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 Post subject: July 28th Thursday 2011 Emini TF ($TF_F) points +2.70
PostPosted: Thu Jul 28, 2011 11:09 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

Trade Performance for Today: +2.70 points or $270.00 dollars in the Russell 2000 Emini TF ($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=950.

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 Bloomberg.com (Youtube Video) - U.S. Stocks Fall as Optimism Over Debt Compromise Fades

July 28 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, dragging the Standard & Poor's 500 Index lower for a fourth day, as lawmakers indicated they were no closer to reaching an agreement to increase the debt ceiling and avoid default. Bloomberg's Pimm Fox also speaks.

Image CNNMoney.com - Dow drops for 5th day as debt fears loom
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click on the above image to view today's price action of key markets

By Hibah Yousuf July 28, 2011: 4:49 PM ET

NEW YORK (CNNMoney) -- U.S. stocks lost steam in the afternoon, pushing the Dow lower for the fifth straight session, as investors remain worried about the impending debt ceiling deadline.

The Dow Jones industrial average (INDU) dropped 62 points, or 0.5%. AT&T (T, Fortune 500) dragged on the blue-chip index, while Cisco (CSCO, Fortune 500) and Microsoft (MSFT, Fortune 500) posted the biggest gains.

The S&P 500 (SPX) fell 4 points, or 0.3%. The Nasdaq composite (COMP) managed to hold on to gains, rising 1 point, or 0.1%. Green Mountain (GMCR) was the best performer on the tech-heavy index. Shares of the coffee company rallied 16% on positive quarterly results and a good forecast for the year.

Earlier in the day, the Dow was up almost 0.7%, while the S&P 500 had climbed 0.9%. The Nasdaq had popped nearly 1.3%. Investors welcomed encouraging news from the job and housing markets, but are still looking for Congress to strike a deal on the debt ceiling.

The softness in the afternoon came as the House began to debate the debt ceiling plan favored by Republicans. Even if the measure passes when the House votes later Thursday, it is expected to die in the Senate, and barring that, President Obama has threatened to veto it.

"The market is sending a message that Washington needs to get its collective act together," said Tom Schrader, managing director at Stifel Nicolaus. "I don't think that the U.S. will default, but politicians are using scare tactics and investors are nervous."

A day earlier, stocks dropped deep into the red, as Congress continued to stall on a debt ceiling agreement and the manufacturing sector showed signs of a slowdown.

Worries about Washington's inability to reach a solution to its fiscal problems by the Aug. 2 debt ceiling deadline have sparked a recent sell-off in the market.

Declines over the past five sessions have put stocks on track for the worst weekly performance in a year. The Dow has dropped 3.5% drop so far this week, its worst weekly showing since June 2010, while both the S&P 500 and Nasdaq declined 3%, making this their worst week since August 2010.

Schrader said trading will remain choppy, as lawmakers continue to squabble over raising the debt ceiling and cutting the the nation's deficit, but he expects the Treasury and equity markets to rally once the debate is resolved.

* Video - Jim Rogers: Debt debate a 'charade'

Economy: The Labor Department reported 398,000 Americans filed for initial unemployment benefits last week -- the first time claims have dropped below 400,000 in more than three months. Economists polled by Briefing.com had expected 415,000 claims.

The National Association of Realtors said pending home sales rose 2.4% in June. Sales were forecast to have slipped 3% last month, after jumping 8.2% in May.

Investors are also looking ahead to Friday's second-quarter GDP report. The government will report how much the economy expanded -- and don't expect much good news.

A CNNMoney survey of economists forecast that the economy grew at only a 1.8% annual rate in the second quarter, which would be a slight slowdown from the first quarter, when it grew an already lethargic 1.9%.

Companies: Oil producer Exxon Mobil (XOM, Fortune 500) reported a profit of $10.7 billion in the second quarter -- driven by higher gas prices -- but fell short of earnings expectations. Shares dropped 2%.

LSI Corp. (LSI) shares rose 14% after the company delivered an upbeat outlook for the third quarter, making the stock the best performer on the S&P 500.

Shares of Akamai Technologies (AKAM) tumbled 19%, after the company's second-quarter earnings missed Wall Street's expectations. The stock was the worst performer on the S&P 500 and Nasdaq.

Sprint's (S, Fortune 500) stock also dropped sharply Wednesday . Shares dropped 16% after the wireless operator posted a deeper-than-expected loss for the second quarter.

