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 Post subject: February 18th Wednesday Trade Results - Profit $1632.50
PostPosted: Thu Feb 19, 2015 3:26 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $320.00 dollars or +3.20 points, Emini ES ($ES_F) futures @ $1,312.50 dollars or +26.25 points, Light Crude Oil CL ($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 @ $1,632.50 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=140&t=2008

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=257&t=2664

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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 finished the Wednesday session on a flat note thanks to a late afternoon crawl that lifted the market off its low. The S&P 500 ended unchanged while the Nasdaq outperformed, adding 0.1%.

For the second day in a row, stocks opened with slim losses and drifted inside narrow ranges until the early afternoon. The S&P 500 spiked off its low and made a brief appearance in the green following the FOMC minutes from the January meeting, but the index was back near its low just 30 minutes later. A second effort in the late afternoon propelled the S&P 500 back to its flat line ahead of the close.

It was a bit surprising to see the market react rather lackadaisically to the FOMC minutes, considering they revealed a high likelihood that the Fed will not be raising rates any time soon due to several risks including declining inflation and weak global growth.

Meanwhile, the Treasury market heard the message and responded with a rally. The 10-yr note reclaimed about half of yesterday's decline with the benchmark yield dropping six basis points to 2.08%. On a related note, the dollar surrendered its intraday gain following the minutes.

The FOMC minutes overshadowed afternoon reports from the Wall Street Journal indicating the European Central Bank will extend Greece's Emergency Liquidity Assistance allowance by EUR3.50 billion to EUR68.50 billion for two weeks. However, that may not be enough next week when Greece's government runs out of cash, according to Kathimerini. German ECB members have recently opposed using ELA funds to finance governments, which may explain the limited scope of the increase.

Furthermore, Greece's government spokesperson said the government plans to request an extension to the current loan agreement. Until now, Germany has opposed granting unconditional extensions so it remains to be seen whether the request is granted.

Six of ten sectors posted gains, but only three-industrials (+0.6%), consumer staples (+0.6%), and utilities (+2.4%)-added more than 0.3%. On the flip side, financials (-0.6%) surrendered their gain from yesterday while the energy sector (-1.2%) was responsible for much of the early weakness.

The energy sector weighed as crude oil returned to yesterday's intraday low, falling 2.7% to $52.12/bbl.

Elsewhere among cyclical sectors, industrials rallied behind heavyweights like Boeing (BA 151.17, +1.25), General Electric (GE 25.25, +0.08), and Deere (DE 92.75, +2.83) with shares of DE getting a boost after it was reported Berkshire Hathaway invested in the company during Q4.

Transport stocks also contributed to the strength of the industrial sector with the Dow Jones Transportation Average adding 0.4%. Airlines led the way thanks to lower oil prices with United Continental (UAL 66.72, +1.79) surging 2.8%.

Another cyclical group-consumer discretionary (-0.1%)-caught up to the market by the end of the day, but was pressured early by apparel retailers after Fossil (FOSL 83.69, -15.63) disappointed with its earnings/guidance and discussed currency headwinds-a concern that could be echoed by its peers in the coming weeks.

Once again, today's participation was well below average with just 716 million shares changing hands at the NYSE floor.

Economic data included Housing Starts, PPI, Industrial Production, Capacity Utilization, and MBA Mortgage Index:

New housing starts declined 2.0% in January to 1.065 million from a downwardly revised 1.087 million (from 1.089 million) in December while the Briefing.com consensus expected a drop to 1.070 million
After a big rush in single-family starts in December, new single-family construction fell back to November levels, dropping 6.7% to 678,000 from 727,000 in December
Producer prices declined 0.8% in January after declining an upwardly revised 0.2% (from -0.3%) in December while the Briefing.com consensus expected a decline of 0.4%
A large portion of the decline resulted from falling energy prices with prices of total energy goods declining 10.3% in January after a 6.2% drop in December. Gasoline prices dropped 24% in January
Food prices fell 1.1% in January after declining 0.1% in December
Excluding food and energy, core PPI declined 0.1% in January after increasing 0.3% in December while the consensus expected an uptick of 0.1%
Industrial production increased 0.2% in January after declining a downwardly revised 0.3% (from -0.1%) in December while the Briefing.com consensus expected an increase of 0.4%
Manufacturing production increased 0.2% in January after being flat in December, which was in-line with the national ISM Production Index. The index softened slightly in January to 56.5 from 57.7 in December
The weekly MBA Mortgage Index fell 13.2% to follow last week's 9.0% decline

Tomorrow, weekly Initial Claims (Briefing.com consensus 295K) will be released at 8:30 ET while January Leading Indicators (consensus 0.3%) and the Philadelphia Fed Survey for February (consensus 8.5) will cross at 10:00 ET.

