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)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)
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click on the above image to view today's performance verification
Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $2875.00 dollars or +57.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2875.00 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
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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.
##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 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
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). Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=274&t=2910 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions. -----------------------------
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The below summaries by Bloomberg, Briefing, 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
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4:15 pm: [BRIEFING.COM] The stock market endured its second consecutive retreat on Tuesday, but the overall trading dynamic was very similar to the range-bound affair from Monday. The S&P 500 lost 0.3% while the Nasdaq Composite (-0.1%) outperformed throughout the session.
In some ways, the cautious posture was not all that shocking considering tomorrow afternoon will feature the release of the October FOMC policy directive, which will cross the wires at 14:00 ET.
As for today, nine sectors ended the day in negative territory with cyclical groups showing relative weakness across the board. The energy sector (-1.2%) spent its second consecutive day behind the remaining nine groups as lower oil prices weighed. To that point, WTI crude fell 1.8% to $43.22/bbl.
Similar to energy, the industrial sector (-1.0%) surrendered close to 1.0% while the remaining cyclical sectors posted slimmer losses. For its part, the industrial space was pressured by transport stocks as the Dow Jones Transportation Average tumbled 2.6% with JetBlue Airways (JBLU 25.36, -0.85) leading the dive. Shares of JBLU fell 3.2% even though the company reported a one-cent beat on in-line revenue.
Elsewhere among cyclical sectors, technology (-0.6%) traded ahead of the broader market during morning action, but ended among the laggards after IBM (IBM 137.86, -5.80) disclosed that the Securities and Exchange Commission is conducting an investigation into the company's revenue recognition with a focus on transactions in the U.S., U.K., and Ireland. IBM tumbled 4.0% while another influential sector component-Apple (AAPL 114.55, -0.73)-lost 0.6% ahead of its quarterly report.
Moving to the countercyclical side, the consumer staples sector (+0.1%) outperformed slightly, which was largely thanks to an intraday spike in Walgreens Boots Alliance (WBA 95.16, +5.68), brought on by a Wall Street Journal report indicating the company will acquire Rite Aid (RAD 8.67, +2.59) for roughly $10 billion.
On the upside, the health care sector (+1.7%) spent the entire session in the green after Merck (MRK 53.47, +0.56) and Pfizer (PFE 34.99, +0.83) reported better than expected results. The two Dow components posted respective gains of 1.1% and 2.4% while biotechnology also contributed to the strength in the sector with iShares Nasdaq Biotechnology ETF (IBB 327.65, +10.20) spiking 3.2%.
Treasuries rallied throughout the morning, hitting their highs around midday before surrendering a portion of their gains; however, the 10-yr note settled firmly in the green with its yield slipping two basis points to 2.03%.
Today's participation was ahead of recent averages as more than a billion shares changed hands at the NYSE floor.
Economic data included Durable Orders, Consumer Confidence, and Case-Shiller Index:
Durable goods orders declined 1.2% in September after declining a downwardly revised 3.0% (from -2.3%) while the Briefing.com consensus expected a decline of 1.3%
The drop wasn't a surprise as manufacturers are struggling to counteract the negative effects of a strong dollar and global economic weakness
Excluding transportation, durable goods orders declined 0.4% in September after declining a downwardly revised 0.9% (from +0.2%) in August while the consensus expected an increase of 0.2%
The Conference Board's Consumer Confidence Index declined to 97.6 in October from a downwardly revised 102.6 (from 103.0) while the Briefing.com consensus expected a decline to 102.5
The Present Situation Index declined to 112.1 in October from 120.3 while the Expectations Index fell to 88.0 from 90.8
The Case-Shiller 20-city Home Price Index for August rose 5.1% against a 5.0% increase expected by the Briefing.com consensus
This followed the previous month's revised increase of 4.9% (from 5.0%)
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET.
Nasdaq Composite +6.2% YTD
S&P 500 +0.3% YTD
Dow Jones Industrial Average -1.4% YTD
Russell 2000 -4.8% YTD
3:40 pm: [BRIEFING.COM]
Natural gas futures were volatile again today given the bearish supply/weather outlook situation
Also note that the Dec contract is now the front-month contract, which ended the day flat at $2.36/MMBtu
Dec crude oil spent the day in the red all day and closed -1.8% at $43.22/barrel
Precious metals were less volatile
Gold remained consolidated in afternoon trade. Dec gold finished $0.50 lower to $1165.60/oz, while Dec silver ended -0.3% at $15.86/oz
2:55 pm:
[BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the session. Including today's decline, the benchmark index is now down 0.7% for the week, but that standing could change in a flash once the Federal Open Market Committee releases its latest policy statement tomorrow at 14:00 ET.
