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 Post subject: January 14th Wednesday Trade Results - Profit $3475.00
PostPosted: Thu Jan 15, 2015 6:17 am 
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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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3,475.00 dollars or +69.50 points, Light Crude Oil CL ($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 @ $3,475.00 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=1981

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

4:15 pm: [BRIEFING.COM] The major averages endured their fourth consecutive decline with the S&P 500 (-0.6%) making an intraday appearance below its 100-day moving average (2,007). The tech-heavy Nasdaq outperformed, but still lost 0.5%.

Equities faced selling pressure from the start after the overnight session failed to alleviate the growth concerns that contributed to the recent weakness. Instead, the concerns grew larger, starting with the World Bank's reduced growth outlook for 2015 (to 3.0% from 3.4%) and 2016 (to 3.3% from 3.5%).

The lowered outlook pressured commodities, and especially copper, which remained under pressure throughout the day, ending lower by 4.9% at $2.51/lb after hitting a low near the $2.45/lb level. Crude oil, however, traded in the red during morning action, but rocketed into the pit close, which helped the broader market climb off its intraday low. As for crude, the energy component spiked 5.7% to $48.55/bbl.

The rebound in crude helped the energy sector (+0.1%) finish in the green, but other cyclical groups did not fare as well. Notably, the financial sector (-1.4%) ended at the bottom of the leaderboard, which was largely due to a 3.5% decline in JPMorgan Chase (JPM 56.81, -2.03) after the industry giant reported below-consensus earnings and revenue. For its part, Wells Fargo (WFC 51.25, -0.60) delivered an in-line report, but still lost 1.2%.

Financials inched away from their lows during afternoon action, but could not catch up to the broader market, which was also the case with the consumer discretionary sector (-1.2%). The fourth-largest sector by weight retreated following the disappointing December Retail Sales report (-0.9%; Briefing.com consensus 0.1%) while homebuilders lagged early, but ended just ahead of the broader market with the iShares Dow Jones US Home Construction ETF (ITB 25.90, -0.09) falling 0.4%.

Elsewhere among cyclical sectors, technology (-0.5%) finished just ahead of the broader market while chipmakers kept pace with the S&P 500. Shares of BlackBerry (BBRY 12.60, +2.88) spiked almost 30.0% in afternoon action after Reuters reported the company has been approached by Samsung about a potential takeover.

Unlike cyclical sectors, the four defensively-oriented groups spent the day ahead of the broader market. Health care (-0.1%) settled just below its flat line while the iShares Nasdaq Biotechnology ETF (IBB 315.57, +0.60) added 0.2%. The utilities sector (+0.9%) was the lone advancer on the countercyclical side, extending its January advance to 1.4%.

Treasuries jumped following this morning's data before surrendering a portion of their gains. The 10-yr yield fell six basis points to 1.84%. Also of note, the 30-yr yield ended at 2.45% (-3 bps), which represented the lowest close on record.

Today's participation was ahead of average with more than 900 million shares changing hands at the NYSE floor.

Economic data included Retail Sales, Import/Export Prices, Business Inventories, and the MBA Mortgage Index:

Retail sales fell 0.9% in December after increasing a downwardly revised 0.4% (from 0.7%) in November, while the Briefing.com consensus expected an increase of 0.1%.
The sharp pullback in sales was a direct result of poor income growth. The December employment report showed a contraction in the average hourly wage, which resulted in flat aggregate income growth after accounting for payrolls gains
Without income growth, the only way for sales to improve was for consumers to dip into their savings. Households have been very reluctant to do so, which meant retail sales were poised for a pullback in December
Excluding motor vehicles, sales declined 1.0% after increasing a downward revised 0.1% (from 0.5%) in November
The consensus expected these sales to increase 0.1%
Export prices, excluding agriculture, decreased 1.2% in December after decreasing 1.2% in the prior reading
Excluding oil, import prices ticked down 0.1%, which followed last month's 0.3% decline
Business Inventories rose 0.2% in November, while the Briefing.com consensus expected an increase of 0.3%
The prior month's reading was left unrevised at +0.2%
The weekly MBA Mortgage Index saw its biggest spike since November 2008, surging 49.1% to follow the previous 11.1% spike

Tomorrow, weekly Initial Claims (Briefing.com consensus 290K), December PPI (consensus -0.4%), and January Empire Manufacturing Survey (expected 6.5) will be released at 8:30 ET while the Philadelphia Fed Survey for January (consensus 19.0) will cross at 10:00 ET.

