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 Post subject: December 17th Friday 2010 Emini TF ($TF_F) points +2.80
PostPosted: Sat Dec 18, 2010 8:52 pm 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Only Trading (no indicators)

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click on the above image to view today's trading summary

Quote:
The dividend payments in several key markets I watch caused some big gap down at the open on regular session trading charts. This caused a problem for me because these key markets are very helpful in my futures trades when markets are in sync (highly correlated) that may have been more offset due to today being Quadruple Witching. Thus, I did only a few trades and spent most of the trading day just watching because the price action was too confusing to me. Simply, today is one example that it's best to lurk on the sideline when the odds aren't in your favor.

Trade Performance for Today: +2.80 points or $280 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
1 tick or 0.10 = $10.00 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.

In addition, today's #FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=84&t=707

Also, posted below are direct links to information about my 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).

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/viewtopic.php?f=5&t=180.

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

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=128&t=854

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Image Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.

Image Bloomberg (Youtube) - Most U.S. Stocks Rise as Profits Offset Europe Concerns



Image CNNMoney.com - Stocks end quiet session at 2-year highs
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click on the above image to view today's price action of key markets

By Blake Ellis, staff reporter
December 17, 2010: 5:11 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks ended little changed on Friday, hovering at two-year highs hit in the previous session, as President Obama signed a tax-cut plan into law.

The Dow Jones industrial average (INDU) ticked down 7 points; the S&P 500 (SPX) edged up 1 point and the Nasdaq (COMP) rose 6 points, or 0.2%. For the week, the major indexes each gained less than a percent.

Late Thursday the House of Representatives put a final stamp of approval on the $858-billion tax deal, and the president signed the bill into law at the end of Friday's session.

The S&P 500 has gained nearly 6% since Obama agreed to compromise with Republicans on the tax plan, said Phil Orlando, chief equity market strategist at Federated Investors.

"The market is viewing this plan very positively," Orlando said. "While people were concerned when liberal Democrats opposed it, at the end of the day, it got passed and that's a good thing for markets."

On Friday, Wall Street's key volatility measure, the VIX (VIX), fell to its lowest level since April, as stocks took a breather from their recent run-up.

"Investors are digesting the good news and taking some time to lock in profits for the year ahead of a shortened week and light trading," said Tyler Vernon, CIO of Biltmore Capital.

* What the tax cut deal means for you

On Thursday, stocks closed at two-year highs, with two of the three major indexes hitting their highest levels since September 2008.

Markets have been on a tear for the past few months and are poised for double-digit gains for the year.

Increasing confidence about the political and economic outlook has sent the S&P nearly 20% higher since August, when Federal Reserve Chairman Ben Bernanke said he would consider a second round of quantitative easing.

"Starting at the end of August, investors were beginning to price in that we would get better election results and better fiscal policy as a result of those elections," he said. "And that's what has happened -- so now the economy has started to firm as well."

Economy: The index on leading economic indicators (LEI) data for November was released after the opening bell. LEI jumped 1.1%, after edging up 0.4% in the prior month. Economists had been expecting a 1.2% increase.

"The LEI is like a crystal ball into the future of the economy," Orlando said. "We have gone from a negative number in June to a number north of 1%, so this shows the economy has clearly exited the soft patch."

Meanwhile, a government report on regional and state unemployment showed that more states suffered rising jobless rates in November than in the previous month. A total of 21 states and the District of Columbia reported higher unemployment rates, compared with 14 states in the previous month.

Companies: Marshall & Ilsley (MI) will be acquired by Canada's BMO Financial in a stock-swap deal valued at $4.1 billion. The transaction is based on a share price of $7.75 -- nearly 34% premium over Marshall & Ilsley's closing price on Thursday. Shares of Marshall & Ilsley surged 18%.
0:00 /0:54Oracle serves up strong results

Other regional banks -- which have been especially hard hit during the recession -- rallied. Regions Financial (RF, Fortune 500) and KeyCorp (KEY, Fortune 500) ended higher.

