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 Post subject: October 17th Wednesday TF, 6E & CL Futures $1330.00
PostPosted: Wed Oct 17, 2012 1:31 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4341
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)

Attachment:
101712-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1330.00.png
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $720.00 dollars or +7.20 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $610.00 dollars or +0.61 points. Total Profit @ $1330.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all trades were posted real-time in the free #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=109&t=1346

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)...regardless if I'm day trading, swing trading or position trading.

Image Price Action Analysis via WRB Analysis Tutorials @ 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

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 prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=192&t=1618

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. 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 via WRB Analysis from one trade to the next trade to give me the market context 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 trading (day trading, swing trading, position trading) and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Oct. 17 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a third straight day, as a jump in housing starts overshadowed disappointing results from International Business Machines Corp. and Intel Corp.

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Market Update

4:20 pm : Stocks began today's session on a negative note after two technology bellwethers reported disappointing earnings. However, the cautious sentiment was short-circuited when today's housing starts report revealed its highest reading since July 2008. The major averages reacted by staging a steady climb to their respective session highs. A brief afternoon stumble followed, but the move was promptly retraced as the S&P 500 returned to its prior level, and closed higher by 0.4%.

The technology sector was the worst performing group in the S&P 500. Intel (INTC 21.79, -0.56) slipped 2.5% despite beating its earnings and revenue expectations. It should be noted this quarter marked the first time Intel reported a decline in year-to-year revenue since the third quarter of 2009. In addition, Sterne Agee lowered its price target for Intel to $20 from $22.

IBM (IBM 200.63, -10.37) slid 4.9% after reporting a slight earnings beat and a revenue miss. Following the earnings release, the stock was downgraded by Janney Montgomery Scott and Societe Generale. Janney Montgomery Scott lowered IBM's rating to ‘buy' from ‘neutral' while Societe Generale downgraded the company to ‘sell' from ‘hold.'

Networking stocks also saw weakness. Cisco Systems (CSCO 18.70, -0.15), F5 Networks (FFIV 97.33, -3.86), and Juniper Networks (JNPR 17.31, -0.17) all lost between 0.8% and 3.8%. Earlier, Cantor Fitzgerald downgraded Cisco to ‘hold' from ‘buy' with a $19.50 price target.

On the upside, Cree (CREE 28.92, +2.73) settled higher by 10.4% after beating on earnings and reporting in-line revenues. In addition, the company issued in-line earnings and revenue guidance for the second quarter.

In M&A news, ASML Holdings (ASML 50.08, -3.50) will acquire Cymer (CYMI 71.45, +23.62) in a cash-and-stock transaction valued at EUR1.95 billion. The total price reflects a 61.0% premium to Cymer's 30-day volume-weighted average price. Following the report, ASML shed 6.6% while Cymer surged 49.4%.

The financial sector was among the top performers of the day. Bank of America (BAC 9.44, -0.02) shed 0.2% after exceeding its earnings expectations. The financial giant reported breakeven earnings for the third quarter, which was $0.06 better than the Capital IQ consensus. Meanwhile, other major financials moved higher. Citigroup (C 38.43, +1.18), Goldman Sachs (GS 124.92, +1.70), and JPMorgan Chase (JPM 43.32, +0.49) all recorded gains between 1.1% and 3.2%.

European financials outperformed their U.S. peers. Banco Bilbao Vizcaya Argentaria (BBVA 8.67, +0.43) and Banco Santander (SAN 7.97, +0.33) settled higher by 5.2% and 4.3%, respectively.

The Dow Jones Transportation Average outperformed the remaining industrials and added 0.6%. Airlines displayed relative strength within the 20-stock complex. Delta Air Lines (DAL 10.19, +0.20) and United Continental (UAL 20.62, +0.27) saw respective gains of 2.0% and 1.3%.

Railroads stocks were mixed following earnings from CSX (CSX 21.19, -0.44). The rail operator slipped 2.0% after its earnings exceeded Capital IQ estimates by $0.01. Meanwhile, the revenues were reported below Capital IQ consensus. Peer Norfolk Southern (NSC 67.21, -0.50) lost 0.7% while Union Pacific (UNP 123.73, +0.33) added 0.3%.