Time Warner Cable (TWC, Fortune 500) reported better-than-expected quarterly earnings of $1.24 per share. The company attributed that to growth in high-speed data and voice revenues. Shares fell 4.8%.

After Thursday's closing bell, Starbucks (SBUX, Fortune 500) beat earnings and sales estimates, posting a $279.1 million profit for its fiscal third quarter. Shares rose almost 2% in after-hours trading. Metlife (MET, Fortune 500) shares were up 2.5% in after-hours trading after the company reported after earnings that were in line with expectations, and sales above estimates.

* America's Debt Crisis

World markets: European stocks ended mixed. Britain's FTSE 100 rose 0.3%, while the DAX in Germany lost 0.9% and France's CAC 40 fell 0.6%.

Asian markets also ended mixed. The Shanghai Composite edged lower 0.5% and Japan's Nikkei was off 1.5%, while the Hang Seng in Hong Kong ticked up 0.1%.

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

Oil for September delivery rose 4 cents to settle at $97.44 a barrel.

Gold futures for August delivery slipped $1.70 to settle at $1,613.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, with the yield dropping to 2.95% from 2.98% late Wednesday.

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Image Yahoo! Finance - Market Update

4:20 pm : The major market averages saw a sharp reversal, squandering early gains and closing flat to lower as uneasiness over the debt ceiling debate in Washington continues to weigh on equities. The Nasdaq turned an earlier gain of 1.2% into a flat close while the Dow and S&P saw modest gains turn into losses.

Shares of Green Mountain Coffee Roasters (GMCR 102.57, +14.46) hit an all-time high of $107.27 and closed higher by 16.4% after blowing past earnings estimates. The company announced earnings of $0.49 per share which topped the Capital IQ Consensus Estimate by $0.14, and saw revenues rise 126.5% year over year to $717.2 million. Also benefitting shares was the company issuing upside guidance for the fourth quarter 2011 and full year 2012. The strategy to align with major coffee brands has been beneficial, and the company is moving forward on espresso plans.

Boston Scientific (BSX 7.28, +0.57) ended up 8.5% after this morning's better than expected earnings, and the announcement that it would buyback $1 billion worth of shares. The company announced earnings of $0.17 per share which was $0.09 better than the Capital IQ Consensus estimate. Revenues of $1.98 billion were in-line with expectations with the company issuing mixed guidance for full year 2011.

Homebuilders closed mixed following some disappointing earnings results. D.R. Horton (DHI 11.90, +0.30) posted earnings per share of $0.09, $0.02 better than the Capital IQ Consensus Estimate, but saw revenues fall 29.2% year over year to $975.4 million. The drop in revenues was more than expected as the Capital IQ Consensus Estimate was calling for revenues of $996 million. Homes closed in the quarter totaled 4,555 homes, compared to 6,805 homes in the same quarter of fiscal 2010. Pulte Group (PHM 6.80, -0.20) announced a loss of $0.15 per share which missed the Capital IQ Consensus Estimate by $0.11. Revenues fell 29.0% year over year to $927 million and were well below the Capital IQ Consensus Estimate of $989 million. Lower revenue for the period was driven by a 28% decrease in closings, combined with a 1% decrease in average selling price to $248,000. Prior year results benefitted from increased demand stimulated by a first-time homebuyer tax credit which expired April 30, 2010.

Exxon Mobil (XOM 81.46, -1.85) reported earnings per share of $2.18, excluding non-recurring items, $0.15 worse than the Capital IQ Consensus Estimate. The company saw profit for the second quarter climb to a three-year high as it improved by 41% year over year. The strong profits have been attributed to higher oil prices, improved refining, and better product marketing.

Shares of Akamai Technologies (AKAM 23.84, -5.64) lost 19.1% after reporting in-line earnings. The company announced earnings per share of $0.35, a penny worse than expectations. Revenues rose 12.9% year over year to $277 million versus the $277.8 million consensus. Shares were hammered after the company announced disappointing guidance for the third quarter. On its conference call the company noted web traffic growth rate of acceleration was not at the same level as last year, and that it added a record 147 net new customers for the quarter.

Treasuries saw small gains today despite the inability of Congress to reach a debt ceiling agreement and the mediocre 7-yr note auction. After falling as low as 2.93% earlier this morning, the 10-yr ended the day down close to three basis points at 2.955%. After spending most of the session lower the VIX closed higher for the fifth consecutive session.

