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 Post subject: December 3rd Thursday Trade Results - Profit $8250.00
PostPosted: Thu Dec 03, 2015 9:08 pm 
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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)

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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 @ $8250.00 dollars or +165.00 points, Light Crude Oil CL ($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 @ $8250.00 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=150&t=2235

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=278&t=2988 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.

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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 Thursday on a woeful note after global investors reduced their equity exposure in reaction to an underwhelming policy statement from the European Central Bank. The S&P 500 lost 1.4%, falling below its 200-day moving average (2,065), while the Nasdaq Composite (-1.7%) underperformed.

Equity indices held slim gains at the open, but that proved to be a mirage as the market marched lower throughout the day after the European Central Bank made a slight adjustment to its interest rate corridor (deposit facility rate down to -0.3% from -0.2%, marginal lending facility unch at +0.3%, and main refinancing rate unch at +0.05%), but did not increase the size of its asset purchases, thus disappointing a global equity complex that was hungry for more stimulus. The euro responded by having its best day of the year, soaring nearly 450 pips off its intraday low against the dollar to 1.0950. In turn, the Dollar Index (97.79, -2.25) plunged 2.3% to early November levels.

The greenback faced daylong pressure, seeing little respite from comments made by Fed Chair Janet Yellen during her appearance before the Joint Economic Committee. During her testimony, Chair Yellen maintained her recent tone, suggesting the Federal Open Market Committee is ready to raise the fed funds rate at the December meeting. Treasuries began retreating in the morning and continued their slide into the afternoon. As a result, the 10-yr yield spiked 15 basis points to 2.33%.

All ten sectors ended in the red, paced by energy (-2.0%) and health care (-2.2%). Both sectors spent the day near the bottom of the leaderboard with energy retreating despite a 2.9% surge in crude oil, which settled at $41.09/bbl.

As for health care, the top-weighted countercyclical group was pressured by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 321.97, -11.97) plunged 3.6%, returning to levels from the middle of November. Biotech's underperformance kept the Nasdaq well behind the broader market while the technology sector (-1.3%) ended just ahead of the S&P 500. Although pockets of relative strength were few and far between, it is worth noting that Avago Technologies (AVGO 144.78, +12.57) jumped 9.5% after beating bottom-line estimates and guiding in-line with analyst expectations. Avago's big gain helped the PHLX Semiconductor Index (-0.6%) end ahead of the broader market, but that was a small victory considering 24 of 30 components of the SOX index posted losses.

Today's selloff invited above-average participation as more than 990 million shares changed hands at the NYSE floor.

Economic data reported today included Initial Claims, Factory Orders, and ISM Services:

Initial claims for the week ending November 28 were up 9,000 from the prior week to 269,000 (Briefing.com consensus 267,000)
That dropped the four-week moving average by 1,750 to 269,000, which is near a 15-year low
There were no special factors influencing initial claims, which have been bounded between 250,000 and 300,000 since July 2014
Continuing claims for the week ending November 21 were 2.161 million (Briefing.com consensus 2.177 million), an increase of 6,000 from a downwardly revised 2.155 million (from 2.207 million) for the prior week
The ISM Non-Manufacturing Index for November fell to 55.9 from 59.1 while the Briefing.com consensus expected an increase to 58.3
The October reading was the second-highest reading for the index since December 2005, so it was in the realm of possibility that the index would pull back in November. A number above 50.0 still denotes expansion and November marked the 70th consecutive month of growth in the non-manufacturing sector
October Factory Orders increased 1.5% while the Briefing.com consensus expected an increase of 1.1%
The report showed new orders for manufactured durable goods increased 2.9%, which was a bit below the 3.0% increase reported in the Durable Orders report

Tomorrow, November Nonfarm Payrolls (Briefing.com consensus 196K) and October Trade Balance (expected -$43.00 billion) will be reported at 8:30 ET.

