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 Post subject: November 25th Wednesday Trade Results - No Trades
PostPosted: Thu Nov 26, 2015 8:20 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)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Quote:
No trades today for me because I'm taking an extra day off to rest and relax before traveling for the U.S. Thanksgiving holiday.


Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($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 Profit @ $0.00 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 free 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=149&t=2227

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 Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=277&t=2948 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

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.

Attachment:
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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 ended Wednesday on a flat note with trading volume running well below average as some market participants got an early jump on the Thanksgiving holiday, which will keep capital markets in the U.S. closed on Thursday. The S&P 500 settled just below its flat line while the Nasdaq Composite (+0.3%) outperformed.

Investors received a boatload of economic data this morning, but there was little response in the market as stocks opened flat and inched higher to establish narrow trading ranges that held throughout the day. For instance, the S&P 500 spent the session in a seven-point range with seven sectors offsetting gains in three groups that outperformed throughout the day.

Heavily-weighted health care (+0.5%) and consumer discretionary (+0.5%) seized the lead in the early going and held their ground into the close. The health care sector received support from biotechnology, evidenced by a 1.1% spike in iShares Nasdaq Biotechnology ETF (IBB 338.85, +3.58).

Biotechnology was not the only high-beta group that displayed relative strength as chipmakers also outperformed the broader technology sector (-0.3%) with the PHLX Semiconductor Index adding 0.1% after showing a larger gain intraday. As for the tech sector, the top-weighted group was weighed down by several large names. Apple (AAPL 118.03, -0.85) lost 0.7%, but more notably, HP (HPQ 12.64, -2.00) sank 13.7% after missing estimates and guiding Q1 earnings below analyst expectations.

Similar to technology, industrials (unch) lagged during the trading day, but the market came back to the economically-sensitive sector in afternoon action. The industrial sector ended flat even though Deere (DE 80.00, +3.66) soared 4.8% after beating earnings expectations and issuing upside Q1 net sales guidance.

Also of note, the consumer discretionary sector received broad support with apparel retailers getting a boost after Guess? (GES 20.86, +1.32) beat bottom-line estimates. Elsewhere in the sector, homebuilders rallied throughout the day even though the October New Home Sales report came in below estimates (495,000; Briefing.com consensus 504,000). The iShares Dow Jones US Home Construction ETF (ITB 28.84, +0.27) surged 1.0%.

Similar to stocks, Treasuries spent the day inside narrow ranges, ending with slim gains that pressured the 10-yr yield to 2.23% (-1 bp).

To little surprise, trading volume was well below average with 661 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, Personal Income/Spending, Durable Orders, Michigan Sentiment, New Home Sales, and FHFA Housing Price Index:

Initial claims for the week ending November 21 were 260,000, down 12,000 from the prior week's revised level of 272,000 (from 271,000) while the Briefing.com consensus estimate expected no change at 272,000
There were no special factors influencing the weekly initial claims reading, which has been bounded between 250,000 and 300,000 since July 2014
Continuing claims increased to 2.207 million from a downwardly revised reading of 2.173 million (from 2.175 million)
October personal income rose 0.4%, which is what the Briefing.com consensus expected
Personal spending increased 0.1% while the consensus expected a reading of 0.3%
Core PCE prices were flat while the consensus expected an increase of 0.2%
The October Durable Goods Orders report showed a 3.0% gain and a 0.5% increase in durable orders excluding transportation while Briefing.com consensus estimates for those measures were 1.5% and 0.5%, respectively
The report was driven primarily by transportation orders, which featured an 81% increase in nondefense aircraft and parts orders that followed on the heels of declines in both August and September
The final reading for the University of Michigan Consumer Sentiment Index for November was lowered to 91.3 from a preliminary reading of 93.1 (consensus 93.1)
The Current Economic Conditions Index was 104.3 versus 102.3 in October while the Index of Consumer Expectations rose to 82.9 from 82.1 in October
New home sales in October rose to a seasonally adjusted annual rate of 495,000 (consensus 504,000) from a downwardly revised September reading of 447,000 (from 468,000)
The FHFA Housing Price Index for September rose 0.8%, which followed an increase of 0.3% in August

Tomorrow, bond and equity markets will be closed for Thanksgiving while Friday's session will end at 13:00 ET.