After the bell on Thursday, Oracle (ORCL, Fortune 500) and Research in Motion (RIMM) announced their past-quarter financial results -- both beat Wall Street analysts' estimates for earnings and revenue. Shares of Oracle rose 4%, and shares of Research in Motion ticked up about 2%.

World markets: Eurozone jitters persisted Friday, after Moody's downgraded Ireland's debt. The rating agency cited "increased uncertainty regarding the country's economic outlook, decline in the Irish government's financial strength" and bank-related issues. Earlier in the week, Irish officials accepted IMF funds connected to its €85 billion bailout.

European stocks closed lower. Britain's FTSE 100 lost 0.2%, the DAX in Germany slid 0.6% and France's CAC 40 shaved 0.5%.

"Investors were thinking we had gotten rid of the eurozone [debt] issues, but now we are realizing we probably haven't put this problem to bed, and it could keep resurrecting itself in coming quarters," Orlando said. "That's going to create a pall over investor euphoria, unless we get a definitive fix -- which we don't seem to be seeing yet."

Asian markets ended the session mixed. The Shanghai Composite shaved 0.2% and Japan's Nikkei lost 0.1%, while the Hang Seng in Hong Kong added 0.2%.

Currencies and commodities: The dollar gained on the British pound, the euro and the Japanese yen.

Oil for January delivery gained 32 cents to settle at $88.02 a barrel.

Gold futures for February delivery added $8.20 to settle at $1,379.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.33%.

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Image Yahoo! Finance - Market Update

4:10 pm : After opening flat, the market spent most of the morning with moderate changes on this quadruple-witching options expiration Friday. However, stocks got a small boost intraday as the dollar edged back and as yields continued to fall. By the end of the day stocks closed little changed as the result of a late day selloff. The S&P 500 closed up 0.3% on the week, hovering just below the 52-week highs at approximately 1246 set earlier this week. Although the market didn't make a large move in either direction today, it was an active expiration Friday.

One of the bigger news items of the day was Bank of Montreal's (BMO 57.26, -4.40) acquisition of Marshall & Ilsley (MI 6.85, +1.06) in a stock-for-stock transaction that values the company at US$7.75, or an aggregate amount of approximately US$4.1 billion. The deal represents a 34% premium to yesterday's closing share price of Marshall & Ilsley. The news put a bid into other regional banks, such as Regions Financial (RF 6.24, +0.11), Suntrust Banks (STI 27.04, +1.18), and First Horizon National (FHN 10.90, +0.23).

Intermune (ITMN 34.84, +20.57) was another winner today, up 140% after the company announced the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending the granting of a marketing authorization for Esbriet (pirfenidone) in adults for the treatment of mild to moderate idiopathic pulmonary fibrosis.

Shares of Oracle (ORCL 31.42, +1.15) saw solid gains today after the company released better-than-expected earnings after yesterday's closing bell. The company's earnings of $0.51 per share topped the Thomson Reuters consensus of $0.46 per share. Revenues topped street expectations of $8.34 billion with a $8.58 billion reading. The stock hit a 10-yr high earlier this morning, and has remained near those levels all session long. Competitor SAP (SAP 50.00, +0.51) saw gains on its rival's announcement.

Research in Motion (RIMM 60.58, +1.34) also posted better-than-expected earning's following yesterday's close with earnings per share coming in at $1.74 versus expectations of $1.65. Revenues of $5.5 billion were slightly better than the Thomson Reuters consensus of $5.4 billion. The company issued upside guidance for its fourth quarter. Handset maker Nokia (NOK 9.86, -0.05) saw a muted response to the results.

Leading Economic Indicators was the only piece of economic data released today. They showed a 1.1% increase versus the Briefing.com consensus that called for a gain of 1.2%. Last month's reading was revised to 0.4% from 0.5%.

