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 Post subject: April 26th Tuesday 2011 Emini TF ($TF_F) points +11.40
PostPosted: Wed Apr 27, 2011 5:11 am 
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Joined: Sat Jan 10, 2009 2:06 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)
Attachment:
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click on the above image to view today's trading summary

Trade Performance for Today: +11.40 points or $1140.00 dollars in the Russell 2000 Emini TF ($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=88&t=820.

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=137&t=1015

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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 Climb To 3-Year Highs On Earnings Boost
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
April 26, 2011: 4:42 PM ET

NEW YORK (CNNMoney) -- U.S. stocks finished at their highest levels in three years Tuesday afternoon, as investors cheered another batch of earnings results and a better-than-expected report on consumer confidence.

The Dow Jones industrial average (INDU) gained 115 points, or 0.9%, the S&P 500 (SPX) rose 12 points, or 0.9%, and the Nasdaq Composite (COMP) added 22 points, or 0.8%. Both the Dow and the S&P climbed to their highest levels since June 2008, while the tech-heavy Nasdaq closed at its highest mark since October 2007.

"Corporate earnings have been strong and are a good sign of global growth," said Dave Rovelli, managing director of U.S. equity trading at Cancaccord Adams.

So far, a third of the S&P 500 companies have opened their books, and 75% of them have beat expectations, according to Thomson Reuters. Earning are up almost 19%, while sales have climbed nearly 3%.

Rovelli said upbeat results from shipping company UPS (UPS, Fortune 500) are particularly compelling given the company's reach into the global economy. Shares of UPS rose 0.9% Tuesday after the company posted a 66% rise in profit and raised its full-year earnings outlook.

The busy week in earnings news also brought the strongest first quarter in 13 years from Ford Motor (F, Fortune 500), pushing the automakers's shares up 0.8%.

3M (MMM, Fortune 500) was among the Dow's leaders, with its shares up almost 2% after the company reported better-than-expected earnings. Cummins (CMI, Fortune 500) helped lead the S&P 500 with a 7.6% rise after the engine maker surprised investors by doubling its profit.

Delta (DAL, Fortune 500)'s stock advanced 11% after the airline announced a narrower loss that analysts were expecting, and also beat sales estimates.

IBM (IBM, Fortune 500), which reported a better-than-expected first-quarter last week, announced a 15% quarterly dividend increase and said it would buy back more of its shares.
More company news

But it wasn't all good news from Corporate America. Lexmark International (LXK) shares fell 14.5%, making it the worst performing company in the S&P 500, and Coca-Cola (KO, Fortune 500) shares lost 1.2% to make it one of the biggest losers on the Dow. Both reported disappointing earnings.

Netflix (NFLX) shares tumbled more than 9%, a day after the company reported solid earnings but issued an outlook that fell short of forecasts. The online movie rental company posted the worst losses in the Nasdaq composite.

After the closing bell Tuesday, Amazon.com (AMZN, Fortune 500)'s stock fell almost 6% in after-hours trade after the Seattle-based company reported first-quarter earnings that fell by one-third over the year -- and sharply missed Wall Street forecasts.

U.S. stocks ended mixed on Monday, helped by a modest boost in technology shares.

* Video - Debt ceiling's history lessons

Economy: The Conference Board's consumer confidence index for April rose more than expected to 65.4 from 63.8 the prior month. Economists were expecting the sentiment index to come in at 64.4.

Investors largely shrugged off another dour reading on the housing market. The latest S&P/Case-Shiller home price index showed that eight straight months of declines have now put home prices near post-crisis lows reached in 2009.

"The market is scrapping the housing data," Rovelli said. "Everyone know the housing market is a disaster and it's not getting better anytime soon."

Meanwhile, this week also brings Wednesday's Federal Reserve press conference and Thursday's report on U.S. economic growth.

* Mixed messages from the Fed

"There's some anxiety about Bernanke's press conference tomorrow and the GDP numbers on Thursday," said Scott Brown, chief economist at Raymond James. "Towards the end of the day you may see a little bit of nervousness in markets."

World markets: European stocks closed higher. Britain's FTSE 100 rose 0.9%, the DAX in Germany added 0.8% and France's CAC 40 advanced about 0.6%.