Sector standing has not changed much as most cyclical sectors remain behind the broader market. That being said, the technology sector (-0.5%), which had shown relative strength earlier, has slipped behind the broader market due to a recent tumble in the shares of IBM (IBM 137.58, -6.08). Big Blue currently trades down 4.2% after disclosing that the Securities and Exchange Commission is conducting an investigation into the company's revenue recognition with a focus on transactions in the U.S., U.K., and Ireland.
2:25 pm:
[BRIEFING.COM] The major averages remain near their lowest levels of the session with the S&P 500 down 0.5%.
Although the market has not moved much since our midday update, Starwood Hotels (HOT 76.70, +8.15) has spiked to its best level of the day, trading higher by 12.0%, after the Wall Street Journal reported that various Chinese companies are looking to acquire HOT. On a side note, Starwood Hotels will report its quarterly results ahead of tomorrow's opening bell. Meanwhile, the broader consumer discretionary sector (-0.7%) remains behind the broader market as the afternoon continues.
Elsewhere, Treasuries have held their ground with the 10-yr yield remaining lower by three basis points at 2.02%.
1:55 pm:
[BRIEFING.COM] Equity indices hover near their lowest levels of the day.
For the fifth time this calendar year, durable goods orders declined on a month-to-month basis.
Durable goods orders declined 1.2% in September after declining a downwardly revised 3.0% (from -2.3%) in August. The Briefing.com Consensus expected durable goods orders to decline 1.3%.
The drop in durable goods demand wasn't a surprise. Manufacturers are struggling to counteract the negative effects of a strong dollar and global economic weakness. The impact from these two headwinds are putting a sizable dent in manufacturing growth.
Furthermore, the pullback in orders was correctly foreshadowed by the regional Federal Reserve manufacturing surveys. Nearly every region surveyed revealed new orders contractions in September.
1:35 pm:
[BRIEFING.COM] The major U.S. indices continue to drift lower in afternoon trading and are resting just above intra-day lows.
A look inside the Dow Jones Industrial Average shows Chevron (CVX 87.02, -1.75), IBM (IBM 141.70, -1.96), and Caterpillar (CAT 70.54, -0.98) are underperforming. Chevron is again lower as WTi futures drop 2.5% to under $43/bbl while Caterpillar is trading lower in conjunction with the industrials sector, one of today's worst performing industries.
Conversely, DuPont (DD 61.86, +1.49) is the best-performing Dow component after reporting its Q3 results which missed on the top line, but surpassed bottom line expectations. The company also reaffirmed its FY15 guidance, which was slashed two weeks ago amid continued weakness in agricultural markets and unfavorable fx developments, mainly relating to the Brazilian Real.
For the week, the DJIA is now -0.4%, but still up 7.9% in October as we near the end of the month.
Related Quotes
12:55 pm:
[BRIEFING.COM] The major averages hold modest midday losses with the S&P 500 (-0.4%) trailing the Nasdaq Composite (-0.2%).
Equity indices have spent the first half of the Tuesday session in the red amid weakness in most sectors. To that point, five of six cyclical groups trade behind the S&P 500 while the top-weighted sector-technology (-0.4%)-trades in line with the broader market.
All in all, the early portion of today's affair has been very similar to yesterday with many participants sticking to the sidelines ahead of tomorrow's policy directive from the Federal Reserve. Accordingly, the S&P 500 has bounced inside a nine-point range since the open.
For the second day in a row, the energy sector (-1.6%) trades well behind the broader market due to significant weakness in crude oil. Currently, WTI crude is lower by 2.4% at $42.93/bbl after marking a session low near $42.60/bbl.
Elsewhere among cyclical sectors, the industrial space (-0.8%) underperforms due to broad-based weakness among transport stocks. JetBlue Airways (JBLU 24.73, -1.48) has slumped 5.7% despite reporting a one-cent beat, contributing to a 2.6% dive in the Dow Jones Transportation Average.
