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)
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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 @ $1,250.00 dollars or +12.50 points, Emini ES ($ES_F) futures @ $375.00 dollars or +7.50 points, Light Crude Oil CL ($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 @ $1,625.00 dollars

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

In addition, all of my trades were posted real-time in the timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=130&t=1804


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 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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=238&t=2329

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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. 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.

Stocks Hit Another Record, Have A Great May


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

NEW YORK (CNNMoney)
Investors finally put the "sell in May and go away" mantra to bed this year.

Here's what you should know:

1. Stocks eke out gains Friday on top of a strong month: The Dow and S&P 500 notched out record closes Friday, while the Nasdaq fell modestly.

This month, the S&P 500 surged over 2%, ending at 1,923.5. The Nasdaq experienced an even more dramatic rebound after two months in the red, adding 3.1% in May. The Dow hit a new high of 16,717.

In another telling sign of a rebound, the CNNMoney Fear & Greed index is in neutral territory. It had been languishing in fear for weeks.

2. Market movers: Allergen, Salesforce, Big Lots, Ann Taylor -- Shares of Allergan (AGN) spiked almost 6% after hedge fund manager Bill Ackman and Valeant Pharmaceuticals (VRX) boosted their takeover bid for the Botox maker.

Big Lots (BIG) soared 13% after the retailer topped analysts' earnings expectations and raised its outlook for the rest of the year.

Salesforce (CRM) shares fell after initially getting a bump from the company's announcement of a partnership with Microsoft.

Speaking of Microsoft, the news that the company's former CEO Steve Ballmer will buy the L.A. Clippers for $2 billion is having an effect on the stock of Madison Square Garden. Shares of MSG (MSG), owners of the Knicks and the Rangers, rose more than 3% today as investors bet that the size of the Clippers deal will translate into a high valuation for New York teams, which play in the biggest market in the country.

Shares of Ann Taylor (ANN)popped 4% after the women's apparel retailer beat earnings estimates, boosted by sales increases in its more casual LOFT brand.

3. Golden Apple? Apple shares traded as high as $644 Friday, but dipped back down to $633 by the closing bell. Still, the stock is up 7% in the last month, and is only about 11% away from its September 2012 all time high.

Apple has benefited recently from its $3 billion acquisition of Beats, as well as anticipation ahead of a developer's conference Monday. There's also excitement about Apple's seven-to-one stock split in early June.

Related: Apple stock: How high can it go?

But one StockTwits trader wasn't buying into the Apple hype just yet.

"$AAPL I'm taking a breather. Next week may just not be as good as everyone expects. Will get in again if something really good happens," said kjbusa.

StockTwits user PaulCloutier thought the Apple excitement was warranted.

"$AAPL Some people were not convinced about apple and now they change their mind, thats all. Bullish," he said.

4. International action: European markets finished mostly lower, with shares of BNP Paribas (BNPQF) off by more than 2%. The Wall Street Journal reported that U.S. authorities were pushing the bank to pay more than $10 billion to settle a criminal probe of alleged sanctions violations.

Asian markets ended with mixed results.





Wall St. wraps up fourth straight month of gains
http://finance.yahoo.com/news/wall-st-o ... 14078.html

By Chuck Mikolajczak

NEW YORK (Reuters) - U.S. stocks closed out a fourth straight month of gains as the S&P 500 edged up to another record high on Friday after mixed economic data gave investors little incentive to buy equities.

The Dow Jones industrial average (.DJI) rose 18.43 points or 0.11 percent, to end unofficially at 16,717.17. The S&P 500 (.SPX) gained 3.54 points or 0.18 percent, to finish unofficially at 1,923.57. The Nasdaq Composite (.IXIC) dropped 5.33 points or 0.13 percent, to close unofficially at 4,242.62.

For the week, the Dow rose 0.7 percent, the S&P 500 gained 1.2 percent and the Nasdaq added 1.4 percent.

For the month of May, the Dow gained 0.8 percent, the S&P 500 rose 2.1 percent and the Nasdaq climbed 3.1 percent.