Data to be released tomorrow includes GDP, GDP deflator, and the Employment Cost Index which will all be released at 8:30 a.m. ET, as well as Chicago PMI at 9:45 a.m. ET, and Michigan Sentiment - Final at 9:55 a.m. ET.DJ30 -62.44 NASDAQ +1.46 SP500 -4.22 NASDAQ Adv/Vol/Dec 1412/2.02 bln/1102 NYSE Adv/Vol/Dec 1524/983.9 mln/1472

3:30 pm : Trade in precious metals was headline driven once again. Gold and silver sold off to their respective lows, this morning, following headlines from Senator Harry Reid which said he was willing to hear from House Republicans on debt limit compromise ideas to avoid default. That headline sparked talk of some compromise between Dems an Repubs, but that was short lived after further headlines circulated indicating that both sides were still far apart. Those headlines helped gold futures bounce off of lows back to the flat line. Silver had limited success in rebounding off its lows. Aug gold finished lower by 0.2% to $1612.40 per ounce, while Sept copper shed 1.8% to finish at $39.84 per ounce.

Sept natural gas fell 1.9% to $4.24 per MMBtu following this mornings inventory data, which showed a larger-than-expected build. Futures were able to bounce modestly off those lows to trade back above the $4.22 level, its 200 day moving avg. Sept crude oil finished just above flat at $97.44. DJ30 -35.04 NASDAQ +6.64 SP500 -1.80 NASDAQ Adv/Vol/Dec 1303/1.7 bln/1257 NYSE Adv/Vol/Dec 1261/692.3 mln/1739

3:00 pm : Treasuries saw small gains today despite the inability of Congress to reach a debt ceiling agreement, and a mediocre 7-yr note auction. Rep. Boehner's plan will be voted on tonight, but it is said to be dead on arrival in the Senate. This afternoon's $29 billion 7-yr note auction drew 2.280% and saw a 2.63x bid/cover as indirect bidders took down just 39.6% (12-auction average 49.5%) of the offering. Direct bidders once again provided some support, snapping up 23.4% of the supply. The light buying has benefitted longer dated paper with the 30-yr seeing a gain of 0.4%. After falling as low as 2.93% earlier this morning, the 10-yr will end the day down close to three basis points at 2.95%. The 2-10-yr spread finished near its flattest levels of the day at 252. DJ30 +10.52 NASDAQ +15.87 SP500 +3.40 NASDAQ Adv/Vol/Dec 1412/1.50 bln/1102 NYSE Adv/Vol/Dec 1524/622.8 mln/1472

2:30 pm : Stocks continue to slip off their best levels with the major averages now mixed. The Nasdaq is higher by just 0.5% after seeing earlier gains of 1.2% while the Dow has just slipped into negative territory.

Boston Scientific (BSX 7.29, +0.58) is higher by 8.5% after this morning's better than expected earnings and the announcement that it would buy back $1 billion worth of shares. The company announced earnings of $0.17 per share which was $0.09 better than the Capital IQ Consensus estimate. Revenues of $1.98 billion were in-line with expectations with the company issuing mixed guidance for full year 2011. DJ30 -2.50 NASDAQ +13.45 SP500 +2.56 NASDAQ Adv/Vol/Dec 1412/1.39 bln/1102 NYSE Adv/Vol/Dec 1524/576.0 mln/1472

2:00 pm : The major averages have pared their gains, but still trade comfortably above the flat line as the 0.9% gain in the Nasdaq leads today's advance.

Shares of Akamai Technologies (AKAM 23.87, -5.60) are 9% after reporting in-line earnings. The company announced earnings per share of $0.35, a penny worse than expectations. Revenues rose 12.9% year over year to $277 million versus the $277.8 million consensus. Shares were hammered as the company announced disappointing guidance for the third quarter. On its conference call the company noted web traffic growth rate of acceleration was not at the same level as last year and that it added a record 147 net new customers for the quarter.DJ30 +36.86 NASDAQ +25.30 SP500 +6.87 NASDAQ Adv/Vol/Dec 1629/1.26 bln/889 NYSE Adv/Vol/Dec 1792/521.4 mln/1182

