIEFING.COM] Selling pressure remains heavy with the Russell 2000 (-1.7%) and Nasdaq Composite (-1.2%) trading behind the S&P 500 (-0.8%).

Cyclical sectors have struggled to keep pace with the market since the opening bell and their losses have kept the market under pressure. The materials sector (-0.8%) is the only growth-sensitive group trading in-line with the S&P 500 while consumer discretionary (-1.1%), industrials (-1.3%), financials (-1.3%), energy (-1.6%), and technology (-1.0%) display losses larger than the broader market.

The weakest-performing sector-energy-has had to contend with another leg down in crude oil. The commodity is now down 3.7% at $48.17/bbl.

11:30 am: [BRIEFING.COM] The major averages have extended their decline with the S&P 500 now down 0.6% while the Nasdaq Composite (-0.8%) underperforms. Equity indices began retreating from their highs around 10:30 ET after The Financial Times reported that according to Oxford Economics, Syriza party in Greece is on track to win clear support to push back against austerity policies imposed by the European Union.

In addition, Bill Gross of Janus Capital has shared his 2015 outlook, saying he expects negative returns from 'many' asset classes.

With stocks on their lows, only three sectors continue holding gains. Consumer staples (+0.5%) and utilities (+1.1%) remain in the top half of their respective trading ranges while the influential health care sector has narrowed its gain to 0.2%. The sector remains in the green even as biotechnology has dipped into the red with the iShares Nasdaq Biotechnology ETF (IBB 302.32, -3.53) down 1.2%.

10:55 am: [BRIEFING.COM] Recent action saw the major averages mark fresh session highs before returning to their lowest levels of the day. The S&P 500 is currently flat with four sectors in the green while six display losses.

The split has been pretty clear with the four countercyclical groups showing gains between 0.1% (telecom services) and 1.2% (utilities) while the cyclical groups hold losses of no more than 0.5% (financials and industrials).

Also of note, crude oil has returned to its overnight low after failing to claw back above the $49.40/bbl level. At this juncture, the energy component is lower by 2.3% at $48.87/bbl. Meanwhile, the energy sector (-0.4%) finds itself among the laggards after surrendering its early gain.

10:35 am: [BRIEFING.COM]

Despite modest strength in the dollar index, commodities are higher overall this morning, as measured by the Thomson Reuters/CoreCommodity CRB Commodity Index, which is up 0.2% at 227.22
Oil prices collapsed again, however, in overnight trade. WTI fell as low as $48.47/barrel and remains in the red in current trade
Feb WTI crude oil is now -2.5% at $48.28/barrel.
Natural gas has been volatile as well, rallying this morning off of its LoD and pushing it into positive territory. Feb nat gas is now +0.4% at $2.89/MMBtu
Gold and silver, on the other hand, reversed lower and erased much of its morning gains.
Feb gold is now +0.3% at $1207.30/oz, while Mar silver is +0.4% at $16.28/oz.

10:00 am: [BRIEFING.COM] The S&P 500 has returned to its flat line.

The just-released Factory Orders report for November indicated orders decreased 0.7%, which was worse than the Briefing.com consensus estimate that called for a decrease of 0.4%.

Separately, the ISM Services Index for December fell to 56.2 from 59.3 while the Briefing.com consensus expected a downtick to 58.5.

9:40 am: [BRIEFING.COM] The major averages climbed out of the gate with the Dow, Nasdaq, and S&P 500 showing early gains close to 0.1% apiece.

All four countercyclical sectors trade in the green while cyclical groups hover near their flat lines. Health care (+0.7%), consumer staples (+0.5%), and utilities (+0.5%) trade well ahead of the broader market while cyclical energy (unch), financials (-0.1%), and technology (+0.1%) have yet to catch up to the market.

Treasuries have extended their advance with the 10-yr yield now down six basis points at 1.98%.