3:30 pm: [BRIEFING.COM]
Related Stories

August gold fell for a fifth consecutive session despite weakness in the dollar index. The yellow metal pulled back from its session high of $1256.70 per ounce set in morning action and slipped deeper into negative territory. It traded as low as $1242.20 per ounce and settled with a 0.9% loss at $1246.00 per ounce. Today's weakness brought losses for the week to 3.6%.

July silver also trended lower after retreating from its session high of $19.08 per ounce. It brushed a session low of $18.61 per ounce and settled 1.8% lower at $18.67 per ounce, booking a weekly loss of 3.8%.

July crude oil chopped around in negative territory as well. It touched a session high of $103.05 per barrel in morning action and later dipped to a session low of $102.40 per barrel. Unable to gain momentum, the energy component settled 0.8% lower at $102.75 per barrel, booking a loss of 1.5% for the week.

July natural gas extended yesterday' losses and traded as low as $4.49 per MMBtu. It broke into positive territory and touched a session high of $4.59 per MMBtu in early afternoon action but retreated back into the red and settled 0.4% lower at $4.54 per MMBtu. Despite today's slight decline, natural gas rose 3.2% over the week.

3:00 pm: [BRIEFING.COM] The S&P 500 is flat with one hour remaining in the session. The benchmark index slumped in the early afternoon, but has been able to climb to a new record high over the past hour. Meanwhile, the Nasdaq (-0.3%) and Russell 2000 (-0.6%) find themselves closer to their session lows than their respective highs.

If the major averages hold their levels into the close, the S&P 500 will finish May with a solid 1.9% gain. This would put the index behind the Nasdaq Composite (+2.9%), but ahead of the Dow and Russell 2000 as the two hold respective May gains of 0.6% and 0.5%.

2:30 pm: [BRIEFING.COM] Recent action saw the Dow Jones Industrial Average and S&P 500 return to their respective flat lines, while the Russell 2000 (-0.6%) and Nasdaq Composite (-0.3%) continue to lag.

This morning featured the release of three economic reports, but the data had little impact on the sentiment among market participants. Next week is shaping up to be pretty busy with the May Nonfarm Payrolls report for May scheduled for a Friday morning release. However, prior to Friday, the market will also receive several other reports, including April Factory Orders (Tuesday 10:00 ET), April trade balance (Wednesday 8:30 ET), and Productivity and Labor Cost data (Wednesday 8:30 ET).

2:00 pm: [BRIEFING.COM] The S&P 500 hovers roughly two points below its flat line as the y afternoon continues. Even though the benchmark index has held near its opening low over the past hour, the Russell 2000 (-0.8%) and Nasdaq (-0.5%) have slipped to new session lows.

Fittingly, the continued weakness among high-growth names has caused the iShares Nasdaq Biotechnology ETF (IBB 238.56, -2.40) to drop to a fresh low. The ETF is now down 1.0%, while the broader health care sector (-0.1%) has resisted the pressure coming from biotech.

Elsewhere, the traditional technology sector (-0.3%) occupies the bottom of today's leaderboard with the materials space (-0.3%) showing a comparable decline.

1:30 pm: [BRIEFING.COM] It isn't officially summer, but with the Memorial Day holiday this past Monday, it is unofficially summer. Accordingly, the stock market is acting today like it's a Friday in the summer. In other words, the trading action has been uneventful and the trading volume has been light.

When looking at the month of May overall, however, uneventful is not how we would describe the trading action. It was quite the thrill ride with the first half inducing fear as the small-cap stocks and momentum stocks went down and the second half inducing relief and excitement as they went back up.

At the close on May 15, the Russell 2000 was down 2.7% for the month. Entering today, it was up 1.2% for the month (that gain has been cut in half with today's 0.6% slide). The Nasdaq Composite, meanwhile, was down 1.1% for the month at the close on May 15. Entering today, it was up 3.2% for the month (it is down 0.5% today).

The weakness in the technology sector today, which is likely being driven by some profit taking after the recent uptick, has weighed on the broader market. Apple (AAPL 632.46, -2.92), which has been a standard bearer for the bulls this month, is down modestly today, yet it is still up 7.6% since the end of April.