Nasdaq Composite +8.0% YTD
S&P 500 +1.5% YTD
Dow Jones Industrial Average -0.1% YTD
Russell 2000 -0.4% YTD

3:40 pm: [BRIEFING.COM]

WTI crude oil and natural gas futures recovered off of today'slows
However, gains were limited as the dollar index remained in positive territorytoday
By the end of today's session, Jan crude oil closed +0.2% at $43.00/barrel
Dec natural gas lost 0.9% to finish at $2.30/MMBtu
Dec silver ended the day back near the flat line at $14.16/oz, while gold remained in the red. Dec gold closed -0.3% at $1070.30/oz
Dec copper ended unchanged at $2.05/lb

2:55 pm:

[BRIEFING.COM] The S&P 500 (+0.1%) hovers just above its flat line with one hour remaining in what has been a sleepy pre-holiday session.

The stock market has essentially spent the day on autopilot with three sectors holding solid gains-health care (+0.6%), consumer discretionary (+0.5%), and consumer staples (+0.4%)-while most of the remaining groups have alternated between gains and losses.

To little surprise, the bond market has been equally as sleepy today and the 10-yr note is set to end the session with a two-tick gain that has lowered the benchmark yield by a basis point to 2.32%.

2:30 pm:

[BRIEFING.COM] The S&P 500 remains higher by 0.1%.

This morning featured a torrent of economic data, including the New Home Sales report for October, which showed sales at a seasonally adjusted annual rate of 495,000. That was below the Briefing.com consensus estimate of 504,000, but up 10.7% from a downwardly revised September reading of 447,000 (from 468,000). September marked the lowest number of new homes sold since July 2014. In brief, the spike in October sales was good to see but it wasn't all that it appeared to be given the reduced September base.

Moreover, sales were helped along by a 6.0% decline in the median sales price to $281,500 (down 8.5% month-over-month). That was the first year-over-year decline in the median sales price since September 2014.

The Northeast saw a huge 135.3% jump in new home sold after sales declined 47% in September. Elsewhere, new home sales increased 5.3% in the Midwest and 8.9% in the South. The West, however, saw new home sales slip 0.9%. At the current sales pace, there is a 5.5 months' supply of inventory, which is down from an upwardly revised 6.0 months' supply (from 5.8) seen in September.

Homebuilders have climbed higher throughout the session with the iShares Dow Jones US Home Construction ETF (ITB 28.87, +0.30) up 1.1% at this juncture.

1:55 pm:

[BRIEFING.COM] Equity indices have ticked down from their highs, but the trading dynamic has not changed much. The S&P 500 remains higher by 0.1% while the Nasdaq (+0.3%) outperforms thanks to relative strength among chipmakers and biotechnology names.

Sector standing has not changed at all with health care (+0.5%) and consumer discretionary (+0.5%) holding the lead while the consumer staples sector (+0.4%) also trades ahead of the broader market.

On the downside, it is worth noting that technology has extended its decline to 0.2%, but that loss remains modest in scope.

1:30 pm:

[BRIEFING.COM] The major U.S. indices maintain their position in positive territory heading into the late afternoon trading ahead of tomorrow's market closure for Thanksgiving.

A look inside the Dow Jones Industrial Average shows that Pfizer (PFE 33.06, +1.09), Wal-Mart (WMT 60.60, +0.68), and Nike (NKE 113.70, +1.19) are outperforming. Pfizer is leading the Dow higher amid strength in the health care industry, today's best performing sector, while Nike and Wal-Mart are in positive territory as consumer oriented names grind higher ahead of the popular shopping weekend.

Conversely, Travelers (TRV 114.61, -0.83) is the worst-performing Dow component as financials lag.

With today's small gains, the DJIA has pushed back into positive territory for the week, and is showing gains of nearly 1% for the month of November.

12:55 pm:
Related Quotes

[BRIEFING.COM] The major averages sport modest midday gains with the Nasdaq (+0.4%) trading ahead of the S&P 500 (+0.2%).

With the Thanksgiving holiday approaching, it should not be a surprise to see that the market has spent the first half of today's affair in a relatively narrow range. Below average trading volume highlights the subdued activity considering only 295 million shares have been traded at the NYSE floor so far today. This suggests the final total is very likely to come in below the 200-day average of roughly 850 million.

