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Stock futures fell Friday after China said for the second time in a month it would force banks to increase their reserve levels.

The nascent rebound in the housing market took another step back with the release of today's Existing Home Sales report. The National Association of Realtors said the existing homes plunged 17%, which is the biggest decline since records began being kept in 1968. The annual rate of sales fell to 5.45 million units, down from the 6.54 million unit annual pace in the prior month.

Sales at US retailers saw an unexpected fall in December, casting uncertainty over the recovery of the US economy.Retail sales fell by 0.3% compared with November, figures from the US Commerce Department said.Sales of electrical goods and cars saw some of the biggest falls, though core sales - which exclude cars, fuel and building materials - still fell.

Equity markets are flat as traders await this morning’s U.S. Retail Sales Report. Based on previously released new motor vehicles sales and December Chain-Store Sales, traders should expect a healthy report. Look for retail sales to grow by 0.4% and retail sales less autos to increase by 0.2%. Today’s jobless claims report should show an increase of 3K with a range of 400K to 450K.

After two days of greater demand for higher risk assets drove stock prices higher, U.S. equity markets wavered most of the day following a steep drop in pending home sales. At the end of the day, the March E-mini S&P 500 managed to close higher, but the March E-mini NASDAQ and March E-mini Dow did not fair so well.

Stock futures pointed to a higher open on Wall Street Friday after a report on retail sales showed consumers are picking up their spending.

The U.S. Dollar is trading lower against most major currencies ahead of this morning’s retail sales report. Economists are calling for an increase of 0.6% in retail sales for the month of November. The University of Michigan Consumer Confidence report is expected to rise to 68.8 from 67.4.

GM may be doing poorly at home, but in China, now the largest auto market in the world, it's at the head of the pack and beating its own sales records.

Upside momentum slowed down in the NZD USD today as bullish traders took a breather ahead of tonight’s New Zealand Retail Sales Report. Traders are looking for a 0.5% rise in retail sales in September, but are being cautious because of a negative surprise in last month’s report. The Reserve Bank of New Zealand expressed concern last week about the value of the New Zealand Dollar.

For those of you who do not know, Toll Brothers (TOL) is a home building company. The stock, and the entire housing industry, has taken a hit in this recession. As the housing bubble popped, home buying fell and was quickly followed by a slow down in home building.

Today I was going to comment that part of the success equation on which newbies focus: the trading methodology. Specifically I wanted to ask the question: what constitutes a robust plan?

Find out how Taipan Daily readers can earn a possible 367% gains off American Retail’s “Seven-Ten Split.” Editor Adam Lass explains…

Along with records revenues, WorldWater & Solar Technologies Corp (WWAT) also reported a gross loss in the third quarter, ending Sept. 30. WorldWater reported a $2.3 million gross loss for the quarter. Offsetting that news was a significant increase in revenues to $6.5 million compared with $4.4 million over the same time last year.

China Pharma Holdings Inc. (OTCBB: CPHI) develops, manufactures and markets generic and branded specialty pharmaceutical products in China. The company today announced its third-quarter results for the period ended September 30, 2008, marking significant increases in revenues and net income.

Reed’s, Inc. (NASDAQ: REED), a producer of top-selling sodas in natural food markets nationwide, recently announced that the company has entered into a new co-pack production agreement with its primary brewery partner. The company anticipates that this new agreement will result in a 500 basis point to 600 basis points improvement in gross margins.