12:55 pm: [BRIEFING.COM] At midday, the Dow Jones Industrial Average (-0.2%) and S&P 500 (-0.1%) hover near their flat lines, while the Nasdaq Composite (-0.4%) and Russell 2000 (-0.7%) lag.

In general, the first half of the final session of the week has been largely uneventful with participation running well below average once again. On that note, yesterday's affair saw the lowest volume of the year (532 million), and if it wasn't for month-end rebalancing, today's session would likely produce a comparable total.

The major averages hovered near their flat lines for the first three hours of action, but the recent weakness in the Russell 2000 has caused the other indices to retreat to their opening lows. Overall, the S&P 500 and the Dow have been a bit better at resisting the pressure than the Nasdaq Composite, which contains a fair share of high-growth names.

Biotechnology is one of the industry groups that has been retreating alongside the Russell 2000. Currently, the iShares Nasdaq Biotechnology ETF (IBB 239.10, -1.86) is lower by 0.8% after failing to overtake its 100-day moving average (242.17) earlier. For its part, the health care sector (-0.1%) trades in line with the S&P 500.

To be fair, high-growth names represent just one area of relative weakness. Of the six cyclical sectors, five trade with losses larger than the broader market, while financials (-0.1%) outperform. On the downside, consumer discretionary (-0.3%), energy (-0.3%), and industrials (-0.2%) weigh.

Meanwhile, the countercyclical side has fared a bit better. The aforementioned health care sector is keeping pace with the broader market, while consumer staples (+0.5%), telecom services (+0.2%), and utilities (+0.6%) outperform.

Treasuries are currently flat after alternating between gains and losses. The benchmark 10-yr yield is pegged at 2.47%.

Looking at today's data:

Personal Income increased an in-line 0.3% in April, but consumption fell 0.1% against the 0.2% increase that was expected by the Briefing.com consensus. Once again, the report failed to show any pent-up demand resulting from the severe winter weather. Core PCE prices rose 0.2%, as expected.
The Chicago PMI increased to 65.5 in May from 63.0 in April. The Briefing.com consensus expected the Chicago PMI to fall to 60.3. New order levels accelerated as the related index increased to 70.2 in May from 68.7 in April. That did not translate into stronger production as the index fell to 64.4 in May from 70.5. Instead, much of the new orders growth was marketed for backlogs as that index increased to 61.4 from 54.9. The strength of the backlogs index should support elevated production levels.
The final reading for the May University of Michigan Consumer Sentiment Index increased to 81.9 from 81.8 in the preliminary reading. Consumer sentiment is still down from an 84.1 reading in April. The Briefing.com consensus expected the Consumer Sentiment Index to fall to 81.4. The Current Conditions Index fell to 94.5 in the final May reading from 95.1 in the preliminary reading. The Consumer Expectations Index increased to 73.7 from 73.2.

12:30 pm: [BRIEFING.COM] The Dow (-0.1%), Nasdaq (-0.2%), and S&P 500 (unch) remain little changed, while the Russell 2000 (-0.4%) has slumped back below its 50-day moving average.

Fittingly, the recent weakness among small caps has coincided with some selling in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 239.74, -1.22) is lower by 0.5% after notching a session high just below its 100-day moving average (242.18). Even though biotech stocks trail the broader market, the health care sector holds right below its unchanged level.

Outside of health care, the remaining top-weighted sectors trade in mixed fashion as financials (+0.1%) and technology (+0.1%) outperform slightly, while the consumer discretionary sector (-0.1%) lags.

12:00 pm: [BRIEFING.COM] The S&P 500 (+0.1%) has extended to a new session high, but despite that uptick, today's activity remains very subdued.

To be sure, trading volume has been on the light side throughout the month of May with just three sessions producing volume totals north of the 200-day moving average (700 million). Furthermore, the past two weeks have been especially quiet, which has resulted in some of the lowest volume totals of the year. In fact, yesterday's final tally of 532.28 million represented the lowest total of the year, just ahead of the 533.26 million shares that were traded on January 3.

Judging by the current state of affairs, today's volume is also on track to produce a below-average total as only 189 million shares have changed hands at the NYSE so far today.