The Factory Orders report for November (Briefing.com consensus -0.4%) and the ISM Services Index for December (consensus 58.5) will both be released at 10:00 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +6.50. The stock market is on track for a modestly higher open as futures on the S&P 500 trade within three points of fair value. Equity futures hovered near their highs as recently as two hours ago, but holding those gains has proven challenging.

The pullback from highs occurred as markets in Europe followed the same dynamic, leaving most of the indices there little changed at this time while Germany's DAX (+0.9%) and Italy's MIB (+0.8%) continue outperforming.

On a separate note, crude oil has been unable to rebound following yesterday's 5.3% plunge. The energy component is currently lower by 2.3% at $48.88/bbl after sliding all the way down to $48.60/bbl overnight. Meanwhile, the Dollar Index (91.64, +0.26) holds a modest gain of 0.3%.

The oil market is likely to remain in focus as the trading day begins with the price of crude having the potential to influence the energy sector and the broader equity market.

Treasuries hold gains with the 10-yr yield down four basis points at 1.99%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +4.50. The S&P 500 futures trade one point above fair value.

Markets were hit hard across most of Asia as the selling that started in Europe and spread to the U.S. carried into overnight trade. China's Shanghai Composite (unch) outperformed after HSBC Services PMI (53.4; expected 53.0) surprised to the upside with HSBC saying the increase featured a modest improvement in the employment index.

In economic data:
Hong Kong's Manufacturing PMI climbed to 50.3 from 48.8
Australia's trade deficit widened to AUD925 million from AUD877 million (expected deficit of AUD1.59 billion) as exports rose 1.0% (previous 2.0%) and imports also climbed 2.0% (previous 2.0%)
India's HSBC Services PMI fell to 51.1 from 52.6

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Japan's Nikkei tumbled 3.0% to a three-week low as action slid back below the 50-day average. Aozora Bank was the only listing of the 225 to avoid a red close, finishing unchanged.
Hong Kong's Hang Seng lost 1.0%, falling below the 50-day average, but managed to hold the 200-day average. Gaming names continued to reel as Galaxy Entertainment and Sands China fell 4.3% and 3.5%, respectively.
China's Shanghai Composite put in a fractional gain to close at its best level since August 2009. Financials were among the leaders as Agricultural Bank of China added 1.8% and ICBC tacked on 0.8%.
India's Sensex lost 3.1%, flushing below the 50-day and 100-day averages on its way to the lowest close in almost three weeks. Commodity plays were hit hard as ONCG tumbled 5.7% and Sesa Sterlite sank 4.9%.

Major European indices trade in mixed fashion with Germany's DAX (+0.7%) in the lead. In Greece, Syriza spokesman Panos Skourletis said comments made by German politicians about Greece exiting the Eurozone were 'not based in reality.'

Participants received several economic data points:
Eurozone Services PMI fell to 51.6 from 51.9 (expected 51.9)
Germany's Services PMI improved to 52.1 from 51.4 (expected 51.4)
UK's Services PMI fell to 55.8 from 58.6 (consensus 58.5)
France's Services PMI climbed to 50.6 from 49.8 (forecast 49.8) while Consumer Confidence improved to 90 from 88 (expected 88)
Italy's Services PMI declined to 49.4 from 51.8 (expected 52.0)
Spain's Services PMI jumped to 54.3 from 52.7 (consensus 52.9)

------

UK's FTSE trades lower by 0.4% with Ashtead Group at the bottom of the leaderboard. The industrial equipment rental company is lower by 7.0% after peer United Rentals was downgraded at Evercore ISI. Miners outperform with Anglo American, Fresnillo, and Randgold Resources up between 1.7% and 2.3%.
France's CAC is lower by 0.1% with defense contractors providing support. Airbus and Safran hold respective gains of 3.9% and 1.0%.
Italy's MIB trades up 0.4%. Fiat Chrysler, Enel, and Telecom Italia are among the leaders with gains between 1.9% and 2.9%.
Germany's DAX has climbed 0.7% thanks to strength among influential components. BMW, Deutsche Bank, and Bayer are up between 1.0% and 1.7%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +4.50. U.S. equity futures have slumped from their pre-market highs with the S&P 500 futures now trading within a point of fair value. The pullback has occurred amid similar price action in Europe where the major averages have trimmed their gains.