Staying on the earnings front, Dow components Merck (MRK 53.58, +0.67) and Pfizer (PFE 34.78, +0.62) hold respective gains of 1.2% and 1.8% after both surpassed their earnings estimates. Meanwhile, the broader health care sector trades higher by 0.8% with biotechnology contributing to the strength. The iShares Nasdaq Biotechnology ETF (IBB 322.53, +5.08) is higher by 1.6% at this juncture.
On the M&A front, the Wall Street Journal recently reported that Rite Aid (RAD 8.58, +2.50) will be acquired by Walgreens Boots Alliance (WBA 93.03, +3.55) for roughly $10 billion. Shares of RAD have surged 41.0% while the broader consumer staples sector has narrowed its loss to 0.1%.
Treasuries hover near their best levels of the session with the 10-yr yield lower by three basis points at 2.02%.
Economic data included Durable Orders, Consumer Confidence, and Case-Shiller Index:
Durable goods orders declined 1.2% in September after declining a downwardly revised 3.0% (from -2.3%) while the Briefing.com consensus expected a decline of 1.3%
The drop wasn't a surprise as manufacturers are struggling to counteract the negative effects of a strong dollar and global economic weakness
Excluding transportation, durable goods orders declined 0.4% in September after declining a downwardly revised 0.9% (from +0.2%) in August while the consensus expected an increase of 0.2%
The Conference Board's Consumer Confidence Index declined to 97.6 in October from a downwardly revised 102.6 (from 103.0) while the Briefing.com consensus expected a decline to 102.5
The Present Situation Index declined to 112.1 in October from 120.3 while the Expectations Index fell to 88.0 from 90.8
The Case-Shiller 20-city Home Price Index for August rose 5.1% against a 5.0% increase expected by the Briefing.com consensus
This followed the previous month's revised increase of 4.9% (from 5.0%)
12:25 pm:
[BRIEFING.COM] Equity indices have ticked back to their lows with the S&P 500 trading lower by 0.4% at this juncture.
Sector standing has not changed much with energy (-1.6%) remaining at the bottom of the leaderboard while most other cyclical sectors also trail the broader market. Even the technology sector (-0.3%) now trades just ahead of the broader market after showing some relative strength earlier.
As for the countercyclical side, health care (+1.3%) remains well ahead of the broader market while the utilities sector (-0.2%) also outperforms, leaving consumer staples (-0.5%) and telecom services (-1.0%) among the laggards.
11:55 am:
[BRIEFING.COM] Not much change in the market with the key indices drifting in the neighborhood of their flat lines. The Dow and Nasdaq trade within 0.1% of their flat lines while the S&P 500 (-0.2%) remains a bit behind.
All in all, the early portion of today's session has been very similar to yesterday's range-bound affair. In some ways, this should not be a huge shock considering investors will receive the latest policy statement from the Federal Open Market Committee tomorrow afternoon. Because of this, the first half of tomorrow's session could also be quite uneventful.
Treasuries have spent the morning action near their highs and they remain near those levels with the 10-yr yield down four basis points at 2.02%.
11:25 am:
[BRIEFING.COM] Recent action saw the key indices jump into the neighborhood of their flat lines. The S&P 500 has narrowed its loss to 0.2% while the Nasdaq hovers just above its unchanged level.
The Nasdaq has shown some slight strength since the early going thanks to the biotech group, which has outperformed from the start. To that point, the iShares Nasdaq Biotechnology ETF (IBB 323.06, +5.61) has extended its gain to 1.8% while the health care sector (+1.5%) is the only group trading in the green.
To be fair, the Nasdaq has also received a measure of support from heavily-weighted components like Apple (AAPL 115.83, +0.56) and Google (GOOGL 733.56, +2.44) with the former climbing 0.5% ahead of its quarterly report, which will be released after today's closing bell.
10:55 am:
[BRIEFING.COM] Equity indices remain in negative territory with the S&P 500 trading lower by 0.3% after setting a new session low within the past hour.
The energy sector (-1.1%) has paced the opening retreat and the growth-sensitive group remains at the bottom of the leaderboard while most other cyclical sectors also underperform. To that point, five of six cyclical sectors trail the broader market while the technology sector (-0.1%) trades a bit ahead.
Elsewhere, the industrial sector trades lower by 0.7%, but that masks significant weakness among transport stocks. The Dow Jones Transportation Average has tumbled 2.1% with JetBlue Airways (JBLU 24.06, -2.14) trading lower by 8.2% despite reporting a one-cent beat.
