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 Post subject: February 19th Thursday Trade Results - Loss $160.00
PostPosted: Fri Feb 20, 2015 12:56 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)
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Attachment:
021915-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-160.00.png
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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 @ ($160.00) dollars or -1.60 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Loss @ ($160.00) 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=140&t=2009

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


4:10 pm: [BRIEFING.COM] The stock market endured yet another range-bound, low-volume affair that saw the S&P 500 (-0.1%) end just below its flat line. The benchmark index will enter Friday unchanged for the week while the Nasdaq (+0.4%) outperformed, extending its weekly gain to 0.6%.

Equity indices started the day under pressure that was largely due to early weakness in the energy sector. The growth-sensitive group narrowed its loss to 0.8% by the close, but was down as much as 2.5% at the start. Meanwhile, crude oil tested the $50.00/bbl level this morning, but narrowed its loss to 0.6% at $51.83/bbl by the pit close. Oil rallied through the early afternoon release of the latest EIA storage report, which showed the largest inventory build for this time of the year in the past 80 years.

Elsewhere among cyclical sectors, financials (-0.4%) underperformed with Dow component American Express (AXP 78.40, -1.38) falling 1.7% after a federal court ruled against the company in a case regarding merchant anti-steering rules. Other major sector components fared better with JPMorgan Chase (JPM 59.23, -0.14) and Wells Fargo (WFC 54.56, +0.04) ending near their flat lines.

The remaining growth-sensitive groups posted gains with technology (+0.4%) and consumer discretionary (+0.3%) ending in the lead. The discretionary sector received noteworthy support from Priceline (PCLN 1218.05, +95.06) as the stock rallied 8.5% in reaction to better than expected results and upbeat guidance.

In addition to boosting the discretionary space, Priceline lent support to the Nasdaq Composite. However, the tech-heavy index also drew strength from chipmakers and biotech names. The PHLX Semiconductor Index added 0.3% while the iShares Nasdaq Biotechnology ETF (IBB 331.79, +2.37) gained 0.7%.

The biotech group helped the health care sector (+0.1%) end just above its flat line while other countercyclical sectors lagged. The utilities space lost 1.1% to widen its February decline to 5.9% while the consumer staples sector (-0.6%) was pressured by Wal-Mart (WMT 83.52, -2.77). The retail giant lost 3.2% following a bottom-line beat on below-consensus revenue. Also of note, the company raised its quarterly dividend to $0.49 per share from $0.48 and announced plans to boost wages for about 500,000 workers.

Treasuries spent the day in a slide from their overnight highs with the 10-yr yield rising three basis points to 2.11%.

In overseas developments, it was reported this morning that Germany rejected Greece's request for an extension to its current loan due to the request letter not "offering substantive solutions" with Berlin going as far as to call the proposal a "Trojan Horse." The Eurogroup is scheduled to meet with Greek representatives tomorrow, but hopes for an immediate solution remain low.

Today's participation was well below average with fewer than 680 million shares changing hands at the NYSE floor, which represented the second lowest total of the year.

Economic data included Initial Claims, Leading Indicators, and the Philadelphia Fed Survey:

The weekly initial claims level fell to 283,000 from an unrevised 304,000 while the Briefing.com consensus expected a drop to 295,000
The Department of Labor reported that no special factors influenced this week's decline
The continuing claims level increased to 2.425 million from an upwardly revised 2.367 million (from 2.354 million) while the consensus expected an increase to 2.385 million
The Conference Board's Leading Economic Index increased 0.2% in January after increasing a downwardly revised 0.4% (from 0.5%) in December while the Briefing.com consensus expected an increase of 0.3%
The January increase was the softest gain since a 0.1% increase in August 2014
The Philadelphia Fed's Manufacturing Business Outlook Survey declined to 5.2 in February from 6.3 in January while the Briefing.com consensus expected the index an increase to 9.0
The deceleration in manufacturing activities in the Philadelphia region mirrored the weakness reported in the New York region by the Empire Manufacturing Survey (7.8 from 9.9 in January)

There is no economic data on tomorrow's schedule.

Nasdaq Composite +4.0% YTD
S&P 500 +1.9% YTD
Russell 2000 +1.9% YTD
Dow Jones Industrial Average +0.9% YTD

3:35 pm: [BRIEFING.COM]

Following the API storage data late yesterday and the EIA's weekly storage data this morning, WTI crude oil prices ultimately closed lower.
However, the loss was modest at -$0.29 at $51.83/barrel compared to where crude fell overnight, which was as low as $50.43/barrel
Mar nat gas ended today's session one cent higher at $2.84/MMBtu following the weekly storage data from the EIA
Apr gold rose $7.30 today to $1200.30/oz, while Mar silver lost $0.11 to $16.40/oz
Mar copper closed $0.01 higher at $2.62/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades flat with one hour remaining in the session. The benchmark index has traded inside narrow ranges since the start of the week and today's affair has fit that mold considering the index has spent the day within an 11-point range.