Russell 2000 -2.4% YTD
S&P 500 -2.3% YTD
Dow Jones Industrial Average -2.2% YTD
Nasdaq Composite -2.0% YTD

3:35 pm: [BRIEFING.COM]

Natural gas futures surged higher today and have extended gains in electronic trading
Nat gas closed today's session, but is now over 11% higher
WTI crude oil made a strong recovery off of today's lows. Near the end of today's pit trading session, crude gained some steam and rallied higher
Feb crude almost hit $49/barrel. At the end of the session earlier, Feb crude finished +6% at $48.55/barrel
Feb nat gas closed 10% higher at $3.23/MMBtu
Feb gold rose $1.20 higher to $1235/oz, while Mar silver lost $0.14 to $16.9/oz.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 1.1% with one hour remaining in the session. The benchmark index spent the first four hours of the trading day in a steady retreat, but surged off its low alongside crude oil, which spiked into the pit close. WTI crude ended the floor session at $48.55/bbl and currently trades a little below that level, at $47.88/bbl (+4.3%).

The rebound in crude futures helped cyclical sectors trim their losses, but four growth-sensitive groups continue trailing the broader market with the second largest sector by weight-financials-still lower by 2.2%.

On the upside, the utilities sector (+0.3%) maintains a slim gain.

2:25 pm: [BRIEFING.COM] The S&P 500 has surged about ten points off its low amid a rebound in crude oil. The energy component held a modest gain at midday, but has now spiked to $47.79/bbl (+4.2%). The move has helped the energy sector (-1.2%) cut its loss in half while other cyclical sectors have followed suit.

On a separate note, the Federal Reserve has released its January Beige Book, which categorized the pace of economic growth in most Districts as 'modest to moderate.' This is a characterization that has been a mainstay in Beige Book reports from last year and the phrasing remained in place in the first report of 2015.

With regards to inflation, the Beige Book noted that wage pressures were limited to technically-skilled workers in most Districts.

The Beige Book indicated that banks saw weaker demand for energy-related products, which should have been expected considering the magnitude of the crash in oil prices; however, there was no mention of the impact low oil prices have had on energy producers.

2:00 pm: [BRIEFING.COM] The S&P 500 (-1.5%) remains on shaky ground near its session low.

The sharp pullback in retail sales was a direct result of poor income growth. The December employment report showed a contraction in the average hourly wage, which - after accounting for payroll gains - resulted in flat aggregate income growth.

Without income growth, the only way for sales to improve was for consumers to dip into their savings. Households have been very reluctant to do so, which meant retail sales were poised for a pullback in December.

1:30 pm: [BRIEFING.COM] The major U.S. indices remain sharply lower at this time, led by the Dow Jones Industrial Average declining by 1.7%, or 300 points

As equities set new session lows on the day, all S&P sectors remain the red with utilities (-0.07%) showing the strongest performance on the day.

In commodities, after EIA petroleum inventory data showed a larger than expected build in crude inventories, WTI (-0.04 to 45.85/bbl) remains relatively flat. Natural Gas (+0.27 to 3.21/btu) futures are surging following calls for harsher forecasts in the near future. Natural Gas inventories are due out tomorrow at 10:30 ET.

Elsewhere, copper miners are under heavy pressure today as the futures prices of copper (-0.15 to 2.49/lbs) drops notably to new multi-year lows not seen since 2009. Shares in companies like Freeport-McMoRan (FCX 18.23, -2.83) and Southern Copper (SCCO 25.10, -1.45) are leading the decline.

The Treasury auctioned $13 billion in 30-yr notes at the top of the hour as part of a tepid auction that drew 2.430% and a bid-cover ratio of 2.32x. Indirect bidders took 48.9% of the supply while the direct bid of 13.7% missed its 12-auction average.

1:00 pm: [BRIEFING.COM] The major averages trade lower across the board at midday with the Dow Jones Industrial Average (-1.6%) showing the largest decline. The S&P 500 (-1.2%) has had a better showing, but that is a small victory considering the index trades in the neighborhood of its January low after sliding below its 100-day moving average (2,007).