1:30 pm : The market continues to drift sideways just off the intraday highs, with the S&P 500 holding onto a +0.6% gain. Equities are getting some relief today, and the VIX Volatility Index has pulled back from its multi-week high set yesterday. Today's 5% decline in the VIX illustrates a moderate easing of nervousness about a larger near-term selloff, but volatility levels are still 25% higher on the week, indicating a cautious outlook on the near-term performance of the broader market. That nervousness is directly tied to uncertainty about the U.S. debt debate, and growing concern about a U.S. downgrade, even if an agreement is reached on raising the debt ceiling.DJ30 +27.40 NASDAQ +25.25 SP500 +6.12 NASDAQ Adv/Vol/Dec 1583/1.18 bln/928 NYSE Adv/Vol/Dec 1728/482.2 mln/1238

1:00 pm : The major indices have eased off their best levels of the session, but still hold modest gains as some better than expected data has helped ease some of the debt ceiling jitters. A 1.0% gain in the Nasdaq is pacing today's advance while the S&P and Dow trade higher by 0.5% and 0.2% respectively.

Shares of Green Mountain Coffee Roasters (GMCR 104.95, +16.84) are up 19% this morning after blowing past earnings estimates. The company announced earnings of $0.49 per share which topped the Capital IQ Consensus Estimate by $0.14 and saw revenues rise 126.5% year over year to $717.2 million. Also benefitting shares was the company issuing upside guidance for the fourth quarter and full year 2012. On its conference call the company said it is benefitting from its strategy to align with major coffee brands and is moving forward on espresso plans.

Homebuilders are trading higher despite some disappointing earnings results. D.R. Horton (DHI 12.03, +0.43) posted earnings per share of $0.09, $0.02 better than the Capital IQ Consensus Estimate, but saw revenues fall 29.2% year over year to $975.4 million. Homes closed in the quarter totaled 4,555 homes, compared to 6,805 homes in the same quarter of fiscal 2010. Pulte Group (PHM 7.01, +0.01) announced a loss of $0.15 per share which turned out to miss the Capital IQ Consensus Estimate by $0.11. Revenues fell 29.0% year over year to $927 million which was well below the Capital IQ Consensus Estimate of $989 million. Lower revenue for the period was driven by a 28% decrease in closings, combined with a 1% decrease in average selling price to $248,000.

Exxon Mobil (XOM 81.55, -1.76) reported earnings per share of $2.18, excluding non-recurring items, $0.15 worse than the Capital IQ Consensus Estimate. The company saw profit for the second quarter climb to a three-year high as it improved by 41% year over year. The strong profits have been attributed to higher oil prices, improved refining, and better product marketing.

Treasuries continue to hold gains ahead of this afternoon's $29 billion 7-yr note auction. Today's buying has the 10-yr yield lower by roughly five basis points at 2.94%. DJ30 +44.31 NASDAQ +29.41 SP500 +7.86 NASDAQ Adv/Vol/Dec 1668/1.07 bln/845 NYSE Adv/Vol/Dec 1827/434.7 mln/1131

12:30 pm : Treasuries are near their best levels of the session as traders ready themselves for this afternoon's $29 billion 7-yr note auction. The complex continues to shrug off the inability of Congress to come to terms on a new debt ceiling deal, and remains just below its best levels since November. Buying in the 30-yr has the long bond up 0.6% to lead today's advance while maturities in the belly of the curve are seeing the biggest drop in terms of yield. The 7-yr yield is lower by 5.6 basis points at 2.212%. After ending yesterday's session near 2.99% the 10-yr has eased to 2.94% as a result of today's strength. Flattening has taken hold along the yield curve with the 2-10-yr spread tightening to 252.DJ30 +47.91 NASDAQ +28.60 SP500 +8.19 NASDAQ Adv/Vol/Dec 1684/997.2 mln/813 NYSE Adv/Vol/Dec 1926/401.7 mln/1036

12:00 pm : The major market averages remain just off their best levels of the session as a 1.1% boost in the Nasdaq paces today's gains. Strength can also be found in both the S&P and Dow as they trade higher by 0.7% and 0.5% respectively.

Homebuilders are trading higher despite some disappointing earnings results. D.R. Horton (DHI 12.16, +0.56) posted earnings per share of $0.09, $0.02 better than the Capital IQ Consensus Estimate, but saw revenues fall 29.2% year over year to $975.4 million. The drop in revenues was more than expected as the Capital IQ Consensus Estimate was calling for revenues of $996 million. Homes closed in the quarter totaled 4,555 homes, compared to 6,805 homes in the same quarter of fiscal 2010.

