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 @ $290.00 dollars or +2.90 points, Emini ES ($ES_F) futures @ $3812.50 dollars or +76.25 points, Light Crude Oil CL ($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 @ $4102.50 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
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All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals
Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.
##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164 Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718 Analysis -----> Trade Signals
Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR). Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=277&t=2948 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions. -----------------------------
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The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.
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click on the above image to view today's price action of key markets
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4:05 pm: [BRIEFING.COM] The stock market snapped its two-day streak on Wednesday, but the midweek pullback was fairly modest in scope. The S&P 500 shed 0.4% while the Nasdaq Composite (-0.1%) outperformed, settling just below its flat line.
Equity indices began the day on a modestly higher note, but the slight early strength faded quickly, sending the major averages into the red during the opening hour. In addition, investors heard from Fed Chair Janet Yellen who addressed the House Financial Services Committee to discuss regulation and supervision of financial institutions; however, the Q&A portion drifted towards questions about the upcoming December policy meeting with Fed Chair Yellen reiterating that a rate hike could happen in December if economic data shows improvement.
Eight sectors ended the day in negative territory with energy (-1.0%) spending the bulk of the session behind the remaining nine groups. It is worth noting that today's slide followed a 5.0% gain over the past two days and the sector also had to contend with selling in the commodity market where crude oil fell 3.4%, ending the pit session at $46.32/bbl.
Unlike energy, the remaining decliners posted slimmer losses than 0.7%, but relative weakness among the likes of consumer discretionary (-0.6%) and health care (-0.5%) kept the market in negative territory until the close.
The discretionary sector underperformed with apparel retailers ending mostly lower, which overshadowed a better than expected earnings report from Michael Kors (KORS 42.58, +3.26). Shares of KORS spiked 8.3% after better than expected results and upbeat fiscal-year 2016 guidance overshadowed a cautious outlook for Q3. Elsewhere in the sector, media names also lagged even though CBS (CBS 47.96, -0.28) and Time Warner (TWX 72.19, -5.11) reported better than expected results.
On the upside, the technology sector (+0.1%) outperformed, spending the trading day in the neighborhood of its flat line, which prevented a larger pullback from taking shape. Large cap components ended the day on a mixed note while chipmakers outperformed with the PHLX Semiconductor Index climbing 0.3%.
Similar to stocks, Treasuries retreated with the 10-yr yield rising two basis points to 2.23%.
Today's participation was ahead of average as more than 900 million shares changed hands at the NYSE floor.
Economic data included ADP Employment, Trade Balance, and ISM Services:
The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 182,000 in October while the Briefing.com consensus expected a reading of 180,000
The September reading was revised down to 190,000 from 200,000
The U.S. trade deficit narrowed in September to $40.80 billion from an upwardly revised $48.00 billion (from -$48.30 bln) in August while the Briefing.com consensus expected a reading of $43.00 billion
Notably, the September trade deficit was not that far off from the BEA's estimate of -$40.60 billion that was embedded in the advance Q3 GDP report. Accordingly, revisions to net exports shouldn't have much bearing on the second estimate for Q3 GDP
The improvement in September was owed to imports being $4.20 billion less than August imports and exports being $3.00 billion more than August exports
The ISM Services index jumped to 59.1 in October from 56.9 in September while the Briefing.com consensus expected a reading of 56.6
The October reading was the second-highest mark this year, preceded only by the 60.3 reading in July, which was the highest level since August 2005
Tomorrow, weekly Initial Claims (Briefing.com consensus 262,000) and preliminary Q3 Productivity/Unit Labor Cost data will be reported at 8:30 ET.
Nasdaq Composite +8.6% YTD
S&P 500 +2.1% YTD
Dow Jones Industrial Average +0.3% YTD
Russell 2000 -1.1% YTD
3:40 pm: [BRIEFING.COM]
The dollar index continued to trade higher today, which helped weigh on commodities today
Commodities such as oil, gold and silver slide lower in morning trade and held losses in afternoon activity
Dec crude ended the day -3.4% at $46.32/barrel, while Dec natural gas ended unchanged at $2.26/MMBtu
Metals ended lower with Dec gold finishing the day -0.7% at $1106.30/oz and Dec silver -1.1% at $15.07/oz
2:55 pm:
[BRIEFING.COM] The S&P 500 trades lower by 0.3% with one hour remaining in the session. The benchmark index slipped into the red about 15 minutes after today's opening bell and has hovered below its flat line since then.