3:35 pm: [BRIEFING.COM]

WTI crude oil lost some steam today and traded in the red
Mar crude finished today's session $1.42 lower at $52.12/barrel
Meanwhile, Mar natural gas rosr $0.07 to $2.83/MMBtu
RBOB gasoline fell 1.2% (or $0.02) to $1.57/gallon despite news of Exxon's refinery fire
Metals were mixed today with Mar copper closing $0.03 higher to $2.61/lb and gold and silver declining
Apr gold lost $8.20 to $1200.30/oz, while Mar silver fell $0.08 to $16.29/oz

3:00 pm: [BRIEFING.COM] The S&P 500 has returned into the middle of today's trading range with the S&P 500 now lower by 0.2%.

Equity indices jumped after the FOMC minutes revealed a high likelihood that the Fed will not be raising rates any time soon. However, that brief rally was muted considering it only moved the S&P 500 higher by just five points and the move was followed by a full retracement. Treasuries, meanwhile, have recovered the bulk of their losses from yesterday with the 10-yr yield now down nine basis points at 2.06%.

All in all, the stock market remains little concerned with external developments, which has been the case over the past several days. To that point, trading volume has been light as of late and today is likely to fit in with the recent trend since only 427 million shares have changed hands at the NYSE floor so far.

2:30 pm: [BRIEFING.COM] The major averages are back near their lows after a brief surge that followed the release of FOMC minutes from the January meeting. The S&P 500 trades lower by 0.3%.

Most notably, the statement indicates that many FOMC members believe that due to current risks associated with normalizing policy, they are more inclined to remain at the lower bound for longer.

The committee's foreign outlook was notable as it contained concerns over slowing growth in China, which is dampening overall global growth. The committee also mentioned Greece and Ukraine as points of concern. The committee's desire to maintain its current policy stance was also predicated on inflation sliding further away from the Fed's 2.00% target.

The dovish shift sent Treasuries surging with the 10-yr yield now down nine basis points at 2.06%. On a related note, the Dollar Index (+0.1%) has surrendered the bulk of its gain. Meanwhile, the dollar/yen pair hovers near its low at 118.80 (-45 pips).

Also of note, The Wall Street Journal reported the European Central Bank will extend Greece's Emergency Liquidity Assistance allowance by EUR3.50 billion to EUR68.50 billion for two weeks.

2:00 pm: [BRIEFING.COM] The S&P 500 remains near its session low. A recap of the FOMC minutes will be provided in the next update.

The economic data were disappointments all around.

January housing starts came in a bit light (1.065 mln vs. Briefing.com Consensus 1.070 mln), but that wasn't the worst of it. The weakness came from the normally stable single-family construction, which tells us that the construction sector has not yet turned the corner.

Producer prices declined 0.8% in January, well below the Briefing.com Consensus forecast of a 0.4% decline. Core prices also declined in January, and pipeline pressure are all toward the downside.

Industrial production increased 0.2% in January, below the Briefing.com Consensus expectation of a 0.4% increase. The key to this report was the switch by motor vehicle manufacturers towards producing trucks instead of cars. If oil prices don't remain low, the switch to truck assemblies could cause a glut of undesired inventory by the middle of the year.

1:30 pm: [BRIEFING.COM] The major U.S. indices are posting modest losses ahead of the 2:00 p.m. ET release of the FOMC minutes from the January 27-28 meeting. After closing above 2100 for the first time ever yesterday, the S&P 500 has failed to climb into positive territory during today's session.

The majority of commodities are also lower at the moment. Gold is down $8.60 to $1200/oz and WTI crude is off 2.75% to $52.05/bbl.