Meanwhile, Overseas Shipholding Group (OSG 3.40, -0.36) sank 9.6% to extend its recent streak of weakness which stemmed from concerns about the company's cash position.

Homebuilder stocks were broadly higher after this morning's housing starts data was reported at its best level since July 2008. The SPDR S&P Homebuilders ETF (XHB 25.88, +0.49) settled higher by 1.9% in response to the report. Meanwhile, KB Home (KBH 16.76, +1.34), Hovnanian Enterprises (HOV 4.13, +0.35), and PulteGroup (PHM 17.44, +0.88) gained between 5.3% and 9.3%.

In today's economic data, the weekly MBA Mortgage Index showed a 4.2% decrease in new mortgage applications during the past week. This follows last week's 1.2% decline.

Separately, housing starts hit an annualized rate of 872,000 units during September. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 815,000. Prior month figures were revised upward to reflect an annual rate of 758,000 housing starts. As for building permits, they increased from the prior month's rate of 801,000 to 894,000 for September. That is above the pace of 815,000 building permits that had been expected among economists polled by Briefing.com.

Tomorrow, weekly initial and continuing claims will be reported at 8:30 ET. In addition, October Philadelphia Fed Survey and September leading indicators will be released at 10:00 ET.DJ30 +5.22 NASDAQ +2.95 SP500 +5.99 NASDAQ Adv/Vol/Dec 1486/1.72 bln/946 NYSE Adv/Vol/Dec 2067/688.3 mln/915

3:30 pm : Crude oil climbed to a floor session high of $92.85 per barrel in early morning action but tumbled on weaker-than-anticipated inventory data that showed a build of 2.86 mln barrels when a build of 1.5 mln barrels was expected. The energy component brushed a session low of $91.53 per barrel and spent the remainder of pit trade working on getting out of negative territory. The effort left crude to settle at $92.04 per barrel, or just 4 cents below the unchanged level.

Natural gas came off its session low of $3.41 per MMBtu and trended higher during morning action. It pulled-back slightly after touching a session high of $3.50 per MMBTu and settled with a 0.9% gain at $3.47 per MMBtu. Precious metals extended yesterday's gains on a weaker dollar as Moody's held Spain's credit rating at Baa3, but placed the country on a negative outlook.

Both gold and silver dropped following strong housing data but recovered earlier gains. Gold came off its pit session low of $1744.00 per ounce and climbed higher to settle with a 0.4% gain at $1753.10 per ounce. Silver also trended higher after dipping to a session low of $32.88 per ounce. It closed with a 0.8% gain at $33.23 per ounce, or just below its session high of $33.30 per ounce.DJ30 +1.98 NASDAQ +4.24 SP500 +6.54 NASDAQ Adv/Vol/Dec 1408/1437.7 mln/1027 NYSE Adv/Vol/Dec 2005/440 mln/956

2:55 pm : The major averages are holding their recent levels and the S&P 500 trades higher by 0.4%.

Third quarter earnings will continue to roll in after today's closing bell. The Capital IQ consensus calls for American Express (AXP 59.21, +0.58) to earn $1.08 on revenue of $7.931 billion. Online auction site eBay (EBAY 48.06, -0.18) is also scheduled to report. The Capital IQ consensus expects the company to report earnings of $0.54 on $3.404 billion in revenue. Other notable after-hours earnings include, Kinder Morgan Partners (KMP 85.73, +0.09) and Steel Dynamics (STLD 12.51, -0.12).

Before tomorrow's open, Baxter (BAX 61.68, +0.15), Morgan Stanley (MS 18.15, +0.28), Nokia (NOK 2.88, +0.06), Philip Morris (PM 92.04, -0.47), Southwest Airlines (LUV 8.94, +0.06), and Verizon (VZ 44.65, +0.59) are all scheduled to report.DJ30 -5.73 NASDAQ +0.21 SP500 +5.40 NASDAQ Adv/Vol/Dec 1323/1.31 bln/1111 NYSE Adv/Vol/Dec 1949/396.5 mln/996

2:30 pm : The major averages have recovered the bulk of their losses resulting from the recent sell-off. The S&P 500 is higher by 0.3%.