Equity indices were pressured from the get-go after the overnight session added to the growth concerns that weighed the market down on Tuesday. Shortly after the end of yesterday's session, the World Bank cut its growth forecast for 2015 to 3.0% from 3.4%, which pressured commodities. Most notably, copper futures tested the $2.450/lb level overnight before narrowing their loss to 5.5% at $2.497/lb. Crude oil also slumped overnight, but the energy component has erased that loss and now trades higher by 0.6% at $46.18/bbl.

However, the rebound in crude has not been able to stop the energy sector (-2.2%) from falling to the bottom of today's leaderboard. Other cyclical sectors have not fared much better with consumer discretionary (-1.8%), financials (-2.2%), and materials (-2.2%) trailing the broader market.

Most notably, the financial sector has been pressured by JPMorgan Chase (JPM 55.94, -2.91), which has given up 4.9% in reaction to disappointing earnings and revenue. Peer Wells Fargo (WFC 50.72, -1.13) reported in-line with estimates, but the stock trades lower by 2.2%.

Elsewhere, the consumer discretionary sector has suffered from losses among retailers after the December Retail Sales report missed estimates (-0.9%; Briefing.com consensus +0.1%). Similarly, homebuilders have added to yesterday's losses with the iShares Dow Jones US Home Construction ETF (ITB 25.63, -0.36) trading lower by 1.4%.

Although most cyclical sectors trail the S&P 500, technology (-1.0%) has been able to stay just ahead. Google (GOOGL 504.83, +3.03) and Facebook (FB 76.61, +0.16) have bucked the general downtrend, which has helped the Nasdaq Composite (-0.9%) stay ahead of the S&P 500. However, the Nasdaq has also received a helping hand from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 315.63, +0.66) is higher by 0.2% while the health care sector (-0.3%) holds a slim loss.

On the upside, the utilities sector (+0.1%) outperforms, likely benefitting from lower Treasury yields. The benchmark 10-yr yield is lower by 10 basis points at 1.80%.

Economic data included Retail Sales, Import/Export Prices, Business Inventories, and the MBA Mortgage Index:

Retail sales fell 0.9% in December after increasing a downwardly revised 0.4% (from 0.7%) in November, while the Briefing.com consensus expected an increase of 0.1%.
The sharp pullback in sales was a direct result of poor income growth. The December employment report showed a contraction in the average hourly wage, which resulted in flat aggregate income growth after accounting for payrolls gains
Without income growth, the only way for sales to improve was for consumers to dip into their savings. Households have been very reluctant to do so, which meant retail sales were poised for a pullback in December
Excluding motor vehicles, sales declined 1.0% after increasing a downward revised 0.1% (from 0.5%) in November
The consensus expected these sales to increase 0.1% Export prices, excluding agriculture, decreased 1.2% in December after decreasing 1.2% in the prior reading
Excluding oil, import prices ticked down 0.1%, which followed last month's 0.3% decline
Business Inventories rose 0.2% in November, while the Briefing.com consensus expected an increase of 0.3%
The prior month's reading was left unrevised at +0.2%
The weekly MBA Mortgage Index saw its biggest spike since November 2008, surging 49.1% to follow the previous 11.1% spike

The Federal Reserve will release its January Beige Book at 14:00 ET.

12:30 pm: [BRIEFING.COM] Equity indices have retreated from their recent levels with the Dow (-1.5%) and S&P 500 (-1.2%) stooping to fresh lows for the day. Meanwhile, the Nasdaq (-0.9%) and Russell 2000 (-0.9%) continue outperforming, but the two indices find themselves just above their session lows.

The Nasdaq owes its outperformance to biotechnology with the iShares Nasdaq Biotechnology ETF (IBB 315.10, +0.13) trying to stay just above its flat line. Chipmakers, however, have been pressured from their highs with the PHLX Semiconductor Index down 0.8% at this juncture. Comparable slippage in the technology sector (-1.0%) has the largest group by weight trading only a step ahead of the broader market at this time.

11:55 am: [BRIEFING.COM] The S&P 500 (-1.1%) has fought back above the 2,000 level, but has yet to return above its 100-day moving average, which resides in the 2,007 area.

