TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $540.00 dollars or +5.40 points, Emini ES ($ES_F) futures @ ($487.50) dollars or -9.75 points, Light Crude Oil CL ($CL_F) futures @ $420.00 dollars or +0.42 points, Gold GC ($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 @ $472.50 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

In addition, all of my trades were posted real-time in the chat room. You can read today's chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=123&t=1651

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.

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

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).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=223&t=2061

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

Dow And S&P End At Record Highs


click on the above image to view today's price action of key markets

NEW YORK (CNNMoney)
Wall Street traders will have to wait until next week to don their commemorative "Dow 16,000" baseball hats, but both the Dow and the S&P did end the day at record highs.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all posted gains of more than 1% for the week.

The Dow is closing in on 16,000, while the S&P 500 ended a few points shy of 1,800, which would be the first time for both. The tech-heavy Nasdaq is nearing 4,000, a level not seen since September 2000, just after the collapse of the dot-com bubble.

Some believe stocks can continue moving higher in the short run as investors who have sat out the rally so far rush to get in before the party's over. Plus, stocks are still trading at compelling valuations, compared with many other assets. Bulls also say that the market surge is justified by improving economic conditions and record corporate profits.

Thomas Lee, lead equity strategist at JPMorgan, believes the United States remains in the middle of a bull market, according to a note sent Friday to clients. So it makes sense to still be buying stocks.

Lee raised his year-end target for the S&P 500 to 1,825, which is 1.5% higher than current levels.

But others warn that stocks are being inflated by the Federal Reserve's easy monetary policies.

The bears say stocks are due for a correction, which could come once the Fed begins to cut back, or taper, its $85-billion-per-month bond-buying program. That could happen as soon as next month but is more likely to take place sometime next year.

* China becomes world's top gold buyer

* Video - Dow 16,000? Who cares!

For the moment though, worries about Fed policy have been put on the back burner.

Janet Yellen, who has been nominated to replace Ben Bernanke as Fed chair, told a Senate panel Thursday that she is determined to support the U.S. economic recovery, and believes the Fed's bond-buying program still has the power to help.

"She is clearly emphasizing the need for policy to remain highly accomodative for some time," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

What's moving: Shares of J.C. Penney (JCP, Fortune 500) rose on news that several hedge funds, including Appaloosa Management, have invested in the ailing retailer.

The stock is the worst performer in the S&P 500 this year, but it has rallied lately and will report its latest quarterly results next week.

Some traders on StockTwits are betting J.C. Penney will surprise the market with strong sales.

"$JCP turning point going higher here. All the way back up. With holiday coming and a possible new CEO will propel this one higher as ever," said JustRingDRegister.

Not everyone is so confident.

"You know this is pure speculative mkt when $JCP rallies 45% since 6.2 on 10/22," said Lach14.

Shares of two companies in the 3-D printing business were on the move.

U.S.-listed shares of voxeljet (VJET), a German manufacturer of 3D printers, jumped 6%. The company raised its outlook for the year after revenue surged 77% in the third quarter. Earnings more than tripled in the quarter.

"$VJET Why is this one rising too fast? Because it seems the company has sold 3 machine and profited 1.5 million for the quarter," said Khiemmai.

Organovo (ONVO), a company that produces human tissues using 3-D bioprinting technology, ended flat after surging 10% in early trading. The stock is up nearly 400% so far this year.

"$ONVO This is a stock but also a revolutionary idea that could change the way people live, much like electricity & the cell phone. Amazing," said KrayChi.

Shares in Exxon Mobil (XOM, Fortune 500) were higher after it was revealed that Warren Buffett's Berkshire Hathaway (BRKA, Fortune 500) made a big bet on the company, buying roughly 40 million Exxon shares -- worth $3.74 billion at Thursday's closing price.

Government-sponsored mortgage giants Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) both surged after activist shareholder Bill Ackman disclosed in a regulatory filing that his firm, Pershing Square, bought just under a 10% stake in each firm.

And there was another hot IPO Friday. Zulily (ZU), a daily deals site that focuses on apparel for babies, kids and moms, surged nearly 70% in its debut.





4:20 pm : Equities registered modest gains as the S&P 500 added 0.4%, registering its sixth consecutive weekly gain. The benchmark index spent the bulk of today's quiet session inside of a four-point range until the now-familiar final-hour rally sent the index to a fresh nominal record high of 1798.18. The Dow Jones Industrial Average (+0.5%) outperformed as all but five components finished in positive territory.