Looking at health care stocks, St. Jude Medical (STJ 40.22, -2.72) is slumping 6.3% after reporting mixed earnings. The provider of medical equipment exceeded Capital IQ earnings estimates by $0.02 while its revenues fell short of the Capital IQ consensus. In addition, the company lowered its fourth quarter guidance below consensus. Peer Align Technology (ALGN 35.38, -2.89) is shedding 7.6% after Cantor Fitzgerald downgraded the stock to ‘hold' from ‘buy' with a $37 price target.

Elsewhere, Quest Diagnostics (DGX 60.31, -3.06) is sliding 4.9% after reporting in-line earnings. Meanwhile, its revenues fell short of the Capital IQ consensus, and the company lowered its full-year 2012 guidance.DJ30 -8.66 NASDAQ -0.17 SP500 +4.75 NASDAQ Adv/Vol/Dec 1291/1.21 bln/1112 NYSE Adv/Vol/Dec 1896/370.1 mln/1047

2:00 pm : The major averages have slipped off their highs in a broad-based move which saw simultaneous selling in materials, industrials, health care, and consumer stocks. During this period, the dollar index and crude oil showed little change. The selling pressure sent the S&P 500 towards the middle of its range as the index now trades higher by 0.2%.

Paper producer Louisiana Pacific (LPX 15.30, +0.61) is advancing 4.2% after RBC Capital upgraded the stock to ‘outperform' from ‘sector perform.' Meanwhile, other paper stocks are mixed. Wausau Paper (WPP 8.91, +0.17) is rising by 2.0% while International Paper (IP 37.42, -0.78) is down 2.0%

Elsewhere in materials, BHP Billiton (BHP 70.99, +1.93) is higher by 2.8% after the company's third quarter production results showed a 17.0% increase in production of liquids.DJ30 -28.80 NASDAQ -4.06 SP500 +2.92 NASDAQ Adv/Vol/Dec 1274/1.12 bln/1117 NYSE Adv/Vol/Dec 1822/342.1 mln/1080

1:30 pm : Stocks continue to hover near their session highs. The S&P 500 is higher by 0.4%.

The Dow Jones Transportation Average is adding 0.3% as the group outperforms the remaining industrials. Airlines are seeing strength within the 20-stock complex. Delta Air Lines (DAL 10.22, +0.23) and United Continental (UAL 20.64, +0.29) are seeing respective gains of 2.3% and 1.4%.

Railroads are seeing mixed performance following earnings from CSX (CSX 21.15, -0.47). The rail operator is down 2.2% after its earnings exceeded Capital IQ estimates by $0.01. Meanwhile, the revenues were reported below Capital IQ consensus. Peer Norfolk Southern (NSC 66.95, -0.76) is down 1.1% while Union Pacific (UNP 123.57, +0.17) is adding 0.1%.

Meanwhile, Overseas Shipholding Group (OSG 3.41, -0.35) is down 9.3% to extend its recent streak of weakness.DJ30 -12.09 NASDAQ +4.36 SP500 +5.31 NASDAQ Adv/Vol/Dec 1372/1.01 bln/992 NYSE Adv/Vol/Dec 1959/309.9 mln/957

1:05 pm : Stocks began today's session on a negative note after two major tech companies reported disappointing earnings. However, the cautious sentiment was short-lived as today's housing starts report revealed its best reading since July 2008. The major averages responded to the economic data by climbing steadily to their session highs. At midday, the S&P 500 is advancing by 0.4%.

The technology sector is the worst performing group in the S&P 500. Intel (INTC 21.66, -0.68) is down 3.0% despite beating its earnings and revenue expectations. It should be noted that this quarter marked the first time Intel reported a decline in year-to-year revenue since the third quarter of 2009. In addition, Sterne Agee lowered its price target for Intel to $20 from $22.

IBM (IBM 199.69, -11.26) is sliding 5.3% after reporting a slight earnings beat and a revenue miss. Following the earnings release, the stock was downgraded by Janney Montgomery Scott and Societe Generale. Janney Montgomery Scott lowered IBM's rating to ‘buy' from ‘neutral' while Societe Generale downgraded the company to ‘sell' from ‘hold.'