Four sectors hold gains going into the last hour, but the industrial sector has returned to its flat line after showing relative strength earlier on. Similarly, the Dow Jones Transportation Average has narrowed its gain to 0.2% after being up near 1.0% this morning.

On the downside, the utilities sector (-1.0%) has widened its February loss to 5.7% while the remaining nine groups sport solid month-to-date gains.

2:25 pm: [BRIEFING.COM] Quiet afternoon action continues with the S&P 500 hovering within a point of its flat line.

With the stock market enduring another low-volume session, participants have kept an eye on the oil market where WTI crude has recovered the bulk of its morning decline. Crude remains lower by 1.3% at $52.14/bbl, but the current standing represents an improvement from this morning when oil dipped below the $50.00/bbl level. Meanwhile, the energy sector (-0.4%) remains below its flat line.

Elsewhere, Treasuries hover just above their lows with the 10-yr yield higher by three basis points at 2.11%.

1:55 pm: [BRIEFING.COM] The S&P 500 continues trading near its unchanged level.

The negative economic surprises continued this morning.

The Philadelphia Fed's Manufacturing Business Outlook Survey declined to 5.2 in February from 6.3 in January. The Briefing.com Consensus expected the index to increase to 9.0.

The Conference Board's Leading Economic Index increased 0.2% in January after increasing a downwardly revised 0.4% (from 0.5%) in December. The Briefing.com Consensus expected the Leading Index to increase 0.3%.

The only bit of positive news was bigger-than-expected decline in the initial claims level (283,000 vs. Briefing.com Consensus 295,000). Unfortunately, the good news in the claims data may be short-lived. Reports of mass layoffs in the energy sector, which have not yet shown up in the unemployment claims data, are expected to cause a spike in claims in the near future.

1:35 pm: [BRIEFING.COM] After failing to maintain gains on the day, the major U.S. indices continue to drift lower in mixed fashion as the afternoon session progresses. Continued light volume reflects the wait-and-see stance on the Greece/troika negotiations.

With the S&P now down 0.2%, seven out of ten of the S&P sectors are in the red, led by Utilities (-1.25%) as treasury yields jump.

With no expected economic data expected for the remainder of the day, we look to notable earnings reports after the close from the likes of Nordstrom (JWN), Con Edison (ED), and Marvell (MRVL).

12:55 pm: [BRIEFING.COM] The Dow (-0.3%) and S&P 500 (-0.2%) hold modest midday losses while the Nasdaq Composite (+0.3%) has shown relative strength through the first half of the Thursday session.

Equity indices began the day under pressure due to significant weakness in the energy sector. The growth-sensitive group has narrowed its decline to 0.7% after being down more than 2.0% at the start of today's affair. Understandably, the rebound has coincided with a bounce in the price of crude with the energy component now down 2.4% at $51.56/bbl after dipping below $50.00/bbl this morning. WTI crude surged off its low even though today's storage report from the Energy Information Administration revealed the largest inventory build for this time of the year in the past 80 years.

Energy notwithstanding, the consumer staples sector (-0.6%) weighs after Wal-Mart (WMT 84.03, -2.26) reported its quarterly results. Shares of the retail giant trade lower by 2.6% following a bottom-line beat on below-consensus revenue. Also of note, the company raised its quarterly dividend to $0.49 per share from $0.48 and announced plans to boost its starting wage to $9.00/hour in April.

Elsewhere, the financial sector (-0.4%) lags amid a 2.5% decline in American Express (AXP 77.76, -2.02) after a federal court ruled against the company in a case regarding merchant anti-steering rules.

On the flip side, the consumer discretionary sector (+0.3%) has received a boost from Priceline (PCLN 1213.80, +90.81). The stock has surged 8.1% in reaction to better than expected results and upbeat guidance.

Treasuries hold slim losses after erasing their overnight gains with the 10-yr yield higher by a basis point at 2.09%.

Also of note, it was reported this morning that Germany has rejected Greece's request for an extension to its current loan due to the request letter not "offering substantive solutions" with Berlin calling the proposal a "Trojan Horse."

