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 Post subject: February 23rd Wednesday 2011 Emini TF ($TF_F) points +17.60
PostPosted: Wed Feb 23, 2011 6:59 pm 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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click on the above image to view today's trading summary

Quote:
The increasing volatility in the morning trading session has been good lately and again today mainly due to global crisis in the Middle East and rising Oil nearing recent highs. Unfortunately I wasn't able to profit in the morning session deep downtrend because the only trade signal occurred when I was still asleep around 0720am est. After that, the counter-thrust failed to give me any short signals. Thus, by the time I got my first trade signal...it was a Long position and I was able to exploit such around 1054am est. However, my best trade of the day was another Long position via concepts from the Swing Trading Report (STR) around 1353pm est. If you have any questions about my trading, want more details about the trade signal behind a particular trade or want to reply about something stated in this message post...click here.

Trade Performance for Today: +17.60 points or $1760.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
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.

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=87&t=763. However, be advised that I'm frequently testing new trade signal methods or new trade management rules (e.g. stop/loss, trailing stops, profit targets, order types, time frames, workstation templates et cetera) after entry of existing profitable trade signal methods whenever market conditions change. Thus, adapting is a critical variable to my consistent profits along with preventing me from becoming complacent in my trading...this helps avoid trading account drawdowns.

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 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 trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=131&t=921

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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 CNNMoney.com - Stocks Sink For Second Day As Oil Hits $100
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff writer
February 23, 2011: 4:46 PM ET

NEW YORK (CNNMoney) -- Stocks declined for a second straight session Wednesday as oil prices surged to briefly cross the $100 per barrel mark amid mounting turmoil in Libya.

The Dow Jones industrial average (INDU) fell 107 points, or 0.9%, a day after the blue-chip index plunged nearly 180 points. That was the first back-to-back triple-digit drop for the blue-chip index since June.

Meanwhile, the S&P 500 (SPX) slipped 8 points, or 0.6%.

Both indexes were also dragged lower by a 10% tumble in shares of Hewlett-Packard (HPQ, Fortune 500). Late Tuesday, the computer company issued a disappointing outlook and quarterly sales figures.

The Nasdaq (COMP) fell 33 points, or 1.2%, with a 7% decline in shares of Dollar Tree (DLTR, Fortune 500) leading the index lower. HP is not included in the tech-heavy index.

Oil prices continued to climb, jumping more than 4% to $100 a barrel for the first time since October 2008 amid talk of production disruptions. The North African country is the first oil exporting nation to be affected by the unrest sweeping across the Arab world.
Libya oil production grinding to a halt

While Libya only contributes about 2% of global output, analysts are worried about the violence and chaos spreading to bigger exporting neighbors.

"Investors are watching what's happening across the Middle East, and waiting to see if more dominoes will fall," said Ron Kiddoo, chief investment officer at Cozad Asset Management.

Traders are keeping a particularly close eye on oil-rich Saudi Arabia, where King Abdullah announced a series of measures worth billions of dollars Wednesday in an effort to ward off the kind of revolts that have roiled the region.

World markets: European stocks closed lower. Britain's FTSE 100 fell 1%, the DAX in Germany slid 1.6% and France's CAC 40 edged lower by 0.8%.

Asian markets ended the session mixed. The Hang Seng in Hong Kong declined 0.4% and Japan's Nikkei fell 0.8%, while the Shanghai Composite ticked up 0.2%.
0:00 /01:18HP needs reboot

Companies: Shares of CBOE Holdings (CBOE), the parent company of the Chicago Board Options Exchange, jumped almost 2% after Reuters reported that the company is "open to 'strategic transactions" such as a sale or merger with another exchange operator." CBOE declined comment.
Why stock exchanges have merger fever

Shares of home improvement chain Lowe's (LOW, Fortune 500) declined 1% after the company reported quarterly earnings that beat analysts' expectations.

Economy: A report from the National Association of Realtors showed that existing home sales rose 2.7% to an annual rate of 5.36 million units.

Currencies and bonds: The dollar dropped versus the euro, the British pound and the Japanese yen.

The price on the benchmark 10-year U.S. Treasury fell slightly, with the yield pushing up to 3.49% from Tuesday yield of 3.46%.