All ten sectors registered gains with energy (+0.7%) and materials (+0.6%) ending in the lead. The energy sector received support from Exxon Mobil (XOM 95.27, +2.05), which rallied 2.2% after Berkshire Hathaway disclosed a 40.1 million share stake in the largest sector component. On a related note, crude oil ended little changed at $93.82/bbl after spending the entire session near its flat line.

Meanwhile, the other commodity-related sector, materials, was underpinned by steelmakers as the Market Vectors Steel ETF (SLX 49.04, +0.49) gained 1.0%. Similar to crude oil, the underlying commodities ended little changed. Gold futures added $1.00 to $1287.50/ozt while copper futures ticked up one cent to $3.1715/lb.

Other cyclical sectors were more of a mixed bag as financials (+0.5%) outperformed while consumer discretionary (+0.3%), industrials (+0.3%), and technology (+0.3%) lagged.

Speaking of technology, the tech-heavy Nasdaq (+0.3%) underperformed as participants displayed limited buying interest in some momentum names like Facebook (FB 49.01, +0.02), Priceline.com (PCLN 1139.53, +2.09), and Tesla (TSLA 135.45, -2.15). In addition, the largest Nasdaq component, Apple (AAPL 524.99, -3.17) lost 0.6%.

With regard to countercyclical sectors, consumer staples (+0.2%) underperformed while health care (+0.6%), utilities (+0.6%), and telecom services (+0.5%) ended ahead of the broader market.

Treasuries registered modest losses as the 10-yr yield ticked up one basis point to 2.70%.

Light volume has been a recurring theme throughout the week, but today's options expiration prevented another below-average finish as just under 800 million shares changed hands on the floor of the New York Stock Exchange.

On the economic front, wholesale inventories increased 0.4% in September after increasing an upwardly revised 0.8% (from 0.5%) in August (Briefing.com consensus +0.3%). The strong gain in wholesale inventories in September, along with the large upward revision to August, will likely result in a sizable upward revision to third quarter GDP. The Bureau of Economic Analysis assumed that wholesale inventories fell 0.1% in September, which was obviously well below what actually occurred.

Export prices, excluding agriculture, ticked down 0.4% in October after increasing 0.3% in the prior reading. Excluding oil, import prices were unchanged, which followed last month's uptick of 0.2%.

Separately, industrial production levels fell 0.1% in October after increasing an upwardly revised 0.7% (from 0.6%) in September (Briefing.com consensus +0.1%). All in all, industrial production held up well in October considering the dire predictions that were associated with the government shutdown. In fact, the government shutdown seemed to have no negative effects on the entire industry.

The contraction in industrial production can be completely attributed to normal and cyclical fluctuations in utilities and mining. Utilities production dropped -1.1%, but that type of decline was expected following an unusually strong September (4.5%) gain. Mining production fell 1.6%, which, again, was a normal pullback after six consecutive months of gains.

Lastly, the Empire Manufacturing Survey for November registered a reading of -2.2, which was down from the prior month's reading of 1.5. Economists polled by Briefing.com expected the survey to improve to 4.3.

On Monday, September net long-term TIC flows and the November NAHB Housing Market Index will be released at 9:00 ET and 10:00 ET, respectively.

Nasdaq +32.0% YTD
Russell 2000 +31.4% YTD
S&P 500 +26.1% YTD
DJIA +21.8% YTD

Week in Review: Another Week, Another Advance

Equities began the week on a quiet note as the S&P 500 added just over a point (+1.27) after spending the entire session inside of a five-point range. Excluding the first 30 minutes of action, the benchmark index was confined to a two-point range as many participants elected to forego the session. With the bond market closed for Veterans Day and no market-moving economic or company news, equity indices drifted near their flat lines throughout the day. Small caps outperformed the broader market, but the Russell 2000's gain was limited to just 0.1%. Meanwhile, the S&P crept higher as six of ten sectors registered gains. Financials (+0.1%) and health care (+0.2%) paced the slight advance, but only the health care sector was able to end among the leaders.

On Tuesday, the S&P 500 shed 0.2% after spending the entire session in negative territory. The index sold off steadily through the first four hours of action, but managed to regain most of its losses by the close. Meanwhile, the Nasdaq ended flat as the relative strength of technology (+0.3%) underpinned the index. The tech sector was one of just two advancers among cyclical groups as top components provided leadership. Chipmakers also rallied with the PHLX Semiconductor Index adding 0.6%.