Economic data included Initial Claims, Leading Indicators, and the Philadelphia Fed Survey:

The weekly initial claims level fell to 283,000 from an unrevised 304,000 while the Briefing.com consensus expected a drop to 295,000
The Department of Labor reported that no special factors influenced this week's decline
The continuing claims level increased to 2.425 million from an upwardly revised 2.367 million (from 2.354 million) while the consensus expected an increase to 2.385 million
The Conference Board's Leading Economic Index increased 0.2% in January after increasing a downwardly revised 0.4% (from 0.5%) in December while the Briefing.com consensus expected an increase of 0.3%
The January increase was the softest gain since a 0.1% increase in August 2014
The Philadelphia Fed's Manufacturing Business Outlook Survey declined to 5.2 in February from 6.3 in January while the Briefing.com consensus expected the index an increase to 9.0
The deceleration in manufacturing activities in the Philadelphia region mirrored the weakness reported in the New York region by the Empire Manufacturing Survey (7.8 from 9.9 in January)

12:25 pm: [BRIEFING.COM] The Dow (-0.2%) and S&P 500 remain within an earshot of their respective flat lines while the Nasdaq (+0.4%) continues holding a modest gain.

Sector standing has not changed much with four cyclical groups-consumer discretionary (+0.4%), industrials (+0.2%), materials (+0.4%), and technology (+0.4%)-trading in the red while the other six display losses between 0.1% (health care) and 0.6% (utilities).

Above all, today's session has once again been very quiet with the final NYSE trading volume likely to come in well below the 50-day average of 824 million considering only 280 million shares have changed hands so far.

11:55 am: [BRIEFING.COM] Equity indices have continued their slow rebound from the opening lows with the S&P 500 (+0.1%) at its best level of the day.

The energy sector has staged an impressive rebound and is now lower 0.5% after showing a loss larger than 2.0% at the start. Meanwhile, crude oil was down in excess of 5.0% in the morning, but has narrowed that decline to 1.8% at $51.88/bbl. The energy component spiked off its low even though today's storage report from the Energy Information Administration revealed the largest inventory build for this time of the year in the past 80 years.

Meanwhile, another commodity-related sector-materials (+0.5%)-is fighting the industrial sector (+0.5%) for the lead.

11:25 am: [BRIEFING.COM] Not much change in the major averages with the S&P 500 hovering near its flat line while the Nasdaq Composite (+0.4%) continues holding a modest gain.

The Nasdaq has received support from some large cap components of the technology sector (+0.3%), but high-beta chipmakers have also made a contribution with the PHLX Semiconductor Index higher by 0.5%.

Furthermore, another high-beta group-biotechnology-has shown strength with the iShares Nasdaq Biotechnology ETF (IBB 332.40, +2.98) higher by 0.9% while the broader health care sector (+0.2%) trades ahead of other countercyclical groups.

Elsewhere, Treasuries sport slim gains with the 10-yr yield off one basis point at 2.07%.

10:55 am: [BRIEFING.COM] The S&P 500 (-0.1%) has erased the bulk of its early loss and now hovers within a couple points of its flat line.

Transport stocks have factored into the rebound with the Dow Jones Transportation Average higher by 0.8% while the industrial sector (+0.2%) holds a more modest gain. Similar to industrials, three other cyclical sectors hold gains while energy (-1.2%) and financials (-0.5%) continue showing relative weakness.

On the flip side, the consumer discretionary sector (+0.5%) holds the lead with Priceline (PCLN 1214.00, +91.01) trading higher by 8.1% after beating estimates and guiding higher. Another large sector component, Marriot (MAR 83.58, +2.13) has added 2.5% following better than expected earnings and upbeat guidance.

10:40 am: [BRIEFING.COM]

The dollar index is trading modestly higher this morning, which is weigh on some commodities
WTI crude oil tanked in afternoon trade yesterday following the bearish API storage data, which showed a huge oil inventory build of 14.3 mln barrels
Apr crude has been in the red all morning and is -4.2% at $50.55/barrel ahead of the weekly EIA inventory data
Mar natural gas initially climbed modestly higher following the weekly inventory data today, but is now -1.4% at $2.79/MMBtu
Precious metals are trading higher today despite some modest strength seen in the dollar index
Apr gold is currently +0.8% at $1209.90/oz, while Mar silver is +1% at $16.43/oz
Mar copper is -1% at $2.59/lb

10:00 am: [BRIEFING.COM] The Dow (-0.5%) and S&P 500 (-0.3%) remain pressured while the Nasdaq (+0.1%) hovers just north of its flat line.

