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 Post subject: May 14th Friday 2010 Emini TF ($TF_F) points +0.70
PostPosted: Sat May 15, 2010 8:52 am 
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Trade Journal By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

Trade journals are crucial in preventing us traders from becoming complacent or content with our trading plan or the markets because without having the ability to review archives of past trading days in a forever changing market...we won't know it's time to adapt when change occurs in the markets because broker statements alone doesn't help us keep that edge in comparison to a trade journal. In addition, this public trade journal contains useful trading tips a few times per week to encourage readers to return for more information and to help ensure I myself don't forget the importance of basic concepts within my own trading plan. Further, there are market summaries from bloomberg, CNNMoney and Yahoo Finance as a quick archive of what happened in the markets on a particular day of trading. Thus, if you're looking for trading tips and market summaries that can improve your trading and/or understanding of what happen on a particular day that involves more than just entry signals...consistently read this trade journal and the #FuturesTrades chat room logs where I post my trades in real-time from entry to exit (see link below) via my IRC user name wrbtrader.

Today's #FuturesTrades chat room logs is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=74&t=521.

Quote:
Today's results are 2 wins : 0 losses. Today was suppose to be a day off due to personal errands. However, I did have time to do a few quick trades for small profits. Yet, I did notice a key support level develop in my market wrap review after the closing bell. This support developed between 12noon - 1535pm est. It does not imply the market will go up because price direction is not dependent upon s/r zones or levels. Instead, the support should be used to identify key changes in supply/demand to look for Long and Short signals or profit targets...this is how it was initially designed by the markets but somehow (as usual) traders try to re-invent the wheel via using it for something else. I myself use it as originally designed...will be looking for trades on Monday in reaction to the support zone I mentioned...trades that could be Long or Short positions.

By the way, both of those quick trades were via the Volatility Trading Report (VTR).

Trading Tip: A good win:loss ratio will not produce consistent profits if there's poor position size management via the flaw of same size for different types of price actions. In addition, poor trade management after entry will kill a good win:loss ratio.


FYI - You can ask me questions here at the forum or you can tweet me on twitter about anything related to today's trading or related to your own trading.

Image@ http://twitter.com/wrbtrader


In addition, posted below are direct links about my trade methodology or trading approach 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 analysis).

Image WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm

Image Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm

Image Daily Trade Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=109&t=652

Trade Performance for Today: +0.70 points or $70 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
Attachment:
051410_wrbtrader_PnL_Blotter_Profit.png
051410_wrbtrader_PnL_Blotter_Profit.png [ 32.5 KiB | Viewed 1599 times ]

1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.
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The market summaries below are courtesy of Bloomberg, CNNMoney and Yahoo! Finance. gm



Stocks Take A Hit
By Alexandra Twin, senior writer
May 14, 2010: 6:16 PM ET

NEW YORK (CNNMoney.com) -- Stocks slumped Friday on worries that Europe's economic woes could spread to the United States, while the euro fell to 18-month lows versus the dollar and gold hit fresh records.

Investors dumped stocks and fled to safe-haven areas of the market such as the dollar, gold and government debt.

Despite the drop, the three major indexes finished higher for the week, with the Dow rising 2.3%, the S&P up 2.2% and the Nasdaq up 3.6%.

The Dow Jones industrial average (INDU) lost 163 points, or 1.5%. The S&P 500 (SPX) fell 22 points, or 1.9% and the Nasdaq (COMP) composite lost 47 points, or 2%. Markets had seen even bigger losses earlier in the afternoon, but managed to trim a little by the close.

"This is all about the euro," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams. "It's fallen out of bed and strengthened the dollar."

Dollar weakness has been good for U.S.-based multinational companies that do a lot of business overseas, and the reversal of that is hitting a lot of these big blue-chip companies, he said.

"If Europe's economy goes back into recession, that's going to hurt our conglomerates," he said.

He cited the examples of Hewlett-Packard (HPQ, Fortune 500), which could see 20% of its business impacted by weakness in Europe, and Cisco Systems (CSCO, Fortune 500), which said Thursday that it had the best quarter ever, but that it was concerned about Europe.
Why gold keeps breaking records

Stocks began the week with strong gains as investors welcomed Europe's nearly $1 trillion dollar bailout package that was aimed at helping Greece, Spain, Portugal, Italy and other struggling nations as well as protecting the euro.