While today was an active day, the period beginning next week through the end of the year is likely to see diminished trading activity. Markets are closed next Friday for Christmas, and the rest of this upcoming holiday period is likely to be characterized by light news flow, low volumes and choppy trading. DJ30 -7.34 NASDAQ +5.66 SP500 +1.04 NASDAQ Adv/Vol/Dec 1382/2.43 bln/1243 NYSE Adv/Vol/Dec 1673/1.95 bln/1333

3:35 pm : Despite strength in the dollar index, commodities ended the day higher. Soft commodities were the outperformers as well as the underperformers as sugar ended the day +4.8%, coffee +4.8, while cocoa was -1.7%. Aside from cocoa, aluminum was the only other CRB Index component that closed lower.

January crude oil rallied early this morning, hitting session highs of $88.52 per barrel, ending the day with sideways action and closing modestly higher. January natural gas rallied early this morning as well and was tracking crude as it also chopped around just above the unchanged line.

Precious metals also rallied by late morning, early afternoon. February gold fell in the red mid-morning hit session lows at $1365.40. It recovered all of its losses and ended the day near new session highs of $1379.80. March silver closed just below its overnight session high of $29.37.DJ30 -11.24 NASDAQ +9.00 SP500 +1.32 NASDAQ Adv/Vol/Dec 1335/1682.80 /1282 NYSE Adv/Vol/Dec 1623/1026.5/1346

3:00 pm : Stocks have seen a relatively uneventful quadruple witching day as the S&P 500 has traded in a six point range all day. The Nasdaq has eased off its best levels, but leads the way with a 0.4% gain.

Materials (+0.9%) are the best performing sector in the S&P 500 as we head into the final hour of trading for the week. Steel stocks have been particularly strong with AK Steel (AKS 16.28, +0.92), Allegheny Technology (ATI 57.37, +3.60), and US Steel (X 58.85, +1.66) leading the materials sector's advance. Within the S&P 500 Materials Index 20 of 30 stocks are trading in positive territory.DJ30 -3.71 NASDAQ +11.38 SP500 +2.23 NASDAQ Adv/Vol/Dec 1349/1.53 bln/1243 NYSE Adv/Vol/Dec 1606/951.1 mln/1348

2:30 pm : The major indices continue to trade at their best levels of the session with the Nasdaq holding onto gains of 0.5%.

Shares of AT&T (T 29.16, -0.07) are searching for direction after the company announced a 2.4% dividend increase, and a 300 million share repurchase authorization. The stock is moving higher on the news, but still trades in negative territory for the session. DJ30 +0.26 NASDAQ +12.62 SP500 +2.67 NASDAQ Adv/Vol/Dec 1308/1.44 bln/1244 NYSE Adv/Vol/Dec 1606/908.0 mln/1360

1:55 pm : The major market averages trade at their best levels of the session with the Nasdaq leading the way with a gain of 0.5%.

Shares of Intermune (ITMN) are higher by more than 140% after the company announced the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending the granting of a marketing authorization for Esbriet (pirfenidone) in adults for the treatment of mild to moderate idiopathic pulmonary fibrosis. The stock has not traded at today's levels since May of this year when the U.S. Food and Drug Administration caused share prices to tumble from above $45 per share after issuing a response letter on the drug. The stock is seeing tremendous volume as more than 24 million shares have already changed hands today when an average day sees less than one million shares traded.DJ30 -0.72 NASDAQ +13.33 SP500 +2.60 NASDAQ Adv/Vol/Dec 1321/1.34 bln/1257 NYSE Adv/Vol/Dec 1587/861.1 mln/1357

1:30 pm : The major averages have just edged up to intraday highs, although the Dow (-12 at 11,487) still remains in modestly negative territory. The S&P is hovering just below the 52-week highs around 1246, set earlier this week. Although the S&P 500 is relatively flat today, it is a very active day in the market - possibly the last very active day of the year.

With the quadruple-witching December options expiration underway, volume should continue to run high, as it has during the first half of the day. Additionally, the last quarterly S&P rebalance of the year happens at today's close, which could lead to some unusual end-of-day trading in related stocks. While today is an active day, the period beginning next week through the end of the year is likely to see diminished trading activity. This upcoming period is likely to be characterized by light newsflow, low volumes and choppy trading.DJ30 -10.97 NASDAQ +12.61 SP500 +1.97 NASDAQ Adv/Vol/Dec 1310/1.25 bln/1275 NYSE Adv/Vol/Dec 1540/820.6 mln/1393

1:00 pm : Stocks continue to hover just off their best levels of the session on this quadruple witching options expiration day. The Nasdaq leads the way with a gain of 0.3% while the S&P 500 sits at unchanged, and the Dow is off 0.2%.