Wednesday saw the major averages settle on their best levels of the session despite showing some early weakness. The S&P 500 rose 0.4% while the Nasdaq outperformed with an advance of 0.7%. The tech-heavy Nasdaq paced the rebound as momentum names provided support after suffering group-wide weakness last week. Facebook, LinkedIn (LNKD 231.06, +9.62), and Priceline.com gained between 2.3% and 5.4%. Tesla also displayed intraday strength, but surrendered the bulk of its gain into the close amid reports of fire department activity at the company's factory in California.

On Thursday, the S&P 500 added 0.5%, but all eyes were focused on Washington where Janet Yellen appeared in front of the Senate Banking Committee for her confirmation hearing. The hearing did not generate any bombshells, and Ms. Yellen's comments strengthened the belief that the central bank will not be in any hurry to reduce the pace of its asset purchases. On that note, the Fed Chair nominee said:

The benefits of bond buying exceed the costs
The Fed is apt to maintain accommodative policy for some time after the asset purchase program ends
QE cannot go on forever, but there is no set time for when the Fed will reduce the pace of its asset purchases
It is important not to remove support while the recovery is still fragile
There doesn't appear to be a bubble in stock prices when considering the level of P/E ratios and the equity risk premium

DJ30 +85.48 NASDAQ +13.23 SP500 +7.56 NASDAQ Adv/Vol/Dec 1529/1.84 bln/1029 NYSE Adv/Vol/Dec 1960/796.3 mln/1022

3:30 pm :

Precious metals erased earlier losses, gaining support from a weaker dollar index.
Dec gold rose from a session low of $1282.10 per ounce and broke into positive territory in early morning pit trade. It settled 0.1% higher at $1287.50 per ounce, booking a slight 0.2% gain for the week.
Dec silver came off its session low of $20.63 per ounce set in early morning pit trade and spent the remainder of the session chopping around near the breakeven level. It eventually settled with a 0.1% gain at $20.74 per ounce, bringing losses for the week to 2.7%.
Dec crude oil rose to a session high of $94.55 per barrel in early morning floor action but was unable to hold the momentum. Prices slipped back towards the unchanged line and chopped around near that level for the remainder of the session. The energy component settled just 0.1% higher at $93.82 per barrel, booking a 0.8% loss for the week.
Dec natural gas, on the other hand, trended higher today, advancing to a session high of $3.67 per MMBtu. It lifted from its session low of $3.59 per MMBtu set moments after floor trade opened and settled with a 1.7% gain at $3.66 per MMBtu. Today's advance brought gains for the week to 2.8%.

DJ30 +78.05 NASDAQ +11.83 SP500 +6.54 NASDAQ Adv/Vol/Dec 1477/1455.8 mln/1072 NYSE Adv/Vol/Dec 1901/498 mln/1077

3:00 pm : The S&P 500 trades higher by 0.2% with one hour remaining in today's y session. This week was relatively light in terms of economic data, but that will change next week. Data on Monday and Tuesday will be limited to three low-impact reports (net long-term TIC flows, NAHB Housing Market Index, and Employment Cost Index), but Wednesday will feature the October retail sales report, CPI, and existing home sales. In addition, the FOMC Minutes from the October meeting will also be released.

On Thursday, October PPI and the Philadelphia Fed Survey will be released alongside the weekly initial claims report.DJ30 +62.84 NASDAQ +8.10 SP500 +4.18 NASDAQ Adv/Vol/Dec 1414/1.38 bln/1127 NYSE Adv/Vol/Dec 1808/460.8 mln/1148

2:30 pm : The S&P 500 has inched to a fresh high, which puts the benchmark index less than six points below the 1,800 level. With just 90 minutes remaining in the session, the index is on track to finish at a new record high. In addition, today's advance will ensure the sixth consecutive weekly gain for the S&P.

The broader market has followed energy (+0.4%) and materials (+0.5%) through most of the session. Both sectors paced the early advance, but when the two commodity-linked groups slipped from their early highs, the S&P followed suit. The past hour saw the two sectors climb to fresh highs, which also pushed the S&P to a fresh session high of its own.DJ30 +60.66 NASDAQ +7.99 SP500 +4.15 NASDAQ Adv/Vol/Dec 1399/1.29 bln/1133 NYSE Adv/Vol/Dec 1784/435.5 mln/1166

2:00 pm : Not much has changed since our last update as the S&P 500 remains inside of its previously-established range. Meanwhile, the Dow (+0.3%) has risen to a fresh high as the price-weighted index looks to register another record close.

