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 Post subject: August 30th Monday 2010 Emini TF ($TF_F) points +3.60
PostPosted: Mon Aug 30, 2010 10:03 pm 
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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 Youtube 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=77&t=607

click on the below images to view normal size
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Trade Performance for Today: +3.60 points or $360 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures.
1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.

Quote:
Today's results are 3 wins : 4 losses : 1 breakeven (see above #FuturesTrades log). It was a very tough trading day in my return back to normal trading from vacation. However, it was tough due to data problems and family distractions (hectic for the kids first day back to school). However, I missed a few good trade opportunities along with doing some heavy website work (way behind schedule due to the vacation). Tomorrow should be almost back to normal with less distractions. The key missed trade today was @ 1257pm est as a Short signal.

FYI - You can ask me questions here at the forum or you can tweet me on twitter about any thing 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 and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=119. However, you must join the TSL Support Forum to access the free study guide. To register...click here.

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

Image Daily Trade Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=120&t=731

------------------------------

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

U.S. Stocks Fall After Personal Income Trails Forecasts: Video
Aug. 30 (Bloomberg) -- Bloomberg's Elizabeth Faublas reports on the performance of the U.S. equity market today. Stocks fell, erasing the previous session's advance, after a smaller-than-forecast gain in personal incomes added to concern the economic rebound may slow further. Bloomberg's Pimm Fox also speaks.

Stocks Drop As Fear Returns
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By Ben Rooney, staff reporter
August 30, 2010: 4:58 PM ET

NEW YORK (CNNMoney.com) -- Stocks fell sharply late Monday, ending a lackluster session more than 1% lower, as the tone on Wall Street turned bearish ahead of big economic reports due later this week.

The Dow Jones industrial average (INDU) slumped 141 points, or about 1.4%, to close The S&P 500 (SPX) slid 15 points, or 1.5%, and the Nasdaq (COMP) composite shed 33 points, or 1.5%.

Stocks opened lower as investors responded to a mixed report on American consumers, a pair of billion-dollar corporate deals and a move by the Bank of Japan to shore up its economy. But the selling gained momentum late in the session as the few traders who aren't on vacation this week turned cautious.

"There's nothing to take us higher so we're continuing to go lower," said Dan Greenhaus, chief economic strategist at Miller, Tabak and Co. With volume expected to be light this week, Greenhaus said he wouldn't be surprised to see some big swings.

"It's tough to read anything into the action on days like this when volume is so low," he said. "What we're hoping for now is for some stability in the data to put a floor under stocks."

The economy will continue to be a big driver this week, with reports on consumer spending, home sales and manufacturing activity on tap. But mostly, investors are gearing up for the government's monthly jobs report, due before the opening bell Friday.

Looking ahead, investors will take in a reading on consumer confidence before the market opens on Tuesday. Reports on home prices and regional manufacturing activity are also due in the morning. In the afternoon, the Federal Reserve will release minutes from its most recent policy meeting.

Meanwhile, Friday's sell-off was broad based, with all but one Dow stock falling. Among the biggest losers on the blue chip measure were 3M (MMM, Fortune 500), Caterpillar (CAT, Fortune 500) and American Express (AXP, Fortune 500).

Market breadth was negative. Declining shares outnumbered advancing shares by five to two on the New York Stock Exchange. Trading volume was anemic, with 818 million shares changing hands.

Stocks rallied at the end of last week, to gain nearly 2% on Friday. But all three major indexes ended the week lower and are on track to post monthly declines.

Economy: A government report showed that personal income rose 0.2% in July, in line with expectations.

The report said consumer spending outpaced income growth, rising 0.4% in July. Economists surveyed by Briefing.com were expecting spending to rise 0.3% during the month, after a 0.1% rise the month before.

But personal savings, as a portion of disposable income, came in lower than the previous month.

Merger Monday French drugmaker Sanofi-Aventis (SNY) agreed to buy biotech firm Genzyme (GENZ, Fortune 500) in an $18.5 billion cash deal. Genzyme has reportedly been snubbing Sanofi's advances for the past month, prompting the French firm to send a so-called 'bear hug' letter that is one stop short of a hostile takeover.

