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 Post subject: July 26th Tuesday 2011 Emini TF ($TF_F) points +21.50
PostPosted: Tue Jul 26, 2011 4:55 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: +21.50 points or $2150.00 dollars in the Russell 2000 Emini TF ($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=92&t=948.

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=138&t=1058

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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 (key market events) causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis. Thus, I pay attention to these key market events from one trade to the next trade to give me the market context for my technical analysis.

Image CNNMoney.com - Stocks Sink On Debt Talks, Earningsl
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click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer July 26, 2011: 4:59 PM ET

NEW YORK (CNNMoney) -- U.S. stocks retreated Tuesday, as concern about the outlook for corporate earnings and ongoing worries over the U.S. debt ceiling shook investor confidence.

The Dow Jones industrial average (INDU) fell 92 points, or 0.7%, to 12,501. The S&P 500 (SPX) lost 5.5 points, or 0.4%, to 1,332 and the Nasdaq Composite (COMP) fell 3 points, or 0.1%, to 2,840.

The Dow was dragged lower by industrial conglomerate 3M (MMM, Fortune 500), whose shares sank more than 5%, after the company's quarterly results missed some analysts' expectations.

Despite beating expectations for quarterly earnings, shares of several companies fell -- including Netflix (NFLX), UPS (UPS, Fortune 500) and Ford (F, Fortune 500) -- as investors remain concerned about companies' outlooks.

Investors have been torn between two forces: second-quarter corporate results that have been generally positive and concerns tied to the continuing battle over the United States' debt ceiling. Of the S&P 500 companies that have reported their quarterly results so far, 73% have beaten expectations, according to data by Thomson Reuters.

"You have to attempt to put the political noise aside, and look at the fundamentals -- in this case, corporate earnings," said Frank Davis, director of sales and trading at LEK Securities. "We are under the belief that this debt ceiling issue will get worked out."

* Obama's big debt ceiling pitch

The rhetoric over the debt ceiling ratcheted up further late Monday, after President Obama and House Speaker John Boehner each used primetime television addresses to make their case to the American people.

The president singled out the House Republicans, and said the political showdown is "no way to run the greatest country on Earth." But as Tuesday wore on, there was no clear legislative path forward.

Months of increasingly tense negotiations have failed to bring a deal that can win approval from all of the necessary players -- the Republican-led House, Democratic-led Senate and the White House.

"It's going to come down to the wire," said Kenny Landgraf, principal and founder of Kenjol Capital Management. "It's just going to come down to who is going to blink first."

* Video - Why you care about a debt downgrade

Stocks started the week in the red Monday, after lawmakers failed to agree on a debt ceiling deal over the weekend.

Economy: The S&P Case-Shiller 20-city home price index fell 4.5% on a year-over-year basis in May, but was up 1% on a month-over-month basis.

New-home sales dropped to an annual rate of 312,000, according to a report from the Commerce Department. The data were lower than the 325,000 units economists had predicted.

The Conference Board said its consumer confidence index rose to a reading of 59.5 in July from 57.6 in June. Economists had expected the index to slide to 55.3.

Companies: Netflix (NFLX) shares dropped 5% on Tuesday, making it the among the worst performers on the S&P 500 and Nasdaq. The video rental company spent much of its Monday earnings release discussing problems -- namely, a recent price hike that launched thousands of online complaints.

Shares of RadioShack (RSH, Fortune 500) jumped 20% on Tuesday after the company announced a partnership with Verizon Wireless. This comes after the company posted a worse-than-expected second-quarter profit.

AK Steel (AKS, Fortune 500) shares dropped 17%. The steel maker posted a quarterly profit of 30 cents a share, well short of the 50 cents that analysts were looking for.

Ford (F, Fortune 500) reported better-than-expected quarterly earnings of $2.4 billion, as sales climbed 13% to $35.5 billion. However, shares for the automaker fell 2%.

International package delivery company UPS (UPS, Fortune 500) -- often considered an economic bellwether -- also posted better-than-expected earnings, as strong shipping volume in China and Europe helped offset flat sales in the United States. Shares were down 3%, however.