11:30 am: [BRIEFING.COM] The S&P 500 has slipped back to its flat line since our last update, leaving the market little changed. Meanwhile, the Russell 2000 was trading on its session low not long ago, but the small-cap index has since trimmed its loss to just 0.1%.

Six of ten sectors hold gains, but it is worth mentioning that the top performer-utilities (+0.4%)-accounts for just 3.0% of the entire S&P 500. The consumer staples sector (+0.3%) follows not far behind and its relative strength has had a bigger impact on the broader market since the group represents 9.5% of the S&P 500.

Even though the early part of the session has not featured strong sector leadership, participants have not shown much concern as evidenced by a 0.8% decline in the CBOE Volatility Index (VIX 11.49, -0.08).

10:55 am: [BRIEFING.COM] The S&P 500 has climbed off its worst level of the session, but has yet to make a sustained move into the green. Elsewhere, the relative weakness among small cap stocks has pressured the Russell 2000 (-0.2%) to its 50-day moving average.

Only four sectors remain in negative territory at this juncture and their losses are limited to no more than 0.2%. Energy, industrials, and materials occupy the bottom of the leaderboard, while countercyclical utilities (+0.4%) and consumer staples (+0.3%) outperform.

Also of note, Treasuries have notched fresh lows for the day about an hour ago, but they have since returned to unchanged for the session. The benchmark 10-yr yield remains at 2.47%.

10:30 am: [BRIEFING.COM]

Despite weakness in the dollar index, commodities are largely trading lower this morning
Crude oil has been in the red all day so far and hit a new LoD at $102.64/barrel a short while ago.
Both crude oil natural gas have been selling off all morning. Natural gas, however, was in positive territory overnight, but fell in the red in early morning trade.
In current action, July crude oil is -0.8%at $102.75/barrel, while July natural gas is -0.8% at $4.52/MMBtu
Gold and silver have been pulling back this morning and just extended losses right now to hit new session lows
June gold is now -0.9% at $1946.20, July silver is -1% at $18.83/oz
July copper dropped this morning on a rally in the dollar index. July copper is currently -0.2% at $3.14/lb

9:55 am: [BRIEFING.COM] The S&P 500 (-0.1%) continues trading near its opening levels, while the Dow Jones Industrial Average (-0.2%) follows not far behind.

The University of Michigan Consumer Sentiment report for May was revised up to 81.9 from 81.8 in the final reading, while the Briefing.com consensus expected the reading to be revised down to 81.4.

9:45 am: [BRIEFING.COM] As expected, the major averages began the Friday session with slim losses. The S&P 500 trades lower by 0.1% with eight of ten sectors trading in the red. Overall, cyclical groups are showing the largest losses, while defensively-oriented sectors outperform.

On the cyclical side, consumer discretionary (-0.2%), energy (-0.5%), and industrials (-0.3%) weigh on the broader market, while the financial sector holds a slim gain of 0.1%. Meanwhile, three of four countercyclical sectors-consumer staples (unch), health care (unch), and utilities (-0.1%)-hover near their flat lines, while telecom services (-0.2%) lag.

Just released, the Chicago PMI for May jumped to 65.5 from 63.0 while the Briefing.com consensus expected a decrease to 60.3.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -1.80. The stock market is on track to begin today's session with slim losses as the S&P 500 futures trade three points below fair value after spending the entire night in the red. Similarly, most Asian markets ended the week on the defensive, while their European counterparts trade in mixed fashion amid light trading volumes.

Back in the U.S., the S&P 500 will attempt to maintain its week-to-date gain of 1.0%, while also trying to preserve its May advance of 1.9%. The tech-heavy Nasdaq, meanwhile, will enter the final trading day of May with a month-to-date advance of 3.2%.

The economic data that was received today has not done much to change the overall sentiment. Personal Income increased an in-line 0.3% in April, but consumption fell 0.1% against the 0.2% increase that was expected by the Briefing.com consensus. Once again, the report failed to show any pent-up demand resulting from the severe winter weather.

Treasuries hovered in the red ahead of the release, but have since returned to unchanged. The benchmark 10-yr yield is pegged at 2.47%.

