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 Post subject: January 15th Thursday Trade Results - Profit $14187.50
PostPosted: Fri Jan 16, 2015 2:46 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)

Attachment:
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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 @ $14,187.50 dollars or +283.75 points, Light Crude Oil CL ($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 @ $14,187.50 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=1982

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 continued their rough week with the S&P 500 (-0.9%) registering its fifth consecutive decline after failing to hold the 100-day moving average (2007). The price-weighted Dow Jones Industrial Average (-0.6%) fared a bit better while the Nasdaq Composite (-1.5%) and Russell 2000 (-1.7%) underperformed.

This morning, market participants were greeted by an astounding move in the foreign exchange market. Specifically, the Swiss franc was up as much as 25.0% against the dollar after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB, and the dollar/franc pair was able to narrow its loss to 15.0% (0.8687); however, that was still large enough to resonate with investors who were lulled into a false sense of security by the SNB's pledge to maintain the exchange rate floor.

Equity indices began the day with slim gains, but the morning strength faded alongside crude oil, which slid from a session high at $51.00/bbl to $46.57/bbl. The energy component ended the day lower by 4.1%, but that masked the fact that crude fell almost 9.0% from its best level of the day. Furthermore, that pullback was closely correlated with a broad-market slide, which was paced by cyclical sectors.

The two top-weighted groups-technology (-1.5%) and financials (-1.3%)-spent the day at the bottom of the leaderboard and their underperformance prevented the market from staging a notable rebound. Most large cap tech components held up relatively well, but Apple (AAPL 106.86, -2.94) fell 2.7% after Mizuho downgraded the stock to 'Neutral' from 'Buy.' Similarly, high-beta social media names lagged with the likes of Facebook (FB 74.05, -2.23), LinkedIn (LNKD 213.21, -6.22), and Yelp (YELP 50.12, -2.08) falling between 2.8% and 4.0%. Chipmakers also struggled, but the PHLX Semiconductor Index (-0.8%) ended ahead of the broader market thanks to an 8.7% surge in Taiwan Semiconductor (TSM 22.89, +1.83) after the company beat earnings estimates and issued upbeat guidance.

Elsewhere, the financial sector retreated under the weight of two more quarterly reports that missed their mark. Citigroup (C 47.23, -1.82) reported below-consensus earnings and revenue while Bank of America (BAC 15.20, -0.84) delivered a one-cent beat on light revenue. The two names posted respective losses of 3.7% and 5.2% while the sector extended its January decline to 6.1%.

Also of note, the consumer discretionary sector (-1.3%) finished among the laggards as retailers and homebuilders struggled. The SPDR S&P Retail ETF (XRT 92.12, -2.16) lost 2.3% while iShares Dow Jones US Home Construction ETF (ITB 24.60, -1.30) fell 5.0% despite better than expected earnings from Lennar (LEN 42.48, -3.28). The stock fell 7.2% after company management made cautious comments about its outlook, echoing the remarks made earlier this week by KB Home (KBH 12.39, -1.15).

On the upside, consumer staples (+0.2%) and utilities (+0.7%) posted gains while another countercyclical sector-health care (-1.1%)-was pressured by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 307.70, -7.87) lost 2.5%, which contributed to the underperformance of the Nasdaq.

Treasuries registered solid gains with the 10-yr yield sliding nine basis points to 1.76%.

Today's participation was ahead of average with more than 850 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, PPI, Empire Manufacturing, and the Philadelphia Fed Survey:

The initial claims level increased to 316,000 from an upwardly revised 297,000 (from 294,000) while the Briefing.com consensus expected a drop to 290,000
That was the largest initial claims level since the beginning of June 2014 when 318,000 claims were filed
It is possible that the rise in claims is the beginning of an upward move in layoff levels from energy-related activities. Low oil prices are expected to cause layoffs as fracking becomes uneconomical
Producer prices declined 0.3% in December after declining 0.2% in November while the Briefing.com consensus expected a decline of 0.4%
Total energy prices fell 6.6% in December, which was the sixth consecutive month of price declines
Excluding food and energy, core PPI increased 0.3% in December after being flat in November. The consensus expected an uptick of 0.1%
The Empire Manufacturing Survey for January registered a reading of 9.9, which was above the prior month's reading of -1.2 and also above the Briefing.com consensus estimate, which was pegged at 6.5
The Philadelphia Fed's Manufacturing Business Outlook Survey dropped to 6.3 in January from a downwardly revised 24.3 (from 24.5) while the Briefing.com consensus expected a drop to 19.0
That was the lowest level since the index turned negative (-6.3) in February 2014