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Image Yahoo! Finance - Market Update

4:30 pm : Renewed selling pressure sent stocks to their second straight loss as $100 oil spooked participants. Technical support helped limit the downturn.

The mood among participants was mixed in the opening minutes of trade, but the tone quickly soured as oil prices extended their climb to new two-year highs amid ongoing concerns related to social and political turmoil in the Middle East and North Africa. At its session high, oil traded at $100 per barrel on the nose. Prices were backed down in afternoon trade so that the energy component settled pit trade with a 2.8% gain at $98.10 per barrel. Weekly oil inventory figures will be released tomorrow morning.

Oil's late morning and early afternoon climb induced renewed selling pressure among stocks. At its session low, the S&P 500 was down 1% to the 1300 line. However, support at that level combined with oil's pullback from the $100 mark so that stocks were able to catch some relief.

Trading volume was up sharply for the second straight session, but the 1.33 billion shares that exchanged hands today on the NYSE was the highest tally in two months.

Although the broad market closed comfortably above its session low, energy was the only major sector to finish with a gain. Higher oil prices helped energy stocks outperform for the entire session and settle with a 2.0% gain. Chesapeake Energy (CHK 34.33, +2.32) was one of the sector's top percentage gainers after it posted a better-than-expected earnings report.

At the other end of the spectrum, industrial stocks endured the sharpest selling. That sector shed 1.8% as FedEx (FDX 89.25, -4.04) fell more than 4% as investors considered the consequence of higher fuel costs on the operations of the global delivery company.

Retailers also had a rough session. They fell 1.8% as a group. TJX Co (TJX 48.81, -0.91) traded in line with the group after its disappointing outlook overshadowed an upside earnings surprise. Saks (SKS 11.86, -0.31) and home improvement retailer Lowe's (LOW 25.73, -0.26) also logged losses, despite their own upside earnings surprises. In contrast, Chico's FAS (CHS 13.15, +1.09) overcame an earnings miss to climb sharply to a six-month high.

Hewlett-Packard (HPQ 43.10, -5.13) tumbled almost 10% after its upside earnings surprise was ignored because of a light revenue figure and a disappointing forecast.

Toll Brothers (TOL 21.20, +0.44) had better-than-expected earnings and scored a gain. The stock will likely come back into focus tomorrow, which is when the latest new home sales report will be posted.

Existing home sales for January were reported today. They increased 2.7% month over month to an annualized rate of 5.36 million units, which is greater than the rate of 5.23 million units that had been expected, on average, among economists polled by Briefing.com.

In the face of further weakness among stocks, Treasuries at the short end of the yield curve lacked support. Pressure in the space picked up after a $35 billion auction of 5-year Notes drew a yield of 2.19%, a bid-to-cover of 2.69, and an indirect bidder participation rate of 34.2%. However, the 30-year Bond was able to advance so that its yield moved down to 4.58%.

Advancing Sectors: Energy (+2.0%)
Declining Sectors: Consumer Staples (-0.2%), Utilities (-0.4%), Financials (-0.4%), Materials (-0.7%), Health Care (-1.0%), Telecom (-1.0%), Tech (-1.3%), Consumer Discretionary (-1.5%), Industrials (-1.8%)DJ30 -107.01 NASDAQ -33.43 NQ100 -0.9% R2K -1.6% SP400 -1.4% SP500 -8.04 NASDAQ Adv/Vol/Dec 629/2.48 bln/1996 NYSE Adv/Vol/Dec 1062/1.33 bln/1959

3:30 pm : Energy continued its tear today, adding another 2.9%. April WTI crude oil rallied for 2.8% to close at $98.10 per barrel. The rally was, once again, supported by concerns about supply disruptions in the Middle East. Various reports indicate that anywhere between 25%-50% of Libya's oil production has been shut in due to the ongoing protests. Prices traded to $100 per barrel exactly in early afternoon trade, a fresh ~2.5 yr high, but pulled back close to 2 points heading into the close. March natural gas gained 0.1% to finish at $3.89 per MMBtu.