A bit more data remains on today's schedule with the Chicago PMI report for May (consensus 60.3) and the final reading of the May Michigan Consumer Sentiment Survey (expected 81.4) set to be released at 8:45 ET and 9:55 ET, respectively.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -0.50. The S&P 500 futures trade two points below fair value.

Asian markets ended mostly lower, while Hong Kong's Hang Seng (+0.3%) bucked the general trend. Notably, Japan lowered its Industrial Production assessment to 'output flattening as a trend' following the latest Industrial Production report, which disappointed.

In economic data:
South Korea's Industrial Production ticked up 0.1% month-over-month (consensus 0.6%, previous 0.9%), while Retail Sales fell 1.7% month-over-month (expected 0.5%, prior 1.8%). Separately, Manufacturing BSI Index slipped to 77 from 79.
Japan's National CPI rose 3.4% year-over-year (previous 1.6%), while Core CPI increased 3.2% (consensus 3.1%, prior 1.3%). Tokyo CPI increased 3.1% year-over-year (previous 2.9%), while Tokyo Core CPI jumped 2.8% (expected 2.9%, prior 2.7%). Separately, Household Spending fell 4.6% year-over-year (consensus -3.2%, prior 7.2%) and Industrial Production dropped 2.5% month-over-month (expected -2.0%, prior 0.7%). Also of note, Construction Orders surged 104.9% year-over-year (previous -8.8%), but Housing Starts decreased 3.3% year-over-year (expected -8.4%, last -2.9%).
India's quarterly GDP rose 4.6% year-over-year (expected 4.8%, previous 4.7%), while the annual reading rose 4.7% year-over-year, as expected.
Australia's Private Sector Credit rose 0.5% month-over-month (expected 0.4%, prior 0.4%).
New Zealand's Building Consents rose 1.5% month-over-month (consensus -3.5%, previous 9.2%).

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Japan's Nikkei shed 0.3% after slumping during the second half of the session. Technology names Konami and Casio Computer lagged, falling close to 2.8% apiece. On the upside, Tokyo Electric Power surged 5.4%.
Hong Kong's Hang Seng added 0.3% after spending the day in the green, but closed near its session low. Galaxy Entertainment led the way with a 4.7% gain. Consumer names lagged as Belle International and Li & Fung lost 2.5% and 1.4%, respectively.
China's Shanghai Composite slipped 0.1%, ending little changed following a quiet session. Gemdale lost 3.7%.

Major European indices trade in mixed fashion as the quiet trading week draws to the close. European Central Bank officials have made additional policy-related comments with Ignazio Visco saying the central bank is ready to act and deploy 'non-standard' tools in the event the low inflation pattern continues.

Looking at economic data:
Germany's Retail Sales fell 0.9% month-over-month (consensus 0.4%, previous 0.1%), while the year-over-year reading jumped 3.4% (expected 1.5%, prior -1.1%).
Italy's CPI slipped 0.1% month-over-month, as expected. Separately, PPI slid 0.3% month-over-month (consensus -0.2%, previous -0.2%), while the year-over-year reading fell 1.5% (consensus -1.3%, prior -1.6%).
Spain's Business Confidence ticked up to -8 from -10 (consensus -9), while the Current Account deficit narrowed to EUR1.80 billion from EUR2.80 billion.

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In France, the CAC is lower by 0.4% amid weakness in financials. BNP Paribas, Credit Agricole, and Societe Generale are all down between 2.1% and 4.7%. On the upside, hotel operator Accor leads with a gain of 1.1%.
Great Britain's FTSE holds a loss of 0.2% as miners weigh. Anglo American, BHP Billiton, Fresnillo, and Rio Tinto trade with losses between 2.3% and 3.3%. Coca-Cola Hellenic Bottling Company outperforms, trading higher by 2.0%.
In Germany, the DAX trades flat. Commerzbank and Deutsche Bank are pressuring the index with respective losses of 1.1% and 1.5%, while Deutsche Telekom outperforms with a gain of 1.2%.
Italy's MIB is higher by 0.8%. BMPS, Intesa Sanpaolo, and Mediobanca are all up between 1.5% and 3.3%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -0.30. The S&P 500 futures trade two points below fair value.