Broadly speaking, it is worth pointing out that today's decline comes after the benchmark index started November with two days of gains. Meanwhile, the Nasdaq Composite sits just below its flat line, drawing relative strength from the technology sector (+0.2%).
Elsewhere, Treasuries are on course to end the day on their lows with the 10-yr yield up two basis points at 2.23%.
2:25 pm:
[BRIEFING.COM] Quiet afternoon action continues with the S&P 500 trading lower by 0.4%.
Sector standing has not changed much, but the top-weighted tech space (+0.2%) has clawed back into the green after spending the early afternoon in the red. Large cap sector components have had a mixed showing while chipmakers outperform with the PHLX Semiconductor Index trading higher by 0.3%. Taiwan Semiconductor (TSM 23.51, +0.74) is a standout performer, holding a 3.3% gain while AMD (AMD 2.21, -0.07) and Micron (MU 17.35, -0.48) underperform with respective losses of 3.1% and 2.7%.
Similar to technology, the utilities sector (+0.1%) also hovers just above its flat line.
1:55 pm:
[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 down 0.5%. Despite the retreat, today's affair has been very quiet as stocks give back a portion of their gains from the past two days.
The utilities sector (+0.1%) continues holding a slim gain while the remaining nine sectors display losses between 0.1% (technology) and 1.6% (energy).
Today's retreat has caused some participants to increase their hedges, evidenced by a one-point spike in the CBOE Volatility Index (15.56, +1.02), which now hovers at last week's levels.
1:25 pm:
[BRIEFING.COM] The major averages have slipped to new lows as the steady downtrend remains in effect. The S&P 500 is now down 0.6% while the Nasdaq Composite (-0.4%) remains ahead.
Sector standing has not changed much with energy (-1.6%) occupying the bottom of today's leaderboard while the consumer discretionary sector (-1.1%) represents the second-weakest performer.
With the market facing continued pressure, the utilities sector has narrowed its gain to 0.1% while technology (-0.1%) is now in the red.
12:55 pm:
[BRIEFING.COM] The major averages hold modest midday losses with the Dow, Nasdaq, and S&P 500 down between 0.2% and 0.4%.
Related Quotes
Equity indices displayed slim gains at the start of the session, but the early strength faded quickly with most sectors slipping into the red during the opening hour. In addition, Fed Chair Janet Yellen appeared before the House Financial Services Committee to discuss the Fed's regulation and supervision of financial institutions, but inevitably, the Q&A portion drifted towards questions about the upcoming December policy meeting. To little surprise, Fed Chair Yellen said that if economic data shows improvement, a rate hike could happen in December.
Eight sectors display midday losses with energy (-1.2%) trading at the bottom of the leaderboard after soaring 5.0% over the past two days. Today's pullback has been congruent with selling in the oil market as WTI crude trades lower by 3.3% at $46.30/bbl. after the latest storage report showed that crude inventories remain at an 80-year high. In addition, dollar strength has also posed a headwind to oil with the Dollar Index (97.98, +0.82) trading higher by 0.8% as it tries to register its third consecutive advance.
Elsewhere, heavily-weighted consumer discretionary (-0.7%) and health care (-0.7%) underperform notably while the remaining sectors trade closer to their flat lines. The discretionary sector has retreated despite better than expected earnings from CBS (CBS 48.35, +0.11) and Time Warner (TWX 70.27, -7.03) while apparel retailers trade mostly lower despite an above-consensus earnings report from Michael Kors (KORS 43.22, +3.90).
On the upside, technology (+0.1%) and utilities (+0.2%) hold modest gains with the top-weighted tech sector preventing the market from extending its decline.
Similar to stocks, Treasuries hover in the red with the 10-yr yield up two basis points at 2.23%.