In equities, Exxon Mobil (XOM 90.77, -2.28) has seen notable weakness following reports of an explosion at one of its California refineries and that Berkshire Hathaway liquidated its equity stake in the company. Elsewhere, shares of Zillow (Z 131.81, +22.67) are seeing considerable strength after announcing late yesterday that it has closed the acquisition of Trulia (TRLA) for $2.5 bln in cash and stock.

1:00 pm: [BRIEFING.COM] The major averages trade little changed at midday with the S&P 500 lower by 0.3%. This puts the index near the middle of yesterday's trading range and leaves it essentially unchanged from where it ended last week.

Overnight, the spokesman for Greece's government confirmed the intent to ask for an extension to the current loan, but there was no mention of what concessions will have to be made in order to receive that extension. Meanwhile, Bloomberg has quoted Germany's Chancellor Angela Merkel as saying "euro solidarity is no one-way street," which could be seen as a hint that an unconditional loan extension may not be feasible.

Staying in Europe, Reuters reported that Ukraine's government forces have begun withdrawing from Debaltseve after rebel groups overwhelmed the defenses of the rail hub town.

U.S. Treasuries rallied this morning, but it is worth noting that occurred following yesterday's steep slide. Currently, the 10-yr note continues holding a modest gain with its yield down two basis points at 2.13%.

Seven sectors sport midday losses with energy (-1.0%) representing the weakest cyclical sector due to renewed weakness in crude oil. The energy component is lower by 2.7% at $52.85/bbl, but still trades above yesterday's intraday low.

Elsewhere, the financial sector (-0.5%) outperformed yesterday, but today's weakness has the influential group back to unchanged for the week.

On the upside, utilities (+1.1%) lead while the industrial sector (+0.3%) is the second-best performer. Deere (DE 91.70, +1.79) has given a nice boost to the cyclical sector following news that Berkshire Hathaway acquired about 7.6 million shares in the company during the fourth quarter. Shares of Deere trade higher by 2.0%.

On the earnings front, Fossil (FOSL 80.83, -18.49) has tumbled 18.6% after missing estimates and issuing below-consensus guidance. The company voiced concerns over potential currency headwinds, which has kept other retailers on the defensive with the SPDR S&P Retail ETF (XRT 97.62, -0.31) lower by 0.3%.

The FOMC minutes from the January meeting will be released at 14:00 ET.

Economic data included Housing Starts, PPI, Industrial Production, Capacity Utilization, and MBA Mortgage Index:

New housing starts declined 2.0% in January to 1.065 million from a downwardly revised 1.087 million (from 1.089 million) in December while the Briefing.com consensus expected a drop to 1.070 million
After a big rush in single-family starts in December, new single-family construction fell back to November levels, dropping 6.7% to 678,000 from 727,000 in December
Producer prices declined 0.8% in January after declining an upwardly revised 0.2% (from -0.3%) in December while the Briefing.com consensus expected a decline of 0.4%
A large portion of the decline resulted from falling energy prices with prices of total energy goods declining 10.3% in January after a 6.2% drop in December. Gasoline prices dropped 24% in January
Food prices fell 1.1% in January after declining 0.1% in December
Excluding food and energy, core PPI declined 0.1% in January after increasing 0.3% in December while the consensus expected an uptick of 0.1%
Industrial production increased 0.2% in January after declining a downwardly revised 0.3% (from -0.1%) in December while the Briefing.com consensus expected an increase of 0.4%
Manufacturing production increased 0.2% in January after being flat in December, which was in-line with the national ISM Production Index. The index softened slightly in January to 56.5 from 57.7 in December
The weekly MBA Mortgage Index fell 13.2% to follow last week's 9.0% decline

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) surge higher by nearly a full point before the move was retraced entirely.

Seven sectors remain in the red while the leading cyclical sector-industrials-has extended its advance to 0.4%. There is some strength among transport stocks with the Dow Jones Transportation Average higher by 0.2%, but Deere (DE 91.70, +1.79) has given a nice boost to the sector following news that Berkshire Hathaway acquired about 7.6 million shares of the company during the fourth quarter. Shares of Deere trade higher by 2.0%.