Shares of Sanofi fell about 1% and Genzyme's stock rallied 3.4%.
0:00 /:53Intel's dealmaking spree

Giant chipmaker Intel (INTC, Fortune 500)'s stock fell 1.6% after the company inked a deal to acquire the wireless unit of German chipmaker Infineon Technologies in an all-cash deal valued at $1.4 billion. Intel recently purchased security technology firm McAfee Inc. (MFE) for $7.7 billion in cash on Aug. 19. On Friday, Intel warned its third-quarter sales would fall short of its previous forecast.

3M (MMM, Fortune 500) said it will acquire biometric security company Cogent Systems (COGT) for $10.50 per share in a deal valued at $943 million. Shares of 3M slipped 1.6%.

The bidding war for 3PAR (PAR) continues. HP (HPQ, Fortune 500) has currently topped Dell (DELL, Fortune 500), with their bid of $2 billion, or $30 per share, that was made on Friday.

"We've seen a lot of cash build up on balance sheets [but] revenue growth prospects are still limited" said Bruce McCain, chief market strategist at Key Private Bank, adding that companies will probably continue to focus on cost cutting to boost profits.

Japan: The Bank of Japan announced steps at an emergency meeting Monday to curb the yen's strength and lift the country's struggling economy.

The central bank announced a new ¥10 trillion, or $117.15 billion, six-month loan program for financial institutions, in addition to the ¥20 trillion it has been offering in three-month loans. The bank also held its key-interest rate at 0.1%.

But some analysts said the move was not aggressive enough to boost Japan's ailing economy.

"It's another reminder that growth is slow," said McCain, in reference to the BOJ plan. "That anxiety doesn't help when people are already concerned about the slow growth cycle and double-dip fears haven't been vanquished."

World markets: European shares ended the day mixed. The CAC 40 in France and the DAX in Germany both fell about 0.6%. Britain's FTSE 100 climbed 0.9%.

Asian markets ended higher, following the Bank of Japan's announcement to ease monetary pressure. Japan's benchmark Nikkei index jumped up 1.8%, and the Shanghai Composite rose 1.6%. The Hang Seng in Hong Kong added 0.7%.

Currencies and commodities: The dollar rose against the euro and the British pound, but fell versus the Japanese yen.

Oil futures for October delivery slipped 63 cents to $74.54 a barrel. Gold for December delivery gained $1.30 to $1,239.20 an ounce.

Bonds: The yield on the 10-year Treasury note fell to 2.54% from 2.64% late Friday.

Image

Yahoo! Finance

4:30 pm : Market participants showed caution amid a looming monthly jobs report. Their unwillingness to step in and provide support left the major averages to a gradually descend to another deep loss.

Stocks failed to pick up where they left off last week. There were no notable earnings announcements, but merger and acquisition activity continues in the face of economic uncertainty. Among those in the headlines, Intel (INTC 17.96, -0.41) announced plans to acquire the wireless unit Infineon Technologies for $1.4 billion in cash.

Meanwhile, drug maker Sanofi-Aventis (SNY 28.63, -0.29) offered $18.5 billion in cash to acquire Genzyme (GENZ 69.91, +2.29). Genzyme immediately rejected the offer as inadequate.

The bidding battle between Hewlett-Packard (HPQ 38.56, +0.56) and Dell (DELL 12.02, +0.13) for 3Par (PAR 31.82, -0.64) took turn over the weekend as 3Par deemed HP's bid of $30 per share superior to the offer of $27 per share that it had already accepted from Dell.

Dow component 3M (MMM 79.65, -1.35) will pay for $430 million, or $10.50 for each share of Cogent (COGT 11.09, +2.18).

Though M&A activity is typically regarded as a bullish sign, buyers weren't inspired.

Today's data also failed to motivate. Personal income for July increased 0.2%, as had been expected by economists surveyed by Briefing.com. Spending for the month increased 0.4%, which was a bit better than the 0.3% increase that had been anticipated, but core personal consumption expenditures (PCE) increased just 0.1% month-over month, as expected.

Barring any big surprises, most data in coming sessions will also be met with a muted response since many are likely to remain on the sidelines ahead of the always-pivotal monthly payrolls report, the latest of which is due this coming Friday. Many are looking to corporate hiring as a clue about business and consumer health.

Uncertainty ahead of the report kept many participants on the sidelines, such that trading volume on the NYSE barely broke 800 million shares, which marks one of the thinnest sessions this year. Those that did trade took the opportunity to pare their positions. That left the stock market to gradually grind its way lower. Sharp, broad-based losses almost completely unwound the strong gains of this past Friday.