Nasdaq Composite +6.4% YTD
S&P 500 -0.5% YTD
Dow Jones Industrial Average -1.9% YTD
Russell 2000 -2.5% YTD

3:45 pm: [BRIEFING.COM]

The dollar index had one of its worst losses this year, giving commodities a boost today
In current trade, the dollar index is
Oil prices were volatile today ahead of the OPEC meeting overnight, closing higher in today's session
Front-month Jan crude oil rose 2.9% today to $41.09/barrel
Jan nat gas rose 0.1% to $2.18/MMBtu
Copper ended flat at $2.05/lb, while precious metals posted gains
Feb gold rose +0.8% to $1061.50/oz, while Mar silver gained +0.6% at $14.09/oz

3:00 pm:

[BRIEFING.COM] The S&P 500 trades lower by 1.5% with one hour remaining in the final hour of the session.

There has been no let up to the selling pressure that has driven the S&P 500 (-1.7%) back to mid-November levels. All ten sectors have taken part in the decline with four groups trading behind the broader market at this juncture.

Only a handful of names have been able to escape today's dive, which began unfolding after the European Central Bank did not live up to market expectations, which called for more stimulus from the ECB.

Treasuries have spent the past hour near their lows and the 10-yr yield is on track to add 15 basis points for the day, rising to 2.33%.

2:30 pm:

[BRIEFING.COM] The key indices have set new lows with the Nasdaq Composite (-1.9%) trading behind the S&P 500 (-1.4%).

The Nasdaq had shown some relative strength earlier, but the index has been pressured by underperformance in biotechnology while the technology sector (-1.4%) has not fared that much better.

Investors heard from Fed Chair Janet Yellen earlier today, and her remarks were perceived as a sign that the Fed is ready to raise the fed funds rate at the December meeting. In addition, the lack of new stimulus from the European Central Bank has also weighed on the global equity complex. Markets across Europe ended the day deep in the red with Germany's DAX, France's CAC, and UK's FTSE falling between 2.3% and 3.6%.

2:00 pm:

[BRIEFING.COM] There has been no let up to today's selling pressure, which has driven the S&P 500 (-1.2%) to a fresh low in recent action. The benchmark index spent the early portion of the trading day relatively close to its flat line, but the afternoon has featured steady selling across most sectors.

The energy sector (-1.2%) paced the early weakness, but the group now trades in-line with the broader market while health care has widened its decline to 2.1%. Biotechnology remains in focus considering the iShares Nasdaq Biotechnology ETF (IBB 322.76, -11.18) is now down 3.4%. Given its current level, the high-beta ETF hovers just two points above its 50-day moving average (320.87), returning to levels last seen in the middle of November.

Strikingly, today's slide in equities has been accompanied by a daylong dive in the Treasury market that has sent the 10-yr yield higher by 16 basis points to 2.34%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices remain under heavy pressure, having set new session-lows since our last update.

A look inside the Dow Jones Industrial Average shows that Travelers (TRV 112.36, -2.35), Merck & Co (MRK 52.92, -0.90), and Microsoft (MSFT 54.34, -0.87) are underperforming. Travelers was downgraded to Neutral at BofA/Merrill while Merck is lower amid broad weakness in health care, today's worst performing sector.

Conversely, Wal-Mart (WMT 59.11, +0.76) is the best-performing Dow component as wholesale retailers outperform following Costco's (COST 164.70, +3.61) November same store sales that came in ahead of estimates.

With today's decline, the DJIA has dropped into negative territory for the month, and is now down over 1.2% for the year.

12:55 pm:
Related Quotes

[BRIEFING.COM] The major averages sit on their lows at midday with the Nasdaq (-1.0%) trading behind the S&P 500 (-0.8%) after the tech-heavy index showed relative strength at the start.

Equity indices began the trading day just above their flat lines, but the early strength faded by the end of the first hour of action. Prior to the open, the European Central Bank cut its deposit facility rate to -0.3% from -0.2% while leaving the marginal lending facility (0.3%) and the main refinancing rate (0.05%) unchanged. Furthermore, ECB President Mario Draghi said the central bank will extend the duration of its asset purchase program, but there was no mention of plans to accelerate the pace of purchases.

The announcement proved to be a bit underwhelming to the market, considering the euro rocketed 3.0% higher against the dollar to 1.09220 while European and U.S. equities retreated.