Elsewhere, Treasuries have slumped from their highs with the 10-yr yield now down two basis points at 2.13%.

11:55 am: [BRIEFING.COM] There is no need to hit 'refresh' as range-bound action continues. To be more precise, the major averages have not ranged much, but have rather been frozen in place. The S&P 500 remains lower by 0.2%.

Barring unforeseen news developments or runaway algorithms of some sort, it would not be surprising to see this 'action' continue until the 14:00 ET release of the FOMC minutes from the January meeting. Investors will comb through the release to identify any wording changes that may serve as an indication of shifts in the Fed's policy stance, but if the document reads as expected, the market may just continue its subdued drift.

Elsewhere, crude oil has returned near its session low and is currently down 2.7% at $52.80/bbl, causing weakness in the energy sector (-1.0%) .

11:25 am: [BRIEFING.COM] Equity indices continue drifting near their near their recent levels with the S&P 500 lower by 0.2%. The benchmark index respected a 12-point range yesterday, and today's session has turned out to be even more subdued for the time being with the index stuck inside a six-point range.

Sector standing has not changed much with utilities (+0.9%) and industrials (+0.4%) representing the only two advancers while the energy sector (-0.7%) sits at the bottom of the leaderboard.

Elsewhere, the top-weighted technology sector is lower by 0.1% while chipmakers lag with the PHLX Semiconductor Index down 0.4%.

11:00 am: [BRIEFING.COM] The major averages continue hovering near their recent levels with the S&P 500 (-0.2%) sporting a modest decline while the Nasdaq sits just below its flat line.

Seven sectors remain in negative territory while industrials (+0.4%) and utilities (+0.6%) sport modest gains. Technically, the consumer staples space also hovers above its flat line, but that gain is negligible for the time being.

Meanwhile, the downside has seen some improvement with energy narrowing its decline to 0.6%. Similarly, crude oil has climbed off its morning low, but the energy component remains down 1.3% at $53.58/bbl after ticking below $52.75/bbl earlier.

Also of note, Treasuries have ticked to new highs, pressuring the 10-yr yield to 2.11% (-4 bps).

10:35 am: [BRIEFING.COM]

WTI crude oil is making headlines again this morning
Mar crude oil has been in the red all day and fell as low as $51.91/barrel. Crude began to find some buying interest in earlier trade and rose back above the $53/barrel level
It has since cooled and is now -1.3% at $52.85/barrel
Copper futures put in a nice morning rally and are currently sitting near today's high
In current trade, Mar copper is +1.9% at $2.63/lb
Natural gas futures have been a little choppy, but quite, and are currently flat at $2.76/MMBtu
Precious metals are mixed. Apr gold is now -0.2% at $1206.10/oz, while Mar silver is +0.2% at $16.41/oz

10:00 am: [BRIEFING.COM] The stock market remains under modest pressure with the S&P 500 trading lower by 0.3%.

The health care sector was among the early outperformers, but the group has caught down to the market while the industrial sector (+0.2%) has filled the void for the time being. The growth-sensitive sector has received support from defense contractors like Boeing (BA 150.52, +0.60) and General Electric (GE 25.23, +0.05) while transport stocks trade mixed with the Dow Jones Transportation Average higher by 0.1%.

Meanwhile, the remaining cyclical sectors trade in the red with energy (-0.9%) at the bottom of the barrel.

9:35 am: [BRIEFING.COM] As expected, the market began the day under modest pressure with the S&P 500 (-0.3%) opening near yesterday's starting level.

Seven sectors opened on the defensive with the energy space (-1.4%) pressuring the market due to a 2.4% decline in the price of crude. The energy component hovers near $52.96/bbl, which marks the middle of yesterday's intraday range.

On the upside, utilities (+0.5%) and health care (+0.1%) are doing their best to resist the broad pressure.

Treasuries remain near their highs with the 10-yr yield down three basis points at 2.12%.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -4.90. The stock market is on track for a modestly lower open as futures on the S&P 500 trade near their pre-market lows (-5 vs fair value). Index futures spent the early morning hours in a slow drop lower, sliding to fresh lows following a batch of economic data that was released at 8:30 ET.