Also of note, countercyclical groups underperformed through the first half of the session, but only the consumer staples sector (-0.1%) continues to lag at this juncture. Meanwhile, health care, telecom services, and utilities trade in-line with the broader market.

Elsewhere, Treasuries continue to trod along their recent levels with the benchmark 10-yr yield up two basis points at 2.71%.DJ30 +53.53 NASDAQ +5.01 SP500 +2.93 NASDAQ Adv/Vol/Dec 1366/1.19 bln/1123 NYSE Adv/Vol/Dec 1758/407.3 mln/1189

1:30 pm : The major averages continue to cling to modest gains in a trading session that is looking socceresque (i.e. home team scores a goal early and then fans sit back and watch the two teams just kick it back and forth for the remainder of the game with no more scoring). There is still ample time left in the session for the excitement factor to ramp up, but it may take a "new" news development to make it happen.

On a related note, the Treasury market has been saddled with the same lackluster action as narrow trading ranges have persisted since the early-going. The main difference is that treasuries haven't scored any goals today. The benchmark 10-yr note and the 30-yr bond are both down six ticks as stock traders have pretty much kept the ball on their side of the field.

Strikingly, commodities and the dollar are on a similar pitch with little conviction shown by either buyers or sellers.DJ30 +50.83 NASDAQ +6.93 SP500 +2.86 NASDAQ Adv/Vol/Dec 1406/1.10 bln/1082 NYSE Adv/Vol/Dec 1715/384 mln/1209

12:55 pm : Equities hold modest midday gains as the S&P 500 looks to register its sixth consecutive weekly advance. The benchmark index trades higher by 0.1%, and is up 1.2% this week.

Generally speaking, the major averages have not been in any hurry to get to their current levels. The S&P has held inside of a four-point range as individual sectors trade in mixed fashion.

Energy (+0.1%) and materials (+0.3%) displayed early strength, but the two groups have since retreated from their highs. The energy sector has received support from Exxon Mobil (XOM 94.30, +1.08), which trades higher by 1.2% after Warren Buffet's Berkshire Hathaway disclosed a 40.1 million share stake in the largest energy component. Meanwhile, the materials space has built on the relative strength of steelmakers as the Market Vectors Steel ETF (SLX 48.98, +0.43) sports an advance of 0.9%.

Two other cyclical sectors-financials (+0.3%) and industrials (+0.2%)-also trade just ahead of the broader market while consumer discretionary and technology lag. The two groups hover right near their respective flat lines.

Elsewhere, three of four countercyclical groups-consumer staples (-0.2%), utilities (-0.3%), and telecom services (unch)-lag while health care trades in-line with the broader market.

Treasuries hover near the middle of their range as the 10-yr note trades lower by six ticks with its yield up two basis points at 2.71%.

On the economic front, wholesale inventories increased 0.4% in September after increasing an upwardly revised 0.8% (from 0.5%) in August (Briefing.com consensus +0.3%). The strong gain in wholesale inventories in September, along with the large upward revision to August, will likely result in a sizable upward revision to third quarter GDP. The Bureau of Economic Analysis assumed that wholesale inventories fell 0.1% in September, which was obviously well below what actually occurred.

Export prices, excluding agriculture, ticked down 0.4% in October after increasing 0.3% in the prior reading. Excluding oil, import prices were unchanged, which followed last month's uptick of 0.2%.

Separately, industrial production levels fell 0.1% in October after increasing an upwardly revised 0.7% (from 0.6%) in September (Briefing.com consensus +0.1%). All in all, industrial production held up well in October considering the dire predictions that were associated with the government shutdown. In fact, the government shutdown seemed to have no negative effects on the entire industry.

The contraction in industrial production can be completely attributed to normal and cyclical fluctuations in utilities and mining. Utilities production dropped -1.1%, but that type of decline was expected following an unusually strong September (4.5%) gain. Mining production fell 1.6%, which, again, was a normal pullback after six consecutive months of gains.