Staying on the central bank theme, Fed Chair Janet Yellen appeared before the Joint Economic Committee today and her testimony was consistent with recent remarks that suggest the Federal Open Market Committee is ready to raise rates at the December meeting. Treasuries have retreated throughout the day and the 10-yr yield is currently higher by 13 basis points at 2.31%.

All ten sectors display midday losses with energy (-1.5%) and health care (-1.4%) trading at the bottom of the leaderboard. The energy sector has retreated despite a 2.4% surge in crude oil, which has rallied to $40.91/bbl after plunging 4.4% yesterday.

For its part, health care has been pressured by biotechnology and that has also contributed to the underperformance in the Nasdaq. The iShares Nasdaq Biotechnology ETF (IBB 325.65, -8.29) trolls near its low at midday, trading down 2.5%.

Elsewhere, the consumer staples sector (-0.1%) trades ahead of its peers, but the countercyclical group has dipped into the red recently, succumbing to the overall pressure. The sector owes its outperformance to Costco (COST 164.46, +3.37) as the stock trades up 2.1% after the company

Economic data reported today included Initial Claims, Factory Orders, and ISM Services:

Initial claims for the week ending November 28 were up 9,000 from the prior week to 269,000 (Briefing.com consensus 267,000)
That dropped the four-week moving average by 1,750 to 269,000, which is near a 15-year low
There were no special factors influencing initial claims, which have been bounded between 250,000 and 300,000 since July 2014
Continuing claims for the week ending November 21 were 2.161 million (Briefing.com consensus 2.177 million), an increase of 6,000 from a downwardly revised 2.155 million (from 2.207 million) for the prior week
The ISM Non-Manufacturing Index for November fell to 55.9 from 59.1 while the Briefing.com consensus expected an increase to 58.3
The October reading was the second-highest reading for the index since December 2005, so it was in the realm of possibility that the index would pull back in November. A number above 50.0 still denotes expansion and November marked the 70th consecutive month of growth in the non-manufacturing sector
October Factory Orders increased 1.5% while the Briefing.com consensus expected an increase of 1.1%
The report showed new orders for manufactured durable goods increased 2.9%, which was a bit below the 3.0% increase reported in the Durable Orders report

12:25 pm:

[BRIEFING.COM] The S&P 500 (-0.8%) has slid to a new session low and the Nasdaq (-0.9%) now trades behind the benchmark index after showing relative strength at the start.

Biotechnology has been largely responsible for the recent move in the Nasdaq, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 327.03, -6.91), which is now down 2.1%. Meanwhile, the broader health care sector has extended its decline to 1.3%.

With the market dropping to a new session low, the S&P 500 now trades just below its 200-day moving average (2,065).

11:55 am:

[BRIEFING.COM] The major averages have dipped back into the neighborhood of their session lows.

Just like yesterday, the energy sector (-1.2%) has contributed to the early weakness, but unlike yesterday, the decline has taken place despite a rally in crude oil, which trades up 1.9% at $40.70/bbl. Today's gain has lifted crude back above the $40.00/bbl mark, but the energy component remains near its lowest levels of the year.

Similar to energy, industrials (-0.5%) and health care (-0.8%) lag while the consumer staples sector (+0.3%) remains above its flat line, owing some of its relative strength to Costco (COST 165.29, +4.20) as the stock trades higher by 2.6% after reporting better than expected same store sales.

11:25 am:

[BRIEFING.COM] Recent action saw the S&P 500 narrow its loss to 0.1% while the Nasdaq Composite (+0.1%) is back in the green.

The Nasdaq has been able to return above its flat line thanks to relative strength in the technology sector (+0.2%), which has spent the early action ahead of the broader market.

Large cap tech names like Apple (AAPL 116.52, +0.24), Alphabet (GOOGL 777.75, -0.10), Cisco Systems (CSCO 27.40, -0.04), and Facebook (FB 106.32, +0.25) trade in mixed fashion while the PHLX Semiconductor Index outperforms, trading higher by 0.5%. To be fair, much of that gain is due to a 9.9% surge in the shares of Avago Technologies (AVGO 145.35, +13.17) after the company beat bottom line estimates. Outside of Avago, 11 other index components hold gains while 18 components trade in the red.