Generally speaking, cyclical sectors are responsible for the vast majority of today's losses. Of the six cyclical groups, industrials (-0.8%) and technology (-0.6%) trade a bit ahead of the broader market, while energy (-1.7%), financials (-1.7%), consumer discretionary (-1.3%), and materials (-1.6%) underperform. Furthermore, the four laggards have surrendered between 3.4% and 8.2% so far in January versus a 2.6% decline for the S&P 500.

On the flip side, the health care sector has been able to add 2.0% since the end of 2014 while consumer staples and utilities sport month-to-date gains of 0.3% and 0.6%, respectively. The last countercyclical group-telecom services (-0.9%)-is lower by 0.9% so far this month.

Elsewhere, Treasuries continue holding gains with the 10-yr yield down eight basis points at 1.82%.

11:25 am: [BRIEFING.COM] Equity indices have retreated from their recent levels with the S&P 500 (-1.2%) sliding below the 2,000 mark. The benchmark index now trades in the neighborhood of its early January low after failing to hold its 100-day moving average (2,007).

Selling pressure remains quite heavy at this juncture with three influential sectors-consumer discretionary (-1.6%), financials (-2.0%), and energy (-1.8%)-trading behind the benchmark index. However, the industrial sector (-1.0%) now trades in-line with the market after showing relative weakness in the early going. That being said, the three aforementioned underperformers deserve close attention considering the trio represents more than 38.0% of the entire S&P 500.

Elsewhere, countercyclical sectors remain ahead of the broader market with health care (-0.1%) and consumer staples (-0.6%) in the red while the rate-sensitive utilities sector (+0.1%) has been boosted by today's drop in Treasury yields. The 10-yr yield remains lower by seven basis points at 1.83% after hitting a low near 1.79% this morning.

10:55 am: [BRIEFING.COM] The Nasdaq (-0.6%) and Russell 2000 (-0.6%) have been able to cut their opening losses in half while the S&P 500 (-0.8%) continues holding the bulk of its early decline with four sectors trading behind the benchmark index.

However, the underperformance of the S&P 500 masks some relative strength among high-beta groups. Biotech stocks have had a decent showing with the iShares Nasdaq Biotechnology ETF (IBB 315.89, +0.92) trading higher by 0.3%. That strength has also given a boost to the health care sector, which hovers on its flat line.

Similarly, high-beta chipmakers have shown relative strength with the PHLX Semiconductor Index trading just below its flat line. Linear Technology (LLTC 46.47, +1.30) is the standout, trading higher by 2.8% after beating bottom-line estimates and boosting its quarterly dividend 11.0%.

10:45 am: [BRIEFING.COM]

Commodities are higher overall, as measured by the CRB Index (+0.5%)
WTI crude oil staged a nice recovery off of overnight lows ahead of the weekly inventory data
Following the data, Feb crude oil sold off and fell back into negative territory and oil data showed a larger-than-expected build
Feb crude is now +0.5% at $46.15/barrel
Natural gas surged higher this morning and rose over 6% following news on a pipeline explosion/EIA price forecast
Feb nat gas is now +6.2% at $6.12/MMbtu
Copper got smoked again this morning, falling as low as $2.46/lb today
Copper is now -4.3% at $2.53/lb

10:00 am: [BRIEFING.COM] The S&P 500 (-0.8%) continues plodding along its opening low with nine sectors in the green while the utilities space (+0.3%) outperforms.

Just released, Business Inventories rose 0.2% in November, while the Briefing.com consensus expected an increase of 0.3%. This followed the prior month's unrevised increase of 0.2%.

9:45 am: [BRIEFING.COM] As expected, the major averages began the session amid broad pressure. The S&P 500 trades lower by 1.0% with all ten sectors showing early losses.

The financial sector (-1.6%) is the weakest performer with JPMorgan Chase (JPM 56.45, -2.39) and Wells Fargo (WFC 51.54, -0.31) holding respective losses of 4.1% and 0.7% after reporting earnings. JPM missed on earnings and revenue while WFC reported in-line with estimates.

Elsewhere, influential sectors like consumer discretionary (-1.3%) and industrials (-1.3%) underperform while energy (-0.6%) and technology (-0.5%) trade ahead of the broader market.

Treasuries have slipped from their highs, but continue holding solid gains. The 10-yr yield is lower by eight basis points at 1.82%.

The Business Inventories report for November (Briefing.com consensus 0.3%) will be released at 10:00 ET.