Shares of online retailer Amazon.com (AMZN, Fortune 500) rose 5% in after-market trading after the company's quarterly sales jumped 51%, beating expectations.

* Gold at all-time high. Thanks, Washington!

Currencies and commodities: The dollar weakened against the euro, the Japanese yen and British pound.

Oil for September delivery gained 39 cents or 0.4%, to $99.59 a barrel.

Gold futures for August delivery gained $4.60 to $1,616.80 an ounce.

World markets: European stocks closed mixed. Britain's FTSE 100 and the DAX in Germany both ended the session mostly unchanged, while France's CAC 40 fell 0.7%.

Asian markets ended higher. The Shanghai Composite closed up 0.1%, the Hang Seng in Hong Kong rose 1.3% and Japan's Nikkei advanced 0.5%.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.95% from 3% late Monday.

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Image Yahoo! Finance - Market Update

4:25 pm : The major market averages closed just off their worst levels of the session, unable to hold their midday gains. The Dow (-0.7%) paced today's decline with the S&P (-0.4%) and Nasdaq (-0.1%) faring a little better.

Netflix (NFLX 266.91, -14.62) closed lower by 5.2% after beating by $0.14 in the second quarter, but on slightly weaker-than-expected revenues of $788.6 million (Capital IQ Consensus Estimate of $791.2 million). The co issued downside third quarter guidance, seeing earnings per share of $0.72-1.07 (consensus $1.08), revenues of $799.5-828.5 million (Capital IQ Consensus Estimate of $845.6 million) and domestic operating margin of 13.6%. The weak guidance was attributed to the negative price impact of the its decision to separate DVD by mail and streaming.

Steelmaker AK Steel (AKS 12.81, -2.71) ended down 17.5% after posting disappointing third quarter results. The company missed the Capital IQ Consensus Estimate of $0.49 per share by $0.17 and saw revenues climb 12.3% YoY to $1.79 billion. However, that number was short of the Capital IQ Consensus Estimate of $1.81 billion. As for the third quarter, the company expects shipments to be between 1.4-1.45 million tons with an average per-ton selling price lower by about 1.0%. It also expects raw material costs to tick higher from the previous quarter. Shares of competitor United States Steel Corp. (X 40.62, -3.67) lost 8.3%.

Broadcom (BRCM 38.20, +3.29) gained 9.4% after posting earnings per share of $0.72 which topped the Capital IQ Consensus Estimate of $0.63. Revenues jumped 12.5% YoY to $1.8 billion which was in-line with forecasts. Product gross margin was 51.1%. Looking ahead to the third quarter the company sees revenues climbing to a range of $1.90-2.0 billion with the Capital IQ Consensus Estimate at $1.93 billion. Several firms came out today and upgraded the stock after yesterday's results.

Food Retailer SuperValu (SVU 9.11, +0.59) added 6.9% today after reporting earnings per share of $0.35 which were better than the Capital IQ Consensus Estimate of $0.33. Revenues posted a slight miss, falling 3.7% YoY to $11.11 billion (Capital IQ Consensus Estimate of $11.16 billion). The company reaffirmed its full year 2012 forecast in which it sees revenues of $37 billion versus the Capital IQ Consensus Estimate of $36.04 billion.

Shares of Simon Property Group (SPG 122.39, +1.92) hit their best level since February 2007, and are just off their all-time highs after announcing earnings of $1.65 per share which was better than the Capital IQ Consensus Estimate of $1.58 per share. Revenues rose 11.5% YoY to $1.04 billion to slightly better the $1 billion consensus. The property group issued in-line guidance for full year 2011 saying it expects earnings per share of $6.65-6.73 versus the Capital IQ Consensus Estimate of $6.71 per share.

Treasuries finished at their best levels of the session after the $35 billion 2-yr note auction saw solid but not spectacular results. The auction drew 0.417% and saw a 3.14x bid/cover (3.37x 12-auction average) as indirect bidders took down just 27.7% of the offering. Direct bidders showed up in force, taking down 20.0% of the auction (14.6% 12-auction average). The 10-yr yield ended the day near 2.95% after seeing an overnight high of 3.04%.