Asian markets ended the session lower. The Shanghai Composite lost 0.9%, the Hang Seng in Hong Kong dipped 0.5% and Japan's Nikkei fell 1.2%.

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

Oil for June delivery slipped 7 cents to settle at $112.21 a barrel.

Gold futures for June delivery fell $5.60 to finish at $1,503.50 an ounce. Silver prices pulled back sharply to settle at $45.05 an ounce, one day after prices came within spitting distance of the key $50-an-ounce level.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.32% from 3.36% late Monday.

Image

Image Yahoo! Finance - Market Update

4:20 pm : Broad-based buying on the back of better-than-expected earnings took both the Dow and S&P 500 to their best level in almost three years. The Nasdaq actually extended its three-year high.

Although there is some uncertainty about what might be said in tomorrow's FOMC policy statement, market participants were in the mood to buy today. In turn, stocks were up more than 1% at session highs and advancing share volume was more than double declining share volume. Overall trading volume, about 900 million shares on the NYSE, still wasn't very impressive, though.

Buying interest was generally broad, but industrial stocks put together some of the best gains. The sector's 1.8% surge was led by Illinois Tool Works (ITW 57.73, +3.32), which posted an upside earnings surprise then complemented the report by issuing a strong revenue forecast. The stock surged to a new three-year high in response. In a similar vein, 3M (MMM 95.94, +1.82) shares recorded a new all-time high following its quarterly results and increased forecast.

Strong guidance, the implementation of a $0.25 cash dividend, and the designation of $1 billion for share repurchases made Humana (HUM 76.69, +4.01) a top performer. Its leadership spread to other managed care providers and propped up the overall health care sector, which achieved a 1.1% gain.

UPS (UPS 74.30, +0.66) benefited from a nice bid on the back of its latest quarterly report and forecast. Ford (F 15.66, +0.12) also found favor following its latest quarterly announcement. Ford's Japanese competitors Honda (HMC 37.61, -0.22), Toyota (TM 78.66, -0.85), and Nissan (NSANY 18.76, +0.31) received less favorable treatement amid news that their rating outlooks were lowered by analysts at S&P due to the impact of the massive earthquakes in Japan last month.

Airline stocks were some of today's top performers. Higher oil prices have weighed on the space in recent weeks, but the space ascended sharply with news that earnings from both Delta Air Lines (DAL 9.99, +0.99) and US Airways (LCC 8.80, +0.52) exceeded what had been expected on Wall Street.

Not every quarterly announcement was treated positively. Blue chip IBM (IBM 168.49, +0.82) mustered a modest gain, but actually lagged the overall market after it announced a 15% hike to its dividend and the designation of $8 billion for share repurchases. Fellow Dow component Coca-Cola (KO 66.93, -0.81) fell after its earnings came short of the consensus estimate.

Netflix (NFLX 228.91, -22.76) dropped precipitously in high volume to probe monthly lows as participants shunned the stock because of its disappointing forecast, which overshadowed an upside earnings surprise. Under Armour (UA 69.64, -8.83) also took a dramatic dive, even though the company reported richer-than-expected earnings and issued strong sales guidance.

Treasuries attracted buying interest in the face of the stock market's strength and a relatively unimpressive auction of 2-year Notes. The auction drew a bid-to-cover of 3.06, dollar demand of $107.1 billion, and an indirect bidder participation rate of 37.9%.

As for the dollar, it continues to descend against a basket of major foreign currencies. In turn, it logged a new 52-week low and was quoted with a 0.3% loss at the close of today's trade.

Commodities failed to benefit from the dollar's downturn. More specifically, oil prices settled with a 0.1% loss at $112.11 per barrel. Gold prices closed with a fractional loss at $1501.40 per ounce and silver settled with a 0.8% loss at $44.70 per ounce.