That batch included a 2.0% decline in housing starts to 1.065 million (Briefing.com consensus 1.070 million), fueled by a 6.7% drop in single-family starts. On a separate note, producer prices declined 0.8% in January while the Briefing.com consensus expected a more modest drop of 0.4%. Core PPI also missed estimates, showing a decline of 0.1% while the consensus expected an uptick of 0.1%.

Just reported, Industrial Production increased 0.2% in January, which was below the 0.4% increase expected by the Briefing.com consensus. Industrial production for December was revised lower to show a decrease of 0.3% (from -0.1%). Separately, capacity utilization hit 79.4% while the Briefing.com consensus expected a reading of 79.9%.

Treasuries have climbed off their overnight lows, pressuring the 10-yr yield three basis points to 2.12%.

Switching gears, Greece's government spokesperson confirmed the government's intentions to submit a request to extend its current loan; however, it remains to be seen how Germany reacts to an extension request without including new loan terms. Another point of focus could be Greece's current EUR65 billion Emergency Liquidity Assistance allowance from the European Central Bank with Greece reportedly nearing the limit.

On the corporate front, retailers may be active following disappointing earnings and guidance from Fossil (FOSL 84.35, -14.97) with the stock on course to open lower by 15.1%.

8:51 am: [BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -4.90. The S&P 500 futures trade four points below fair value.

Several Asian markets, including China, were closed Wednesday in observance of the Lunar New Year. The markets that were open though generally finished higher, led by the Nikkei, which advanced 1.2%.

Economic data was very limited:
Australia's CB Leading Index +0.4% month-over-month (prior +0.1%)

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Japan's Nikkei rallied 1.2% and ended at an 8-year high on the back of a weaker yen and the Bank of Japan's decision to leave its monetary policy stance unchanged. 173 companies in the Nikkei 225 advanced on Wednesday. Sony gained 1.6% after declaring an ambitious operating profit growth target for the next three years. Hitachi (+5.1%) and NEC Corp. (+4.6%), however, were the biggest gainers on the day.
Hong Kong's Hang Seng tacked on 0.2%, led by energy components China Petroleum & Chemical Corp. (+4.7%), PetroChina (+3.1%), and CNOOC (+2.7%) amid reports two of the industry giants could merge.
China's Shanghai Composite was closed in observance of Lunar New Year.
India's Sensex increased 0.6%, leaving it up 6.7% year-to-date. Tata Power Co. (+2.6%), Tata Consultancy Services (+2.0%), and Tata Motors (+1.8%) were three of the four best-performing stocks. Housing Development Finance Corp. (+3.2%) led all issues.

Major European indices trade mostly higher with Italy's MIB (+1.5%) pacing the advance. Elsewhere, the Bank of England released the minutes from its latest meeting, showing continued full support for maintaining rates at their current levels.

Participants received several data points:
UK's Average Earnings Index + Bonus rose 2.1% in December (expected 1.7%; previous 1.8%). Separately, Claimant Count declined 38,600 (expected -25,000; previous -35,800) while the Unemployment Rate ticked down to 5.7% from 5.8% (expected 5.8%)
Spain's Trade Deficit widened to EUR1.82 billion from EUR1.55 billion (expected deficit of EUR2.00 billion)
Swiss ZEW Expectations fell to -73.0 from -10.8

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UK's FTSE trades flat with miners on the defensive. Randgold, BHP Billiton, and Fresnillo are down between 0.9% and 1.1%. Financials have shown strength with Barclays, RBS, and Aberdeen Asset Management up between 1.6% and 2.2%.
Germany's DAX has added 0.5% with about 2/3 of the index trading in the green. Exporters BMW, Daimler, and Volkswagen are up between 1.1% and 1.6% while utilities lag. E.On and RWE have both surrendered close to 1.0% apiece.
In France, the CAC trades up 0.9% with Credit Agricole in the lead. The stock has spiked 6.5% following upbeat earnings. Peers Societe Generale (+3.6%) and BNP Paribas (+2.5%) follow not far behind while Orange has given up 2.9%.
Italy's MIB outperforms with a gain of 1.5%. Financials lead with Banca di Milano Scarl, Banco Popolare, Unicredit, and BMPS up between 2.1% and 3.1%. A handful of names sport losses with Pirelli off 0.2%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -3.60. The S&P 500 futures trade four points below fair value.