But the markets have been volatile the rest of the week, while Asian and European markets have slipped. The euro has been down all week. Meanwhile, the price of gold hit a record intraday of $1,249.70 Friday before reversing course and sliding.
Euro at 18-month low

On the move: Stock declines were broad based, with all 30 Dow stocks falling, led by Boeing (BA, Fortune 500), Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500) and IBM (IBM, Fortune 500).

Credit card stocks fell after the Senate proposed a new rule that would limit the amount companies charge consumers using their debit cards. Shares of Visa (V, Fortune 500), MasterCard (MA, Fortune 500) and Capitol One Financial (COF, Fortune 500) all fell.

A variety of financial shares fell, dragging down the KBW Bank (BKX) index by 3.2%.

Market breadth was negative. On the New York Stock Exchange, losers beat winners 7 to 1 on volume of 1.52 billion shares. On the Nasdaq, decliners topped advancers five to one on volume of 2.6 billion.

World markets: Stocks around the globe were mostly lower as worries about the crisis took its toll. In Europe, Britain's FTSE lost 3.1%, Germany's DAX lost 3.1% and France's CAC 40 lost 4.6%.

Asian markets fell, with Japan's Nikkei losing 1.5% and Hong Kong's Hang Seng losing 1.4%.

Dollar and commodities: The dollar gained 1.4% versus the euro and fell 0.3% against the yen. The euro slid to an 18-month low versus the dollar.

U.S. light crude oil for June delivery dropped $2.79 to settle at $71.61 a barrel on the New York Mercantile Exchange.

COMEX gold for June delivery lost $1.40 to settle at $1,227.70 an ounce after touching an intraday record of $1,249.70 earlier.

Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.44% from 3.56% late Thursday. Treasury prices and yields move in opposite directions.
0:00 /0:58Retail stocks in flux

Retail sales: April retail sales rose 0.4%, the Commerce Department reported. The figure was double what economists surveyed by Briefing.com were expecting but weaker than the revised 2.1% climb in sales seen in March.

Retail sales excluding autos rose 0.4%, short of the 0.5% economists were expecting. Sales rose 1.2% in March.

Economy: The Federal Reserve said industrial production rose 0.8% in April, in line with expectations and following an increase of 0.2% in March. Capacity utilization rose to 73.7% from 73.1% in March. Economists expected 73.9%.

The University of Michigan's consumer sentiment index rose to 73.3 from 72.2. Economists expected it to rise to 73.5.

Business inventories rose 0.4% in March after gaining 0.4% in February, in line with estimates.

Image

Yahoo! Finance

4:35 pm : A broad-based selloff dropped stocks for sharp losses on Friday, but the stock market managed to preserve an impressive weekly gain.

Earlier this week stocks recorded one of their best single-session surges in years amid news that the European Union and International Monetary Fund pledged to provide support to eurozone countries with tenuous fiscal conditions. However, concerns regarding the ease in which funds can be disbursed to needy countries and whether countries in trouble can successfully execute austerity measures. Those concerns undermined Europe's bourses, such that Germany's DAX dropped 3.1%, Britain's FTSE fell 3.1%, and France's CAC dove 4.6%. Weakness in the French index was exacerbated by chatter that France could lose its AAA rating.

Caution surrounding the state of finances in Europe triggered renewed selling against the euro, which fell roughly 1.3% to a new one-year low of 1.2359 per dollar. That helped the Dollar Index ascend to a fresh 52-week high; it closed near that mark with a 0.9% gain.

Strength in the greenback was augmented by the many that sought safety as an element of uncertainty crept back into the macro picture. Such uncertainty prompted participants to sell stocks en masse. As such, nearly 98% of the names in the S&P 500 logged losses and all 30 Dow components dropped into the red.

Of the major sectors, weakness was most pronounced among financial issues -- the sector fell 2.7%. Visa (V 77.26, -8.47) and MasterCard (MA 212.45, -19.86) were key laggards after the Senate approved to adopt an amendment on interchange fees on debit transactions.

Utilities stocks suffered the smallest loss, but the sector still shed 0.8%.