The dollar index ended the day near its worst levels of the session, hammered lower by the little progress that has been made in the debt ceiling talks. A gain of 140 pips pushed the euro through the 1.45 level and to its best close since July 4. The Swiss franc punctured the .8000 level for the first time ever as it remains the currency of choice among participants. Other notable movers included the yen which strengthened to better than 78 per dollar and the Canadian dollar which hit a 3.5-yr high against the greenback.DJ30 -91.50 NASDAQ -2.84 SP500 -5.49 NASDAQ Adv/Vol/Dec 889/1.69 bln/1683 NYSE Adv/Vol/Dec 1035/837.4 mln/1965

3:30 pm : It was a more subdued session for commodities today, with very few new headlines out to create volatility in the markets. August gold finished higher by 0.3% to $1617.20 per ounce, while Sept silver gained 1.1% to end at $40.80 per ounce. Both metals spent the majority of the session chopping around the unchanged line, but managed to trade into positive territory with approximately thirty minutes left in pit trade to end with modest gains. In afterhours trade, both metals have ticked to fresh highs after headlines crossed indicating that the President will veto Boehner's debt plan should it reach his desk.

It was a somewhat confusing session for Sept crude oil, which settled higher by 0.4% to $99.59 per barrel. After several failed attempts to trade above the $100 level in morning trade, crude oil sold off into negative territory, dropping over 2 points to session lows at $97.76. However, that weakness was short lived as crude rallied off those lows, back into positive territory and to fresh highs at $100.62; it best levels since June 10. Sept natural gas finished lower by 0.5% to $4.33 per MMBtu. DJ30 -62.74 NASDAQ +2.65 SP500 -2.81 NASDAQ Adv/Vol/Dec 1027/1.4 bln/1521 NYSE Adv/Vol/Dec 1177/572.6 mln/1834

3:00 pm : Treasuries finished at their best levels of the session after the $35 billion 2-yr note auction saw solid but not spectacular results. The auction drew 0.417% and saw a 3.14x bid/cover (3.37x 12-auction average) as indirect bidders took down just 27.7% of the offering. Direct bidders showed up in force, taking down 20.0% of the auction (14.6% 12-auction average). Treasuries saw a lower trade in Asia, but pared their losses over the European session, and moved into positive territory following this morning's data. The 10-yr ended the day near 2.95% after hitting a session high of 3.074% early this morning. The yield curve flattened over the course of the day with the 2-10-yr spread falling to 254.7.DJ30 -48.86 NASDAQ +5.43 SP500 -0.84 NASDAQ Adv/Vol/Dec 1082/1.26 bln/1467 NYSE Adv/Vol/Dec 1279/520.6 mln/1727

2:30 pm : The S&P has joined the Nasdaq in positive territory while the Dow still hovers below the flat line.

Food Retailer SuperValu (SVU 9.20, +0.68) is up almost 8% today after reporting earnings per share of $0.35 which were better than the Capital IQ Consensus Estimate of $0.33. Revenues posted a slight miss, falling 3.7% YoY to $11.11 billion (Capital IQ Consensus Estimate of $11.16 billion). The company did however reaffirm its full year 2012 forecast in which it sees revenues of $37 billion versus the Capital IQ Consensus Estimate of $36.04 billion. DJ30 -43.82 NASDAQ +6.63 SP500 +0.05 NASDAQ Adv/Vol/Dec 1106/1.16 bln/1430 NYSE Adv/Vol/Dec 1350/482.7 mln/1644

2:00 pm : The major market averages continue their mixed trade as the Nasdaq remains just above the flat line while the S&P and Dow trade lower.