10:55 am:

[BRIEFING.COM] Equity indices remain near their worst levels of the session with the S&P 500 trading lower by 0.3%.

The consumer staples sector (+0.3%) has been able to maintain a slim gain while the other nine sectors trade in the red with energy (-0.7%) and health care (-0.7%) sitting at the bottom of the leaderboard. Interestingly, the energy sector was among the early outperformers, but the group now trades behind its peers even though crude oil trades higher by 1.1% at $40.37/bbl. It is worth noting that oil is likely to be on the move during early morning action on Friday once the results of the OPEC meeting begin flowing in.

Elsewhere, Treasuries continue trading near their worst levels of the session, seeing little impact from the selling in the equity market. Accordingly, the 10-yr yield is higher by nine basis points at 2.26%.

10:35 am: [BRIEFING.COM]

The dollar index traded higher overnight, following commentary from Janet Yellen that gave credence to a December rate hike, and ahead of the morning's US economic data.
Early this morning however, underwhelming actions by the ECB (a 10 bps decrease on interest rate deposits) caused a spike in the Euro, which put sharp selling pressure on the USD.
The index has since continued to hold strong losses at -1.5% to 98.58, despite in-line/slightly stronger than expected US unemployment data.
Crude oil has traded in a narrow range well above the flat line so far this morning, amidst multiple media reports quoting OPEC members ahead of tomorrow's meeting.
Reports have included statements that essentially coalesce as: many OPEC members attempting to pressure Saudi Arabia to cut production- with that nation being hesitant and/or resistant to do so.
Note: The OPEC meeting is set to take place Dec. 4th (overnight for US market participants).
January WTI is still holding solid gains at +0.7% to $40.20/barrel in most recent price action.
Natural gas futures saw modest selling pressure going into the morning's EIA weekly inventory report, which was expected to show a draw of about 49 bcf.
Upon release of the data (showing a 53 bcf draw), nat gas reversed course and bounced positive for the morning- now +0.2% to $2.17/MMBtu
Precious metals are trending mixed for the session, having fallen from larger early gains. Gold is +0.3% to $1,056.40/oz and silver is -0.2% to $14.00/oz.
Copper is now +0.4% to $2.04/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (-0.3%) has slipped to a new session low.

According to the just-released Factory Orders report for October, orders increased 1.5% while the Briefing.com consensus expected an increase of 1.1%.

Separately, the ISM Services Index for November fell to 55.9 from 59.1 while the Briefing.com consensus expected a downtick to 58.3.

9:45 am:

[BRIEFING.COM] The major averages began the trading day above their flat lines, but they have slid from the early highs. The Nasdaq Composite (+0.1%) outperforms while the S&P 500 (-0.1%) hovers just below its flat line.

Five of ten sectors hold opening gains with energy (+0.5%) and materials (+0.5%) in the lead while health care (-0.3%) and utilities (-0.4%) underperform.

Elsewhere, Treasuries remain in the red with the 10-yr yield up eight basis points at 2.26%.

October Factory Orders (consensus +1.1%) and November ISM Services (consensus 58.3) will both be released at 10:00 ET.

9:08 am: [BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +22.60.

The stock market is on track for a modestly higher open as S&P 500 futures trade seven points above fair value after sliding from their pre-market highs.

Futures on the benchmark index slumped from their highs after it was reported that the European Central Bank made no changes to its policy stance; however, those reports began crossing about eight minutes before the scheduled release time. Once the actual policy statement was released, it revealed that the ECB did indeed cut its deposit facility rate to -0.3% from -0.2% while leaving the marginal lending facility (0.3%) and the main refinancing rate (0.05%) unchanged. The euro spiked against the dollar immediately after the policy statement was released and the single currency surged to a new high after ECB President Mario Draghi did not call for an expansion of the purchasing program during his press conference. The euro is currently higher by 2.4% against the dollar, trading near 1.0850.

Meanwhile, U.S. Treasuries have retreated to new lows, pushing the 10-yr yield up six basis points to 2.24%.