Shares of Oracle (ORCL 31.90, +1.63) are seeing solid gains today after the company released better-than-expected earnings after yesterday's closing bell. The company's earnings of $0.51 per share topped the Thomson Reuters consensus of $0.46 per share. Revenues topped street expectations of $8.34 billion with a $8.58 billion reading. The stock hit a 10-yr high earlier this morning, and has remained near those levels all session long. Competitor SAP (SAP 49.94, +0.48) is seeing gains on its rival's announcement.

Research in Motion (RIMM 60.53, +1.29) also posted better-than-expected earning's following yesterday's close with earnings per share coming in at $1.74 versus expectations of $1.65. Revenues of $5.5 billion were slightly better than the Thomson Reuters consensus of $5.4 billion. The company issued upside guidance for its fourth quarter. Handset maker Nokia (NOK 9.86, -0.05) has seen a muted response to the results.

Regional banks have generated interest today after Bank of Montreal (BMO 57.42, -4.24) announced it was acquiring Marshall & Ilsley (MI 6.83, +1.03) for $7.75 per share, or approximately $4.1 billion. The purchase amount represents a 34% premium to yesterday's closing price. Suntrust Banks (STI 26.79, +0.93), Regions Financial (RF 6.36, +0.23), and First Horizon National (FHN 10.98, +0.31) are some of the regional banks generating interest as traders speculate who will be the next takeover target.

Longer dated Treasuries are seeing buying interest as the rally that began yesterday afternoon continues today. Buying in the 30-yr has pushed its yield down more than 5 basis points today, and close to 13 basis points since yesterday's high yield of 4.61%. At last check the 30-yr was yielding 4.477%.

The dollar has strengthened all session long, and currently trades just off its session high near 80.60. Strength in the dollar has weighed on the euro which is trading lower by 90 pips at 1.3150. Dollar/yen continues to hover near the 84.00 level, as it has done for much of the past three weeks, while the pound trades down 150 pips at 1.5480. DJ30 -25.58 NASDAQ +7.36 SP500 -0.20 NASDAQ Adv/Vol/Dec 1112/1.15 bln/1451 NYSE Adv/Vol/Dec 1340/779.6 mln/1571

12:30 pm : Treasuries are near their best levels of the session as yesterday's afternoon rally continues. Yields are lower across the curve with the heaviest buying occurring in the 10- and 30-yr maturities. Since yesterday morning's high above 4.61% the 30-yr has seen its yield fall almost 13 basis points 4.485%. The 2-yr has hovered near the 0.64% level for most of the past two weeks as its 200-day moving average provides resistance at that level. As traders more aggressively buy the longer dated maturities, the 2-10-yr spread has moved flatter, and now trades near 275. The 10-30-yr spread continues to trade range bound between 104/112 with its 200-day moving average looming at 108.DJ30 -27.85 NASDAQ +7.58 SP500 -0.49 NASDAQ Adv/Vol/Dec 1150/1.07 bln/1411 NYSE Adv/Vol/Dec 1371/744.8 mln/1541

12:00 pm : The Nasdaq (+0.3%) and S&P 500 (unch) trade just off their best levels of the session while the Dow (-0.2%) lags.

Research in Motion (RIMM 60.94, +1.70) shares are trading off their best levels of the session, but are still up approximately 3% after the company released better-than-expected earnings following yesterday's closing bell. The company announced earnings per share of $1.74 per share versus the Thomson Reuters consensus of $1.65 per share. Revenues beat slightly, coming in at $5.5 billion while analysts were expecting $5.4 billion. The company also issued upside guidance for its fourth quarter. Handset maker Nokia (NOK 9.84, -0.07) has seen little response to the earnings.DJ30 -25.51 NASDAQ +7.60 SP500 -0.54 NASDAQ Adv/Vol/Dec 1128/990.8 mln/1405 NYSE Adv/Vol/Dec 1314/710.5 mln/1579

11:30 am : Stocks continue to chop around with the Nasdaq seeing a gain of 0.2%, while the Dow is down 0.3%, and the S&P 500 is off 0.1%.