9:06 am: [BRIEFING.COM] S&P futures vs fair value: -27.50. Nasdaq futures vs fair value: -46.80. The stock market is on track for a lower open as futures on the S&P 500 trade 28 points below fair value after failing to hold their slim early-morning gain. Although futures made a short-lived appearance in the green this morning, the overnight session saw a continuation of the pressure that fueled Tuesday's broad retreat on Wall Street.

Shortly after yesterday's session ended, the World Bank cut its 2015 global GDP target to 3.0% from 3.4%. The lowered growth outlook pressured commodities, and especially copper futures, which tested the $2.450/lb level overnight before trimming their loss to 4.5% at $2.524/lb. Meanwhile, crude oil trades lower by 0.5% at $45.71/bbl after a failed run at its flat line during the past 90 minutes.

With the earnings season heating up slowly, investors have received the first two reports from major financials, but neither was particularly impressive. JPMorgan Chase (JPM 57.30, -1.54) is on track to open lower by 2.6% after missing earnings and revenue estimates while Wells Fargo (WFC 51.03, -0.82) is lower by 1.6% in pre-market action after reporting in-line with analyst expectations.

On the economic front, the December Retail Sales report (-0.9%; Briefing.com consensus +0.1%) missed expectations, which fueled another leg down in the futures market while also sending the 30-yr yield below the 2.45% level for the first time on record. Meanwhile, the 10-yr yield is lower by 11 basis points at 1.79%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -25.10. Nasdaq futures vs fair value: -41.50. The S&P 500 futures trade 25 points below fair value.

Markets fell across Asia with sentiment weighed down by weakness across the commodity complex.

In economic data:
Japan's Machine Tool Orders surged 33.8% year-over-year (previous 36.6%)
India's Wholesale Price Index increased to 0.1% from 0.0% (expected 0.6%)
South Korea's Unemployment Rate ticked up to 3.5% (expected 3.4%; previous 3.4%)
New Zealand's Electronic Card Retail Sales ticked down 0.1% in December (expected 0.1%; previous -0.1%)

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Japan's Nikkei slid 1.7% to a one-month low. Japan Tobacco fell 2.8% due to lingering concerns regarding the cigarette market in Russia.
Hong Kong's Hang Seng shed 0.4%, slipping from four-month highs. Property names endured a mixed session with China Overseas Land & Investment gaining 2.3% and Sun Hung Kai Properties losing 1.9%.
China's Shanghai Composite lost 0.4%, but remained near its best level in more than five years. Financials outperformed as Agricultural Bank of China added 1.9% and ICBC gained 1.5%.
India's Sensex slipped 0.3%, but held the 100-day average. Metals names were pressured as Sesa Sterlite and Hindalco Industries tumbled 8.1% and 6.3%, respectively.

Major European indices trade lower across the board with UK's FTSE (-2.8%) pacing the slide. The European Court of Justice ruled that European Central Bank's OMT program is in-line with the EU Treaty, but some conditions may have to be met. Also of note, Italy's President Giorgio Napolitano has stepped down, but the market saw this coming for quite a while.

Participants received several data points:
Eurozone Industrial Production rose 0.2% month-over-month, as expected, while the year-over-year reading fell 0.4% (consensus -0.8%; previous 0.8%)
French CPI rose 0.1% month-over-month (expected 0.0%; previous -0.2%) while the Current Account swung from a deficit of EUR900 million to a surplus of EUR200 million
Italy's CPI was unchanged month-over-month and year-over-year, as expected
UK's CB Leading Index slipped 0.3% month-over-month (previous -0.3%)

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Germany's DAX is lower by 1.4% with ThyssenKrupp leading the retreat. The steelmaker has surrendered 5.5% after Credit Suisse downgraded the stock to 'Neutral' from 'Outperform.' Financials also lag with Commerzbank and Deutsche Bank down 3.5% and 1.0%, respectively.
Spain's IBEX has slid 1.5% with the pressure coming from large financials. Banco Popular, Caixabank, and Santander are down between 1.9% and 3.7%.
In France, the CAC has given up 1.6%. Growth-sensitive names are among the laggards with ArcelorMittal, Renault, and Bouygues down between 2.0% and 5.4%. Consumer names outperform with Carrefour and LVMH higher by 2.6% and 0.1%, respectively.
UK's FTSE is lower by 2.8% with about 90% of the index trading in the red. Miners have been pressured by lower copper prices with Anglo American, Glencore, BHP Billiton, and Rio Tinto down between 5.7% and 11.5%. On the upside, Tesco leads with a gain of 2.3%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -24.60. Nasdaq futures vs fair value: -45.30. The S&P 500 futures trade 25 points below fair value.