Tomorrow, December CPI will be released at 8:30 ET (Briefing.com consensus -0.4%) while Industrial Production (consensus -0.1%) and Capacity Utilization (expected 79.9%) will cross the wires at 9:15 ET. The Michigan Sentiment Index for January (consensus 94.1) will be reported at 9:55 ET.

Dow Jones Industrial Average -2.8% YTD
S&P 500 -3.2% YTD
Nasdaq Composite -3.5% YTD
Russell 2000 -4.0% YTD

3:45 pm: [BRIEFING.COM]

WTI crude oil displayed huge volatility again today, ultimately closing $2.19 lower at $46.36/barrel
This is well off of today's high of $51.27/barrel
Feb natural gas fell 6 cents today to close at $3.17/MMBtu
Feb gold rose $29.60 to $1264.60, while Mar silver rose $0.11 to $17.10/oz


3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.4% with one hour remaining in the Thursday session. The benchmark index slumped at the start of the trading day, but was able to find support in the 2,000 area, where the index has hovered since the late morning.

Once again, growth-sensitive sectors have been responsible for the bulk of today's decline with consumer discretionary (-0.7%), financials (-0.9%), and technology (-0.8%) continuing their underperformance into the home stretch. Furthermore, the three groups now trade with respective January losses of 4.2%, 5.7%, and 3.1%. Meanwhile, the remaining cyclical groups have not fared much better as industrials (-0.1%) and energy (-0.5%) sport month-to-date losses of 3.6% and 6.9% while today's outperformer-materials (+0.5%)-is lower by 2.5% for the month.

2:30 pm: [BRIEFING.COM] Not much change in the major averages with the S&P 500 (-0.7%) having spent the past two hours near the 2,000 level. Top-weighted sectors continue showing relative weakness with financials (-1.1%) and technology (-1.2%) remaining at the bottom of the leaderboard.

Elsewhere, small cap stocks have also had a tough time keeping up with the market. The Russell 2000 (-1.5%) has distanced itself from the broader market and is now down 3.9% in January versus a 3.0% month-to-date loss for the S&P 500.

After pacing a broad market rally in 2013, the small cap index spent the bulk of 2014 in a relatively narrow range, adding 3.5% versus an 11.4% spike for the S&P 500. If the Russell continues showing relative weakness versus the S&P 500 as 2015 wears on, that dynamic could signal a looming pullback in the broader market.

1:55 pm: [BRIEFING.COM] The S&P 500 hovers near the 2,000 level.

The initial claims level increased to 316,000 for the week ending January 10 from 297,000 for the week ending January 3. That was the largest initial claims level since the beginning of June 2014 when 318,000 initial claims were filed.

According to the DOL, there were no special factors that impacted the initial claims. However, it is possible that the rise in claims is the beginning of an upward move in layoff levels from energy-related activities. Low oil prices are expected to cause layoffs as fracking becomes uneconomical.

We will learn more next week when the DOL reports on which states saw large increases in the initial claims level. Until then, it is only speculation on what caused this week's increase in claims.

1:30 pm: [BRIEFING.COM] The major indices have inched up off their lows, but they continue holding the bulk of their losses.

Financials remain the weakest S&P sector following weak earnings, this time from Citigroup (C 47.59, -1.46) and Bank of America (BAC 15.40, -0.64). This marks two straight days of of disappointing earnings from large banking giants.

Shares in homebuilder Lennar (LEN 43.01, -2.75) are under heavy pressure this afternoon despite earnings that beat both the top and bottom line estimates as the company projected FY15 gross margins of ~24% vs. the 25.4% they achieved last year. This follows peer KB Home (KBH 12.58, -0.98) who on Tuesday made similar comments on their conference call, warning they do not expect to hit their margin goal in 2015. The discouraging commentaries from these two large homebuilders are dragging down the Dow Jones US Home Construction ETF (ITB 24.71, -1.19), which is now down almost 7.5% this week alone.