Precious metals added 1.1% today, helped by a flight to safety over concerns about the Middle East as well as the continued sell off in equities. April gold finished higher by 0.8% to $1414.00, while March silver rallied for 1.4% to end at $33.29 per ounce. DJ30 -75.72 NASDAQ -21.14 SP500 -3.86 NASDAQ Adv/Vol/Dec 770/2.0 bln/1844 NYSE Adv/Vol/Dec 1097/951.0 mln/1899

3:00 pm : Stocks remain in the red, but losses aren't as severe as they were at midday. Still, the S&P 500 remains on pace for its worst two-session performance since August.

Participation has been strong again today. During the prior session share volume on the NYSE climbed above 1.1 billion. With an hour left in today's trade, share volume on the Big Board is already headed for 900 million. The 50-day average is just 978 million shares.

The earnings calendar for tonight and tomorrow morning is quite full. However, there aren't very many widely-held names in the bunch. DJ30 -85.29 NASDAQ -23.61 SP500 -4.83 NASDAQ Adv/Vol/Dec 752/1.87 bln/1873 NYSE Adv/Vol/Dec 1020/880 mln/1978

2:30 pm : Stocks continue to gradually climb off of their session lows, but energy is still the only major sector in positive territory.

Energy stocks are up 2.2% as a group. They have been led by oil and gas exploration plays (+3.6%) and drillers (+2.3%). However, refiners (-1.2%) are down markedly amid the rise in oil prices since higher crude costs often crimps crack margins for refiners.

Consumer staples stocks and utilities stocks are the next best performing sectors, but they are still down fractionally. Their relative strength today is largely owed to their defensive nature.

Industrial stocks are at the opposite end of things. Their 1.8% loss makes the industrial space the worst performing sector today. FedEx (FDX 89.88, -3.41) has been the heaviest drag on the sector as participants consider the consequences of higher fuel costs on the global shipment company's operations. DJ30 -95.81 NASDAQ -27.66 SP500 -6.78 NASDAQ Adv/Vol/Dec 724/1.73 bln/1883 NYSE Adv/Vol/Dec 1003/810 mln/1989

2:00 pm : Stocks are trying to extend a recent push up from the 1300 line. In turn, the S&P 500 and Nasdaq Composite are at their best levels in over an hour.

Oil prices have pulled back in recent trade. The energy component set a new 2-year high of $100 per barrel earlier, but it is now at $98.90 per barrel with a 3.7% gain.

Volatility is up sharply after it had been relatively subdued in early trade. In turn, the Volatility Index (VIX), often euphemistically dubbed the Fear Gauge, is up more than 8%. Given its spike today and its surge in the prior session, the VIX is at its highest level in almost three months. DJ30 -110.72 NASDAQ -36.21 SP500 -9.52 NASDAQ Adv/Vol/Dec 605/1.59 bln/1989 NYSE Adv/Vol/Dec 905/743 mln/2064

1:30 pm : Additional selling recently knocked the stock market down to the 1300 line after it had failed to extend an upward push off of the 1302 line. The latest leg down comes as oil prices hit $100 per barrel on the nose.

Treasuries have turned lower in recent trade. Their dip follows results from a $35 billion auction of 5-year Notes. The auction drew a yield of 2.19%, a bid-to-cover of 2.69, and an indirect bidder participation rate of 34.2%. For comparison, the prior auction drew a bid-to-cover of 2.97 and an indirect bidder participation rate of 45.0%. An average of the past five auctions results in a bid-to-cover of 2.77 and an indirect bidder participation rate of 42.0%. DJ30 -115.53 NASDAQ -42.77 SP500 -12.10 NASDAQ Adv/Vol/Dec 590/1.44 bln/1973 NYSE Adv/Vol/Dec 892/670 mln/2077

1:00 pm : A sluggish start led to more stiff selling as oil prices extended their climb toward $100 per barrel. Technical support has helped the broad market stabilize.

Premarket trade suggested that stocks might put together a modest rebound after suffering their worst loss in six months during the prior session. However, strength waned with the approach of the open. That left stocks to start the session without much direction, leaving them susceptible to headline risk related to the social and political turmoil of the Middle East and North Africa.

Volatile conditions in that region continue to underpin interest in oil, though. Oil has been up since the start of pit trade, but it buying has accelerated over the course of the past couple hours. The enrgy component is currently up more than 4% to trade at $99.60 per barrel. At its session high the energy component was less than a dime shy of $100 per barrel.