Economic data included ADP Employment, Trade Balance, and ISM Services:
The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 182,000 in October while the Briefing.com consensus expected a reading of 180,000
The September reading was revised down to 190,000 from 200,000
The U.S. trade deficit narrowed in September to $40.80 billion from an upwardly revised $48.00 billion (from -$48.30 bln) in August while the Briefing.com consensus expected a reading of $43.00 billion
Notably, the September trade deficit was not that far off from the BEA's estimate of -$40.60 billion that was embedded in the advance Q3 GDP report. Accordingly, revisions to net exports shouldn't have much bearing on the second estimate for Q3 GDP
The improvement in September was owed to imports being $4.20 billion less than August imports and exports being $3.00 billion more than August exports
The ISM Services index jumped to 59.1 in October from 56.9 in September while the Briefing.com consensus expected a reading of 56.6
The October reading was the second-highest mark this year, preceded only by the 60.3 reading in July, which was the highest level since August 2005
12:25 pm:
[BRIEFING.COM] Equity indices have ticked up off their lows, but they remain in negative territory with the S&P 500 trading lower by 0.2%.
Once again, the energy sector (-1.0%) finds itself at the bottom of the leaderboard due to continued selling in crude oil. To that point, the energy component has spent the day in a steady retreat, trading lower by 2.9% at $46.53/bbl.
It is worth noting that some of the weakness in dollar-denominated crude could be due to the third day of strength in the greenback. Accordingly, the Dollar Index (97.93, +0.78) is higher by 0.8% today, climbing to levels not seen since early August.
11:55 am:
[BRIEFING.COM] Not much change in the market with the key indices hovering near their session lows. The S&P 500 remains lower by 0.4% while the Dow (-0.3%) and Nasdaq (-0.3%) trade just ahead.
Even with today's retreat, the three indices remain higher for the week with gains between 1.1% (S&P 500) and 1.6% (Nasdaq). Meanwhile, nine sectors continue holding week-to-date gains with energy up 4.3% and technology higher by 1.8% since Friday.
Similar to stocks, Treasuries have inched lower, pushing the 10-yr yield up two basis points to 2.24%.
11:25 am:
[BRIEFING.COM] Equity indices have extended their losses with the S&P 500 widening its decline to 0.4%. The benchmark index has ticked to a new low with all ten sectors backing away from their recent levels.
The energy sector (-0.7%) remains among the laggards, but heavily-weighted consumer discretionary (-0.9%) and health care (-0.9%) have slipped behind the energy space in recent going. Biotechnology has contributed to the pullback in health care with iShares Nasdaq Biotechnology ETF (IBB 332.93, -6.15) trading lower by 1.8% at this time.
On the upside, the rate-sensitive utilities sector (+0.3%) hovers ahead of its peers despite an uptick in Treasury yields that has the 10-yr yield higher by two basis points at 2.24%.
10:55 am:
[BRIEFING.COM] The major averages remain just below their flat lines with the S&P 500 trading lower by 0.2%. The benchmark index slipped into the red during the opening hour and has held a modest loss since then.
Seven sectors trade in the red at this juncture with energy (-0.5%) showing relative weakness after soaring 5.0% over the past two days. Today's pullback has occurred amid weakness in crude oil as the energy component trades lower by 1.8% at $47.04/bbl.
Energy notwithstanding, the remaining decliners show losses of no more than 0.4% while the utilities sector (+0.5%) holds the lead.
On a separate note, Fed Chair Janet Yellen is currently addressing the House Financial Services Committee regarding the Fed's regulation and supervision of financial institutions. Ms. Yellen's prepared remarks saw no reaction in the market and the Fed Chair has now moved to questions from House members. Most notably, Fed Chair Yellen said that if economic data shows improvement, a rate hike could happen in December.
Treasuries have slipped to lows with the 10-yr yield up two basis points at 2.23%.