Networking stocks are also seeing weakness. Cisco Systems (CSCO 18.73, -0.12), F5 Networks (FFIV 99.10, -2.12), and Juniper Networks (JNPR 17.18, -0.30) are all down between 0.7% and 2.1%. Earlier, Cantor Fitzgerald downgraded Cisco to ‘hold' from ‘buy' with a $19.50 price target.

On the upside, Cree (CREE 29.40, +3.21) trades higher by 12.3% after beating on earnings and reporting in-line revenues. In addition, the company issued in-line earnings and revenue guidance for the second quarter.

In M&A news, ASML Holdings (ASML 49.82, -3.76) will acquire Cymer (CYMI 71.12, +23.29) in a cash-and-stock transaction valued at EUR1.95 billion. The total price reflects a 61.0% premium to Cymer's 30-day volume-weighted average price. Following the report, ASML is slipping 7.1% while Cymer trades higher by 48.6%.

The financial sector is the top performer of the day. Bank of America (BAC 9.46, 0.00) is showing little change after exceeding its earnings expectations. The financial giant reported breakeven earnings for the third quarter, which was $0.06 better than the Capital IQ consensus estimate of a loss of $0.06.

Meanwhile, other major financials are also seeing gains. Citigroup (C 38.26, +1.01), Goldman Sachs (GS 124.02, +0.80), and JPMorgan Chase (JPM 43.43, +0.60) are all up between 0.6% and 2.7%.

European financials are also on the rise. Banco Bilbao Vizcaya Argentaria (BBVA 8.66, +0.42) and Banco Santander (SAN 7.95, +0.31) are higher by 5.1% and 4.2%, respectively.

Homebuilder stocks are broadly higher after this morning's housing starts data was reported at its best level since July 2008. The SPDR S&P Homebuilders ETF (XHB 26.06, +0.67) trades higher by 2.6% in response to the report. Meanwhile, KB Home (KBH 16.59, +1.17), Hovnanian Enterprises (HOV 4.13, +0.35), and PulteGroup (PHM 17.60, +1.04) are all seeing gains between 6.3% and 9.2%.

In today's economic data, the weekly MBA Mortgage Index showed a 4.2% decrease in new mortgage applications during the past week. This follows last week's 1.2% decline.

Separately, housing starts hit an annualized rate of 872,000 units during September. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 815,000. Prior month figures were revised upward to reflect an annual rate of 758,000 housing starts. As for building permits, they increased from the prior month's rate of 801,000 to 894,000 for September. That is above the pace of 815,000 building permits that had been expected among economists polled by Briefing.com.DJ30 -8.82 NASDAQ +9.40 SP500 +6.48 NASDAQ Adv/Vol/Dec 1459/934.1 mln/905 NYSE Adv/Vol/Dec 2030/287.5 mln/873

12:30 pm : The S&P 500 has marked a fresh session high as it trades up 0.4%.

First Solar (FSLR 25.74, +1.65) is rising by 6.9% after securing a contract to build a 13-megawatt solar plant in Dubai. Today's news follows yesterday's reports which indicated the company has also entered into an agreement to build a 100-megawatt plant in Indonesia.

Meanwhile, other solar companies are also seeing gains. Trina Solar (TSL 4.56, +0.21) and Yingli Green Energy (YGE 1.81, +0.12) are advancing 4.9% and 7.1%, respectively.DJ30 -11.68 NASDAQ +10.00 SP500 +6.44 NASDAQ Adv/Vol/Dec 1456/857.8 mln/890 NYSE Adv/Vol/Dec 2035/263.9 mln/837

12:00 pm : The major averages are holding their recent levels. The S&P 500 is higher by 0.4% while Dow is off by 0.1%.

Homebuilder stocks are broadly higher after this morning's housing starts data was reported at its best level since July 2008. The SPDR S&P Homebuilders ETF (XHB 26.16, +0.76) trades higher by 3.0% in response to the report. Meanwhile, KB Home (KBH 16.76, +1.34), Hovnanian Enterprises (HOV 4.13, +0.35), and PulteGroup (PHM 17.73, +1.16) are all up between 7.0% and 9.0%.DJ30 -6.45 NASDAQ +8.04 SP500 +5.31 NASDAQ Adv/Vol/Dec 1399/764.8 mln/934 NYSE Adv/Vol/Dec 1967/234.3 mln/880

11:30 am : The S&P 500 is higher by 0.3% as it trades near its best level of the day. Meanwhile, the Dow continues to trade just below its flat line.