1:00 pm: [BRIEFING.COM] The major averages trade lower across the board at midday with the S&P 500 (-0.8%) struggling to stay above the 2,000 level. The benchmark index fell below its 100-day moving average (2,007) at the start of the session and that level has turned into resistance following the opening slide.

The overnight session featured some unexpected fireworks in the foreign exchange market after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB and the immediate impact had the dollar/franc pair trading lower by an astounding 25.0%. The currency pair has cut that loss in half, but the franc remains higher by more than 10.0% against the dollar.

The incredible move in the forex market led to confusion and made for a nasty surprise for investors who had become too complacent with the SNB's pledge to maintain the exchange rate floor. Gold futures rallied on the news and they currently trade higher by 2.3% at $1262.50/ozt.

Elsewhere among commodities, crude oil traded higher this morning, but the energy component has been in a freefall since kissing the $51.00/bbl level around 9:00 ET. WTI crude is currently lower by 2.3% at $47.36/bbl and the retreat has been closely correlated with the slide among equities.

Seven sectors sport midday gains while the three advancers-materials (+0.3%), utilities (+0.1%), and telecom services (+0.1%)-hold little sway over the broader market considering the trio accounts for less than 10.0% of the S&P 500.

On the flip side, heavily-weighted consumer discretionary (-1.2%), financials (-1.4%), health care (-1.0%), and technology (-1.4%) have kept the market under pressure.

Notably, the financial sector has been pressured by two more quarterly reports that were short of estimates. Bank of America (BAC 15.38, -0.66) reported a one-cent beat on light revenue while Citigroup (C 46.99, -2.06) missed on both metrics.

Elsewhere, the tech sector has been pressured by large-cap names, including Apple (AAPL 106.83, -2.97), which trades lower by 2.8% after Mizuho downgraded the stock to 'Neutral' from 'Buy.' The PHLX Semiconductor Index (-0.1%) displays relative strength, but that is almost entirely due to a 7.8% surge in Taiwan Semiconductor (TSM 22.70, +1.64) after the company reported strong results coupled with upbeat guidance.

Other high-beta groups find themselves among the laggards with the iShares Nasdaq Biotechnology ETF (IBB 309.39, -6.18) lower by 2.0%. In turn, the biotech group has contributed to the underperformance of the Nasdaq (-1.3%) and the health care sector (-1.0%).

Treasuries hover near their highs with the 10-yr yield down eight basis points at 1.78%.

Economic data included Initial Claims, PPI, Empire Manufacturing, and the Philadelphia Fed Survey:

The initial claims level increased to 316,000 from an upwardly revised 297,000 (from 294,000) while the Briefing.com consensus expected a drop to 290,000
That was the largest initial claims level since the beginning of June 2014 when 318,000 claims were filed
It is possible that the rise in claims is the beginning of an upward move in layoff levels from energy-related activities. Low oil prices are expected to cause layoffs as fracking becomes uneconomical
Producer prices declined 0.3% in December after declining 0.2% in November while the Briefing.com consensus expected a decline of 0.4%
Total energy prices fell 6.6% in December, which was the sixth consecutive month of price declines
Excluding food and energy, core PPI increased 0.3% in December after being flat in November. The consensus expected an uptick of 0.1%
The Empire Manufacturing Survey for January registered a reading of 9.9, which was above the prior month's reading of -1.2 and also above the Briefing.com consensus estimate, which was pegged at 6.5
The Philadelphia Fed's Manufacturing Business Outlook Survey dropped to 6.3 in January from a downwardly revised 24.3 (from 24.5) while the Briefing.com consensus expected a drop to 19.0
That was the lowest level since the index turned negative (-6.3) in February 2014

12:30 pm: [BRIEFING.COM] Equity indices remain pressured with the S&P 500 (-0.6%) trading just above its session low. The index has put together a couple rebound attempts, but they have gotten weaker as the session wears on.

Materials (+0.4%) and utilities (+0.2%) represent the only two groups with gains larger than 0.1%, but neither sector is large enough to move the broader market. Elsewhere, top-weighted technology and financials hold respective losses of 0.9% and 1.0%.

Meanwhile, Treasuries have continued their charge higher with the 10-yr yield dropping eight basis points to 1.78%.