Advancing Sectors: Industrials (+1.8%), Telecom (+1.5%), Energy (+1.2%), Health Care (+1.1%), Materials (+1.0%), Utilities (+0.9%), Tech (+0.8%), Financials (+0.6%), Consumer Staples (+0.6%), Consumer Discretionary (+0.3%)
Declining Sectors: (None)DJ30 +115.49 NASDAQ +21.66 NQ100 +0.5% R2K +1.0% SP400 +1.0% SP500 +11.99 NASDAQ Adv/Vol/Dec 1648/2.06 bln/941 NYSE Adv/Vol/Dec 2188/906 mln/837

3:30 pm : Commodities had a lackluster session today. As such, oil prices spent the day near the neutral line before they settled with a 0.1% loss at $112.11 per barrel. Natural gas prices spent most of the session in the red, but successfully staged a late recovery that gave it a flat finish at $4.39 per MMBtu.

Precious metals were unable to reclaim the gains that they forfeited in the prior session. In turn, gold prices closed with a fractional loss at $1501.40 per ounce. Meanwhile, silver settled with a 0.8% loss at $44.70 per ounce.

Commodities failed to benefit from the greenback's ongoing struggle. The dollar set a new 52-week low against a basket of major foreign currencies today; it was last quoted with a 0.3% loss. DJ30 +115.30 NASDAQ +23.04 SP500 +11.86 NASDAQ Adv/Vol/Dec 1746/1.69 bln/813 NYSE Adv/Vol/Dec 2173/615 mln/822

3:00 pm : Today's trade concludes in an hour. In turn, participants are shifting their focus to the latest list of earnings announcements. Tonight's schedule features Amazon.com (AMZN 183.49, -1.93) and Broadcom (BRCM 40.45, +0.29). Tomorrow morning brings the latest from Baker Hughes (BHI 73.70, -0.04), Boeing (BA 75.65, +0.75), BP Plc (BP 46.28, +0.30), ConocoPhillips (COP 8133, +0.85), Northrop Grumman (NOC 62.52, +1.05), and Whirlpool (WHR 87.58, +0.36).DJ30 +119.43 NASDAQ +24.11 SP500 +12.44 NASDAQ Adv/Vol/Dec 1750/1.54 bln/792 NYSE Adv/Vol/Dec 2185/560 mln/809

2:30 pm : Consumer discretionary stocks have lagged the broader market all day long. The sector is up with a solid 0.5% gain, but that is only about half of what the overall stock market has achieved. Part of the sector's relative weakness stems from an underwhelming response to better-than-expected earnings and a dividend increase from Coach (COH 57.12, +0.04). Under Armour (UA 70.44, -8.03) also posted an upside earnings surprise and even issued a strong sales forecast, but its shares have dropped to a 10% loss.DJ30 +116.66 NASDAQ +25.56 SP500 +12.25 NASDAQ Adv/Vol/Dec 1781/1.43 bln/755 NYSE Adv/Vol/Dec 2199/515 mln/787

2:00 pm : Stocks are off of their session highs, but the overall tone of trade is still strong. Despite the upbeat mood of broad market participants, shares of Netflix (NFLX 229.09, -22.58) have taken a deep dive. The stock's 9% loss comes on high share volume, too. In fact, the near 12 million shares of NFLX that have already traded hands today is double the average daily volume. The pace has shares of NFLX headed for one of their highest daily volume totals of the year, even though participation in the broad market remains unimpressive.DJ30 +109.10 NASDAQ +20.93 SP500 +11.13 NASDAQ Adv/Vol/Dec 1767/1.31 bln/751 NYSE Adv/Vol/Dec 2176/475 mln/798

1:30 pm : Results from an auction of 2-year Notes were released at 1:00 PM ET. They featured a bid-to-cover of 3.06, dollar demand of $107.1 billion, and an indirect bidder participation rate of 37.9%. For comparison, the prior auction produced a bid-to-cover of 3.16, dollar demand of $110.6 billion, and an indirect bidder participation rate of 33.0%. An average of the past six auctions results in a bid-to-cover of 3.42, dollar demand of $119.6 billion, and an indirect bidder participation rate of 32.0%.

Following the release of the results, Treasuries actually turned higher. In fact, the benchmark 10-year Note now sits at a session high. The 2-year Note is still up only incrementally, though. DJ30 +104.48 NASDAQ +20.20 SP500 +11.46 NASDAQ Adv/Vol/Dec 1752/1.21 bln/762 NYSE Adv/Vol/Dec 2187/435 mln/765

1:05 pm : A bevy of better-than-expected earnings has brought buyers back into the fold after a lackluster session yesterday.