The technology sector is the worst performing group in the S&P 500. Intel (INTC 21.71, -0.63) is down 2.9% despite beating its earnings and revenue expectations. It should be noted that this quarter marked the first time Intel reported a decline in year-to-year revenue since the third quarter of 2009. In addition, Sterne Agee lowered its price target for INTC to $20 from $22.

IBM (IBM 201.36, -9.64) is sliding 4.6% after reporting a slight earnings beat and a revenue miss. Following the earnings release, the stock was downgraded by Janney Montgomery Scott and Societe Generale. Janney Montgomery Scott lowered IBM's rating to ‘buy' from ‘neutral' while Societe Generale downgraded the company to ‘sell' from ‘hold.'

Networking stocks are also seeing weakness. Cisco Systems (CSCO 18.69, -0.16), F5 Networks (FFIV 99.40, -1.79), and Juniper Networks (JNPR 17.32, -0.16) are all down between 0.8% and 1.7%. Earlier, Cantor Fitzgerald downgraded Cisco to ‘hold' from ‘buy' with a $19.50 price target.

On the upside, Cree (CREE 29.30, +3.11) trades higher by 11.9% after beating on earnings and reporting in-line revenues. In addition, the company issued in-line earnings and revenue guidance for the second quarter.

In M&A news, ASML Holdings (ASML 51.27, -2.31) will acquire Cymer (CYMI 74.56, +26.73) in a cash-and-stock transaction valued at EUR1.95 billion. The total price reflects a 61.0% premium to Cymer's 30-day volume-weighted average price. Following the report, ASML is down 4.3% while Cymer is higher by 55.9%.DJ30 -10.28 NASDAQ +4.06 SP500 +4.32 NASDAQ Adv/Vol/Dec 1361/659.1 mln/921 NYSE Adv/Vol/Dec 1933/205.3 mln/895

11:00 am : After recovering from early weakness, the Dow is flat, while S&P 500 is higher by 0.3%.

For-profit education stocks are broadly weaker after Apollo Group (APOL 22.74, -4.75) beat on earnings, but missed revenue expectations. In addition, the company issued downside guidance for full-year 2013 and said that degreed enrollment decreased by 13.8% while new degreed enrollment fell 13.7%. Shares of APOL are sinking 17.3% while peers DeVry (DV 22.29, -0.92), Strayer Education (STRA 62.50, -4.04), and Corinthian Colleges (COCO 2.57, -0.09) are all down between 3.0% and 6.1%.DJ30 -4.94 NASDAQ +4.79 SP500 +4.77 NASDAQ Adv/Vol/Dec 1371/545.6 mln/884 NYSE Adv/Vol/Dec 1972/176.1 mln/820

10:35 am : The dollar index has been in negative territory all session, which has provided a boost to select commodities.

Crude oil is has been trading higher this morning and hit a new HoD of $92.82, but following inventory data, oil is selling off given the larger-than-expected build. In current trade, oil is +0.02% at $92.12/barrel.

Natural gas has been volatile as usual. Almost two hours ago, nat gas was extending losses and hit a new LoD of $3.40. However, it quickly reversed and surged higher to $3.48/MMBtu. Currently, nat gas is +0.8% at $3.46/MMBtu.

Precious metals gained steam almost an hour ago and pushed into positive territory. Dec gold is now +0.2% at $1749.10/oz, while Dec silver is +0.1% at $33.00/oz.DJ30 -12.18 NASDAQ +2.94 SP500 +4.45 NASDAQ Adv/Vol/Dec 1358/463.9 mln/845 NYSE Adv/Vol/Dec 1936/149 mln/820

10:00 am : The major averages remain mixed as the S&P 500 trades higher by 0.1%.

The financial sector is the top performer in the early going. Bank of America (BAC 9.46, 0.00) is showing little change after exceeding its earnings expectations. The financial giant reported breakeven earnings for the third quarter, which was $0.06 better than the Capital IQ consensus estimate of a loss of $0.06.