Shares of Simon Property Group (SPG 122.77, +2.30) are at their best levels since February 2007, and trade just off all-time highs after announcing earnings of $1.65 per share which was better than the Capital IQ Consensus Estimate of $1.58 per share. Revenues rose 11.5% YoY to $1.04 billion to slightly better the $1 billion consensus. The property group issued in-line guidance for full year 2011 saying it expects earnings per share of $6.65-6.73 versus the Capital IQ Consensus Estimate of $6.71 per share.DJ30 -66.30 NASDAQ +1.00 SP500 -3.08 NASDAQ Adv/Vol/Dec 998/1.05 bln/1526 NYSE Adv/Vol/Dec 1171/437.8 mln/1805

1:30 pm : The major averages remain mixed, drifting sideways after bouncing modestly off their early lows. The VIX Volatility Index is higher by 3% today, back above 20.00, with greater uncertainty as the market weakens and the debt situation remains unresolved. Although the debt situation is a major topic on investors minds, earnings are affecting many individual companies as we work our way through the second busy week of earnings season. Tonight after the close another 70 companies are scheduled to report results, including Juniper Networks (JNPR), Amazon (AMZN), Buffalo Wild Wings (BWLD), Panera (PNRA), Electronic Arts (ERTS) and Websense (WBSN).DJ30 -70.50 NASDAQ +0.12 SP500 -3.75 NASDAQ Adv/Vol/Dec 990/983.9 mln/1542 NYSE Adv/Vol/Dec 1137/407.1 mln/1828

1:00 pm : The major market averages trade mixed as the tech heavy Nasdaq holds a small gain while the S&P and Dow tread in negative territory. Markets opened lower, but rebounded off their worst levels of the morning after consumer confidence posted an upside surprise.

Netflix (NFLX 257.62, -23.91) is down 8.5% after beating by $0.14 in the second quarter, but on slightly weaker-than-expected revenues of $788.6 million (Capital IQ Consensus Estimate of $791.2 million). The co issued downside third quarter guidance, seeing earnings per share of $0.72-1.07 (consensus $1.08), revenues of $799.5-828.5 million (Capital IQ Consensus Estimate of $845.6 million) and domestic operating margin of 13.6%. The weak guidance can be attributed to the negative price impact of the its decision to separate DVD by mail and streaming.

Steelmaker AK Steel (AKS 13.14, -2.38) is down more than 15% after posting disappointing third quarter results. The company missed the Capital IQ Consensus Estimate of $0.49 per share by $0.17 and saw revenues climb 12.3% YoY to $1.79 billion. However, that number was short of the Capital IQ Consensus Estimate of $1.81 billion. As for the third quarter, the company expects shipments to be between 1.4-1.45 million tons with an average per-ton selling price will be about 1% lower. It also expects raw material costs to tick higher from the previous quarter. Shares of competitor United States Steel Corp. (X 40.85, -3.44) are seeing related losses of 7.7%.

Broadcom (BRCM 38.35, +3.44) is higher by 10.5% after posting earnings per share of $0.72 which topped the Capital IQ Consensus Estimate of $0.63. Revenues jumped 12.5% YoY to $1.8 billion which was in-line with forecasts. Product gross margin was 51.1%. Looking ahead to the third quarter the company sees revenues climbing to a range of $1.90-2.0 billion with the Capital IQ Consensus Estimate at $1.93 billion. Several firms have come out today and upgraded the stock after yesterday's results.

Treasuries trade near their best levels of the day just before Treasury's $35 billion 2-yr note auction. After climbing as high as 3.04% earlier this morning, the 10-yr yield has slipped back below the 3.00% threshold and hover near 2.97%. Yield curve flattening has taken hold with the 2-10-yr spread tightening to 256.5. DJ30 -62.06 NASDAQ +2.74 SP500 -2.37 NASDAQ Adv/Vol/Dec 1043/902.0 mln/1458 NYSE Adv/Vol/Dec 1203/371.9 mln/1752

12:30 pm : The major market averages remain mixed with the Nasdaq (+0.2%) holding small gain while the S&P (-0.1%) and Dow (-0.4%) trade lower.