Weekly oil inventory data has been delayed until tomorrow morning due to the holiday on Monday. Oil's climb to session highs coincided with increased selling against stocks, although the energy sector continues to sport a gain of more than 2% -- it is the only major sector still in positive territory.

Amid such widespread weakness, the S&P 500 has dropped to a 1% loss, which comes on top of its 2% loss during the prior session. However, the benchmark Index has been able to steady itself after securing support in the 1302 zone.

Corporate news offered little support to stocks. The latest round of earnings was headlined by Hewlett-Packard (HPQ 43.10, -5.13), which reported an upside earnings surprise, but that was tainted by a light revenue figure and a disappointing forecast. TJX Co (TJX 48.18, -1.54) had an upside surprise of its own, but also issued a disappointing outlook. Lowe's (LOW 25.33, -0.66) and Toll Brothers (TOL 20.45, -0.31) both had better-than-expected earnings.

Data was limited today. Existing home sales for January reportedly increased 2.7% month over month to an annualized rate of 5.36 million units, which is greater than what had been widely expected. New home sales data is due tomorrow.

Treasuries at the long end of the yield curve have seen the most demand today, but trade in that space could pick up when results from an auction of 5-year Notes are posted at 1:00 PM ETDJ30 -105.20 NASDAQ -41.05 SP500 -10.91 NASDAQ Adv/Vol/Dec 594/1.29 bln/1957 NYSE Adv/Vol/Dec 966/605 mln/1993

12:30 pm : Oil prices are flirting with the $100 mark, which hasn't been seen since 2008. At the moment, oil prices are up 4.3% to $99.50 per barrel.

Oil's spike to session highs has induced additional selling, which took stocks down to session lows. The S&P 500 found support at the 1302 line, so it has reclaimed a couple of points. It is now down 40 points from the multi-year high athat it set last week. DJ30 -94.94 NASDAQ -43.48 SP500 -11.29 NASDAQ Adv/Vol/Dec 618/1.11 bln/1918 NYSE Adv/Vol/Dec 959/521 mln/1981

12:00 pm : Sellers have increased their efforts in the past 30 minutes. Their efforts have taken each of the major equity averages to their lowest levels of the day. Still, in the face of mounting pressure, the energy sector continues to sport a gain in excess of 2%. That's mostly due to the fact that oil prices have extended their advance so that they are now up 3.2% to $98.45 per barrel, which makes for oil's highest level since October 2008.

Declining issues outnumber advancers by 3-to-1 in the broader market, but volatility hasn't increased dramatically. The Volatility Index was up as much as 30% during the prior session's sell-off, but today it is up a much less dramatic 3%. DJ30 -64.82 NASDAQ -31.50 SP500 -7.53 NASDAQ Adv/Vol/Dec 804/920 mln/1690 NYSE Adv/Vol/Dec 1141/430 mln/1747

11:30 am : Stocks remain stuck in negative territory amid choppy trade.

However, Chesapeake Energy (CHK 33.72, +1.71) has been a standout. The stock is up about 5% following a better-than-expected earnings report for the latest quarter. A spike in oil prices above $97 per barrel has also helped.

Hewlett-Packard (HPQ 43.30, -4.92) is at the opposite end of the spectrum. Its 10% loss stems from disappointment over the company's outlook and latest quarterly report, which featured a light revenue figure that has cast a pall over better-than-expected earnings.

Fluor (FLR 66.65, -3.92) is also in rough shape this session, though its percentage loss is about half of what HPQ has endured. Nonetheless, its slide follows an earnings miss. DJ30 -45.33 NASDAQ -19.99 SP500 -3.44 NASDAQ Adv/Vol/Dec 938/770 mln/1510 NYSE Adv/Vol/Dec 1317/365 mln/1541

11:00 am : Action has become quite choppy. The lack of direction has left the major equity averages to continue trading in the red.

Energy stocks continue to outperform by a wide margin. The sector is now up 2.2%. With this session's move, the sector is up more than 14% for the year. For comparison, industrials make up the next best performing sector on a year-to-date basis; industrials are collectively up 5% this year, but down 1.2% today.