Lastly, the Empire Manufacturing Survey for November registered a reading of -2.2, which was down from the prior month's reading of 1.5. Economists polled by Briefing.com expected the survey to improve to 4.3.DJ30 +39.37 NASDAQ +3.15 SP500 +1.31 NASDAQ Adv/Vol/Dec 1341/1.00 bln/1135 NYSE Adv/Vol/Dec 1623/358.2 mln/1277

12:25 pm : The S&P 500 has ticked up off its recent low, but remains confined to a four-point range. The index is likely to continue respecting that range as only the financial sector (+0.4%) hovers near its session high while other groups trade in mixed fashion.

Below-average trading volume has plagued the market throughout the week, but that theme is likely to be broken as November options expire today. With more than three hours remaining in the session, nearly 350 million shares have already changed hands on the floor of the New York Stock Exchange. Meanwhile, market breadth remains skewed to the upside as advancing issues outpace decliners by a 1.3:1 ratio.DJ30 +43.99 NASDAQ +4.67 SP500 +2.02 NASDAQ Adv/Vol/Dec 1340/920.7 mln/1111 NYSE Adv/Vol/Dec 1654/337.9 mln/1246

12:00 pm : Recent action saw the Nasdaq and S&P 500 return to their respective flat lines. Meanwhile, the Dow (+0.2%) continues to hold a modest gain.

The recent retreat occurred as the discretionary sector (-0.2%) slid from its session high to a fresh low. Most other sectors also slipped from their recent levels, but financials (+0.3%) remain near their session high.

Elsewhere, Treasuries have spent the past 30 minutes drifting near the middle of their range. The benchmark 10-yr yield is higher by two basis points at 2.71%.DJ30 +40.52 NASDAQ +1.55 SP500 +1.01 NASDAQ Adv/Vol/Dec 1293/834.5 mln/1157 NYSE Adv/Vol/Dec 1614/315.8 mln/1280

11:30 am : The S&P 500 trades higher by 0.2% while the Dow (+0.3%) outperforms as 23 of 30 components register gains. Of those 23, five listings sport advances larger than 1.0%. American Express (AXP 82.75, +0.86), Boeing (BA 136.50, +1.41), Exxon Mobil (XOM 94.18, +0.96), General Electric (GE 27.25, +0.26), and Goldman Sachs (GS 165.35, +2.15) are among the leaders while McDonald's (MCD 96.78, -0.78) is the weakest index component.

Interestingly, the weakness in the largest fast food company has been isolated to the stock as most other quick-services restaurants trade in positive territory. Meanwhile, the broader consumer discretionary sector (+0.1%) underperforms.DJ30 +54.01 NASDAQ +4.87 SP500 +3.48 NASDAQ Adv/Vol/Dec 1317/742.5 mln/1117 NYSE Adv/Vol/Dec 1708/289.5 mln/1173

10:55 am : The Dow, Nasdaq, and S&P 500 hold modest gains between 0.1% and 0.3% while the Russell 2000 sits right at its flat line.

Although equity indices trade near their best levels of the session, they have not been in any sort of a hurry to get there. Outside of energy (+0.4%), financials (+0.4%), materials (+0.4%), and telecom services (+0.4%), the remaining sectors are little changed.

Broadly speaking, the S&P 500 remains on track to register its sixth consecutive weekly advance as the benchmark index sports a week-to-date gain of 1.3%.DJ30 +47.62 NASDAQ +2.56 SP500 +2.74 NASDAQ Adv/Vol/Dec 1200/592.8 mln/1175 NYSE Adv/Vol/Dec 1574/253.2 mln/1239

10:30 am : Commodities are mixed this morning with energy higher and metals mostly flat, while the dollar index is modestly lower and sitting just below 81.00.

Crude oil rallied just after floor trading began and rose as high as $94.52/barrel. Dec crude oil is now +0.4% at $94.12/barrel. Dec natural gas is currently +0.5% at $3.62/MMBtu.

Precious metals slid into negative territory during the overnight session and are flat in current activity. Dec gold is now -0.05% at $1285.70/oz, Dec silver is -0.01% at $20.72/oz and Dec copper is 0.0% at $3.16/lb. DJ30 +41.39 NASDAQ +3.54 SP500 +3.23 NASDAQ Adv/Vol/Dec 1117/439.0 mln/1207 NYSE Adv/Vol/Dec 1460/219 mln/1322

10:00 am : The major averages continue trading near their opening levels with the Dow (+0.3%) providing leadership. Meanwhile, the Russell 2000 (-0.1%) hovers just below its flat lines.