Pressure was most pronounced among financial stocks, which slumped 2.2%. Banking plays were especially weak. As such, the KBW Bank Index dropped 2.7% so that it is back to within a couple of points of its 2010 low.

Amid the stock market's slide, the Volatility Index, often euphemistically dubbed the "Fear Gauge," spiked 11%.

Treasuries found favor as a result of heightened volatility and sharp losses. Specifically, the benchmark 10-year Note climbed a full point so that its yield dropped back toward 2.53%.

The dollar garnered some support, such that it advanced 0.3% against a basket of competing currencies. Most of its move came because of a 0.8% loss in the euro, but the impact of that slide was tempered by a 0.8% gain in the yen, which advanced after Japan's central bank failed to intervene in the currency. Instead, Japan's central bank used an emergency meeting to increase credit to banks.

Advancing Sectors: (None)
Declining Sectors: Financials (-2.2%), Industrials (-1.6%), Consumer Discretionary (-1.8%), Energy (-1.6%), Utilities (-1.4%), Materials (-1.4%), Tech (-1.2%), Telecom (-1.2%), Health Care (-1.1%), Consumer Staples (-0.9%)DJ30 -140.92 NASDAQ -33.66 NQ100 -1.1% R2K -2.4% SP400 -1.8% SP500 -15.67 NASDAQ Adv/Vol/Dec 530/1.61 bln/2088 NYSE Adv/Vol/Dec 668/817 mln/2317

3:30 pm : It was a somewhat uneventful session for commodities today, with only natural gas futures making a decisive move higher. As a whole, the energy sector gained 0.3% while precious metals closed unchanged on the day.

Oct natural gas futures closed higher by 3% to $3.82 per MMBtu, rallying following last week's ~11% sell off. Short covering and forecasts for warmer-than-usual temperatures in the Northeast pushed prices higher today. Meanwhile, Oct crude finished quietly lower at $74.70, off 0.6%.

It was a quiet session for Dec gold, which ended up 0.1% to $1239.00 per ounce, and Sept silver, which shed -0.1% to close at $19.03 per ounce.DJ30 -103.46 NASDAQ -26.32 SP500 -12.03 NASDAQ Adv/Vol/Dec 592/1.2 bln/2001 NYSE Adv/Vol/Dec 756/506.1 mln/2203

3:00 pm : Semiconductor stocks have slumped to a 2.0% loss. Despite such pronounced weakness, the tech-rich Nasdaq continues to trade closely in line with its counterparts. Apple (AAPL 244.23, +2.61) has helped the Nasdaq; it has been a primary source of support for the entire session.

The final hour approaches and stocks remain near session lows. Though action up to this point has been largely uneventful, the final hour of trade often sees some dramatic swings. DJ30 -76.37 NASDAQ -18.32 SP500 -8.64 NASDAQ Adv/Vol/Dec 699/1.13 bln/1888 NYSE Adv/Vol/Dec 879/454 mln/2103

2:30 pm : Stocks remain mired near their worst levels of the day. The tempo of trade also remains sluggish.

Meanwhile, the dollar has managed to make its way to a fresh session high. It now sports a solid gain of 0.3%. Most of the dollar's advance comes as a result of a slide in the euro, which is now down 0.7% against the greenback. DJ30 -76.39 NASDAQ -18.74 SP500 -8.21 NASDAQ Adv/Vol/Dec 664/1.00 bln/1923 NYSE Adv/Vol/Dec 783/390 mln/2174

2:00 pm : The S&P 500 is stuck near session lows around the 1055 line. Weakness is widespread with all 10 sectors in the red. That has stoked volatility, such that the Volatility Index is up 8%.

Participation has been unimpressive this session. Specifically, trading volume on the NYSE has yet to come close to breaking a half billion shares. The lackluster participation rate has been a trend of recent weeks and will likely persist this week as many cautiously await the monthly jobs report and other desks become thinly staffed ahead of the extended Labor Day weekend. DJ30 -77.73 NASDAQ -19.47 SP500 -8.71 NASDAQ Adv/Vol/Dec 707/929 mln/1848 NYSE Adv/Vol/Dec 849/355 mln/2084

1:30 pm : Stocks recently made an attempt to curtail some of their losses, but sellers have since redoubled their efforts to send stocks to fresh session lows. Losses are becoming more material as four of the major sectors in the S&P 500 fall to losses of more than 1% -- utilities (-1.1%), industrials (-1.1%), consumer discretionary (-1.2%), financials (-1.3%).