On the corporate front, semiconductor names are likely to see early strength considering Avago Technologies (AVGO 144.88, +12.67) has surged 9.2% in pre-market after beating bottom-line estimates and guiding in-line.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +4.60.

The S&P 500 futures trade within a point of fair value.

Markets in the Asia-Pacific region ended Thursday mixed with the Shanghai Composite outpacing the region with a 1.4% gain. The index saw strength in financials on the back of regulators easing the bond issuance requirements in an effort to entice lending. Chinese equities were also supported by PBOC injection of CNY30 bln in 7-day reverse-repos, bringing the net injection for the week up to CNY50 bln. In Japan, the Nikkei was flat for the day with the market seeing weakness in the early stages mostly due to the softness seen in US equities on Wednesday. Traders and investors may have preferred to stay on the sidelines in order to avoid overnight headline risk ahead of the ECB meeting.

In economic data:
China's November Caixin Services PMI 51.2 (expected 53.1; previous 52.0)
Hong Kong's November Manufacturing PMI 46.6 (last 46.6)
India's November Nikkei Services PMI 50.1 (previous 53.2)
South Korea's Q3 GDP +1.3% quarter-over-quarter (expected 1.2%; previous 1.2%); +2.7% year-over-year (consensus 2.6%; last 2.6%)
Australia's October HIA New Home Sales -3.0% month-over-month (previous -4.0%) and October trade deficit widened to AUD3.31 billion from AUD2.40 billion (expected deficit of AUD2.67 billion)

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Japan's Nikkei finished flat on the day. The index was range-bound on lighter than average volume, with the index under water for majority of the session. Buyers stepped up in the final hour and managed to bring the Nikkei back to the unchanged level. Among the best performing sectors was energy, which rose 2.0% on the day with crude oil catching a bid overnight after rumors surfaced that Saudi Arabia will propose an output cut at the OPEC meeting. The consumer discretionary sector (-0.7%) was notably weaker with Fast Retailing diving 2.1% following the release of its November comps after Wednesday's market close.
Hong Kong's Hang Seng declined by 0.3% and finished near the mid-point of the day's range. The post lunch break trade saw some buying, which managed to take the Hang Seng into positive territory for a brief moment, but that momentum was not sustained with buyers absent in the last 2 hours of the session. Property stocks also pulled back. Henderson Land was one of the largest losers in the space, falling 2.0%, while China Res Land closed down 1.1%. CNOOC was among the few stocks stronger today, rising 0.8% on the back of the bounce in crude oil.
China's Shanghai Composite advanced 1.4% after traders took advantage of the slight dip shortly after the open. The Shenzhen's start-up index, ChiNext, managed to get back most of the week's earlier losses with an advance of 3.5%. The property stocks were hot again, with China Vanke gaining 5.0%, and setting a new 8-year high. The stock had hit its 10.0% limit up move in the last 2 sessions, but a Goldman note of removal from its Conviction Buy List may have capped gains for the day.

Major European indices trade in the red after seeing volatility in the wake of the latest policy decision from the European Central Bank. U.S. index futures and European equities moved lower while the euro spiked immediately after it was reported that the European Central Bank made no changes to its policy; however, those reports began crossing about eight minutes before the scheduled release time. Once the actual policy statement was released, it revealed that the ECB did indeed cut its deposit facility rate to -0.3% from -0.2%. The euro has climbed to a new high in recent action and is now up 1.7% against the dollar at 1.0800.

Participants received several data points:
Eurozone November Services PMI 54.2 (expected 54.6; previous 54.6)
Germany's November Services PMI 55.6 (consensus 55.6; prior 55.6)
UK's November Services PMI 55.9 (expected 55.0; last 54.9)
France's November Services PMI 51.0 (consensus 51.3; previous 51.3) and Q3 Unemployment Rate 10.6% (expected 10.4%; previous 10.4%)
Italy's November Services PMI 53.4 (expected 54.0; last 53.4)
Spain's November Services PMI 56.7 (consensus 56.6; previous 55.9)

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Germany's DAX is lower by 3.0% with most components trading in the red. Growth-sensitive BASF, Siemens, Daimler, BMW, and SAP are all among the laggards with losses between 1.8% and 3.5%.
In France, the CAC has slid 2.5% with all but two components in the red. Airbus Group represents the biggest laggard, trading lower by 4.6% while financials AXA, BNP Paribas, and Societe Generale show losses between 1.1% and 2.0%.
UK's FTSE has given up 0.9%. Miners BHP Billiton, Fresnillo, and Rio Tinto are down between 1.2% and 1.7% while consumer names outperform. WM Morrison Supermarkets and Tesco are both up near 1.5%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +9.90. Nasdaq futures vs fair value: +23.50.