Pulte Group (PHM 7.13, +0.13) announced a loss of $0.15 per share which turned out to miss the Capital IQ Consensus Estimate by $0.11. Revenues fell 29.0% year over year to $927 million which was well below the Capital IQ Consensus Estimate of $989 million. Lower revenue for the period was driven by a 28% decrease in closings, combined with a 1% decrease in average selling price to $248,000. DJ30 +75.57 NASDAQ +32.94 SP500 +10.57 NASDAQ Adv/Vol/Dec 1706/897.5 mln/767 NYSE Adv/Vol/Dec 1985/364.4 mln/947

11:30 am : The major averages continue to push to their best levels of the session as a gain of almost 1.2% in the Nasdaq leads the way. Less robust gains can be found in both the S&P (+0.8%) and Dow (+0.6%).

Shares of Green Mountain Coffee Roasters (GMCR 106.00, +17.89) are up more than 20% this morning after blowing past earnings estimates. The company announced earnings of $0.49 per share which topped the Capital IQ Consensus Estimate by $0.14 and saw revenues rise 126.5% year over year to $717.2 million. Also benefitting shares was the company issuing upside guidance for the fourth quarter and full year 2012. On its conference call the company said it is benefitting from its strategy to align with major coffee brands, and is moving forward on espresso plans. DJ30 +67.89 NASDAQ +33.37 SP500 +10.31 NASDAQ Adv/Vol/Dec 1713/775.2 mln/735 NYSE Adv/Vol/Dec 1936/323.7 mln/962

11:00 am : The major averages are at their best levels of the morning, seeing a boost after Sentor Reid said he was willing to hear from House Republicans on debt limit compromise ideas to avoid default. The Nasdaq leads this morning's advance with a gain of 0.7% while the S&P and Dow trail with respective gains of 0.4% and 0.3%.

Exxon Mobil (XOM 82.00, -1.31) reported earnings per share of $2.18, excluding non-recurring items, $0.15 worse than the Capital IQ Consensus Estimate. The company saw profit for the second quarter climb to a three-year high as it improved by 41% year over year. The strong profits have been attributed to higher oil prices, improved refining capabilities, and better product marketing. Exxon's earnings call is scheduled to begin at 11 a.m. ET. DJ30 +25.81 NASDAQ +18.55 SP500 +4.71 NASDAQ Adv/Vol/Dec 1495/619.8 mln/895 NYSE Adv/Vol/Dec 1614/262.3 mln/1272

10:35 am : Commodities are mixed this morning as the dollar index has pulled back from the 74.40 level and now showing modest gains.

Natural gas futures were slightly higher this morning until selling off sharply, falling into negative territory, about five minutes before the data was even released. Following the data, which showed a build of 43 bcf versus consensus which called for a build of ~40 bcf, natural gas fell to new session lows of $4.20/MMBtu and is now 2.1% lower at $4.23/MMBtu.

Crude oil sold off when pit trading began and fell to new session lows of $96.80/barrel. The energy component quickly recovered from that low and was back into positive territory about 20 minutes later. In current activity, crude is up 0.3% at $97.65 barrel.

Precious metals are lower this morning, led by notable losses in silver. Silver has been in the red all morning, while gold was showing small gains earlier this morning. However, both precious metals sold-off about an hour ago and hit new session lows. Gold fell as far as $1604.20/oz, while silver hit session lows of $39.52/oz. Gold is now down 0.5% at $1606.90/oz and silver is 2.1% lower at $39.70/oz.DJ30 +18.62 NASDAQ +15.00 SP500 +3.98 NASDAQ Adv/Vol/Dec 1445/508 mln/917 NYSE Adv/Vol/Dec 1484/220 mln/1312

10:00 am : Stocks have spent the first 30 minutes of trade on both sides of the flat line, and remain mixed on the session. The Nasdaq is pacing today's gains, trading higher by 0.1% while the S&P and Dow are holding fractional losses. Participants are now taking into consideration news that pending home sales for June improved 2.4% month over month. The consensus among economists polled by Briefing.com had actually called for a 3.0% slip.DJ30 -3.40 NASDAQ +4.65 SP500 -0.24 NASDAQ Adv/Vol/Dec 1231/286.9 mln/1016 NYSE Adv/Vol/Dec 1310/131.1 mln/1475