Losses are even more pronounced among small-caps and mid-caps. Respectively, they are down 1.2% and 1.4%. This session's slide has taken the S&P 400 Mid-Cap Index back in to the red for 2010; the Index is now down 0.1% year-to-date. DJ30 -83.22 NASDAQ -19.40 SP500 -8.90 NASDAQ Adv/Vol/Dec 762/854 mln/1760 NYSE Adv/Vol/Dec 986/320 mln/1926

1:00 pm : The stock market finished last week with one of its strongest moves of the month, but selling has resumed so that the major equity averages are back on a downward path.

With Friday's always-pivotal monthly jobs report looming, personal income and spending figures for July did little to excite participants this morning. Both income and spending made in-line increases.

Overseas markets failed to provide a clear indication of investor sentiment as the major averages in Asia climbed after Japan's central bank failed to intervene in the yen after the currency set a 15-year high against the greenback last week. Instead, the central bank held an emergency meeting to increase credit to banks.

Conversely, a couple of Europe's major bourses - the DAX and CAC - fell to moderate losses. The euro has also succumbed to selling.

Despite the widely held belief that merger and acquisition activity is a bullish indicator, buyers have shown little motivation following news that Intel (INTC 18.02, -0.35) will acquire the wireless unit Infineon Technologies for $1.4 billion in cash. Just last week Intel disappointed investors with downside revenue guidance.

Drug maker Sanofi-Aventis (SNY 28.87, -0.05) offered $18.5 billion in cash to acquire Genzyme (GENZ 70.12, +2.50), but Genzyme immediately rejected the offer.

The battle between Hewlett-Packard (HPQ 38.98, +0.98) and Dell (DELL 12.19, +0.30) for 3Par (PAR 31.50, -0.96) remains ongoing. After 3Par had accepted an offer of $27 per share from Dell last week, its board most recently stated that it has deemed a $30 per share offer from HP to be superior.

Elsewhere, Cogent (COGT 10.77, +1.86) agreed to be acquired by 3M (MMM 80.30 -0.70) for $430 million, or $10.50 per share. DJ30 -59.03 NASDAQ -13.40 SP500 -6.21 NASDAQ Adv/Vol/Dec 750/784 mln/1756 NYSE Adv/Vol/Dec 928/291 mln/1971

12:30 pm : The major equity averages are stuck near session lows, but airline stocks have held up relatively well amid broader market pressure. As such, the Amex Airline Index is down with just a fractional loss at the moment. Within the airline space, the proposed merger between UAL Corp (UAUA 20.94, +0.49) and Continental Airlines (CAL 22.12, +0.32) has been approved by the Department of Justice. DJ30 -66.04 NASDAQ -16.20 SP500 -7.37 NASDAQ Adv/Vol/Dec 696/720 mln/1803 NYSE Adv/Vol/Dec 839/260 mln/2046

12:00 pm : Stocks recently went on the retreat to set fresh session lows. The move has led to marked losses, but nothing too severe. In turn, sellers have only cut into a modest portion of this past Friday's gain, which was its best in three weeks.

Treasuries continue to find favor amid the stock market's downturn. As such, the benchmark 10-year Note is nearly up a full point.

The dollar has made its way to a slight gain of less than 0.2%. Meanwhile, the euro has retreated to a 0.6% loss against the greenback. DJ30 -64.64 NASDAQ -15.42 SP500 -7.50 NASDAQ Adv/Vol/Dec 706/643 mln/1775 NYSE Adv/Vol/Dec 799/238 mln/2058

11:30 am : Stocks have retreated a bit and are now back near session lows. The choppy action this session comes amid a lack of leadership and a sense of uncertainty among market participants ahead of the always-pivotal payrolls report this coming Friday. With so many investors wanting clear signs that the economy is improving and that a stronger pace of output is sustainable, the payrolls report has become a primary catalyst for trade since it offers insight into the health of businesses and carries implications for consumer spending. DJ30 -48.59 NASDAQ -9.52 SP500 -5.08 NASDAQ Adv/Vol/Dec 747/556 mln/1594 NYSE Adv/Vol/Dec 959/208 mln/1854

11:00 am : Stocks have retraced most of their recent slide so that overall losses between the Dow, Nasdaq Composite, and S&P 500 remain modest.