Just released, the Leading Indicators report for January was up 0.2% while the Briefing.com consensus expected an increase of 0.3%. That followed a revised 0.4% increase in December (from 0.5%).

Separately, the Philadelphia Fed Survey for February fell to 5.2 from 6.3. Economists polled by Briefing.com had expected that the Survey would improve to 8.5.

9:40 am: [BRIEFING.COM] The major averages began the session on the defensive with the S&P 500 (-0.4%) opening near its starting point from Tuesday. Nine sectors hold early losses with energy (-2.3%) trading well behind other groups due to a 5.2% plunge in crude oil, which currently trades near $50.09/bbl.

The energy sector is the only group down more than 0.6% while other influential sectors like consumer discretionary (+0.3%), industrials (-0.2%), and technology (-0.1%) trade closer to their flat lines. Also of note, the heavily-weighted financial sector trades in-line with the benchmark index.

Treasuries have reclaimed their recent losses with the 10-yr note back to unchanged (2.08%).

January Leading Indicators (consensus 0.3%) and the Philadelphia Fed Survey for February (consensus 8.5) will cross at 10:00 ET.

9:07 am: [BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -3.50. The stock market is on track for a modestly lower open as futures on the S&P 500 hover six points below fair value. Futures maintained a narrow range throughout the night and slipped into the middle of that range earlier this morning after wire services reported that Germany has rejected Greece's request for an extension to its current loan due to the request letter not offering "substantive solutions." Recall that we speculated in yesterday's closing comment that Germany would be unlikely to grant an extension to Greece without attaching a set of conditions, which appears to be case at this time.

In addition to pressuring U.S. futures, the Greece-related news knocked Germany's DAX from its high back to the unchanged level. Meanwhile, Germany's 10-yr note is flat with its yield at 0.35% while the U.S. 10-yr note holds a slim loss with its yield up nearly a basis point at 2.09%.

On the corporate front, Dow component Wal-Mart (WMT 84.97, -1.32) is on course to open lower by 1.5% after reporting a bottom-line beat on light revenue. Also of note, the retail giant raised its quarterly dividend to $0.49 per share from $0.48 and announced plans to boost its starting wage to $9.00/hour in April.

January Leading Indicators (consensus 0.3%) and the Philadelphia Fed Survey for February (consensus 8.5) will cross at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -1.00. The S&P 500 futures trade five points below fair value.

Limited action in Asian markets with many regional indices shuttered in observance of the Chinese/Lunar New Year. Japan's Nikkei, however, logged another advance on the back of strong export figures for January.

Economic data was limited:
Japan's trade deficit narrowed to JPY410 billion from JPY620 billion (expected deficit of JPY600 billion) as imports dropped 9.0% (expected -4.8%; last 1.9%) while exports increased 17.0% (consensus 11.9%; previous 12.9%). Separately, All Industries Activity Index fell 0.3% month-over-month (expected -0.2%; previous 0.0%) and Leading Index ticked up to 105.6 from 105.2 (expected 105.2)
New Zealand's Input PPI fell 0.4% quarter-over-quarter (expected -0.2%; previous -1.5%) while Output PPI ticked down 0.1% (consensus -0.3%; last -1.1%)

------

Japan's Nikkei increased 0.4% and closed at its highest level since May 2000. Financial issues were among the biggest gainers, including Mitsubishi UFJ Financial Group (+3.6%) and Mizuho Financial Group (+3.6%).
Hong Kong's Hang Seng was closed in observance of Lunar New Year
China's Shanghai Composite was also closed in observance of Lunar New Year.
India's Sensex jumped 0.5% and closed near its high for the day. Sesa Sterlite (+7.0%), Hindalco Industries (+3.0%), and Tata Power Co. (+2.6%) paced the advance.

Major European Indices trade in mixed fashion with UK's FTSE (-0.1%) trailing the region. During the past two hours, wire services reported that Germany has rejected Greece's request for an extension to its current loan due to the request letter not "offering substantive solutions." Recall that we speculated in yesterday's closing comment that Germany would be unlikely to grant an extension to Greece without attaching a set of conditions.

On a separate note, the European Central Bank released the minutes from its latest meeting, which showed broad consensus opinion that sovereign debt buying was the only sufficient option.