As a result of such steep and broad-based losses, the Volatility Index closed nearly 18% higher. Though it is down approximately 25% from the 52-week high that it set last week, it is still up nearly 100% from the 52-week low that it recorded in mid-April.

Gold garnered support amid the increased volatility. In fact, the safety play climbed to a record high of almost $1250 per ounce ahead of the opening bell. However, it gave up its gain to finish pit trade with a fractional loss at $1227.80 per ounce.

Treasuries attracted plenty of support amid the stock market's tumble. As such, the benchmark 10-year Note closed roughly 20 ticks higher. That dropped its yield toward 3.45%.

Though safe havens were the strongest performers this session, the stock market was still able to close with a weekly gain of more than 2%. That follows two straight weekly losses.

As an aside, advance retail sales for April increased 0.4%, which is stronger than the expected increase of 0.2%. Retail sales less autos increased 0.4%, which is a bit less than the expected increase of 0.5%.

The preliminary May Consumer Sentiment Survey from the University of Michigan came in at 73.3, which is slightly below the 73.5 that had been expected, but it is still up from the prior reading of 72.2.

Advancing Sectors: (None)
Declining Sectors: Financials (-2.7%), Materials (-2.5%), Industrials (-2.1%), Tech (-2.0%), Energy (-2.0%), Consumer Discretionary (-1.7%), Health Care (-1.5%), Telecom (-1.1%), Consumer Staples (-0.9%), Utilities (-0.8%) DJ30 -162.79 NASDAQ -47.51 NQ100 -2.0% R2K -2.2% SP400 -2.4% SP500 -21.76 NASDAQ Adv/Vol/Dec 412/2.56 bln/2294 NYSE Adv/Vol/Dec 375/1.52 bln/2711

3:35 pm : The CRB Commodity Index fell a whopping 2.7% this session, as fears over weakness in the euro-zone resulted in a worldwide sell-off.

Energy commodities were sold precipitously, led by a 3.8% decline in the front month crude oil contract. Now at its lowest levels in over 3-months, the June crude oil contract is down almost 22% since May 3. Natural gas outperformed the rest of the energy commodities, the June contract fell just 0.7% to close at $4.31 per MMBtu.

Industrial commodities as a whole held up surprisingly well, finishing relatively flat. Although copper futures fell 3.1%, aluminum and nickel futures rose 2.3% and 1.0%, respectively.

Gold futures scaved off a significant decline. After reaching a new all-time high of $1249.70 per session in premarket trade, the June contract sold off at the open to hit a session low at $1217.60 per ounce. It recovered, though, to close slightly lower at $1227.80 per ounce. Silver futures saw similar price action; the July contract closed 1.4% lower at $19.23 per ounce. DJ30 -218.87 NASDAQ -62.44 SP500 -27.23 NASDAQ Adv/Vol/Dec 307/2.12 bln/2408 NYSE Adv/Vol/Dec 290/1.11 bln/2801

3:00 pm : In typical Friday afternoon fashion, action has become quite lackluster in that the stock market has been confined to a relatively narrow trading range.

Participation has been strong, though. As such, nearly 1 billion shares have already traded hands on the NYSE. High-volume trade has become the norm during recent weeks; in fact, single-session volume on the NYSE has been above 1.0 billion shares for 23 sessions in a row. DJ30 -202.77 NASDAQ -59.92 SP500 -26.83 NASDAQ Adv/Vol/Dec 297/1.92 bln/2401 NYSE Adv/Vol/Dec 274/990 mln/2806

2:30 pm : The stock market continues to drift along with a marked loss, which is its worst of the week, but still not as severe as it saw amid last week's "flash crash." Despite large back-to-back losses, which have combined for a 3% drop, the stock market is still in positive territory for 2010 -- up 1.4% year-to-date. DJ30 -206.32 NASDAQ -61.70 SP500 -26.60 NASDAQ Adv/Vol/Dec 299/1.77 bln/2388 NYSE Adv/Vol/Dec 270/911 mln/2795

2:00 pm : Stocks have entered into a sideways drift that has left them to trade with marked losses. Though the steady losses have left the stock market down more than 3% during the course of the last two sessions, it is still up nearly 2% week-to-date. Most of that cushion comes from the surge that stocks made earlier this week, when the European Union and International Monetary Fund announced a plan to support eurozone countries that face tenuous fiscal conditions.