Just reported, September wholesale inventories rose 0.4% while the Briefing.com consensus expected an increase of 0.3%. Today's report follows last month's revised increase of 0.8%.DJ30 +38.90 NASDAQ +2.72 SP500 +2.73 NASDAQ Adv/Vol/Dec 1064/303.9 mln/1197 NYSE Adv/Vol/Dec 1457/182.5 mln/1286

09:40 am : Equity indices registered modest opening gains, but the Nasdaq has dipped into negative territory. Meanwhile, the broader market has received early support from two commodity-linked sectors-energy and materials. The two groups hold respective gains of 0.4% and 0.3% while the remaining eight sectors are essentially little changed.

The early outperformance of the energy sector is largely due to the 1.5% gain in Exxon Mobil (XOM 94.60, +1.38). The largest sector component outperforms in reaction to Berkshire Hathaway disclosing a 40.1 million share stake in the energy company.

Treasuries have regained their losses, and the 10-yr yield is now flat at 2.70%.

The wholesale inventories report for September will be released at 10:00 ET.DJ30 +15.28 NASDAQ -2.65 SP500 +0.83 NASDAQ Adv/Vol/Dec 987/159.5 mln/1176 NYSE Adv/Vol/Dec 1485/145.8 mln/1205

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +4.20. The major averages are poised for an upbeat start to today's session as the S&P 500 will look to build on its week-to-date gain of 1.1%. The overnight session hasn't done much to upset the current state of affairs as major markets in Asia posted gains in excess of 1.5%. Meanwhile, most European indices sport modest gains, but Italy's MIB (-0.5%) underperforms following reports the country has received warnings from the European Union and Canadian rating agency DBRS regarding its excessive debt load.

The energy sector is expected to see some early strength as Exxon Mobil (XOM 94.47, +1.25) trades higher by 1.3% after Berkshire Hathaway disclosed a 40.1 million share stake in the energy company. On a related note, crude oil trades higher by 0.5% at $94.40 per barrel.

On the economic front, export prices, excluding agriculture, ticked down 0.4% in October after increasing 0.3% in the prior reading. Excluding oil, import prices were unchanged, which follows last month's uptick of 0.2%.

Separately, the Empire Manufacturing Survey for November registered a reading of -2.2, which was down from the prior month's reading of 1.5. Economists polled by Briefing.com expected the survey to improve to 4.3.

Lastly, October industrial production decreased 0.1% while the Briefing.com consensus expected an uptick of 0.1%. Meanwhile, capacity utilization hit 78.1% while the Briefing.com consensus called for a reading of 78.3%.

Treasuries hold modest losses with the 10-yr yield up one basis point at 2.70%.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +3.70. The S&P 500 futures trade higher by 0.2%.

Asian markets ended higher across the board with Japan's Nikkei (+2.0%) pacing the advance. The index closed at its highest level since late May while USDJPY climbed above 100.00. Elsewhere, China's Shanghai Composite posted a solid gain (+1.7%) following the release of reform plans from the latest plenary session. However, many of the reforms mentioned-like loosening of the one-child policy-have been discussed in recent months. Regional economic data was limited to Hong Kong's GDP (+0.5% quarter-over-quarter versus 0.8% expected, 0.8% prior) and Singapore's retail sales (-5.9% year-over-year versus -5.0% forecast, -7.7% last).

In Japan, the Nikkei closed higher by 2.0% after overtaking the 15,000 level. Financials outperformed as Dai-ichi Life Insurance and Nomura Holdings gained 6.6% and 4.8%, respectively. Nippon Paper Industries was the weakest performer, down 3.0%.
Hong Kong's Hang Seng advanced 1.7%. Consumer names finished among the leaders as Hengan International Group gained 3.5% and Li & Fung jumped 4.2%.
In China, the Shanghai Composite gained 1.7% with financials providing support. China Vanke climbed 2.5%.

Core European indices hold modest gains while Italy's MIB (-0.5%) underperforms amid reports the country has received a warning from the European Union regarding its excessive debt load. Canadian rating agency DBRS also weighed in, saying it will conduct a review of Italian debt in about six months. Investors received a handful of economic data points. Eurozone CPI slipped 0.1% month-over-month (0.5% prior) while the year-over-year reading rose 0.7% (0.7% prior); both readings met expectations. Core CPI was unchanged month-over-month (0.7% last) while the year-over-year reading came in at 0.8%, as expected (1.0% prior). Elsewhere, Italy's trade surplus narrowed to EUR0.79 billion from EUR1.07 billion (EUR1.63 billion expected) while its EU trade surplus narrowed to EUR0.47 billion from EUR0.51 billion.