Investors received a barrage of economic data this morning, but the market took the mixed news in stride. Similar to stocks, Treasuries have maintained narrow ranges with the 10-yr note showing a modest gain at this juncture. Accordingly, the benchmark yield is down one basis point at 2.23%.

Four sectors hold midday gains with health care (+0.6%) sitting in the lead thanks to relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 339.15, +3.88) is higher by 1.2%, giving a boost to the Nasdaq Composite. Furthermore, the Nasdaq has benefited from strength among chipmakers (PHLX Semiconductor Index +0.4%) while large cap names have kept the technology sector (-0.1%) near its flat line. On the earnings front, HP (HPQ 12.78, -1.86) has plunged 12.7% after missing estimates and guiding Q1 earnings below analyst expectations.

In other earnings of note, Deere (DE 79.36, +3.02) has spiked 4.0% after beating earnings expectations and issuing upside Q1 net sales guidance; however, the broader industrial sector (+0.1%) is little changed.

Economic data included Initial Claims, Personal Income/Spending, Durable Orders, Michigan Sentiment, New Home Sales, and FHFA Housing Price Index:

Initial claims for the week ending November 21 were 260,000, down 12,000 from the prior week's revised level of 272,000 (from 271,000) while the Briefing.com consensus estimate expected no change at 272,000
There were no special factors influencing the weekly initial claims reading, which has been bounded between 250,000 and 300,000 since July 2014
Continuing claims increased to 2.207 million from a downwardly revised reading of 2.173 million (from 2.175 million)
October personal income rose 0.4%, which is what the Briefing.com consensus expected
Personal spending increased 0.1% while the consensus expected a reading of 0.3%
Core PCE prices were flat while the consensus expected an increase of 0.2%
The October Durable Goods Orders report showed a 3.0% gain and a 0.5% increase in durable orders excluding transportation while Briefing.com consensus estimates for those measures were 1.5% and 0.5%, respectively
The report was driven primarily by transportation orders, which featured an 81% increase in nondefense aircraft and parts orders that followed on the heels of declines in both August and September
The final reading for the University of Michigan Consumer Sentiment Index for November was lowered to 91.3 from a preliminary reading of 93.1 (consensus 93.1)
The Current Economic Conditions Index was 104.3 versus 102.3 in October while the Index of Consumer Expectations rose to 82.9 from 82.1 in October
New home sales in October rose to a seasonally adjusted annual rate of 495,000 (consensus 504,000) from a downwardly revised September reading of 447,000 (from 468,000)
The FHFA Housing Price Index for September rose 0.8%, which followed an increase of 0.3% in August

12:30 pm:

[BRIEFING.COM] Equity indices have added to their gains with the Nasdaq now up 0.4% while the S&P 500 (+0.2%) remains weighed down by three influential sectors-industrials (+0.1%), technology (-0.1%), and financials (+0.1%). All in all, things remain relatively quiet for the time being.

Earlier, we speculated that today's final trading volume is likely to be well below average and nothing has changed on that front considering just 272 million shares have changed hands at the NYSE floor.

Treasuries have climbed back into positive territory in recent action, pressuring the 10-yr yield to 2.23% (-1 bp).

12:00 pm:

[BRIEFING.COM] Quiet action continues as the major averages hover just above their flat lines with the S&P 500 trading up 0.1%.

The slim gain in the benchmark index has masked losses in seven of ten sectors, but outside of utilities (-0.9%), the losses have been contained for the time being. Most notably, the top-weighted financials (-0.1%) and technology (-0.1%) are essentially unchanged.

On the upside, the health care sector (+0.5%) remains in the lead while consumer discretionary (+0.4%) and consumer staples (+0.3%) follow a bit behind. Health care has been underpinned by biotechnology while the discretionary sector has benefited from all around strength. For instance, retailers have enjoyed a strong start with SPDR S&P Retail ETF (XRT 45.49, +0.49) trading higher by 1.1%.

11:30 am:

[BRIEFING.COM] The major averages continue hovering just above their flat lines and it wouldn't be a huge surprise if the remainder of the session featured range-bound action. The S&P 500 remains higher by 0.1% while the Nasdaq (+0.2%) sits just ahead.