Treasuries are seeing strong interest at the long end of the yield curve. Specifically, the 30-year Bond is up 23 ticks so that its yield is at 4.56%. Meanwhile, the 5-year Note is flat so that its yield is at 2.13% ahead of results from an auction of 5-year Notes at 1:00 PM ET. DJ30 -27.66 NASDAQ -13.23 SP500 -1.71 NASDAQ Adv/Vol/Dec 854/621 mln/1543 NYSE Adv/Vol/Dec 1210/301 mln/1615

10:35 am : Energy commodities are again the best performers in the CRB Commodity Index this morning, but today, a key concern is where else protests may spread to outside of Libya. April crude extended gains at the open of pit trade and pushed to new session highs of $97.97 per barrel. Currently, crude is up 2% at $97.36 per barrel. Note: Due to Presidents Day, crude inventory data will be released at 11:00am ET tomorrow, while natural gas data will be released at its regular time tomorrow at 10:30am ET.

March natural gas fell into negative territory late last night and has remained there since. It rallied at the open of pit trading along with crude, but couldn't hold its gains. It's now back near session lows and is currently down 1% at $3.83 per MMBtu

Precious metals were modestly higher earlier this morning and extended gains in recent trade. April gold is now 1% higher at $1412.90 per ounce, while March silver is up 1.9% at $33.70 per ounce.

May sugar is the worst performing commodity in the CRN Index today, while all industrial commodities are in the red (cotton -2.6%, nickel -2.2%, aluminum -2.0%, copper -1.9%). May corn is the worst performing of the ag grain commodities and is currently -15.5 cents (or 2.3%) at $6.7575/bushel.
DJ30 -19.30 NASDAQ -9.31 SP500 -0.83 NASDAQ Adv/Vol/Dec 873/415.9 mln/1469 NYSE Adv/Vol/Dec 1176/212.6 mln/1600

10:00 am : Stocks made a modest push into positive territory in the first few minutes of trade, but sellers have been quick to step back in and apply renewed pressure. Their efforts have taken the major averages down to modest losses.

Energy continues to trade with strength, though. The sector's 1.2% gain is primarily underpinned by a 2.6% gain in oil prices to $97.85 per barrel. The spike in oil prices comes amid continued headline risk associated with social and political turmoil in the Middle East and North Africa.

Existing home sales for January were just released. They increased 2.7% month over month to an annualized rate of 5.36 million units, which is greater than the rate of 5.23 million units that had been broadly expected among economists polled by Briefing.com. DJ30 -31.48 NASDAQ -6.28 SP500 -1.58 NASDAQ Adv/Vol/Dec 1219/196 mln/994 NYSE Adv/Vol/Dec 1656/116 mln/1033

09:45 am : For the second straight session the energy sector is up with an enviable gain in the early going. Collectively, energy stocks have already advanced 1.1%, which gives them a wide lead over the broader market. During the prior session energy stocks had been up as much as 1.5% before broader market weakness imbued the sector and dragged it down to a 0.7% loss.

Financials are up with a solid 0.4% gain in early trade. The sector slumped to a 3.1% loss yesterday, so the advance this morning makes for a modest rebound.

Broader market action is generally mixed, such that the major equity averages are hovering near the neutral line. DJ30 -20.77 NASDAQ +1.31 SP500 +1.37 NASDAQ Adv/Vol/Dec 1015/65 mln/990 NYSE Adv/Vol/Dec 1144/55 mln/1233

09:15 am : S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +3.90. Stock futures have been backed down from their morning highs so that a relatively flat start to trade now looks to be in order. That would make for a rather lackluster follow-up to the prior session's 2% sell-off, which was the worst single-session slide for the S&P 500 in six months. Social and political turmoil in the Middle East and North Africa continues to represent headline risk for stocks.

However, the volatile conditions in that region have provided a boon to oil prices, which have resumed their climb this morning with a 1.1% gain at $96.45 per barrel. Safe havens like gold and silver are also up; they currently trade 0.2% higher at $14.04 per ounce and 0.7% higher at $33.09 per ounce, respectively.

The dollar hasn't attracted much interest, though. Instead, it is down 0.3% against a basket of competing currencies after minutes from a Bank of England meeting revealed that one of its voting members has joined those that favor an increase in interest rates.

Corporate news continues to be of secondary interest, although Hewlett-Packard (HPQ) has attracted considerable negative interest following a light revenue figure and a disappointing forecast that reflects caution about consumer spending related to personal computers.