Housing Starts fell to a seasonally adjusted annualized rate of 1,065,000 units in January. That was down from a revised 1.087 million units in December (from 1.089 million). The Briefing.com consensus expected starts to decrease to 1.070 million units.

Building permits fell to a seasonally adjusted annualized rate of 1.053 million in January versus a revised 1.060 million for December (from 1.032 million). The Briefing.com consensus expected permits to come in at 1.065 million.

January producer prices fell 0.8% while the Briefing.com consensus called for a downtick of 0.4%. Core producer prices decreased 0.1% while the consensus expected an uptick of 0.1%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -0.70. U.S. equity futures trade little changed following a range-bound overnight affair that saw futures on the S&P 500 maintain a five-point range. Currently, S&P futures hover two points below fair value.

The overnight session featured more news from Europe, including comments from Greece's government spokesperson, who confirmed the government's intentions to submit a request to extend its current loan; however, it remains to be seen how Germany reacts to an extension request without including new loan terms. Another point of focus could be Greece's current EUR65 billion Emergency Liquidity Assistance allowance from the European Central Bank with Greece reportedly nearing the limit.

Meanwhile in Ukraine, government forces have reportedly began withdrawing from Debaltseve after rebel groups overwhelmed the defenses of the rail hub town.

U.S. Treasuries have held their ground following yesterday's slide with the 10-yr yield little changed at 2.15%.

The weekly MBA Mortgage Index fell 13.2% to follow last week's 9.0% decline.

January Housing Starts (Briefing.com consensus 1.07 million), Building Permits (consensus 1.065 million), PPI (consensus -0.4%), and core PPI (expected 0.1%) will all be reported at 8:30 ET. The January Industrial Production (consensus 0.4%) and Capacity Utilization (expected 79.9%) reports will be released at 9:15 ET while the FOMC minutes from the January meeting will cross the wires at 14:00 ET.

In U.S. corporate news of note:

Actavis (ACT 290.55, +3.65): +1.3% in reaction to better than expected results and below-consensus revenue guidance.
Fossil (FOSL 85.05, -14.27): -14.4% after missing estimates and issuing below-consensus guidance.
Hyatt Hotels (H 61.10, +1.57): +2.6% following better than expected earnings on below-consensus revenue.
Jack in the Box (JACK 92.98, +4.82): +5.5% following better than expected results and guidance.
Potbelly (PBPB 16.20, +2.00): +14.1% after beating earnings and revenue estimates and guiding higher.
Rackspace (RAX 48.95, -0.92): -1.8% after its below-consensus earnings guidance overshadowed better than expected results.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +0.2%, Japan's Nikkei +1.2%, and China's Shanghai Composite was closed in observance of Lunar New Year
Economic data was limited:
Australia's CB Leading Index rose 0.4% month-over-month (previous +0.1%)
In news:
The Bank of Japan made no changes to its monetary policy stance, seeing no need to expand its stimulus at this time.

Major European indices trade mostly higher. Germany's DAX +0.4%, France's CAC +0.8%, and UK's FTSE -0.1%. Elsewhere, Spain's IBEX +0.9% and Italy's MIB +1.6%
In economic data:
UK's Average Earnings Index + Bonus rose 2.1% in December (expected 1.7%; previous 1.8%). Separately, Claimant Count declined 38,600 (expected -25,000; previous -35,800) while the Unemployment Rate ticked down to 5.7% from 5.8% (expected 5.8%)
Spain's Trade Deficit widened to EUR1.82 billion from EUR1.55 billion (expected deficit of EUR2.00 billion)
Swiss ZEW Expectations fell to -73.0 from -10.8
Among news of note:
The Bank of England released the minutes from its latest meeting, showing continued full support for maintaining rates at their current levels.

7:08 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -0.50.

7:08 am: [BRIEFING.COM] Nikkei...18,199.17...+212.10...+1.20%. Hang Seng...24,832.08...+47.20...+0.20%.

7:08 am: [BRIEFING.COM] FTSE...6,903.60...+5.50...+0.10%. DAX...10,956.40...+60.50...+0.60%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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