10:35 am: [BRIEFING.COM]
The dollar trended modestly higher overnight and in early trade, driven by a slide in the Euro, an improved Chinese services PMI reading and ahead of US ADP data
Commentary by Mario Draghi depressed the Euro and Chinese PMI showed growth in October (a 52 reading vs. 50.5 last month)
US ADP data was relatively in-line at 182K (vs. 180K consensus)
The index was also aided in recent trade by a stronger-than-expected October ISM services figure, all of which have the pressed the dollar to +0.7% at 97.94
WTI traded trendless around the flatline for most of the session, on factors that included Libyan and Brazilian supply disruptions, and ahead of the morning's EIA storage report
Libya's Zueitina port has been shutdown this week, with loading to be resumed tomorrow, while Petrobras (Brazil) is seeing operational disruption from worker strikes.
The EIA inventory report was expected to show a 2.7 mln build (in context, yesterday's API data showed a 2.8 mln barrel build)
Upon release of the EIA storage data, which showed a 2.85 mln barrel build, WTI spiked higher but is still -0.9% to $47.47/barrel
Natural gas is rallying higher, now +1.6% to $2.29/MMBtu ahead of its own EIA storage data- due out tomorrow
Precious metals are trading at modest negatives for the session, pressured by the stronger dollar and on sentiment ahead/during Janet Yellen's testimony (currently ongoing)
Gold is now +0.2% to $1116.40/oz while silver is -0.3% to $15.20/oz
Copper is trading moderately higher, now at +0.5% to $3.34/lb amidst an announcement by Glencore (GLNCY) that it will cut production by 455K (400K prior guidance) tons by the end of 2017
10:00 am:
[BRIEFING.COM] The S&P 500 has slipped into the red, trading lower by 0.2%.
Just reported, the ISM Services Index for October rose to 59.1 from 56.9 while the Briefing.com consensus expected a downtick to 56.6.
9:35 am:
[BRIEFING.COM] Equity indices have climbed out of the gate with all ten sectors taking part in the early advance. The S&P 500 trades higher by 0.2% with materials (+0.4%) and technology (+0.4%) in the lead.
The top-weighted tech-sector has shown early strength after outperforming yesterday. Top-weighted sector components like Apple (AAPL 123.49, +0.92), Google (GOOGL 752.65, +3.83), and Facebook (FB 102.83, +0.25) hold gains between 0.3% and 1.0% while chipmakers trade a bit behind the market with the PHLX Semiconductor Index up 0.1%.
Elsewhere, Treasuries remain near their flat lines with the 10-yr yield at 2.21%.
9:09 am: [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +18.10.
The stock market is on track for a modestly higher open with S&P 500 futures trading five points above fair value. Index futures have spent the night in a narrow range, rallying to new highs following today's economic data, which included a better than expected October ADP Employment Report (182,000; Briefing.com consensus 180,000) and a smaller than expected trade deficit in September ($48.30 billion; Briefing.com consensus $43.00 billion).
In addition to the two data points, market participants have received another set of quarterly results. The discretionary sector is on course to display early strength with CBS (CBS 49.72, +1.48) holding a pre-market gain of 3.1% after beating earnings estimates.
Elsewhere in the discretionary sector, Michael Kors (KORS 40.25, +0.93) is on course to open higher by 2.4% after better than expected results and upbeat fiscal-year 2016 guidance overshadowed a cautious outlook for Q3.
Treasuries hover near their lowest levels of the day with the 10-yr yield at 2.21%.
The ISM Services report for October (expected 56.6) will be released at 10:00 ET.
8:55 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +18.10.
The S&P 500 futures trade five points above fair value.
The Asian equity markets closed higher on Wednesday with solid gains across the board. The most notable index was the Shanghai Composite, which rose 4.3% today. The catalyst for the move may be questioned, for it appears the market responded to an update posted on the PBOC's website pertaining to the Shenzhen-Hong Kong exchange link that was said to be 5 months old. With that said, the PBOC clarified that the post was in fact dated, but the Shanghai refused to budge and closed toward the upper end of the range. Japan returned from a public holiday with a 1.3% gain in the Nikkei. The most notable event was the IPO launch of Japan Post Holdings, which surged over 50% in its first trading day.