Meanwhile, other major financials are all seeing gains. Citigroup (C 37.69, +0.44), Goldman Sachs (GS 124.23, +1.01), and JPMorgan Chase (JPM 43.18, +0.35) are all up between 0.8% and 1.2%.

European financials are also on the rise. Banco Bilbao Vizcaya Argentaria (BBVA 8.59, +0.35) and Banco Santander (SAN 7.89, +0.25) are higher by 4.3% and 3.1%, respectively.DJ30 -13.40 NASDAQ +0.09 SP500 +3.01 NASDAQ Adv/Vol/Dec 1126/253.2 mln/940 NYSE Adv/Vol/Dec 1734/95.9 mln/942

09:45 am : The major averages are mixed. The Dow trades lower by 0.3% while the S&P 500 is chopping around its unchanged line.

The technology sector is the biggest laggard in the early going. Intel (INTC 21.61, -0.73) is down 3.1% despite beating its earnings and revenue expectations. It should be noted that this quarter marked the first time Intel reported a decline in year-to-year revenue since the third quarter of 2009. In addition, Sterne Agee lowered its price target for INTC to $20 from $22.

IBM (IBM 201.81, -9.19) is sliding 4.4% after reporting a slight earnings beat and a revenue miss. Following the earnings release, the stock was downgraded by Janney Montgomery Scott and Societe Generale. Janney Montgomery Scott lowered IBM's rating to ‘buy' from ‘neutral' while Societe Generale downgraded the company to ‘sell' from ‘hold.'

Meanwhile, energy and financials are outperforming.DJ30 -34.73 NASDAQ -4.90 SP500 +0.58 NASDAQ Adv/Vol/Dec 1024/172.5 mln/1008 NYSE Adv/Vol/Dec 1568/75.2 mln/1045

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -13.50. Heading into the open, the S&P 500 futures are higher by 0.2%, while the Nasdaq futures are lower by 0.2%.

The technology sector bears watching today after Intel (INTC 21.48, -0.87) and IBM (IBM 202.48, -8.52) reported disappointing earnings.

Financial stocks are poised for a generally higher start after Bank of America (BAC 9.47, +0.01) exceeded its earnings expectations.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: -10.80. U.S. equity futures remain mixed. The S&P 500 futures are higher by 0.3% while the Nasdaq futures are off by 0.2%.

It was a sea of green across Asia as all of the major indices, with the exception of Taiwan's Taiex (-0.1%), finished in positive territory. The gains came following a solid showing on Wall Street, and after Moody's reaffirmed Spain's Baa3 rating while placing it on negative outlook. Thailand's central bank surprised markets by cutting its key rate 25 basis points to 2.75%. The Bank of Thailand's cut was its first in nine months, and comes amid a slowdown in exports. Data from the region was limited to Australia's MI Leading Index which posted a 0.5% month-over-month gain.

In Japan, the Nikkei gained 1.2% to end at a one-week high. Exporters gained as the yen hit a one-month low against the euro and the dollar. Toyota Motor added 1.0%. Elsewhere, heavyweight Softbank continued its advance, tacking on another 5.6%.

Hong Kong's Hang Seng finished higher by 1.0% and saw its fifth straight day of gains. Shipping stocks and resource-related names were among the top performers as Cosco Pacific and Chalco surged 5.8% and 3.5% respectively.

In China, the Shanghai Composite added 0.3% as traders remained cautious ahead of tomorrow's GDP number. Financials saw solid gains as China Construction Bank added 0.9% and Industrial & Commercial Bank of China advanced 0.8%.

European markets are modestly higher. Following the comments from Moody's, Spain's 10-yr yield fell 28 basis points to 5.517% while the euro surged over 50 pips and continued building on those gains. Meanwhile, the regional indices did not mirror that response as local equity markets opened flat and drifted higher since. Separately, reports indicated Spain's Prime Minister Mariano Rajoy told German Chancellor Angela Merkel not to believe the speculation regarding Spain's desire to access a line of credit. In addition, Prime Minister Rajoy is expected to speak later today. Elsewhere, the UK is slightly outperforming its peers after its unemployment rate was reported at 7.9%, which was ahead of the expected reading of 8.1%.