With the Thanksgiving holiday looming, the early trading volume has been noticeably lower than average. To that end, only 215 million shares have been traded at the NYSE floor so far today.

Similar to stocks, Treasuries are little changed with the 10-yr yield flat at 2.24%.

10:55 am:

[BRIEFING.COM] Equity indices have marked new session highs in recent going, but the action continues unfolding relatively close to the unchanged level. The S&P 500 trades up 0.1% while the Nasdaq (+0.3%) outperforms after showing relative weakness yesterday.

Five sectors are now in the green with the health care sector (+0.6%) sitting in the lead. The group has benefited from strength in biotechnology, evidenced by a 0.7% gain in iShares Nasdaq Biotechnology ETF (IBB 337.70, +2.43). Furthermore, biotech has helped the Nasdaq vault ahead of the S&P 500 while the top-weighted technology sector (-0.1%) remains near its flat line. Large cap components have kept the sector behind the broader market with HP (HPQ 12.71, -1.94) down 13.2% after the company missed estimates and guided Q1 earnings below analyst expectations.

Elsewhere in technology, chipmaker names outperform with the PHLX Semiconductor Index trading higher by 0.3%.

10:35 am: [BRIEFING.COM]

The dollar trended near flat overnight, before rallying strongly in early trade ahead of a slate of US economic data.
Data released showed in-line growth in personal income, less-than-expected initial unemployment claims and stronger-than-expected durable goods orders
Taken by the market as supportive of a rate hike, the data solidified the dollar's positive trend, and the index is now holding gains of +0.4% to 100.10 near its HoD
Precious metals have been under heavy selling pressure from the strengthening dollar, with gold -0.5% to $1068.80/oz and silver -0.6% to $14.07/oz
WTI traded slightly positive overnight, despite yesterday afternoon's APO inventory report release which showed a build of 2.6 mln barrels.
The January contract did see a sell-off in early trade however on a stronger dollar and ahead of the morning's EIA storage report (expected to show a 1.2 mln barrel build)
Upon release of the data which showed a build of 0.961 mln barrels, WTI jogged quickly higher but is still -1.6% to $42.17/barrel
Natural gas has also booked losses so far this morning, ahead of its own EIA inventory report (due out at noon ET) which is expected to show a 7 bcf build
January nat gas is extending losses at -1.2% to $2.30/MMBtu
Copper is now -0.8% to $2.05/lb

10:00 am:

[BRIEFING.COM] The S&P 500 trades higher by 0.1%.

Just released, the University of Michigan Consumer Sentiment report for November was revised down to 91.3 from 93.1 while the Briefing.com consensus expected the reading to remain at 93.1.

Separately, New home sales in October hit an annualized rate of 495,000, which was up from the revised September rate of 447,000 (from 468,000), but worse than the rate of 504,000 that had been broadly expected by the Briefing.com consensus.

9:40 am:

[BRIEFING.COM] As expected, the major averages have started the trading day just above their flat lines, but the S&P 500 (-0.1%) has followed the higher open with a dip into the red as seven sectors sit in negative territory.

Most notably, the energy sector (-1.0%) is the weakest performer after surging more than 2.0% yesterday. Meanwhile, the remaining decliners sport slimmer losses. On the upside, the consumer discretionary sector (+0.4%) leads while health care (+0.3%) also trades a bit ahead of the broader market.

Elsewhere, Treasuries continue holding slim gains with the 10-yr yield down one basis point at 2.23%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +8.50.

The stock market is on track for a modestly higher open with S&P 500 futures trading three points above fair value after spending the night in a ten-point range.

The overnight session was fairly quiet, featuring mixed action in Asia while most European indices sport solid gains at this juncture, continuing their rebound off yesterday's lows. Investors have received a boatload of economic data this morning and futures have backed away from their morning highs in response. Weekly initial claims declined to 260,000 from 272,000 (Briefing.com consensus 272,000) while the October Personal Income report showed an in-line increase of 0.4%. Also of note, October Durable Orders rose 3.0% while the consensus expected an increase of 1.5%.

More data will be released later today with the final reading of the November Michigan Sentiment Index (consensus 93.1) and October New Home Sales (consensus 504,000) set to be reported at 10:00 ET.