Still, tech stocks (+0.1%) make up the only major sector that has managed to muster a gain. Financials remain at the opposite end of the spectrum. As a group, financials are currently down 0.9%, more than any other major sector, as shares of bank stocks like Wells Fargo (WFC 23.52, -0.48), Bank of America (BAC 12.49, -0.15), and Citigroup (C 3.73, -0.04) remain under pressure. The latter two issues are among this session's four most actively traded names by volume. DJ30 -27.74 NASDAQ -6.18 SP500 -2.92 NASDAQ Adv/Vol/Dec 722/448 mln/1666 NYSE Adv/Vol/Dec 891/165 mln/1884

10:35 am : Most commodities (14 of 19) in the CRB Index are trading higher this morning despite strength in the dollar index. However, the three worst performers in the index are coming from the energy market (crude, heating oil, RBOB gasoline).

October crude oil has been on a steady downtrend since moving into negative territory during the overnight session. Crude's current session lows of $74.17 per barrel were hit around 9:30am ET. Currently, the energy component is trading just above that level at $74.24 per barrel, down 1.2%.

In the natural gas space, the October contract began to rally around 8:00am ET and hit current session highs of $3.84 per MMBtu 30 minutes ago. Today's strength comes after natural gas was the worst performing commodity in the CRB Index last week with a loss of 11.7%. Currently, natural gas is back at its session high and is up 3.8%.

Precious metals pulled back in recent activity as the dollar index remains near recently hit highs of 83.118. December gold fell back in the red, barely under the flat line, at $1237.30 per ounce. September silver pulled back to the unchanged line at $19.04 per ounce.DJ30 -49.95 NASDAQ -10.17 SP500 -5.28 NASDAQ Adv/Vol/Dec 883/282.9 mln/1417 NYSE Adv/Vol/Dec 1086/103.7 mln/1617

10:00 am : The three major equity averages recently made their way toward the neutral line, but each was rejected there. Stocks are now back to chopping along in the red with slight losses.

Volatility is up a bit this morning. Specifically, the Volatility Index is up 5.0%. That comes after Friday's near 11% drop, which was its sharpest single-session slide in more than two months.

Amid the increase in volatility and choppy action of the stock market, Treasuries have made a nice climb. As such, the benchmark 10-year Note is up 14 ticks, which has been enough to take its yield back below 2.60%.

Advancing Sectors: Tech (+0.2%), Consumer Staples (+0.2%), Health Care (+0.1%)
Declining Sectors: Financials (-0.6%), Telecom (-0.2%), Utilities (-0.1%), Materials (-0.1%)
Unchanged: Consumer Discretionary, Energy, IndustrialsDJ30 -9.39 NASDAQ -0.98 SP500 -1.04 NASDAQ Adv/Vol/Dec 765/141 mln/1381 NYSE Adv/Vol/Dec 1030/55 mln/1547

09:45 am : The broader market is down slightly in the first few minutes of trade, but banking issues have run into a relatively stiff selling effort at the open. In turn, the KBW Bank Index is down 1.0%. That puts it on course for its seventh loss in eight sessions and back near its 2010 lows.

Tech stocks are showing some strength. The sector is currently up 0.2% at the moment. Most of that comes at the hand of strong gains by computer hardware plays like Hewlett-Packard (HPQ 39.49, +1.49) and Dell (DELL 12.15, +0.26), both of which remain in a bidding battle for 3Par (PAR 32.00, -0.46). DJ30 -12.41 NASDAQ -1.83 SP500 -1.00

09:15 am : S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -3.80. Premarket selling currently appears contained, but stock futures are still near morning lows with only a few minutes remaining before the open. Spending and income data for July didn't bring any major surprises as increases in both were generally in-line with expectations. Corporate headlines include continued battling between Hewlett-Packard (HPQ) and Dell (DELL) for 3Par (PAR), which appears willing to solicit itself to the highest bidder. Meanwhile, Intel (INTC) announced it will acquire the wireless unit Infineon Technologies for $1.4 billion in cash and Sanofi-Aventis (SNY) has offered to pay $18.5 billion in cash to acquire Genzyme (GENZ). Genzyme immediately refused the offer, though. Overseas markets haven't given any clear clues for trade. Asia's averages moved markedly higher, but finished off of their highs amid disappointment that Japan's central bank did nothing to intervene in the yen, which remains near 15-year highs against the greenback. As for Europe, Britain's FTSE is closed, but Germany's DAX and France's CAC have slipped to moderate losses. The euro is also under pressure.