In the United Kingdom, the FTSE is higher by 0.5% as miners pace the advance. Eurasian Natural Resources is the top performer as it trades higher by 5.9%. Meanwhile, Anglo American, Evraz, Kazakhmys, and Vedanta Resources are all up between 4.0% and 4.7%. On the downside, consumer stocks are seeing weakness. Bunzl, Whitbread, and Compass Group are all down near 1.4%.

France's CAC is adding 0.3%. Alcatel-Lucent is spiking 9.4% after its China unit reportedly won a contract to launch a TD-LTE trial network. Food producer Danone is down 4.1% after reporting third quarter revenues below analyst estimates.

Germany's DAX is firmer by 0.2% and producers of basic materials are outperforming. Lanxess and ThyssenKrupp are advancing 2.7% and 2.1%, respectively. On the downside, consumer stocks are seeing relative weakness. Bayer, Henkel, and Beiersdorf are all down between 1.0% and 1.2%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: -10.50. Equity futures have spiked to fresh pre-market highs following the release of the latest housing starts data. The S&P 500 futures are higher by 0.3%.

Housing starts hit an annualized rate of 872,000 units during September. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 815,000. Prior month figures were revised upward to reflect an annual rate of 758,000 housing starts.

As for building permits, they increased from the prior month's rate of 801,000 to 894,000 for September. That is above the pace of 815,000 building permits that had been expected among economists polled by Briefing.com.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -10.50. U.S. equity futures are mixed following disappointing third quarter results from two major technology companies.

Overnight, the global equity markets climbed higher. The Asian session opened on a positive note following gains on Wall Street. In addition, Moody's reaffirmation of Spain's rating at Baa3 also acted as a risk driver. In Japan, the Nikkei was boosted to a 1.2% gain by reports suggesting the country's officials are readying to unveil further stimulus measures. In China, the news flow was relatively subdued as the Shanghai Composite added 0.3% and Hong Kong's Hang Seng settled higher by 1.0%.

European markets are modestly higher. The regional indices did not mirror the response of peripheral yields or the euro when reacting to the comments from Moody's. Spain's 10-yr yield fell 28 basis points to 5.517% while the euro surged over 50 pips and continued building on those gains. Meanwhile, the local markets opened flat and drifted higher since. Separately, reports indicate Spain's Prime Minister Mariano Rajoy told German Chancellor Angela Merkel not to believe the speculation regarding Spain's desire to access a line of credit. The UK is slightly outperforming its peers with a gain of 0.5% after its unemployment rate was reported at 7.9%, which was ahead of the expected reading of 8.1%. Elsewhere, France's CAC is higher by 0.3% and Germany's DAX is adding 0.2%.

In U.S. corporate news, Bank of America (BAC 9.47, +0.01) is showing little change after exceeding its earnings expectations. The financial giant reported breakeven earnings for the third quarter, which was $0.06 better than the Capital IQ consensus estimate of a loss of $0.06.

Intel (INTC 21.42, -0.93) is down 4.2% despite beating its earnings and revenue expectations. It should be noted that this quarter marked the first time Intel reported a decline in year-to-year revenue since the third quarter in 2009. In addition, Sterne Agee lowered its price target for INTC to $20 from $22.

IBM (IBM 202.63, -8.37) is sliding 4.0% after reporting a slight earnings beat and a revenue miss. Following the earnings release, the stock was downgraded by Janney Montgomery Scott and Societe Generale. Janney Montgomery Scott lowered IBM's rating to ‘buy' from ‘neutral' while Societe Generale downgraded the company to ‘sell' from ‘hold.'

CSX (CSX 22.59, +0.96) is rising by 4.4% after its earnings exceeded Capital IQ estimates by $0.01. Meanwhile, the railroad operator reported revenues below Capital IQ consensus.

The weekly MBA Mortgage Index showed a 4.2% decrease in new mortgage applications during the past week. This follows last week's 1.2% decline.

In today's economic data, September housing starts and building permits will be released at 8:30 ET.

06:46 am : Nikkei...8806.55...+105.20...+1.20%. Hang Seng...21416.64...+209.60...+1.00%.

06:46 am : FTSE...5891.14...+20.60...+0.40%. DAX...7386.45...+10.30...+0.10%.

06:45 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -5.50.

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

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

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