Treasuries held gains earlier, but they have returned to unchanged with the 10-yr yield at 2.24%.

On the corporate front, Deere (DE 79.95, +3.61) has surged 4.7% in pre-market after beating earnings expectations and issuing upside Q1 net sales guidance.

9:03 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +8.00.

The S&P 500 futures trade three points above fair value.

The FHFA Housing Price Index for September rose 0.8%, which followed an increase of 0.3% in August.

8:53 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +10.00.

The S&P 500 futures trade three points above fair value.

Markets in the Asia-Pacific region ended Wednesday on a mixed note. It was a fairly quiet evening relative to yesterday with many of the Asian indices attempting to correlate to the move seen in US stocks on Tuesday. In Japan, the Nikkei was weighed down by yesterday's strength in the yen and some weakness in financials following reports that several of the larger banks may need to increase their capital ratios.

In economic data:
Japan's Leading Index rose to 101.6 from 101.4 (expected 101.4) and Corporate Services Price Index increased 0.5% year-over-year (consensus 0.6%; previous 0.5%)
Singapore's Q3 GDP +1.9% quarter-over-quarter (expected -0.1%; last -2.6%); +1.9% year-over-year (consensus 1.4%; prior 1.4%)
Australia's Q3 Construction Work Done -3.6% quarter-over-quarter (consensus -2.1%; last 2.1%)

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Japan's Nikkei declined 0.4%. The Nikkei was weak out of the gate and was limited to range bound trade for the bulk of the session, unable to gain any significant traction with sour sentiment capping gains. As mentioned above, financials were notably weaker led by Mitsubishi Financial Group falling 2.1% and Mizuho, which saw a decline of 1.7%. Utilities saw some strength with funds flowing into defensive names. Tokyo Electric Power was a beneficiary of this, climbing 2.7%.
Hong Kong's Hang Seng also fell 0.4%. The Hang Seng opened up under water and managed to poke back into positive territory shortly after the lunch break. The index could not sustain that momentum with selling pressure creeping back into the market in the final hour. Among the notable decliners were Yashili International Holdings which dropped 2.0% after issuing a profit warning, while Digital China fell 3.4% after the company reported its third quarter results.
China's Shanghai Composite advanced by 0.9% after a seesaw battle that saw the final hour tip the market back into positive territory. Shares of CITIC Securities sagged after China's securities association said the brokerage had inaccurately inflated its derivative business.

Major European indices trade mostly higher while Spain's IBEX (-0.4%) underperforms amid a 42.7% plunge in the shares of Abengoa after the debt-ridden company began seeking protection from creditors. On a separate note, the European Central Bank is reportedly looking into expanding the reach of its quantitative easing program with the latest reports indicating the bank may begin buying non-performing loans. The euro has retreated in response, sliding below 1.0600 against the dollar.

Participants received several data points:
UK's BBA Mortgage Approvals 45,400 (expected 45,500; previous 44,800)
France's November Consumer Confidence held at 96 (expected 95)
Spain's PPI -3.5% year-over-year (last -3.6%)
Swiss October Consumption Indicator 1.60 (previous 1.56)
Italy's September Industrial New Orders -2.0% (prior -5.2%) and September Retail Sales -0.1% month-over-month (expected 0.5%; prior 0.2%); +1.5% year-over-year (consensus 1.5%; last 1.3%)

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Germany's DAX trades up 1.8% with all 30 components in the green. K+S leads with a 7.2% surge while Adidas, Merck, BMW, and BASF follow with gains between 2.0% and 2.4%. Meanwhile, financials trade a bit behind the broader market with Commerzbank and Deutsche Bank up 0.9% and 1.3%, respectively.
In France, the CAC has spiked 1.5% thanks to general strength. Essilor, L'Oreal, Danone, Louis Vuitton, and Pernod Ricard have climbed between 1.9% and 2.8%. On the flip side, ArcelorMittal and Renault are both down near 2.5%.
UK's FTSE is higher by 0.9% with homebuilders Barratt Developments and Persimmon both up near 5.0% while miners have struggled. Anglo American has tumbled 8.2% amid speculation the company may cut its dividend, following in the footsteps of Glencore. For its part, Glencore trades down 4.1% at this juncture.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +11.80.