11:55 am: [BRIEFING.COM] The major averages have inched up off their recent levels, but heavily-weighted sectors remain weak with consumer discretionary, financials, health care, and technology down between 0.4% and 0.8%.

The four influential sectors represent more than 60.0% of the S&P 500, which means their performance going forward has the potential to influence action in the broader market. Elsewhere, crude oil also deserves attention as the commodity has been closely correlated with the S&P 500. Both the index and the energy component have hit their session lows during the past 50 minutes or so.

At this juncture, crude oil is lower by 1.6% at $47.70/bbl. Also of note, Treasuries have moved to new highs, pressuring the 10-yr yield to 1.79% (-6 bps).

11:30 am: [BRIEFING.COM] The S&P 500 (-0.6%) has returned near its opening low while the Nasdaq (-0.8%) and Russell 2000 (-0.9%) continue showing relative weakness. Including today's declines, the S&P 500 and Nasdaq are both down near 2.2% for the week while the Russell 2000 has given up 1.5% since last Friday.

Once again, the energy sector (-1.0%) has been the weakest performer and the group is down 4.4% on the week. That loss is likely to grow wider, considering crude oil has recently dropped to a new low for the day. The energy component is now lower by 3.1% at $46.99/bbl after kissing the $51.00/bbl level this morning.

On the upside, the other commodity-related sector-materials-is higher by 0.4% today, but down 2.3% for the week.

11:00 am: [BRIEFING.COM] The S&P 500 (-0.3%) has erased most of its early loss while the Nasdaq Composite (-0.5%) continues lagging amid relative weakness in the technology sector (-0.6%).

The top-weighted group slumped to the bottom of the leaderboard and has struggled to rebound alongside the broader market. Several large cap components trade in the red with shares of Apple (AAPL 108.20, -1.60) down 1.5% after Mizuho downgraded the stock to 'Neutral' from 'Buy.' However, high-beta chipmakers have shown relative strength with the PHLX Semiconductor Index up 1.1% after Taiwan Semiconductor (TSM 22.81, +1.75) reported better than expected results.

Also of note, biotechnology has pressured the Nasdaq, evidenced by a 0.6% decline in the iShares Nasdaq Biotechnology ETF (IBB 313.61, -1.96). Meanwhile, the health care sector trades lower by 0.2%.

10:40 am: [BRIEFING.COM]

Oil prices basically went mad this morning
WTI crude oil gained some steam in early morning trade, but began to rip higher and ultimately rallied as much as $4.11/barrel to as high as $51.27/barrel in morning trade
The rally this morning happened over a three hour period, but crude oil sold off even faster following this rally.
After hitting $51.27, crude was back in negative territory in less than an hour
Feb crude oil is now -1.1% at $47.93/barrel
Natural gas futures rallied back to today's high of $3.34/MMBtu following the weekly EIA inventory data
However, nat gas has lost some steam and is now +1.6% at $3.28/MMBtu
Metals are doing well this morning. Following a collapse in copper prices, Mar copper is trading 2.3% higher this morning at $2.56/lb
In the precious metals space, Feb gold is 1.9% at $1257.80/oz, while Mar silver is +0.5% at $17.06/oz

10:00 am: [BRIEFING.COM] The stock market has endured a volatile start to the trading day with the S&P 500 making a 20-point move from its high to a new low during the first 20 minutes of the session. Similarly, crude oil traded in the neighborhood of $51.00/bbl, but has been beaten down into the $48.00/bbl area. The energy component is down 1.0% on the day while the energy sector trades lower by 0.8%.

Just released, the Philadelphia Fed Survey for January fell to 6.3 from 24.3. Economists polled by Briefing.com had expected that the Survey would fall to 19.0.

Treasuries have added to their gains with the 10-yr yield slipping to 1.82% (-4 bps).

9:45 am: [BRIEFING.COM] The major averages began the session with slim gains before slipping into the red. The S&P 500 trades lower by 0.3% with six sectors in the red.

Most notably, the top-weighted technology sector trades lower by 0.6% while the second-largest sector by weight-financials-is lower by 0.7% after Bank of America (BAC 15.44, -0.60) reported a top-line miss and Citigroup (C 47.68, -1.38) missed on earnings and revenue.