Though the bailout plan for the eurozone initially spurred a rally among stocks, concerns have crept back in about how easily funds can be disbursed to needy countries and whether those countries can successfully execute austerity measures. Such concerns have caused the euro to get trampled, such that it registered a fresh 52-week low earlier this session and is now only slightly above that level as it trades with a 1.1% loss at 1.2396 versus the dollar. DJ30 -204.28 NASDAQ -61.21 SP500 -26.33 NASDAQ Adv/Vol/Dec 296/1.67 bln/2382 NYSE Adv/Vol/Dec 262/855 mln/2799

1:30 pm : Persistent selling pressure has left stocks to continue trading with widespread weakness. Stocks have managed to work their way up modestly from their session lows, though.

Still, broad-based weakness has 29 of the 30 Dow components in negative territory -- Travelers (TRV 50.42, +0.25) is the only blue chip currently in higher ground. The insurer's strength flies in the face of a 3.2% loss for the broader financial sector. DJ30 -203.75 NASDAQ -60.12 SP500 -26.45 NASDAQ Adv/Vol/Dec 296/1.54 bln/2358 NYSE Adv/Vol/Dec 254/785 mln/2798

1:00 pm : Renewed selling pressure has battered stocks, but traditional safe havens have benefited as a result.

Stocks have been on the backslide for the entire session. The weakness initially took root amid ongoing concerns about the tenuous fiscal state of finances in several eurozone countries. While most of the negative light has been on Portugal, Italy, Ireland, Greece, and Spain, collectively the PIIGS contingent, there has been chatter that France's sovereign debt could be hit by a downgrade. Those concerns culminated in sharp losses for Europe's bourses and a weaker euro, which has broken down below the key 1.25 level against the dollar. The euro is currently down 1.0% to 1.2407 per dollar.

The euro's weakness has only made the dollar more attractive to investors seeking safety. In turn, the dollar has made its way to a fractionally improved 52-week high. It is currently up 0.6% against a basket of competing currencies.

Gains by the greenback have also been helped by mounting losses among stocks. Some of the worst losses have come from the financial sector, which is presently down 2.7% after it had been down in excess of 3%. Visa (V 77.01, -8.72) and MasterCard (MA 212.01, -20.30) are a couple of key laggards following news of a Senate approval to adopt an amendment on interchange fees on debit transactions.

Tech stocks aren't far behind, however. Their 2.6% loss stems largely from a 4.0% drop among semiconductor stocks.

Overall, some 95% of the stocks in the S&P 500 are in the red. Volatility has spiked as a result of such widespread weakness. In turn, the Volatility Index is up 20%.

The climb in volatility and the selloff among stocks has triggered support for Treasuries. In turn, the benchmark 10-year Note is up nearly a full point.

Stock market weakness and an increased sense of uncertainty have also helped win support for gold. The yellow metal made its way to a new record high near $1250 per ounce earlier this session. It has since pulled back to trade unchanged mark at $1228 per ounce.

Though gold has held up well, the confluence of a weak stock market and a stronger dollar has hurt the rest of the commodities space. In turn, the CRB Commodity Index is down 2.4% at the moment. Oil is a primary source of weakness as it trades with a 3.4% loss at $71.70 per barrel, a three-month low. DJ30 -175.04 NASDAQ -56.73 SP500 -22.20 NASDAQ Adv/Vol/Dec 271/1.44 bln/2360 NYSE Adv/Vol/Dec 252/730 mln/2783

12:30 pm : The financial sector has descended to a 3.3% loss, which puts it at a session low. Visa (V 76.89, -8.84) and MasterCard (MA 211.91, -20.40) are a couple of key laggards following news of a Senate approval to adopt an amendment on interchange fees on debit transactions. Visa and MasterCard currently charge interchange fees based on a percentage of a transaction amount.