In economic data:
China's October Caixin Services PMI 52.0 (prior 50.5)
Hong Kong's October Manufacturing PMI 46.6 (previous 45.7)
Australia's September Trade Balance -AUD2.32 billion (expected -AUD2.90 billion), September Retail Sales +0.4% month-over-month (expected 0.4%), and October AIG Performance of Services Index 48.9 (previous 52.3)
New Zealand's Q3 Employment change -0.4% (consensus +0.4%) and Q3 Unemployment rate held at 6.0%, as expected
Japan's October Nikkei Services PMI 52.2 (prior 51.4), October Consumer Confidence 41.5 (expected 40.8)
India's October Services PMI 53.2 (prior 51.3)
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Japan's Nikkei increased 1.3%, with the index playing catch to the recent advances in global equities after the market was closed for public holiday yesterday. As mentioned, investors flocked into shares of Japan Post, which was one of the largest Japanese IPOs ever to launch. Among the top performing sectors were Energy (+3.3%), IT (+2.0%), Consumer Discretionary (+1.8%). On the flip side, Financials and Utilities lagged, closing down 0.8% and 0.2% respectively
Hong Kong's Hang Seng advanced by 2.1% and finished near the highs of the session. Energy stocks led the way with CNOOC tacking on 5.0%, while PetroChina posted a 4.4% gain. Property stocks were also on the move higher, with China Res Land up 5.2% and CK Property gaining 4.0%.
China's Shanghai Composite advanced 4.3% after being inspired by the PBOC's dated article relating to the HK-Shenzhen Stock Link. The post stated that the link would be up by the end of the year, but it was later revealed that this was an article dating back to May. The index popped well over 3% following the "release," but was able to hold onto gains even after the gaffe was revealed. As a result, brokerages saw the most benefit with Citic Securities +9.0% and Haitong Securities +4.8%.
Major European indices trade mostly higher while Germany's DAX (-0.2%) lags. Last evening, European Central Bank President Mario Draghi reminded investors that the ECB is ready and willing to act at the upcoming December meeting. The euro has retreated about 0.2% against the dollar this morning, slipping to 1.0935
Investors received several data points:
Eurozone October Services PMI 54.9 (consensus 54.5; prior 53.3), September PPI -0.3% month-over-month (expected -0.4%; prior -0.8%); -3.1% year-over-year (consensus -3.3%; last -2.6%)
UK's October Services PMI 54.9 (expected 54.5; last 53.3)
Germany's October Services PMI 54.5 (consensus 55.2; last 55.2)
France's October Services PMI 52.7 (expected 52.3; last 52.3)
Italy's October Services PMI 53.4 (consensus 53.6; last 53.3)
Spain's October Services PMI 55.9 (expected 55.3; prior 55.1)
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Germany's DAX hovers just below its flat line with Volkswagen diving 8.4% after the company admitted it overstated the fuel efficiency of some of its diesel and gasoline models. Peers Daimler and BMW hold respective losses of 2.1% and 1.8% while utilities outperform. E.On has surged 2.0% and RWE trades up 3.0%.
France's CAC is higher by 1.0% with all but four names in the green. Growth-sensitive Alstom, Technip, and Lafarge hold gains between 2.2% and 6.3% while ArcelorMittal has surrendered 1.8%.
UK's FTSE has climbed 1.1% with miners pacing the advance. Anglo American, Antofagasta, BHP Billiton, and Glencore show gains between 3.3% and 6.4%. On the flip side, homebuilders have struggled with Taylor Wimpey and Barratt Developments down 3.4% and 2.2%, respectively.
8:31 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +17.30.
The S&P 500 futures trade five points above fair value.
The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 182,000 in October while the Briefing.com consensus expected a reading of 180,000. The September reading was revised down to 190,000 from 200,000.
The September trade balance showed a deficit of $40.81 billion while the Briefing.com consensus expected the deficit to come in at $43.00 billion. The prior month's deficit was revised up to $48.00 billion from $48.30 billion.
7:59 am: [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +15.40.
U.S. equity futures trade modestly higher after spending the night in a narrow range. The S&P 500 futures hover four points above fair value after trading inside a five-point range.
Meanwhile, Treasuries hold slim gains with the 10-yr yield lower by a basis point at 2.20%.