Also of note, crude oil has had a tough time putting together a rebound after hitting the $48.60/bbl level overnight. The energy component made a brief appearance in the $49.40/bbl area within the past 90 minutes, but renewed selling pressure has the commodity trading lower by 1.9% at $49.09/bbl.

Elsewhere among commodities, gold futures are higher by 0.6% at $1211.00/ozt.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +9.00. U.S. equity futures trade near their pre-market highs amid mixed action overseas. The S&P 500 futures hover four points above fair value. Markets in Asia followed yesterday's defensive sentiment on Wall Street, but the tide began turning once Europe opened for action. At this time, markets across Europe are mixed.

The Dollar has continued its advance after posting a solid gain against the euro yesterday. Currently, the Dollar Index (91.54, +0.16) is higher by 0.2% with the greenback advancing against most currencies, but giving way to the yen.

Also of note, crude oil remains pressured, trading lower by 1.8% at $49.16/bbl.

Economic data will be limited to Factory Orders for November (Briefing.com consensus -0.4%) and the ISM Services Index for December (consensus 58.5) with both reports set to be released at 10:00 ET.

Treasuries hold gains with the 10-yr yield down almost four basis points near 1.99%.

In U.S. corporate news of note:

AOL (AOL 47.11, +2.37): +5.3% after Bloomberg reported the company has discussed a potential acquisition or joint venture with Verizon (VZ 46.86, +0.29).
Coach (COH 37.20, +0.47): +1.3% after agreeing to acquire Stuart Weitzman from Sycamore Partners for about $574 million in cash.

Reviewing overnight developments:

Asian markets ended mostly lower. Japan's Nikkei -3.0%, Hong Kong's Hang Seng -1.0%, and China's Shanghai Composite settled flat
In economic data:
China's HSBC Services PMI rose to 53.4 from 53.0 (expected 52.8)
Hong Kong's Manufacturing PMI climbed to 50.3 from 48.8
Australia's trade deficit widened to AUD925 million from AUD877 million (expected deficit of AUD1.59 billion) as exports rose 1.0% (previous 2.0%) and imports also climbed 2.0% (previous 2.0%)
India's HSBC Services PMI fell to 51.1 from 52.6
In news:
HSBC said the increase in China's Services PMI featured a modest improvement in the employment index

Major European indices trade mostly higher. Germany's DAX +0.7%, France's CAC +0.2%, and UK's FTSE -0.4%. Elsewhere, Spain's IBEX +0.2% and Italy's MIB +1.1%
Participants received several economic data points:
Eurozone Services PMI fell to 51.6 from 51.9 (expected 51.9)
Germany's Services PMI improved to 52.1 from 51.4 (expected 51.4)
UK's Services PMI fell to 55.8 from 58.6 (consensus 58.5)
France's Services PMI climbed to 50.6 from 49.8 (forecast 49.8) while Consumer Confidence improved to 90 from 88 (expected 88)
Italy's Services PMI declined to 49.4 from 51.8 (expected 52.0)
Spain's Services PMI jumped to 54.3 from 52.7 (consensus 52.9)
Among news of note:
In Greece, Syriza spokesman Panos Skourletis said comments made by German politicians about Greece exiting the Eurozone were 'not based in reality'

7:03 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +14.00.

7:03 am: [BRIEFING.COM] Nikkei...16,883.19...-525.50...-3.00%. Hang Seng...23,485.41...-235.90...-1.00%.

7:03 am: [BRIEFING.COM] FTSE...6,380.77...-36.00...-0.50%. DAX...9,517.40...+43.50...+0.50%.

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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