Steelmaker AK Steel (AKS 13.11, -2.41) has plunged more than 15% today after posting disappointing third quarter results. The company missed the Capital IQ Consensus Estimate of earnings of $0.49 per share by $0.17 and saw revenues climb 12.3% YoY to $1.79 billion. However, that number was short of the Capital IQ Consensus Estimate of $1.81 billion. As for the third quarter, the company expects shipments to be between 1.4-1.45 million tons with an average per-ton selling price will be about 1% lower. It also expects raw material costs to tick higher from the previous quarter. Shares of competitor United States Steel Corp. (X 40.80, -3.49) are seeing related losses of 7.9%.DJ30 -52.87 NASDAQ +5.13 SP500 -1.24 NASDAQ Adv/Vol/Dec 1116/827.7 mln/1356 NYSE Adv/Vol/Dec 1267/344.5 mln/1667

12:00 pm : Treasuries have rallied to their best levels of the session ahead of this afternoon's $35 bln 2-yr note auction. Buying picked up following the disappointing S&P/Case Shiller reading and continued after consumer confidence and new home sales posted mixed results. The tone of trade has been somewhat positive considering the U.S. is just one week away from defaulting if the debt ceiling is not raised. Longer dated paper is seeing the heaviest interest as a gain of 0.7% in the 30-yr has its yield down 6 bps at 4.261%. The 10-yr has slipped back below 3.00% and now finds itself on its session low near 2.95%. Some serious flattening has taken place along the yield curve with the 2-10-yr spread tightening to 256.6 from its previous 261.5.DJ30 -65.47 NASDAQ +1.03 SP500 -3.29 NASDAQ Adv/Vol/Dec 1015/746.0 mln/1426 NYSE Adv/Vol/Dec 1141/309.7 mln/1771

11:30 am : The major market averages have pared their losses and now trade mixed as the Nasdaq (+0.2%) has ticked into positive territory.

Broadcom (BRCM 38.34, +3.43) is higher by 9.8% after posting earnings per share of $0.72 which topped the Capital IQ Consensus Estimate of $0.63. Revenues jumped 12.5% YoY to $1.8 billion which was in-line with forecasts. Product gross margin was 51.1%. Looking ahead to the third quarter the company sees revenues climbing to a range of $1.90-2.0 billion with the Capital IQ Consensus Estimate at $1.93 billion. Several firms have come out today and upgraded the stock after yesterday's results. DJ30 -51.66 NASDAQ +4.45 SP500 -1.58 NASDAQ Adv/Vol/Dec 1070/660.9 mln/1350 NYSE Adv/Vol/Dec 1236/275.0 mln/1654

11:00 am : Shares of Netflix (NFLX 253.13, -28.40) are down close to 10% this morning after beating by $0.14 in Q2, but on slightly weaker-than-expected revenues of $788.6 million (Capital IQ Consensus Estimate of $791.2 million). The co issued downside Q3 guidance, seeing EPS of $0.72-1.07 (consensus $1.08), revenues of $799.5-828.5 million (Capital IQ Consensus Estimate of $845.6 million) and domestic operating margin of 13.6%. The company attributed the weak guidance to the negative price impact of the its decision to separate DVD by mail and streaming.DJ30 -74.06 NASDAQ -3.82 SP500 -4.06 NASDAQ Adv/Vol/Dec 895/537.8 mln/1498 NYSE Adv/Vol/Dec 1007/227.2 mln/1847

10:30 am : The dollar index continues to trade lower and is currently about 0.6% in the red. However, this is not providing price support to most commodities. The ag space on the other hand is mostly higher, but is only showing modest gains (sugar +0.9%, cocoa -0.8%, coffee +0.5%, orange juice +0.01%)

Energy markets are lower this morning with crude trading near the $98 level. The energy component began to sell-off about 30 minutes before pit trading opened and fell as low as $97.78/barrel. In current trade, crude is down 0.9% to $98.27/barrel. Natural gas followed a similar pattern to crude and is currently down 1.1% at $4.31/MMBtu

Gold has been chopping around this morning and showing little direction. Meanwhile, silver just sold-off over $0.40/oz within the last 25 minutes to new session lows of $40.05. Gold is currently down -0.1% at $1610.00/oz and silver is 0.6% lower at $40.14/oz.DJ30 -76.22 NASDAQ -5.09 SP500 -4.91 NASDAQ Adv/Vol/Dec 813/410 mln/1511 NYSE Adv/Vol/Dec 813/176 mln/1946