On the economic front, the weekly MBA Mortgage Index fell 0.8% to follow last week's 3.5% decline. More data will be released today with October ADP Employment Change (Briefing.com consensus 180,000) and September Trade Balance (consensus -$43.00 billion) set to be reported at 8:15 ET and 8:30 ET, respectively, while the ISM Services report for October (expected 56.6) will cross the wires at 10:00 ET.
In U.S. corporate news of note:
CBS (CBS 50.00, +1.76): +3.6% after beating bottom-line estimates.
Tesla Motors (TSLA 224.00, +15.65): +7.5% after beating bottom-line estimates and announcing that its Gigafactory is ahead of schedule; however, the company lowered its delivery guidance for fiscal year 2015.
Time Warner (TWX 79.00, +1.70): +2.2% after beating earnings estimates and reaffirming its guidance.
Michael Kors (KORS 41.40, +2.08): +5.3% after better than expected results and upbeat fiscal-year 2016 guidance overshadowed a cautious outlook for Q3.
Allergan (AGN 314.57, +5.26): +1.7% following better than expected results.
U.S. Steel (X 11.50, -1.44): -11.1% in reaction to disappointing earnings and revenue.
Avon Products (AVP 4.00, -0.31): -7.2% after missing earnings and revenue estimates.
Groupon (GRPN 2.82, -1.21): -30.0% after below-consensus revenue and light earnings/revenue guidance overshadowed a bottom-line beat.
Reviewing overnight developments:
Asian markets ended broadly higher. China's Shanghai Composite +4.3%, Hong Kong's Hang Seng +2.2%, and Japan's Nikkei +1.3%
In economic data:
China's October Caixin Services PMI 52.0 (prior 50.5)
Hong Kong's October Manufacturing PMI 46.6 (previous 45.7)
Australia's September Trade Balance -AUD2.32 billion (expected --AUD2.90 billion), September Retail Sales +0.4% month-over-month (expected 0.4%), and October AIG Performance of Services Index 48.9 (previous 52.3)
New Zealand's Q3 Employment change -0.4% (consensus +0.4%) and Q3 Unemployment rate held at 6.0%, as expected
Japan's October Nikkei Services PMI 52.2 (prior 51.4), October Consumer Confidence 41.5 (expected 40.8)
India's October Services PMI 53.2 (prior 51.3)
In news:
Equities in China surged after the People's Bank of China released an article that featured five-month old comments from Governor Zhou Xiaochuan, indicating the Shenzhen-Hong Kong link would begin operating this year. The comments were originally made prior to the summer volatility in Chinese equities and it is not clear whether the PBoC intended to release the remarks once again
Major European indices trade mostly higher. France's CAC +1.2%, UK's FTSE +1.0%, and Germany's DAX -0.1%. Elsewhere, Italy's MIB +0.5% and Spain's IBEX +1.5%
Investors received several data points:
Eurozone October Services PMI 54.9 (consensus 54.5; prior 53.3), September PPI -0.3% month-over-month (expected -0.4%; prior -0.8%); -3.1% year-over-year (consensus -3.3%; last -2.6%)
UK's October Services PMI 54.9 (expected 54.5; last 53.3)
Germany's October Services PMI 54.5 (consensus 55.2; last 55.2)
France's October Services PMI 52.7 (expected 52.3; last 52.3)
Italy's October Services PMI 53.4 (consensus 53.6; last 53.3)
Spain's October Services PMI 55.9 (expected 55.3; prior 55.1)
Among news of note:
European Central Bank President Mario Draghi reminded investors that the ECB is ready and willing to act at the upcoming December meeting. The euro has retreated about 0.2% against the dollar this morning, slipping to 1.0935
5:50 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +10.50.
5:50 am: [BRIEFING.COM] Nikkei...18926.91...+243.70...+1.30%. Hang Seng...23053.57...+485.10...+2.20%.
5:50 am: [BRIEFING.COM] FTSE...6442.06...+58.40...+0.90%. DAX...10934.92...-16.20...-0.20%.
Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.
Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader 
@ http://stocktwits.com/wrbtraderhttp://www.thestrategylab.com
Phone: +1 708 572-4885
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