10:35 am: [BRIEFING.COM]
The dollar trended moderately lower overnight, before rallying to flat in early trade ahead of the morning's US Durable goods data and tomorrow's FOMC meeting
Durable goods were -1.2% in September (vs. -1.3% est), while durable goods ex-transport came in at -0.4% (vs. 0.2% est.)
The data shored up strength in the dollar, which has since rallied back to near the unchanged mark at +0.1% to 97.02, with attention now focused heavily on tomorrow's rate hike decision.
Crude oil also traded lower overnight (despite dollar weakness) before seeing a sell-off in early trade to near the $42.81 level
WTI price momentum has been highlighted by sentiment ahead of tonight's API inventory report, tomorrow's EIA storage data and BP's Q3 earnings commentary
BP lowered its oil price assumption (to $60/barrel through 2017) and announced it would cut its Capex spending to $19 bln (down from $23 bln in 2014)
Market consensus is calling for tomorrow's EIA inventory report to show a build, which has contributed to selling-pressure on the commodity this morning
December crude is now just above its LoD at -2.8% to $42.74/barrel
Natural gas futures continued to pummeled overnight/early, dropping to lows not seen since 2012. near the $1.95/MMBtu level
Increased expectations for November storage and further calls for warm weather across much of the continental US were primary drivers of the morning's move
November nat gas has since reversed course however, and is now rallying from those lows to +0.3% to $2.09/MMBtu
December futures are now the new front month contract, which has nat gas +2.1% to $2.40/MMBtu
Metals are trading near the flat line/modestly positive, with gold and silver seeing muted trading ahead of tomorrow's FOMC meeting.
Gold is now flat at $1166.30/oz, silver is +0.1% to $15.91/oz and copper is +0.5% to $2.37/lb
10:00 am:
[BRIEFING.COM] The S&P 500 has narrowed its decline to 0.2% while the Nasdaq Composite has made a brief appearance in the green.
Just released, the consumer confidence reading for October came in at 97.6 while economists polled by Briefing.com expected the survey to hit 102.5. This followed the prior month's revised reading of 102.6 (from 103.0).
9:35 am:
[BRIEFING.COM] As expected, the major averages opened below their flat lines. The S&P 500 trades lower by 0.4% with nine sectors showing early losses.
For the second day in a row, the energy sector (-1.7%) has paced the opening decline amid selling in crude oil. Currently, WTI crude trades down 2.5% at $42.88/bbl.
On the upside, the health care sector (+1.1%) has received a boost from biotechnology, evidenced by a 0.9% gain in the iShares Nasdaq Biotechnology ETF (IBB 320.03, +2.58). Furthermore, Merck (MRK 53.55, +0.64) and Pfizer (PFE 35.41, +1.24) have also contributed to the relative strength in the health care sector.
The Consumer Confidence report for October (Briefing.com consensus 102.5) will be released at 10:00 ET.
9:14 am: [BRIEFING.COM] S&P futures vs fair value: -8.80. Nasdaq futures vs fair value: -11.50.
The stock market is on track for a modestly lower open as S&P 500 futures trade nine points below fair value after spending their second consecutive night in a tight range. The S&P 500 futures have bounced around a seven-point range, sliding to lows within the past hour in reaction to the October Durable Orders report, which declined 1.2% (Briefing.com consensus -1.3%) while core orders decreased 0.4% (consensus +0.2%).
Unlike equity futures, Treasuries ticked to highs following the economic report, pressuring the 10-yr yield to 2.03% (-3 bps).
On the corporate front, Dow components DuPont (DD 59.50, -0.87), Pfizer (PFE 35.20, +1.04), and Merck (MRK 54.20, +1.29) have reported better than expected results while another large name-BP (BP 34.97, -0.08)-also reported above-consensus results for the quarter.
The Consumer Confidence report for October (Briefing.com consensus 102.5) will be released at 10:00 ET.
9:00 am: [BRIEFING.COM] S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -9.00. Just released, the Case-Shiller 20-city Home Price Index for August rose 5.1% against a 5.0% increase expected by the Briefing.com consensus. This followed the previous month's increase of 5.0%.
8:57 am: [BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -8.50.
The S&P 500 futures trade six points below fair value.
Most markets in the Asia-Pacific region ended the day with modest losses, pressured by general profit-taking activity and weakness in the energy and financial sectors. There weren't many headline drivers, leaving many participants reluctant to participate in front of Apple's earnings report after today's close and the Federal Open Market Committee's policy decision/directive on Wednesday.