10:00 am : The latest reading on consumer confidence from the Conference Board came in at 59.5, which is better than the 55.0 that had been expected, on average, among economists polled by Briefing.com. New home sales for May slipped by about 1.0% month over month to an annualized rate of 312,000 units, which is greater than the pace of 320,000 units that had been anticipated among economists polled by Briefing.com.DJ30 -76.25 NASDAQ -4.00 SP500 -5.28 NASDAQ Adv/Vol/Dec 847/255.6 mln/1387 NYSE Adv/Vol/Dec 866/117.4 mln/1868

09:45 am : The major market averages are mixed in early trade as the Dow (-0.3%) and S&P (-0.1%) trade lower while the tech heavy Nasdaq (+0.3%) holds a small gain. Weakness in industrials and materials is pacing this morning's decline in the broader S&P 500 while strength in technology has limited losses. Consumer confidence and new home sales will both be released at 10 a.m. ET.DJ30 -40.11 NASDAQ +7.99 SP500 -0.80 NASDAQ Vol 143.4 mln NYSE Vol 72.6 mln

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.50. Equity futures are pointing to a slightly higher open as earnings results that continue to come in generally better than expected. Ford Motor (F), Lockheed Martin (LMT), and Simon Property Group (SPG) will be in focus today as all beat on both the top and bottom lines. Shares of Netflix are under pressure in pre-market trading after issuing downside guidance for the third quarter. Data this morning showed the S&P/Case Shiller 20-city Index reading posted a slight miss, falling 4.5% in May, with both consumer confidence and new home sales due out at 10 a.m. ET.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +4.00. Equity futures have seen little reaction to the latest S&P/Case-Shiller 20-city Composite Index that showed home prices fell 4.5% in May. That compares with the Briefing.com consensus expectations of a 4.4% slide, and a 3.96% decline for the previous month. Data still to be released today includes consumer confidence and new home sales which will both be released at 10 a.m. ET.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +7.70.

Overseas markets have trended mostly higher today as strong gains in Asia made for a higher open in Europe. The major Asian indices (Nikkei +0.5%, Hang Seng +1.3%, Shanghai +0.6%) closed mostly higher as strong earnings boosted the Nikkei while shares in Hong Kong and China recovered from Monday's train crash-related sell off. The Reserve Bank of India surprised markets, hiking its repo rate 50 basis points to 8.00%. Camera maker Cannon added 3.0% after topping estimates and raising its 2011 forecast. Rail companies extended yesterday's declines in Hong Kong and Shanghai as Beijing Century Real Technology plunged another 10%. Airlines continued to attract interest as China Southern Airlines surged 9.2%.

The major European indices (FTSE +0.1%, CAC -0.6%, DAX UNCH) are mixed in afternoon trade after some disappointing earnings results in the region. Shares of BP are down close to 2.0% after the company beat on revenues but missed on earnings per share. The oil giant also reaffirmed its full year production guidance. In Germany, weakness in automakers and banks has been offset by strength in utilities and staples to make for a flat trade. Europe's largest chipmaker, STMicroelectronics is off more than 10% today in Paris after lowering its sales estimates for the third quarter. The company cited weak handset sales at Nokia.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +6.20. Equity futures are pointing to small gains at the open as earnings results continue to come out better than expected. Ford Motor (F), Lockheed Martin (LMT), and Simon Property Group (SPG) are among the companies to beat on both the top and bottom lines. Shares of Netflix (NFLX) are lower by 7.0% after reporting in-line revenues and an EPS beat following yesterday's close. The weakness comes after the company issued downside guidance for the third quarter. Debt ceiling talks in Washington remain at a standstill with the August 2 default deadline just one week away. The Treasury complex doesn't seem to be too worried of a default as the 10-yr yield is up less than two basis points at 3.019% with Treasury set to auction $35 billion 2-yr notes this afternoon. Data will see the release of the Case-Shiller 20-city Index at 9 a.m. ET, as well as consumer confidence and new home sales at 10 a.m. ET.

06:56 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +4.80.

06:56 am : Nikkei...10097.72...+47.70...+0.50%. Hang Seng...22572.08...+278.80...+1.30%.

06:56 am : FTSE...5914.95...-10.30...-0.20%. DAX...7327.19...-17.40...-0.20%.

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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