December retail sales fell 0.9% while the Briefing.com consensus expected an increase of 0.1%. The prior month's reading was revised down to 0.4% from 0.7%. Excluding autos, retail sales decreased 1.0%, while the consensus expected an increase of 0.1%.

Export prices, excluding agriculture, decreased 1.2% in December after decreasing 1.2% in the prior reading. Excluding oil, import prices ticked down 0.1%, which followed last month's 0.3% decline.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -12.50. Nasdaq futures vs fair value: -21.00. U.S. equity futures trade lower amid cautious action overseas. The S&P 500 futures hover 13 points below fair value after retreating from their highs that were notched around 5:00 ET.

The overnight session saw a continuation of yesterday's retreat on Wall Street after the World Bank lowered its 2015 GDP target to 3.0% from 3.4%. Asian markets ended lower across the board while European indices also display broad losses at this time. Commodities remained in focus overnight with copper futures diving 5.0% to $2.512/lb after hitting an overnight low near $2.460/lb. As for oil, the energy component tested the $45.20/bbl level overnight and currently trades lower by 0.5% at $45.70/bbl.

Treasuries hold gains with the 10-yr yield down three basis points at 1.87%.

The weekly MBA Mortgage Index saw its biggest spike since November 2008, surging 49.1% to follow the previous 11.1% spike.

December Retail Sales (Briefing.com consensus 0.1%) and December Import/Export Prices will cross the wires at 8:30 ET. The Business Inventories report for November (consensus 0.3%) will be reported at 10:00 ET while the Fed's January Beige Book will be released at 14:00 ET.

In U.S. corporate news of note:

Gamestop (GME 36.69, +3.92): +12.0% after reaffirming its Q4 guidance and reporting its holiday sales.
JPMorgan Chase (JPM 58.10, -0.74): -1.3% after missing earnings and revenue estimates.
RedHat (RHT 63.90, -3.54): -5.3% after Goldman downgraded the stock to 'Sell' from 'Neutral.'

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -0.4%, Hong Kong's Hang Seng -0.4%, and Japan's Nikkei -1.7%
In economic data:
Japan's Machine Tool Orders surged 33.8% year-over-year (previous 36.6%)
India's Wholesale Price Index increased to 0.1% from 0.0% (expected 0.6%)
South Korea's Unemployment Rate ticked up to 3.5% (expected 3.4%; previous 3.4%)
New Zealand's Electronic Card Retail Sales ticked down 0.1% in December (expected 0.1%; previous -0.1%)
In news:
Hong Kong Chief Executive CY Leung said during his 2015 Policy Address that his administration needs to take steps to improve upward mobility for the youth. Mr. Leung also stressed the need to expand property development to new territories in hopes of driving down property prices.

Major European indices trade lower across the board. Germany's DAX -0.7%, France's CAC -0.8%, and UK's FTSE -2.2%. Elsewhere, Italy's MIB -0.6% and Spain's IBEX -0.9%
Participants received several data points:
Eurozone Industrial Production rose 0.2% month-over-month, as expected, while the year-over-year reading fell 0.4% (consensus -0.8%; previous 0.8%)
French CPI rose 0.1% month-over-month (expected 0.0%; previous -0.2%) while the Current Account swung from a deficit of EUR900 million to a surplus of EUR200 million
Italy's CPI was unchanged month-over-month and year-over-year, as expected
UK's CB Leading Index slipped 0.3% month-over-month (previous -0.3%)
Among news of note:
The European Court of Justice ruled that European Central Bank's OMT program is in-line with the EU Treaty, but some conditions may have to be met

7:04 am: [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -14.00.

7:04 am: [BRIEFING.COM] Nikkei...16,795.96...-291.80...-1.70%. Hang Seng...24,112.60...-103.40...-0.40%.

7:04 am: [BRIEFING.COM] FTSE...6,438.20...-103.00...-1.60%. DAX...9,921.35...-19.70...-0.20%.

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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