In France, the CAC sports a modest gain of 0.3% as media and telecom names outperform. Publicis Groupe is higher by 2.7% and Vivendi trades up 3.5%. Defense contractors lag as EADS and Safran hold respective losses of 0.8% and 3.8%.
Germany's DAX trades higher by 0.3%. Deutsche Lufthansa leads with a gain of 2.7%. Financials lag as Muenchener Re trades lower by 0.3% and Deutsche Bank is little changed.
Great Britain's FTSE trades up 0.4% as energy companies lead. Royal Dutch Shell and Tullow Oil are both up near 1.5%. Vedanta Resources lags with a loss of 6.5%.
Italy's MIB is lower by 0.5%. Mediaset (-2.8%), Pirelli (-2.0%), and BMPS (-2.3%) are among the laggards. Salvatore Ferragamo outperforms with a gain of 7.5%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +3.70. The S&P 500 futures trade higher by 0.2%.

Export prices, excluding agriculture, ticked down 0.4% in October after increasing 0.3% in the prior reading. Excluding oil, import prices were unchanged, which follows last month's uptick of 0.2%.

Separately, the Empire Manufacturing Survey for November registered a reading of -2.2, which was down from the prior month's reading of 1.5. Economists polled by Briefing.com expected the survey to improve to 4.3.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +5.00. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.2%.

Reviewing overnight developments:

Asian markets ended higher across the board. Hong Kong's Hang Seng +1.7%, China's Shanghai Composite +1.7%, and Japan's Nikkei +2.0%.
Regional economic data was limited:
Hong Kong's GDP rose 0.5% quarter-over-quarter (0.8% expected, 0.8% prior).
Singapore's retail sales fell 5.9% year-over-year (-5.0% forecast, -7.7% last).
Among news of note:
China released reform plans from its latest plenary session; however, some of the reforms (like loosening the one-child policy) have already been discussed in the past.

Core European indices hold modest gains. France's CAC +0.2%, Germany's DAX +0.2%, and Great Britain's FTSE +0.4%. Elsewhere, Italy's MIB -0.5%.
Investors received a handful of economic data points:
Eurozone CPI slipped 0.1% month-over-month (0.5% prior) while the year-over-year reading rose 0.7% (0.7% prior); both readings met expectations. Core CPI was unchanged month-over-month (0.7% last) while the year-over-year reading came in at 0.8%, as expected (1.0% prior).
Italy's trade surplus narrowed to EUR0.79 billion from EUR1.07 billion (EUR1.63 billion expected) while its EU trade surplus narrowed to EUR0.47 billion from EUR0.51 billion.
In news:
Italy's MIB underperforms amid news the country has received a warning from the European Union regarding its excessive debt load. Canadian rating agency DBRS also weighed in, saying it will conduct a review of Italian debt in about six months.

In U.S. corporate news:

Applied Materials (AMAT 17.40, -0.16): -0.9% after beating earnings estimates by one cent and guiding first-quarter earnings and revenue below consensus.
Exxon Mobil (XOM 94.78, +1.56): +1.7% after Berkshire Hathaway disclosed a 40-million share stake in the energy company.
Nordstrom (JWN 63.43, 0.00): beat its earnings expectations by three cents and raised the low end of its full-year 2014 earnings guidance.
Youku Tudou (YOKU 27.78, +1.42): +5.4% despite missing earnings estimates on in-line revenue. Also of note, the company said it expects to reach profitability on non-GAAP basis during the current quarter.

The November Empire Manufacturing Index, October export prices ex-agriculture, and import prices ex-oil will all be released at 8:30 ET while October industrial production and capacity utilization will cross the wires at 9:15 ET. The September wholesale inventories report will be the final economic data point of the week, scheduled for a 10:00 ET release.

06:12 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.00.

06:12 am : Nikkei...15165.92...+289.50...+2.00%. Hang Seng...23032.15...+383.00...+1.70%.

06:12 am : FTSE...6693.03...+27.20...+0.40%. DAX...9163.96...+15.90...+0.20%.

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

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

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