Heavyweights Citigroup (C 3.93, -0.17), Bank of America (BAC 16.26, -0.62), and JPMorgan Chase (JPM 39.49, -1.32) have also created a considerable drag on the sector. Their weakness comes amid heavy trading volume. DJ30 -208.44 NASDAQ -62.92 SP500 -27.21 NASDAQ Adv/Vol/Dec 256/1.30 bln/2352 NYSE Adv/Vol/Dec 213/665 mln/2814

12:00 pm : Semiconductor stocks have come under an intense bout of selling pressure, such that the Philadelphia Semiconductor Index is now down 4.7%. That degree of weakness has weighed on the broader tech sector, which is now down 3.0% to trade with one of the worst losses of any major sector. In turn, the tech sector is back in the red for the year, down 2.3% year-to-date. DJ30 -205.87 NASDAQ -64.35 SP500 -27.11 NASDAQ Adv/Vol/Dec 262/1.16 bln/2323 NYSE Adv/Vol/Dec 210/590 mln/2786

11:30 am : Stocks recently extended their slide to a fresh session low. The move has been broad based with eight of the 10 major sectors in the S&P 500 down in excess of 1.0% -- only utilities (-0.8%) and consumer staples (-0.9%) have managed to remain on the higher side of that mark.

Meanwhile, the greenback continues to gain ground against competing currencies. The dollar is now up 0.8% to a fresh session high and fractionally improved one-year high. Most of its gain has come against the euro, which has broken down below the key 1.25 level to trade with a 1.2% loss at 1.2390 per dollar.

The confluence of weakness among stocks and gains by the greenback has put commodities under considerable pressure. As such, the CRB Commodity Index is down 2.1% at the moment. Oil is a primary source of weakness as it trades with a 3.0% loss at$72.10 per barrel, a three-month low. DJ30 -174.36 NASDAQ -57.50 SP500 -23.82 NASDAQ Adv/Vol/Dec 275/1.01 bln/2275 NYSE Adv/Vol/Dec 228/515 mln/2733

11:00 am : The Dow is on pace for its tenth 100-point move in the last 12 sessions. Such volatility has caused the Volatility Index (VIX) to spike in recent weeks -- the VIX is up 100% since mid-April. It had cooled a bit during the past few sessions, but it is up some 17% this session.

Amid such volatility, many market participants have turned cautious and, in turn, pursued traditional safe havens like the dollar and gold. The greenback has made its way to a 0.6% gain against competing currencies this session. That puts it at a fractionally improved 52-week high.

Earlier this morning gold prices actually reached new all-time highs, which were just shy of $1250 per ounce, but it has since been hit with some profit taking. Gold prices were last quoted at $1227 per ounce, down 0.2% for the session. DJ30 -140.95 NASDAQ -44.90 SP500 -18.93 NASDAQ Adv/Vol/Dec 314/776 mln/2197 NYSE Adv/Vol/Dec 269/395 mln/2645

10:30 am : The Dollar Index rallied around 9:00 AM ET in a move that pushed most commodities lower, but gold has managed to stay relatively strong.

June crude oil contract prices have been in the red all session. They put in session lows of $72.72 per barrel in early morning trade. Prices have since managed to recover a portion of their losses, but they still contend with a 1.8% loss at $73.03 per barrel.

June natural gas prices have also been mired in the red. The energy component momentarily pushed into positive territory around 9:00 AM ET amid a downturn by the dollar. However, a reversal by the buck to higher levels pushed natural gas prices to a new session low of $4.27 per MMBtu. Currently, natural gas is at $4.30 per MMBtu, down 0.8%.

Gold prices have been higher all session. Contracts for June hit record highs of $1249.70 per ounce in early morning trade, but lost about $14 per ounce on the dollar's recent rally. Still, the precious metal has managed to stay in positive territory and is currently at $1234.40 per ounce, up 0.4%.

July silver also took a hit on the dollar index's earlier rally. Silver slipped into negative territory and to session lows of $19.40 per ounce, but the metal has moved up to $19.43 per ounce to trade with a 0.4% loss. DJ30 -119.19 NASDAQ -40.69 SP500 -15.94 NASDAQ Adv/Vol/Dec 317/596.7 mln/2136 NYSE Adv/Vol/Dec 276/308.2 mln/2608

10:00 am : Stocks continue to trade with widespread weakness following the recent release of a couple of widely-followed reports.

The preliminary May Consumer Sentiment Survey from the University of Michigan came in at 73.3, which is slightly below the 73.5 that had been expected, but it is still up from the prior reading of 72.2.