09:00 am : S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -4.00. Futures for the S&P 500 have slipped a bit so that they now trade with moderate weakness. Europe's major bourses opened with solid gains, but they quickly descended. Though off of its session low, Germany's DAX is down 0.4%. Declining issues outnumber advancers by 2-to-1. Man SE, BMW, and Infineon Technologies have weighed heavily on trade. Infineon plans to sell its wireless unit to Intel (INTC) for $1.4 billion in cash. In France, the CAC is off by 0.5%. France Telecom has hampered action, while Sanofi-Aventis (SNY) has offered to pay $18.5 billion, or $69 per share, in cash to acquire Genzyme (GENZ), but Genzyme immediately refused the offer. Britain's FTSE is closed for the session.

In Asia, Japan's Nikkei advanced 1.8% as more than 90% of its components climbed. It had been up as much as 2.4% at the open. The pullback came after participants there were disappointed that the country's central bank used an emergency meeting to keep the key lending rate at 0.1% and to expand credit to banks by 10 trillion yen to 30 trillion yen, rather than to intervene in the yen, which remains near the 15-year high that it set last week against the dollar. The currency has climbed to a 0.6% gain to trade near 84.8 yen per dollar. In mainland China, the Shanghai Composite climbed 1.6%. More than 90% of its holdings staged gains. China Shenhua and energy plays PetroChina (PTR) and China Petroleum (SNP) were primary leaders. Hong Kong's Hang Seng swung to a 0.7% gain. It was led by banking issues like HSBC (HBC), Industrial & Commercial Bank, and China Construction Bank. Telecom heavyweight China Mobile lagged considerably, though.

08:35 am : S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +0.30. Stock futures have made a minor improvement with the release of the latest data, but the overall tone to premarket trade is still rather tepid. Personal income for July increased 0.2%, which is in step with what had been expected, on average, by economists surveyed by Briefing.com. The July income figure follows a flat reading for June. Spending was also flat in June, but in July spending increased 0.4% to exceed the 0.3% increase that a sample of economists had expected, on average. Core personal consumption expenditures (PCE) increased just 0.1% month-over month, as expected. Core PCE was flat in the prior month.

08:15 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: -1.30. Asia's major market averages made strong advances overnight, but actually finished off of highs following news that Japan's central bank voted during an emergency meeting to keep the key lending rate at 0.1% and to expand credit to banks by 10 trillion yen to 30 trillion yen. Many thought the meeting was intended to intervene in the strengthening yen, but the yen has responded to the central bank's move by climbing back below 84.6 yen per dollar. As for Europe, a steady downward drift since the open has left the continent's major bourses to trade with modest losses. The euro has been on a steady slide as well. A lower-than-expected eurozone business climate indicator hasn't helped the mood there. Domestic stock futures are flat after grinding lower overnight. Meanwhile, the dollar is down fractionally against a basket of competing currencies. The latest corporate news has centered on mergers and acquisitions. Among the latest headlines, 3Par (PAR) has determined that the offer to be acquired for $30 per share by Hewlett-Packard (HPQ) is better than the $27 per share offered by Dell (DELL) last week. This comes after 3Par had already accepted a lower offer from Dell. Intel (INTC) will acquire the wireless unit Infineon Technologies for $1.4 billion in cash. The announcement comes after Intel issued disappointing revenue guidance this past Friday. Sanofi-Aventis (SNY) has offered to pay $18.5 billion, or $69 per share, in cash to acquire Genzyme (GENZ). Genzyme immediately refused the offer. The only domestic data due today includes personal income and spending figures for July. The data are due at the bottom of the hour.

06:30 am : S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: +3.30.

06:30 am : Nikkei...9149.26...+158.20...+1.80%. Hang Seng...20737.22...+139.90...+0.70%.

06:30 am : FTSE...Holiday......... DAX...5955.44...+5.20...+0.10%.

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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