Economic data was limited:
Eurozone Current Account surplus narrowed to EUR17.80 billion from EUR19.90 billion (expected surplus of EUR23.30 billion)
UK's CBI Industrial Trends Orders rose to 10 from 4 (expected 6)
French CPI fell 1.0% month-over-month (expected -0.9%; last 0.1%)
Swiss trade surplus widened to CHF3.43 billion from CHF1.51 billion (expected surplus of CHF1.23 billion)

------

UK's FTSE is lower by 0.1% with energy names under pressure. BG Group, Tullow Oil, and Royal Dutch Shell are down between 1.8% and 3.3%. Select miners outperform with Randgold Resources and Fresnillo up 2.9% and 1.9%, respectively.
Germany's DAX is flat with utilities E.On and RWE down 1.0% and 2.0%, respectively. Adidas outperforms, trading higher by 4.8% after beginning the search for a new CEO.
In France, the CAC trades up 0.6% with Cap Gemini in the lead. The stock has surged 6.6% in reaction to upbeat guidance. Energy-related names lag with Technip and Total down 0.9% and 2.5%, respectively.
Spain's IBEX leads with a gain of 0.6%, underpinned by broad strength. Banco Sabadell, Bankinter, Sacyr, and ACS Construction are up between 1.0% and 1.3%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -0.30. The S&P 500 futures trade four points below fair value.

The latest weekly initial jobless claims count totaled 283,000 while the Briefing.com consensus expected a reading of 295,000. Today's tally was below the unrevised prior week count of 304,000. As for continuing claims, they rose to 2.425 million from 2.367 million.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -0.30. U.S. equity futures trade modestly lower following another relatively quiet night that saw the market maintain narrow ranges. The S&P 500 futures hover four points below fair value.

Index futures slumped from their highs in recent action after wire services reported that Germany has rejected Greece's request for an extension to its current loan due to the request letter not "offering substantive solutions." Recall that we speculated in yesterday's closing comment that Germany would be unlikely to grant an extension without attaching a set of conditions to the extension.

That being said, it wouldn't be surprising to see more Greece-related headlines ahead of tomorrow's Eurogroup meeting.

Treasuries have surrendered their overnight gains with the 10-yr yield now higher by almost two basis points at 2.08%.

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.

In U.S. corporate news of note:

DirecTV (DTV 88.20, +0.86): +1.0% after beating earnings expectations.
EOG Resources (EOG 88.00, -7.31): -7.7% after missing bottom-line estimates and being downgraded to 'Neutral' from 'Buy' at Citigroup.
Priceline (PCLN 1206.00, +83.01): after beating estimates and guiding higher.
SolarCity (SCTY 54.00, -3.10): -5.4% in reaction to disappointing earnings and below-consensus guidance.
T-Mobile (TMUS 32.35, +1.35): +4.4% following its bottom-line beat.

Reviewing overnight developments:

Most Asian markets were closed in observance of Lunar New Year while Japan's Nikkei +0.4% and India's Sensex +0.5%
In economic data:
Japan's trade deficit narrowed to JPY410 billion from JPY620 billion (expected deficit of JPY600 billion) as imports dropped 9.0% (expected -4.8%; last 1.9%) while exports increased 17.0% (consensus 11.9%; previous 12.9%). Separately, All Industries Activity Index fell 0.3% month-over-month (expected -0.2%; previous 0.0%) and Leading Index ticked up to 105.6 from 105.2 (expected 105.2)
New Zealand's Input PPI fell 0.4% quarter-over-quarter (expected -0.2%; previous -1.5%) while Output PPI ticked down 0.1% (consensus -0.3%; last -1.1%)
In news:
Japan's trade deficit came in at its lowest level in almost three years, boosted by double-digit growth in exports to U.S. and Asia

Major European Indices trade in mixed fashion. Germany's DAX +0.1%, UK's FTSE -0.1%, and France's CAC +0.5%. Elsewhere, Spain's IBEX +0.4% and Italy's MIB +0.2%.
Economic data was limited:
Eurozone Current Account surplus narrowed to EUR17.80 billion from EUR19.90 billion (expected surplus of EUR23.30 billion)
UK's CBI Industrial Trends Orders rose to 10 from 4 (expected 6)
French CPI fell 1.0% month-over-month (expected -0.9%; last 0.1%)
Swiss trade surplus widened to CHF3.43 billion from CHF1.51 billion (expected surplus of CHF1.23 billion)
Among news of note:
The European Central Bank released the minutes from its latest meeting which showed broad consensus opinion that sovereign debt buying was the only sufficient option

7:17 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -4.00.

7:17 am: [BRIEFING.COM] Nikkei...18,264.79...+65.60...+0.40%. Hang Seng...Holiday.........

7:17 am: [BRIEFING.COM] FTSE...6,897.90...+0.10...0.00. DAX...11,003.11...+42.10...+0.30%.

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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