Slow news flow in the wake of a long, holiday weekend made for a sluggish return to the trading week on Monday, but a raft of earnings reports has provided market participants with plenty of trading cues. Given the strength of many reports, the tone of trade today has been decidedly upbeat.

An upside earnings surprise has made AK Steel (AKS 16.91, +0.97) a top performer today, but the stock's near 6% spike hasn't helped to lift peer U.S. Steel (X 50.08, -1.75), which is currently the only stock in the materials sector that has failed to put together any kind of a gain.

Illinois Tool Works (ITW 57.29, +2.88) and Humana (HUM 76.27, +3.59) have also outperformed with ease. Shares of ITW are up in the wake of a pleasing quarterly report while HUM has won favor with upside guidance, the decision to implement a cash dividend, and the designation of $1 billion for share repurchases.

Blue chip IBM (IBM 168.16, +0.49) announced today plans to hike its dividend by 15% and add $8 billion to its share repurchase plan. Fellow Dow component 3M (MMM 96.21, +2.09) reported this morning strong quarterly results and went on to raise its forecast.

Dow component Coca-Cola (KO 66.61, -1.13) is one of the few widely-held names that came short of the consensus earnings estimate for the latest quarter. As a result, its shares have been under pressure since the open.

UPS (UPS 74.51, +0.87) has benefited from considerable buying interest following its latest quarterly report and increased earnings forecast. A modest dip in oil prices to just below $112 per barrel has likely helped. Rising oil prices have weighed on airline shares in recent weeks, but positive earnings surprises from Delta Air Lines (DAL 9.87, +0.87) and US Airways (LCC 8.68, +0.40) have the Amex Airline Index up more than 2% today.

Ford (F 15.95, +0.41) shares have moved to one-month highs with help from an upside earnings surprise, but the stock is still a couple of dollars shy of the multi-year high that it set in January. Japanese competitors Honda (HMC 37.52, -0.31), Toyota (TM 78.52, -0.99), and Nissan (NSANY 18.79, +0.34) all had their rating outlooks lowered by analysts at S&P due to the impact of the massive earthquakes that struck Japan last month.

Data has had limited impact on trade today. The Conference Board's Consumer Confidence Index for April came in at 65.4, which is a greater-than-expected improvement from the prior month. Separately, the latest S&P/CaseShiller Composite for home prices in 20 major cities slipped 0.3%. DJ30 +108.45 NASDAQ +19.62 SP500 +11.19 NASDAQ Adv/Vol/Dec 1737/1.13 bln/768 NYSE Adv/Vol/Dec 2193/400 mln/769

12:30 pm : Despite the stock market's strength, Treasuries have managed to attract some minor buying interest. As such, the yield on the benchmark 10-year Note is down a few basis points to 3.33%. Meanwhile, the yield on the 2-year Note is at 0.627%. Results from an auction of 2-year Notes are due at the top of the hour.

As for the dollar, its doldrums continue. More specifically, the greenback has given up another 0.3% against a collection of competing currencies so that it is at its lowest level in more than a year. DJ30 +114.55 NASDAQ +26.87 SP500 +12.65 NASDAQ Adv/Vol/Dec 1776/1.01 bln/710 NYSE Adv/Vol/Dec 2237/370 mln/716

12:00 pm : The broad market continues to add steadily to its gain. It is now up nearly 1%. More impressive, though, is the near 3% gain that is presently sported by the Amex Airline Index. Airline shares have been bolstered by better-than-expected results from Delta Air Lines (DAL 9.79, +0.79) and US Airways (LCC 8.74, +0.46).

The Dow Jones Transportation Index is also up more than 2%. UPS (UPS 74.45, +0.81) has been a boon to the space following its latest quarterly report and increased earnings forecast. DJ30 +110.29 NASDAQ +26.15 SP500 +12.37 NASDAQ Adv/Vol/Dec 1796/880 mln/674 NYSE Adv/Vol/Dec 22223/323 mln/683

11:30 am : Shares of AK Steel (AKS 16.82, +0.88) have spiked to a gain of more than 5% on the back of better-than-expected earnings, but the reaction to the latest results from US Steel (X 50.33, -1.50) has been decidedly negative, such that the stock is down almost 3%. Although the two steel stocks have diverged, the broader materials sector has made its way to a 1.2% gain.