09:45 am : The major market averages are mixed in the opening minutes as the Nasdaq trades down 0.2% while the S&P and Dow hover near the flat line. Strength in financials (+0.7%) and materials (+0.4%) is being offset by weakness in energy (-0.6%) and telecom (-0.6%). Pending home sales are due out at 10 a.m. ET.DJ30 +1.21 NASDAQ -6.23 SP500 -1.13 NASDAQ Vol 162.1 mln NYSE Vol 83.6 mln

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +2.00. Futures are pointing to a flat open after this morning's initial and continuing claims data provided a boost. Earnings have been generally better than expected, but energy giant Exxon Mobil recently released its quarterly results that showed a top line beat and a bottom line miss. The stock is lower by approximately 2.0% in pre-market trade. Debt ceiling talks continue in Washington with little progress appearing to have been made. Treasuries continue to tick higher despite the August 2 default date being just days away. Recent buying in Treasuries has dropped the 10-yr yield to a session low near 2.93%. Pending home sales will be released at 10 a.m. ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +3.80.

Overseas markets have generally seen losses today as yesterday's steep sell off on Wall Street weighed. The major Asian indices (Nikkei -1.5%, Hang Seng +0.1%, Shanghai -0.5%) closed mostly lower with only two of the region's indices closing in positive territory. Aside from the sell off on Wall Street, a strengthening yen continues to weigh on the Nikkei. Today's weakness dropped the index below its 200-day moving average as financials were under pressure. Mitsubishi UFJ Financial Group fell 1.5% while rival Sumitomo Mitsui Financial Group lost 1.4%. Hong Kong's Hang Seng eked out a small gain as investor optimism ahead of corporate earnings provided a boost. Conglomerate Hutchinson Whampoa gained for the seventh consecutive session, adding 3.0%, as investors pile in ahead of next week's earnings. Stocks in Shanghai saw modest losses as selling was led by the financial sector. All of the listed banks finished with losses as Commercial Bank of China fell 1.9%.

European markets (FTSE -0.3%, CAC -1.2%, DAX -1.5%) are under pressure after another disappointing auction in Italy. The country sold EUR2.7 billion worth of 10-yr paper and saw a 1.38x bid/cover as the yield surged to 5.77% (4.94% previous). Financials in the region are trading mostly higher despite the poor results. Corporate earnings have been generally light across the region and are weighing on markets today. Energy stocks are among the worst performers in Britain as Cairn Energy and Essar Energy trade down 1.7% and 1.6% respectively. French steel pipe maker Vallourec is down close to 18% after announcing disappointing earnings and guidance. Net income fell 49.7% YoY with the company saying further weakness was expected due to its inability to fully pass along commodity costs. Volkswagen is trading down more than 6% in Germany despite posting strong quarterly results. The company posted a profit of $6.9 billion, but cautioned that the months ahead will be challenging.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: -0.50. Futures have found a bid following the latest initial and continuing claims data. Initial jobless claims for the week ended July 23 totaled 398,000, which is down from the prior week's upwardly revised 422,000 and less than the 415,000 initial claims that had been widely expected. However, continuing claims came down to 3.70 million from 3.72 million.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -0.80. Equity futures are pointing to a flat open as debt ceiling talks make little progress in Washington. Earnings reports continue to come out mostly better than expected as Visa (V) and Green Mountain Coffee (GMCR) were among the companies to beat on both the top and bottom lines following yesterday's close while CME Group (CME) bettered expectations this morning. Earnings results were not all good as IMAX Corp. (IMAX) and Pulte Group (PHM) both missed. Treasuries across the complex hold a small bid despite the August 2 default deadline being just days away. The light buying has the 10-yr yield down to 2.970%. Today has initial and continuing claims at 8:30 a.m. ET and pending home sales at 10 a.m. ET. Following this morning's data, focus shifts to this afternoon's $29 billion 7-yr note auction.

07:22 am : [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -2.00.

07:21 am : Nikkei...9901.35...-145.80...-1.50%. Hang Seng...22570.74...+29.10...+0.10%.

07:21 am : FTSE...5830.14...-26.40...-0.50%. DAX...7146.06...-106.60...-1.50%.

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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