In economic data:
China's September industrial profits -0.1% year-over-year (prior -8.8%)
Japan's Corporate Services price Index +0.6% year-over-year (expected +0.6%; prior +0.8%)
South Korea's October Consumer Confidence 105.0 (prior 103.0)
Hong Kong's September Trade Balance -HKD36.4 bln (expected -HKD33.1 bln; prior -HKD25.1 bln) as Exports -4.6% month-over-month (expected -4.0%; prior -6.1%) and Imports -7.6% month-over-month (expected -8.0%; prior -7.4%)
New Zealand's September Trade Balance -NZD3,200 mln (expected -NZD2,846 mln; prior -NZD3.372 mln) as Exports NZD3.69 bln (expected NZD3.90 bln; prior NZD3.71 bln) and Imports NZD4.91 bln (expected NZD4.78 bln; prior NZD4.79 bln)
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Japan's Nikkei declined 0.9% and ended near its lows for the day. Losses were paced by the industrials (-2.0%), financials (-1.8%), materials (-1.7%), and technology (-1.5%) sectors. The worst-performing issues were Minebea (-5.7%), Sumco (-5.7%), and OKUMA (-4.7%. Seven & i Holdings (+3.2%), Haseko (+2.1%), and Shionogi & Co (+1.5%) topped the list of individual gainers. Out of the 225 index members, 41 ended higher, 182 finished lower, and 2 were unchanged.
Hong Kong's Hang Seng increased 0.1% and ended at its high for the day. The Hang Seng had been down 1.0% earlier in the day, but rallied back in the afternoon trade, as did the mainland market. Belle International Holdings (+6.1%), Want Want China Holdings (+2.0%), and BOC Hong Kong Holdings (+1.6%) topped the list of winners while Sino Land (-3.9%), China Resources Power Holdings (-3.8%), and Cheung Kong Property Holdings (-1.9%) brought up the rear. Out of the 50 index members, 21 ended higher, 23 finished lower, and 6 were unchanged.
China's Shanghai Composite increased 0.1% after being down as much as 2.8% shortly after the start of trading. The thrust of the rebound effort came after the lunch break and came on no news of note. Earlier in the day China reported industrial profits fell 0.1% year-over-year in September versus an 8.8% decline in the prior month.
Major European indices trade lower across the board with Spain's IBEX (-1.4%) trailing the region. On a separate note, a delay in Greece's implementation of EU-required reforms will push back the upcoming bailout payment into next month, according to SuddeutscheZeitung.
Economic data was limited:
Eurozone September Private Sector Loans +1.1%, as expected (prior 1.0%) and September M3 Money Supply +4.9% year-over-year (consensus 5.0%; prior 4.9%)
UK's preliminary Q3 GDP +0.5% quarter-over-quarter (expected 0.6%; prior 0.7%); +2.3% year-over-year (consensus 2.4%; last 2.4%). Separately, Index of Services +0.9% (expected 1.0%; prior 0.8%)
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UK's FTSE is lower by 0.5% with about 2/3 of its components trading in the red. Miners and energy names have paced the decline with Anglo American, BHP Billiton, BG Group, and Royal Dutch Shell showing losses between 1.6% and 2.8%. On the upside, BP outperforms with a gain of 0.9% after beating earnings/revenue estimates.
Germany's DAX has given up 0.6%. BASF is the weakest performer, down 5.0%, in reaction to disappointing results. Utilities also lag with E.On and RWE down 2.6% and 3.6%, respectively. On the flip side, Deutsche Bank has added 0.8%.
In France, the CAC trades down 0.7% with most components in the red. ArcelorMittal has given up 4.2% while Total and Technip hold respective losses of 2.1% and 2.9%. Elsewhere, Peugeot outperforms with a gain of 2.4%.
Spain's IBEX is lower by 1.4% with Obrascon Huarte Lain diving 8.4% after Moody's and Fitch put the company on review for a possible downgrade. Other growth-sensitive names like ArcelorMittal, Sacyr, FCC, and Repsol hold losses between 3.3% and 4.2%.
8:31 am: [BRIEFING.COM] S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -7.70.
The S&P 500 futures trade six points below fair value.