Business inventories for March increased 0.4%, as expected, after they had increased 0.5% in the prior month. DJ30 -140.04 NASDAQ -47.03 SP500 -18.62 NASDAQ Adv/Vol/Dec 269/351 mln/2088 NYSE Adv/Vol/Dec 223/191 mln/2530

09:40 am : A stiff bout of selling has greeted stocks in the first few minutes of trade. The effort has been broad based with the Dow, S&P 500, S&P 400, Nasdaq Composite, Nasdaq 100, and Russell 2000 all down in excess of 1%.

Weakness is currently most pronounced among the heaviest sectors. Accordingly, tech and financials are both down 1.7%. Meanwhile, energy stocks are down 1.4%.

Treasuries have made a strong move higher amid this morning's selloff. The benchmark 10-year Note is already up 17 ticks, such that its yield is back near 3.45%. DJ30 -103.69 NASDAQ -33.59 SP500 -14.16 NASDAQ Adv/Vol/Dec 278/146 mln/1941 NYSE Adv/Vol/Dec 239/104 mln/2402

09:20 am : S&P futures vs fair value: -10.80. Nasdaq futures vs fair value: -15.50. Stocks are still up more than 4% week-to-date as they sit cushioned on the gains that followed news earlier this week of a eurozone bailout plan. However, the tone around that announcement has turned from one of excitement to concern as investors question how easily the dubious fiscal practices of the eurozone's members can be remedied. Such concern has sent the euro to a fresh 52-week low and propped up the dollar, which is often favored by safety seekers. Gold also continues to gain amid the renewed sense of uncertainty; the yellow metal registered new record highs near $1250 per ounce earlier this morning. Economic data hasn't done anything to improve the mood among premarket participants, even though the Advance Retail Sales Report for April was generally solid and April industrial production and capacity utilization figures were in-line with expectations.

09:00 am : S&P futures vs fair value: -8.90. Nasdaq futures vs fair value: -13.30. Stock futures remain under pressure, though they have worked their way up from morning lows. Overseas action is also weak. France's CAC currently leads the slide in Europe -- the index is down 2.2% at the moment. Of its 40 components, only EADS is in higher ground. BNP Paribas, Total (TOT), and Societe Generale account for the heaviest weights on trade. In Germany, the DAX has dropped 1.1. Allianz (AZ) and Siemens (SI) top the list of laggards, but BMW has managed to garner modest support. In Britain, the FTSE has fallen to a 1.6% loss. More than 90% of its listings are in the red. BP Plc (BP), HSBC (HBC), and Barclays (BCS) lead that list. Wolseley is a leader among advancers, though. In Asia, Japan's Nikkei retreated to a 1.5% loss. Fanuc LTD was a primary source of weakness, which more than offset strength in ALPS ElectronicIn Hong Kong, the Hang Seng shed 1.4%. Tencent Holdings was strong for the second stright session, but the broader index was led lower by HSBC and China Mobile. In Mainland China, the Shanghai Composite fell 0.5% even though its advancing issues and decliners were in near perfect balance.

08:35 am : S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -15.50. Stock futures continue to trade with weakness in the wake of the latest in retail sales data. Advance retail sales for April increased 0.4%, which is stronger than the expected increase of 0.2%. Retail sales less autos increased 0.4%, which is a bit less than the expected increase of 0.5%.

08:00 am : S&P futures vs fair value: -8.40. Nasdaq futures vs fair value: -10.30. Stocks rolled over late in the prior session to close with marked losses. That weakness has imbued overseas markets, which have helped perpetuate renewed selling among stock futures for domestic markets. Amid such apparent weakness among stocks, some participants have rotated into the dollar, which is up 0.2% to trade at a fractionally improved one-year high against a basket of competing currencies. An interest in safety has garnered support for gold in the face of the greenback's gain, such that futures contracts recently priced the yellow metal 1.4% higher at $1246.70 per ounce. Earlier this morning it registered a new record high just below $1250 per ounce. Only a few quarterly announcements have been made this morning. Lackluster results from Nordstrom (JWN) and J.C. Penney (JCP) have hampered shares of the retailers ahead of the Advance Retail Sales Report at 8:30 AM ET. Capacity utilization and industrial production figures for April follow at 9:15 AM ET. The preliminary May reading on consumer confidence from University of Michigan comes at 9:55 AM ET. Business inventory data for March is due at 10:00 AM ET.

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

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

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