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

The latest weekly initial jobless claims count totaled 269,000 while the Briefing.com consensus expected a reading of 267,000. Today's tally was above the unrevised prior week count of 260,000. As for continuing claims, they rose to 2.161 million from 2.155 million.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +28.50.

U.S. equity futures hold modest pre-market gains, but they have backed away from their highs amid some confusion that surrounded the latest policy statement from the European Central Bank. Index futures moved lower while the euro spiked immediately after it was reported that the European Central Bank made no changes to its policy; however, those reports began crossing about eight minutes before the scheduled release time. Once the actual policy statement was released, it revealed that the ECB did indeed cut its deposit facility rate to -0.3% from -0.2%. The euro has backed away from its high in reaction, but the single currency remains up about 50 pips against the dollar (1.0657).

Treasuries hold modest losses with the 10-yr yield up two basis points at 2.20%.

Weekly Initial Claims (Briefing.com consensus 267K) will be reported at 8:30 ET while October Factory Orders (consensus +1.1%) and November ISM Services (consensus 58.3) will both be released at 10:00 ET.

In U.S. corporate news of note:

Avago Technologies (AVGO 144.01, +11.80): +8.9% after beating bottom-line estimates and guiding in-line.
Dollar General (DG 66.00, +0.65): +1.0% after reporting a one-cent beat and narrowing its fiscal-year 2016 earnings guidance.
Express (EXPR 18.55, +1.16): +6.7% after reporting a two-cent beat.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite +1.4%, Japan's Nikkei UNCH, and Hong Kong's Hang Seng -0.3%
In economic data:
China's November Caixin Services PMI 51.2 (expected 53.1; previous 52.0)
Hong Kong's November Manufacturing PMI 46.6 (last 46.6)
India's November Nikkei Services PMI 50.1 (previous 53.2)
South Korea's Q3 GDP +1.3% quarter-over-quarter (expected 1.2%; previous 1.2%); +2.7% year-over-year (consensus 2.6%; last 2.6%)
Australia's October HIA New Home Sales -3.0% month-over-month (previous -4.0%) and October trade deficit widened to AUD3.31 billion from AUD2.40 billion (expected deficit of AUD2.67 billion)
In news:
Hong Kong's PMI remained in contractionary territory (below 50) for the ninth consecutive month, showing continued declines in output, new orders, and employment

Major European indices trade in mixed fashion. France's CAC +0.2%, Germany's DAX -0.1%, and UK's FTSE -0.1%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.5%
Participants received several data points:
Eurozone November Services PMI 54.2 (expected 54.6; previous 54.6)
Germany's November Services PMI 55.6 (consensus 55.6; prior 55.6)
UK's November Services PMI 55.9 (expected 55.0; last 54.9)
France's November Services PMI 51.0 (consensus 51.3; previous 51.3) and Q3 Unemployment Rate 10.6% (expected 10.4%; previous 10.4%)
Italy's November Services PMI 53.4 (expected 54.0; last 53.4)
Spain's November Services PMI 56.7 (consensus 56.6; previous 55.9)
Among news of note:
The European Central Bank cut its deposit facility rate to -0.3% from -0.2%, but left the marginal lending facility (0.3%) and the main refinancing rate (0.05%) unchanged.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: +16.80. Nasdaq futures vs fair value: +43.50.

5:55 am: [BRIEFING.COM] Nikkei...19939.90...+1.80...+0.00%. Hang Seng...22417.01...-62.70...-0.30%.

5:55 am: [BRIEFING.COM] FTSE...6440.91...+20.00...+0.30%. DAX...11291.62...+100.60...+0.90%.

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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