The economic calendar for today features January existing home sales figures, which are due at 10:00 AM ET. The latest Treasury auction features the 5-year Note. Results will be posted at 1:00 PM ET.

09:05 am : S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +6.40. Strength among stock futures has waned over the past hour or so. Meanwhile, the CRB Commodity Index is down fractionally. Silver prices are extending their rally from the prior session, but with a 1.2% gain at $33.26 per ounce the precious metal is still shy of the 30-year high that was set above $34 per ounce yesterday. Gold prices are up, too; the yellow metal was last quoted at $1403 per ounce, up 0.2%. Oil prices are up 0.9% to $96.30 per barrel in the opening moments of pit trade. Natural gas prices are down 0.7% to $3.84 per MMBtu.

08:35 am : S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +7.40. Futures for the S&P 500 are losing ground. They now trade with only a marginal lead over fair value. Down 0.5%, Germany's DAX is headed for its third straight loss. Automakers BMW and Volkswagen have been the heaviest drags on trade, but Deutsche Bank (DB) is working to extend its prior session advance. Commerzbank has pulled back from a three-month high to trade with a slight loss following the release of fourth quarter results, which featured net income of 257 million euros on revenue of 3.13 billion euros. France's CAC is currently flat. Financial plays Axa (AXA), BNP Paribas, and Societe Generale have shown leadership, but their efforts have been offset by LVMH Moet Hennessey, Vinci SA, and GDF Suez. Britain's FTSE is off by 0.7%, which puts the Index on pace for its fourth straight loss. Vodafone (VOD), BP Plc (BP), Rio Tinto (RIO), and Royal Dutch Shell (RDS.A) have weighed heavily on overall trade. Bank stocks HSBC (HBC) and Lloyds Group (LYG) have provided some support, though. Published minutes from the last Bank of England meeting revealed that another voting member wanted to raise the target rate rather than leave it unchanged. That has helped win support for the British pound, which is up 0.6% at $1.623.

Action in Asia was relatively mixed overnight. Japan's Nikkei fell to a 0.8% loss after it had dropped 1.8% in the previous session. Fanuc Corp, KDDI Corp, and Honda Motor (HMC) were atop the list of declining issues. Fast Retailing rebounded 3.4% to settle above its 200-day and 50-day moving average. Although its advancers outnumbered its declining issues by more than 7-to-2, mainland China's Shanghai Composite made only a slight recovery from its prior session sell-off. Its 0.3% gain was led by Zijin Mining and Shandong Gold. PetroChina (PTR) and China Petroleum (SNP) were heavy drags on trade. Hong Kong's Hang Seng shed 0.4% in its latest round of trade. Strength in HSBC, China Mobile, and China Shenhua was countered by weakness in CNOOC (CEO), PetroChina, and Industrial & Commercial Bank.

08:05 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +9.10. Yesterday the sock market logged its worst percentage loss in six months, but stock futures suggest that a modest rebound is in the works. The bid comes even though overseas action has been mixed and Dow component Hewlett-Packard (HPQ) disappointed with its latest quarterly report. A light top line and weak guidance detracted from better-than-expected earnings. Shares of HPQ are down more than 9% ahead of the open. Shares of Lowe's (LOW) have encountered more moderate premarket selling, although the home improvement retailer posted an upside earnings surprise of its own and issued a solid forecast. Homebuilder Toll Brothers (TOL) has benefited from a modest bid following a better-than-expected quarterly report. Homebuilders could see some volatility with the release of monthly existing home sales figures at 10:00 AM ET. The latest monthly new home sales figures will be released tomorrow morning. The improved tone of trade this morning has put some pressure on Treasuries, but the yield on teh benchmark 10-year Note remains below 3.50%. Results from an auction of 5-year Notes are due at 1:00 PM ET. As for the dollar, it is down about 0.3% against a basket of major foreign currencies.

06:36 am : [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +11.40.

06:36 am : Nikkei...10579.10...-85.60...-0.80%. Hang Seng...22906.90...-83.90...-0.40%.

06:36 am : FTSE...5961.63...-35.10...-0.60%. DAX...7289.33...-29.00...-0.40%.

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 Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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