The two groups represent the weakest performers while materials (+0.4%) and telecom services (+0.5%) trade ahead of the broader market. However, it is worth mentioning that the two sectors account for just over 5.0% of the entire market while financials and technology account for about 35.0% of the entire S&P 500.

Treasuries continue holding gains with the 10-yr yield down three basis points at 1.83%.

9:09 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +4.00. The stock market is on track for a modestly higher open as futures on the S&P 500 trade five points above fair value after climbing off their overnight low. Index futures held their ground during the Asian session, but dove into the red after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB and sent the dollar/franc pair lower by about 14.0% to 0.8760. U.S. futures have been able to recover their losses that followed the news while the Swiss Market Index is down almost 10.0%.

Market participants have received another dose of earnings today with two more reports from the financial sector. Bank of America (BAC 15.54, -0.50) reported a one-cent beat on revenue that missed estimates while Citigroup (C 48.56, -0.49) missed on both metrics.

On the economic front, the latest weekly initial jobless claims count totaled 316,000 while the Briefing.com consensus expected a reading of 290,000. Also of note, December producer prices slipped 0.3% while the Briefing.com consensus called for a downtick of 0.4%. Core producer prices, meanwhile, rose 0.3% while the consensus expected an uptick of 0.1%.

Treasuries hold modest gains with the 10-yr yield down two basis points at 1.84%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +7.50. The S&P 500 futures trade eight points above fair value.

Markets gained across much of Asia. The Reserve Bank of India announced a surprise 25-basis point cut to 7.75% as the Wholesale Price Index holds near 0%. Elsewhere, the Bank of Korea and Bank Indonesia kept their benchmark rates steady at 2.00% and 7.75%, both as expected.

In economic data:
China's New Loans came in at CNY697.30 billion (expected CNY885.00 billion; previous CNY852.70 billion) while Outstanding Loan Growth increased 13.6% year-over-year (expected 13.8%; previous 13.4%)
Japan's Corporate Goods Price Index fell 0.4% month-over-month (expected -0.3%; previous -0.2%) while Core Machinery Orders increased 1.3% month-over-month (consensus 5.0%; previous -6.4%)
Australia's Payrolls grew by 37,400 (expected 3,800; previous 44,900) while the Participation Rate ticked up to 64.8% from 64.7% (expected 64.7%). The Unemployment Rate slipped to 6.1% from 6.2% (expected 6.3%)
Singapore's Retail Sales rose 6.5% year-over-year (expected 8.1%; prior 7.9%)

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Japan's Nikkei rose 1.9% to hold two-month lows. Heavyweights Softbank and Fast Retailing both gained, up 0.8% and 2.4%, respectively.
Hong Kong's Hang Seng rallied 1.0% to a four-month high. Mainland financials were bid with Bank of China adding 1.4%.
China's Shanghai Composite surged 3.5% on stimulus hopes following the disappointing loans data. Financials were well bid with Bank of China surging 6.3%.
India's Sensex rallied 2.7% to a one-month high in response to the surprise rate cut. Financials were in favor as HDFC surged 7.3% and State Bank of India rallied 5.1%.

Major European indices trade higher across the board while the Swiss Market Index has tumbled 9.5% after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB and sent the dollar/franc pair lower by about 14.0% to 0.8730.

Economic data was limited:
Eurozone Trade Surplus widened to EUR20.00 billion from EUR19.60 billion (expected surplus of EUR21.30 billion)
Germany's 2014 GDP was reported at 1.5%, as expected (previous 0.1%)
Spain's CPI fell 1.0% year-over-year (expected -1.1%; previous -1.1%)

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UK's FTSE is higher by 1.0% with energy and consumer names in the lead. BG Group, Associated British Foods, and Sainsbury are up between 2.2% and 3.9%. Homebuilders lag with Barratt Developments and Persimmon down 1.3% and 2.1%, respectively.
Germany's DAX has jumped 1.5% amid broad strength. Growth-sensitive names like Continental, ThyssenKrupp, and BMW sport gains between 1.1% and 2.5%. Merck is the weakest performer, down 1.1%.
In France, the CAC has spiked 1.7% with industrial names among the leaders. Airbus Group, Bouygues, and Schneider Electric have added between 1.5% and 2.4%.
Italy's MIB outperforms with a gain of 2.2%. Intesa Sanpaolo is the top-performing financial, up 3.1%. Energy names have also provided support with Eni trading higher by 3.9%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: +3.20. The S&P 500 futures trade two points above fair value.