The health care sector is also up a bit more than 1% with help from managed care providers like Humana (HUM 77.15, +4.47), which set a three-year high earlier this morning. The stock's strength has been underpinned by strong guidance from the company, as well as its decision to implement a quarterly cash dividend of $0.25 per share and make an additional $1 billion available for share repurchases. DJ30 +101.04 NASDAQ +24.60 SP500 +11.46 NASDAQ Adv/Vol/Dec 1748/742 mln/693 NYSE Adv/Vol/Dec 2212/278 mln/665

11:00 am : The major equity averages continue to gradually add to their gains. The effort has been broad based in that all 10 of the sectors that make up the S&P 500 are at or near their session highs.

Industrials are still today's frontrunners. The sector has sprinted ahead to a 1.9% gain. Consumer discretionary stocks are trailing as they trade with a 0.3% gain. Financials are also lagging; they are up just 0.4%. DJ30 +81.21 NASDAQ +20.80 SP500 +10.04 NASDAQ Adv/Vol/Dec 1641/595 mln/748 NYSE Adv/Vol/Dec 2124/225 mln/713

10:30 am : Commodities are wrestling with varied degrees of selling pressure this morning. Their weakness comes amid news from CNBC that analysts at Morgan Stanley downgraded the commodity space to Neutral.

Among the more widely watched commodities, gold prices are down 0.7% to $1498.50 per ounce while silver prices have slipped to $45.25 per ounce as the two precious metals extend their prior session pullback.

In energy trade, crude oil prices are presently up 0.1% to $112.35 per barrel. Natural gas prices are down 0.7% at $4.36 per MMBtu. Oil prices have spent most of the morning trading near the neutral line while natural gas has been under steady pressure. DJ30 +69.55 NASDAQ +12.37 SP500 +7.75 NASDAQ Adv/Vol/Dec 1469/456 mln/847 NYSE Adv/Vol/Dec 1938/175 mln/859

10:00 am : Stocks have added to their morning gains. The effort has been supported by a stronger-than-expected Consumer Confidence Index.

The Conference Board just posted its Consumer Confidence Index for April. The Index came in at 65.4, which is not only greater than the 64.4 that had been widely expected, but it is also greater than the upwardly revised 63.8 that was posted for the prior month.

Advancing Sectors: Industrials (+1.4%), Telecom (+0.9%), Health Care (+0.7%), Utilities (+0.5%), Materials (+0.4%), Energy (+0.2%), Tech (+0.2%), Consumer Discretionary (+0.2%), Financials (+0.1%), Consumer Staples (+0.1%)
Declining Sectors: (None)DJ30 +51.84 NASDAQ +12.19 SP500 +6.24 NASDAQ Adv/Vol/Dec 1430/290 mln/794 NYSE Adv/Vol/Dec 1896/115 mln/845

09:45 am : Better-than-expected earnings and upside guidance have given shares of Illinois Tool Works (ITW 56.97, +2.54) a strong boost in morning trade. The stock's strength has also provided leadership to the overall industrials sector, which is up 1.1% while the rest of the market trades with a much more modest gain.

Dow component Coca-Cola (KO 65.85, -1.89) posted this morning quarterly earnings that came short of the consensus forecast. Subsequent selling has weighed on both the stock and the consumer staples sector, which is down with a fractional loss.

The top of the hour brings the latest Consumer Confidence Index from the Conference Board. The Briefing.com consensus calls for a reading of 64.4 following the prior report's reading of 63.4. DJ30 +23.20 NASDAQ +5.09 SP500 +3.77 NASDAQ Adv/Vol/Dec 1216/165 mln/900 NYSE Adv/Vol/Dec 1600/80 mln/1019