Shares of Marshall & Ilsley (MI 6.84, +1.05) are up more than 17% after Bank of Montreal (BMO 57.44, -4.22) announced it was acquiring the company in a stock-for-stock transaction that values the company at $7.75 per share, or approximately $4.1 billion. The deal represents a 34% premium to yesterday's closing share price. Other regional banks are seeing heavy interest as traders speculate as to which may be the next takeover target. Regions Financial (RF 6.37, +0.24), Suntrust Banks (STI 26.71, +0.85), and First Horizon National (FHN 11.08, +0.41) are some of the other regionals that are trading higher on the news. DJ30 -30.01 NASDAQ +5.72 SP500 -1.22 NASDAQ Adv/Vol/Dec 1075/888.5 mln/1408 NYSE Adv/Vol/Dec 1269/662.21 mln/1586

11:00 am : The Dow and S&P 500 are lower by 0.3% and 0.1% respectively while the Nasdaq is holding onto a small gain of 0.1%.

Shares of Oracle (ORCL 32.00, +1.73) are trading at their best level in more than 10 years after the company announced better-than-expected earnings of $0.51 per share versus the Thomson Reuters consensus of $0.46 per share. Revenues topped expectations as well, coming in at $8.58 billion with analysts expecting a reading of $8.34 billion. The company also issued upside guidance for its third quarter. Shares of SAP (SAP 50.03, +0.54) are higher on its competitor's strong earnings.DJ30 -18.43 NASDAQ +3.69 SP500 -0.74 NASDAQ Adv/Vol/Dec 903/503.1 mln/1391 NYSE Adv/Vol/Dec 1074/468.3 mln/1598

10:30 am : Despite strength in the dollar index this morning, more than half of the CRB Index components are trading higher. Energy markets are higher, while precious metals are mixed.

Within the top three best performers (sugar and coffee) and the worst performer (cocoa) in the index are soft commodities. Cotton is down.

January crude oil lost steam earlier this morning falling into negative territory and new session lows of $87.01 per barrel. However, it reversed in the same fashion and is now back in positive territory, pushing to new session highs of $88.52 minutes ago. It's currently at $88.39 per barrel, up 0.8%.

January natural gas rallied off session lows of $3.95 per MMBtu hit two hours ago and into positive territory. It's pulled back slightly and is just under the unchanged line at $4.04 per MMBtu.

Precious metals are slightly higher this morning with silver leading. February gold is currently just above the unchanged line at $1372.30, while March silver is up 1% at $29.06 per ounce.DJ30 -18.43 NASDAQ +3.69 SP500 -0.74 NASDAQ Adv/Vol/Dec 903/503.1 mln/1391 NYSE Adv/Vol/Dec 1074/468.3 mln/1598

10:00 am : The major market averages continue to trade mixed with the Nasdaq holding onto small gains and the S&P 500 and Dow slightly lower.

Leading Indicators for November were just released. They showed a 1.1% increase versus the Briefing.com consensus that called for a gain of 1.2%. Last month's reading was revised to 0.4% from 0.5%. DJ30 -30.43 NASDAQ +1.82 SP500 -1.77 NASDAQ Adv/Vol/Dec 903/503.1 mln/1391 NYSE Adv/Vol/Dec 1074/468.3 mln/1598

09:45 am : The major market averages are off to a mixed start with the Nasdaq trading higher by 0.1%, and the S&P 500 and Dow lower by 0.2%. Strength in the Nasdaq is buoyed by better-than-expected earnings from Oracle (ORCL 32.02, +1.75) and Research in Motion (RIMM 61.10, +1.86).