The latest weekly initial jobless claims count totaled 316,000 while the Briefing.com consensus expected a reading of 290,000. Today's tally was above the revised prior week count of 297,000 (from 294,000). As for continuing claims, they fell to 2.424 million from 2.475 million.

December producer prices slipped 0.3% while the Briefing.com consensus called for a downtick of 0.4%. Core producer prices rose 0.3% while the consensus expected an uptick of 0.1%.

The Empire Manufacturing Survey for January registered a reading of 9.9, which was above the prior month's reading of -1.2. It was also above the Briefing.com consensus estimate, which was pegged at 6.5.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -4.80. U.S. equity futures trade little changed amid upbeat action overseas. The S&P 500 futures hover one points below fair value.

The overnight session saw some fireworks in the foreign exchange market where the Swiss franc surged against its peers after the Swiss National Bank abandoned the EURCHF 1.20 floor and lowered the benchmark deposit rate to -0.75%. The move was likely taken in anticipation of a QE announcement from the ECB and sent the dollar/franc pair lower by 1400 pips (13.8%) to 0.8778. Index futures plunged in reaction to the surprise move, but they have recovered the bulk of their losses.

On a somewhat related note, crude oil traded lower overnight, but has been on the rise this morning and currently trades higher by 1.0% at $48.99/bbl.

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.

Treasuries hold modest gains with the 10-yr yield down three basis points at 1.82%.

In U.S. corporate news:

Bank of America (BAC 15.61, -0.43): -2.7% after reporting a one-cent beat on below-consensus revenue.
Best Buy (BBY 36.80, -3.11): -7.8% after reporting holiday comparable store sales at +2.6% and issuing cautious forward guidance.
Corning (GLW 24.00, +0.75): +3.2% after JPMorgan upgraded the stock to 'Overweight' from 'Neutral.'
Lennar (LEN 46.76, +1.00): +2.2% after beating earnings and revenue estimates.
Taiwan Semiconductor (TSM 22.00, +0.94): +4.5% in reaction to above-consensus results and better than expected guidance.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +1.0%, Japan's Nikkei +1.9%, and China's Shanghai Composite +3.5%
In economic data:
China's New Loans came in at CNY697.30 billion (expected CNY885.00 billion; previous CNY852.70 billion) while Outstanding Loan Growth increased 13.6% year-over-year (expected 13.8%; previous 13.4%)
Japan's Corporate Goods Price Index fell 0.4% month-over-month (expected -0.3%; previous -0.2%) while Core Machinery Orders increased 1.3% month-over-month (consensus 5.0%; previous -6.4%)
Australia's Payrolls grew by 37,400 (expected 3,800; previous 44,900) while the Participation Rate ticked up to 64.8% from 64.7% (expected 64.7%). The Unemployment Rate slipped to 6.1% from 6.2% (expected 6.3%)
Singapore's Retail Sales rose 6.5% year-over-year (expected 8.1%; prior 7.9%)
In news:
The Reserve Bank of India cut its key interest rate 25-basis points to 7.75% (expected 8.0%)

Major European indices trade higher across the board. UK's FTSE +0.6%, Germany's DAX +1.1%, and France's CAC +1.2%. Elsewhere, Italy's MIB +1.8% and Spain's IBEX +0.7%
Economic data was limited:
Eurozone Trade Surplus widened to EUR20.00 billion from EUR19.60 billion (expected surplus of EUR21.30 billion)
Germany's 2014 GDP was reported at 1.5%, as expected (previous 0.1%)
Spain's CPI fell 1.0% year-over-year (expected -1.1%; previous -1.1%)
In news:
The abandonment of the EURCHF floor by the Swiss National Bank has sent the franc higher by 14.0% against the dollar, in turn rattling the Swiss Market Index. The index has surrendered 9.5% and now trades not far above its mid-October low.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -8.80.

7:58 am: [BRIEFING.COM] Nikkei...17108.70...+312.70...+1.90%. Hang Seng...24350.91...+238.30...+1.00%.

7:58 am: [BRIEFING.COM] FTSE...6426.20...+37.70...+0.60%. DAX...9924.89...+107.80...+1.10%.

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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