09:15 am : S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +4.80. Although they make for imperfect indicators, stock futures suggest a slightly stronger start is in order for today's trade. The bid comes on the back of a healthy batch of better-than-expected earnings; UPS (UPS), 3M (MMM), Ford (F), UBS AG (UBS), Under Armour (UA), and Coach (COH) are among the more widely-held names that have posted strong results. In contrast, Coca-Cola (KO) posted an earnings miss and Netflix (NFLX) disappointed with its guidance, even though the movie delivery firm posted an upside earnings surprise. As for overseas action, modest buying among Europe's major bourses has added a positive backdrop to premarket trade, although Asia's major averages succumbed to renewed selling amid concerns about the possibility of further interest rate hikes in China. There hasn't been much economic data this morning, just the latest S&P/CaseShiller 20-city Composite Index for home prices, which fell 3.3%. Coming up at 10:00 AM ET is the latest Consumer Confidence Index. Results from an auction of 2-year Treasury Notes are also scheduled for today; they are due at 1:00 PM ET.

09:05 am : S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +5.80. Crude oil prices are up fractionally to $112.35 per barrel in the first few minutes of pit trade. Natural gas prices are down 0.8% to $4.35 per MMBtu. As for precious metals, they have extended the prior session's midday pullback. In turn, gold prices are down 0.3% at $1505 per ounce this morning. Silver was last quoted with a 2.4% loss with a $46.05 per ounce. In the backdrop, the dollar is down 0.2% against a basket of major foreign currencies.

08:35 am : S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +4.60. Europe's major bourses were closed yesterday for holiday observance, but they have since re-opened to trade with a positive bias. In turn, Germany's DAX is up 0.5%. Deutsche Bank (DB) has attracted buyers on the back of a strong report from UBS AG (UBS). In contrast, financial plays have had mixed influence on France's CAC, which has worked its way to a 0.3% gain. Axa (AXA) is up nicely, but Societe Generale is under pressure. Michelin, Renault SA, and Alcatel-Lucent (ALU) have provided the most leadership. Meanwhile, Britain's FTSE is presently up 0.4%.

As for action in Asia, Japan's Nikkei managed to limit its loss in the prior session, but fell to a 1.2% loss in the latest round of trade. The move lower came amid widespread weakness, but CSK Corp and Tokyo Electric Power were a couple of the heaviest drags. KDDI managed to outperform by putting together an impressive gain on the order of 4%. Following the close, Canon (CAJ) reported an upside earnings surprise, but lowered its guidance. Meanwhile, analysts at S&P lowered their outlook on automakers Toyota (TM), Honda (HMC), and Nissan (NSANY) due to the production cuts that stemmed from the massive earthquake that shook Japan last month. In China, the Shanghai Composite closed with a 0.9% loss, which extended its 1.5% loss from the prior session. China Life was a considerable source of weakness after it came short of the consensus earnings estimate. Financial media continue to make note of concerns about the potential for higher interest rates in the country. As for Hong Kong's Hang Seng, it re-opened from a four-day weekend to log a 0.5% loss. Property stocks were a primary source of weakness ahead of a government-led land auction tomorrow.

08:05 am : S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +4.60. Following a dull, low-volume day of trade, market participants have a few more cues to follow this morning. So far, their reaction to today's headlines has been generally positive, such that stock futures trade with a healthy lead over fair value. Although Asia's major averages succumbed to further selling overnight, Europe's major bourses re-opened from an extended holiday weekend to post modest gains. The latest round of earnings has featured better-than-expected results from Ford (F), UPS (UPS), and 3M (MMM). The latter two also raised their guidance. Under Armour (UA) reported an upside earnings surprise and issued a strong sales forecast, but Netflix (NFLX) tainted its own upside earnings surprise with a mixed outlook. Coca-Cola (KO) came short of the consensus earnings estimate. The latest S&P/CaseShiller Home Price Index will be released at 9:00 AM ET. The Conference Board's latest monthly Consumer Confidence Index follows at 10:00 AM ET. At 1:00 PM ET, results from an auction of 2-year Notes will be released. The FOMC is also scheduled to begin its two-day meeting today; its latest policy decision will be released tomorrow.

06:46 am : [BRIEFING.COM] S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +3.80.

06:46 am : Nikkei...9558.69...-113.30...-1.20%. Hang Seng...24007.38...-130.90...-0.50%.

06:46 am : FTSE...6037.96...+19.70...+0.30%. DAX...7326.59...+31.10...+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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