September durable goods orders fell 1.2%, while the Briefing.com consensus expected a decline of 1.3%. This comes after the prior month's revised reading reflected a decrease of 3.0% (from 2.3%). Excluding transportation, durable orders decreased 0.4% (consensus +0.2%) to follow the prior month's revised decrease of 0.9% (from -0.2%).
7:59 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -4.50.
U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover four points below fair value after spending the night in a four-point range.
Meanwhile, Treasuries have ticked up, pushing the 10-yr yield lower by a basis point to 2.04%.
On the economic front, the September Durable Goods (Briefing.com consensus -1.3%) report will be released at 8:30 ET, August Case-Shiller 20-city Index (expected 0.2%) will be released at 9:00 ET, and October Consumer Confidence (expected 102.5) will be reported at 10:00 ET.
In U.S. corporate news of note:
BP (BP 35.61, +0.56): +1.6% after beating earnings and revenue estimates.
Ford Motor (F 15.20, -0.48): -3.1% in reaction to a one-cent miss on light revenue.
Pfizer (PFE 35.00, +0.84): +2.5% after beating estimates and raising its guidance.
Merck (MRK 54.39, +1.48): +2.8% in reaction to above-consensus earnings and better than expected guidance.
DuPont (DD 60.80, +0.43): +0.7% after beating bottom-line estimates on light revenue.
Comcast (CMCSA 61.00, -1.18): -1.9% after reporting in-line results on better than expected revenue.
Novartis (NVS 90.29, -2.01): -2.2% after missing estimates and reaffirming its guidance.
Alibaba Group (BABA 82.55, +6.20): +8.1% in reaction to better than expected results and news that the SEC inquiry has concluded with no action taken against the company.
Coach (COH 31.80, +1.48): +4.9% after reporting a one-cent beat.
Cheesecake Factory (CAKE 49.00, -2.99): -5.8% after cautious guidance and below-consensus revenue overshadowed a bottom-line beat.
Yandex (YNDX 14.40, +0.35): +2.5% after reporting better than expected results.
Reviewing overnight developments:
Asian markets ended mostly lower. Japan's Nikkei -0.9% while Hong Kong's Hang Seng +0.1% and China's Shanghai Composite +0.1%
In economic data:
China's September industrial profits -0.1% year-over-year (prior -8.8%)
Japan's Corporate Services price Index +0.6% year-over-year (expected +0.6%; prior +0.8%)
South Korea's October Consumer Confidence 105.0 (prior 103.0)
Hong Kong's September Trade Balance -HKD36.4 bln (expected -HKD33.1 bln; prior -HKD25.1 bln) as Exports -4.6% month-over-month (expected -4.0%; prior -6.1%) and Imports -7.6% month-over-month (expected -8.0%; prior -7.4%)
New Zealand's September Trade Balance -NZD3,200 mln (expected -NZD2,846 mln; prior -NZD3.372 mln) as Exports NZD3.69 bln (expected NZD3.90 bln; prior NZD3.71 bln) and Imports NZD4.91 bln (expected NZD4.78 bln; prior NZD4.79 bln)
In news:
USS Lassen has approached a 12-mile territorial limit in the Spartly Islands, challenging China's territorial claims in the region. China's Foreign Ministry has responded, calling the action "illegal."
Major European indices trade lower across the board. UK's FTSE -0.3%, Germany's DAX -0.3%, and France's CAC -0.5%. Elsewhere, Spain's IBEX -1.0% and Italy's MIB is flat
Economic data was limited:
Eurozone September Private Sector Loans +1.1%, as expected (prior 1.0%) and September M3 Money Supply +4.9% year-over-year (consensus 5.0%; prior 4.9%)
UK's preliminary Q3 GDP +0.5% quarter-over-quarter (expected 0.6%; prior 0.7%); +2.3% year-over-year (consensus 2.4%; last 2.4%). Separately, Index of Services +0.9% (expected 1.0%; prior 0.8%)
Among news of note:
A delay in Greece's implementation of EU-required reforms will push back the upcoming bailout payment into next month, according to Suddeutsche Zeitung
5:50 am: [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -9.90.
5:50 am: [BRIEFING.COM] Nikkei...18777.04...-170.10...-0.90%. Hang Seng...23142.73...+26.50...+0.10%.
5:50 am: [BRIEFING.COM] FTSE...6402.08...-14.90...-0.30%. DAX...10793.50...-7.80...-0.10%.
Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.
Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader 
@ http://stocktwits.com/wrbtraderhttp://www.thestrategylab.com
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