The S&P 500 futures trade four points above fair value.

The latest weekly initial jobless claims count totaled 260,000 while the Briefing.com consensus expected a reading of 272,000. Today's tally was below the revised prior week count of 272,000 (from 271,000). As for continuing claims, they rose to 2.207 million from 2.173 million.

October durable goods orders rose 3.0%, while the Briefing.com consensus expected an increase of 1.5%. This comes after the prior month's revised reading reflected a decrease of 0.8% (from -1.2%). Excluding transportation, durable orders increased 0.5% (consensus +0.5%) to follow the prior month's revised decrease of 0.1% (from -0.6%).

Separately, October personal income rose 0.4%, which is what the Briefing.com consensus expected. Meanwhile, personal spending increased 0.1% while the consensus expected a reading of 0.3%.

Core PCE prices were flat while the consensus expected an increase of 0.2%

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.00.

U.S. equity futures hold modest pre-market gains amid upbeat action overseas. The S&P 500 futures hover four points above fair value after hitting their highs around the start of the European session.

Meanwhile, Treasuries also sport modest gains with the 10-yr yield down a basis point at 2.23%.

Today will be very busy on the economic front. The weekly MBA Mortgage Index fell 3.2% to follow last week's 6.2% spike. The day's data will continue with an 8:30 ET release of weekly Initial Claims (Briefing.com consensus 272,000), October Personal Income/Spending Data, and October Durable Orders (consensus 1.5%). The September FHFA Housing Price Index will be released at 9:00 ET while the final reading of the Michigan Sentiment Index for November (consensus 93.1) and October New Home Sales (consensus 504,000) will both be reported at 10:00 ET.

In U.S. corporate news of note:

Deere (DE 80.20, +3.86): +5.1% after beating earnings expectations and issuing upside Q1 net sales guidance.
HP (HPQ 13.20, -1.44): -9.8% after missing estimates and guiding Q1 earnings below analyst expectations.
Guess? (GES 21.06, +1.52): +7.8% after beating bottom-line estimates.

Reviewing overnight developments:

Asian markets ended mostly lower. Japan's Nikkei -0.4%, Hong Kong's Hang Seng -0.4%, and China's Shanghai Composite +0.9%
In economic data:
Japan's Leading Index rose to 101.6 from 101.4 (expected 101.4) and Corporate Services Price Index increased 0.5% year-over-year (consensus 0.6%; previous 0.5%)
Singapore's Q3 GDP +1.9% quarter-over-quarter (expected -0.1%; last -2.6%); +1.9% year-over-year (consensus 1.4%; prior 1.4%)
Australia's Q3 Construction Work Done -3.6% quarter-over-quarter (consensus -2.1%; last 2.1%)
In news:
The Bank of Japan released the minutes from its latest meeting, revealing a relatively upbeat tone among policymakers that is likely to keep the central bank from increasing stimulus measures at this time

Major European indices trade higher across the board. Germany's DAX +1.4%, France's CAC +1.2%, and UK's FTSE +0.8%. Elsewhere, Italy's MIB +1.2% and Spain's IBEX -0.8%
Participants received several data points:
UK's BBA Mortgage Approvals 45,400 (expected 45,500; previous 44,800)
France's November Consumer Confidence held at 96 (expected 95)
Spain's PPI -3.5% year-over-year (last -3.6%)
Swiss October Consumption Indicator 1.60 (previous 1.56)
Italy's September Industrial New Orders -2.0% (prior -5.2%) and September Retail Sales -0.1% month-over-month (expected 0.5%; prior 0.2%); +1.5% year-over-year (consensus 1.5%; last 1.3%)
Among news of note:
The European Central Bank is reportedly looking into expanding the reach of its quantitative easing program with the latest reports indicating the bank may begin buying non-performing loans. The euro has retreated in response, sliding below 1.0600 against the dollar

5:39 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +10.80.

5:39 am: [BRIEFING.COM] Nikkei...19847.58...-77.30...-0.40%. Hang Seng...22498...-89.60...-0.40%.

5:39 am: [BRIEFING.COM] FTSE...6327.07...+49.80...+0.80%. DAX...11052.49...+118.50...+1.10%.

Special thanks to Bloomberg, Briefing, 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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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