Leading indicators are due out at the top of the hour with the Briefing.com consensus calling for a gain of 1.2%.DJ30 -28.95 NASDAQ +1.26 SP500 -2.12 NASDAQ Adv/Vol/Dec 803/403.7 mln/1390 NYSE Adv/Vol/Dec 954/454.0 mln/1681

09:14 am : S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +4.10. Equity futures point to a relatively flat open for today's quadruple witching options expiration day. Congress extended the Bush-era tax cuts and has sent the bill to President Obama to be signed. In corporate news, Oracle (ORCL) and Research in Motion (RIMM) announced better-than-expected earnings following yesterday's close. Bank of Montreal (BMO) announced it will acquire Marshall & Ilsley (MI) in a stock-for-stock transaction that values the compant at US$7.75 or an aggregate amount of approximately US$4.1 billion. The deal represents a 34% premium to yesterday's closing share price of Marshall & Ilsley. The news has put a bid into other regional banks in pre-market trading. Intermune (ITMN) is up close to 100% in pre-market trading after the company announced the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending the granting of a marketing authorization for Esbriet (pirfenidone) in adults for the treatment of mild to moderate idiopathic pulmonary fibrosis.

08:58 am : S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +2.10.

Treasuries are off their best levels of the session as the front of the curve trades unchanged, and the back of the curve has a modest bid. Strength in the 10-yr has pushed its yield down 4.2 basis points to 3.380%. As buyers are more aggressive in the longer maturities, the 2-10-yr spread has seen some flattening to 274 from yesterday's 278.3.

After trading as low as 79.55 during the overnight session, the dollar index is back near the flat line at 80.03. A flat dollar has made for a 20 pip gain in the euro, with the single currency trading 1.3260. The pound failed near 1.5630 and is now testing lows of the previous two sessions at 1.5530, with a breakdown likely to produce a new wave of selling. Dollar/yen continues to hover near the 84.00 level.

08:29 am : S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: +0.60.

Overnight action in Asia was relatively tame as an absence of market moving news provided for a quiet session. Japan's Nikkei closed +0.1% as strength in financials (+0.5%) offset weakness in commodity related stocks. Mizuho Financial group rose 2.0% after receiving a broker upgrade. Trading in Hong Kong (+0.2%) and Shanghai (-0.1%) was quiet as Chinese rate hike fears continue to linger in the region. India's Sensex was closed on account of Muharram.

European markets have seen a bit more action with plenty of market moving news. The European Union approved a permanent bailout mechanism for debt-ridden economies that will go into effect in 2013. In a corresponding move, the European Central Bank said it would nearly double its capital to EUR 10.76 billion in an effort to deal with increased volatility and credit risk in the marketplace. Germany's Ifo survey showed business confidence in the country is at an all-time high. Financial shares are weaker across the region with Britain's HSBC (HBC) seeing losses of 0.8%. After seeing strong gains overnight, the euro is up just 10 pips at 1.3250.

07:59 am : S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +1.40. Stock futures are slightly lower after Congress passed a two-year extension of the Bush era tax cuts. The major Asian markets saw little change (Nikkei -0.1%, Hang Seng +0.2%, Shanghai -0.2%) as Chinese rate hike fears continue to linger. European markets are lower (FTSE -0.3%, CAC -0.3%, DAX -0.4%) after the European Union created a permanent bailout mechanism for debt-ridden economies that will go into effect in 2013, and Moody's cut Ireland's credit rating five notches from Aa2 to Baa1 warning further downgrades are possible if the country does not stabilize its debt problems. Germany's Ifo survey showed business confidence rose to an all-time high. Yesterday afternoon's rally in Treasuries is continuing this morning with buying in the 10-yr pushing its yield down 3.5 bps to 3.410%. The dollar index has clawed back to unchanged at 80.03 after seeing an overnight low of 79.55.

07:21 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +0.10.

07:21 am : Nikkei...10303.83...-7.50...-0.10%. Hang Seng...22714.85...+46.10...+0.20%.

07:21 am : FTSE...5869.31...-11.80...-0.20%. DAX...7006.58...-17.80...-0.30%.

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/bar analysis)
Price Action Only Trading (no indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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