April personal income increased 0.3%, which matched the Briefing.com consensus estimate. Meanwhile, personal spending fell 0.1%, while the consensus expected an increase of 0.2%.

Separately, core PCE prices rose 0.2%, as expected.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -0.30. U.S. equity futures hold modest losses amid mixed action overseas. The S&P 500 futures trade two points below fair value.

Reviewing overnight developments:

Asian markets ended mostly lower. Hong Kong's Hang Seng +0.3%, Japan's Nikkei -0.3%, and China's Shanghai Composite -0.1%.
In economic data:
South Korea's Industrial Production ticked up 0.1% month-over-month (consensus 0.6%, previous 0.9%), while Retail Sales fell 1.7% month-over-month (expected 0.5%, prior 1.8%). Separately, Manufacturing BSI Index slipped to 77 from 79.
Japan's National CPI rose 3.4% year-over-year (previous 1.6%), while Core CPI increased 3.2% (consensus 3.1%, prior 1.3%). Tokyo CPI increased 3.1% year-over-year (previous 2.9%), while Tokyo Core CPI jumped 2.8% (expected 2.9%, prior 2.7%). Separately, Household Spending fell 4.6% year-over-year (consensus -3.2%, prior 7.2%) and Industrial Production dropped 2.5% month-over-month (expected -2.0%, prior 0.7%). Also of note, Construction Orders surged 104.9% year-over-year (previous -8.8%), but Housing Starts decreased 3.3% year-over-year (expected -8.4%, last -2.9%).
Australia's Private Sector Credit rose 0.5% month-over-month (expected 0.4%, prior 0.4%).
New Zealand's Building Consents rose 1.5% month-over-month (consensus -3.5%, previous 9.2%).
In news:
Following the disappointing Industrial Production report, Japan lowered its assessment on the sector to 'output flattening as a trend.'

Major European indices are mixed. France's CAC -0.4%, Great Britain's FTSE -0.2%, and Germany's DAX is flat. Elsewhere, Spain's IBEX +0.3% aid Italy's MIB +0.7%.
Looking at economic data:
Germany's Retail Sales fell 0.9% month-over-month (consensus 0.4%, previous 0.1%), while the year-over-year reading jumped 3.4% (expected 1.5%, prior -1.1%).
Italy's CPI slipped 0.1% month-over-month, as expected. Separately, PPI slid 0.3% month-over-month (consensus -0.2%, previous -0.2%), while the year-over-year reading fell 1.5% (consensus -1.3%, prior -1.6%).
Spain's Business Confidence ticked up to -8 from -10 (consensus -9), while the Current Account deficit narrowed to EUR1.80 billion from EUR2.80 billion.
Among news of note:
European Central Bank officials have made additional policy-related comments with Ignazio Visco saying the central bank is ready to act and deploy 'non-standard' tools in the event the low inflation pattern continues.

In U.S. corporate news:

Avago (AVGO 71.50, +0.71): +1.0% after beating earnings and revenue estimates.
Infoblox (BLOX 13.85, -6.67): -32.5% after its below-consensus guidance and CEO's resignation overshadowed its earnings beat on light revenue. The stock received several downgrades following the announcement.
OmniVision (OVTI 21.95, +1.81): +9.0% following its better than expected results and guidance.
Splunk (SPLK 45.64, -4.40): -8.8% despite beating estimates and guiding Q2 revenue above consensus.

Personal Income (Briefing.com consensus 0.3%), Personal Spending (consensus 0.2%), and Core PCE Prices (expected 0.2%) for April will all be released at 8:30 ET, while the Chicago PMI report for May (consensus 60.3) will cross the wires at 9:45 ET. The day's data will be topped off with the final reading of the May Michigan Consumer Sentiment Survey (expected 81.4), which will be released at 9:55 ET.

6:53 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -0.50.

6:53 am: [BRIEFING.COM] Nikkei...14632.38...-49.30...-0.30%. Hang Seng...23081.65...+71.50...+0.30%.

6:53 am: [BRIEFING.COM] FTSE...6857.37...-13.90...-0.20%. DAX...9935.14...-3.80...0.00.

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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