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 Post subject: August 12th Friday 2011 Emini TF ($TF_F) points +36.50
PostPosted: Fri Aug 12, 2011 12:09 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: +36.50 points or $3650.00 dollars in the Russell 2000 Emini TF ($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, all trades were posted real-time in the free #FuturesTrades chat room. Today's #FuturesTrades trading chat room logs provides details about each one of my trades from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=93&t=967.

To join our free chat room...registration instructions located at a different forum @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=5&t=630

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=142&t=1168

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Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events 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 results in swing points and strong continuation price actions. 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. Just as important, these summaries becomes my archives to allow me to understand what was happening on any given trading day in the past...something I can not get from my broker statements alone.

After A Wild Week, Stocks Rise Modestly

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click on the above image to view today's price action of key markets

By Hibah Yousuf and Ken Sweet August 12, 2011: 5:12 PM ET

NEW YORK (CNNMoney) -- What a week!

Wall Street ended one of its most dizzying, volatile weeks in history on a relatively quiet note Friday, with the Dow climbing 126 points to post its second gain in a row.

But Friday's action paled in comparison to the wild 4-5% swings investors were faced with earlier this week. On Monday, the Dow plunged 635 points, only to reverse course and jump 420 points the following day. On Wednesday, the Dow sank 520 points followed the next day by a 420-point recovery.

"It's the craziest week I've ever seen. Ever." said Ted Weisberg of Seaport Securities who has been trading at the New York Stock Exchange for 43 years.

In all, the Dow ended the week down 1.5%, a relatively modest percentage since the blue chips had been down as much as 7% earlier in the week. Stocks are still on pace for one of their worst months in since the financial crisis however.

At the close, the Dow Jones industrial average (INDU) added 126 points, or 1.1%, to end the week at 11,269. The S&P 500 (SPX) added 6 points, or 0.5%, to 1,179 and the Nasdaq composite (COMP) increased 15 points, or 0.6%, to 2,508.

It appears, at least for the moment, the fear among investors that Europe is heading toward a financial catastrophe and the U.S. is slipping into another recession has abated. The Dow is up more than 600 points from the low it hit on Tuesday.

"It's hard to say, given how volatile the last couple of weeks have been, but it looks like we could have found a bottom earlier this week," said Matt King, chief investment officer at Bell Investment Advisors.

King said wary investors are trying to take advantage of the low valuations and are tiptoeing back into the market.

"We don't think this will turn into a bear market," King said. "Looking back through history, we can't find a single instance of a bear market that has happened in the face of rising earnings and an accommodative monetary policy."

* Insiders go on buying spree

"Stocks have just gotten so oversold and cheap, and I think that's why we saw a big push higher Thursday and more of it today," he said.

Economy: Investors found some solace in the Commerce Department's July retail sales report, which showed that sales rose 0.5%, including and excluding automobile sales.

Economists surveyed by Briefing.com were looking for retail sales to climb 0.5%, or 0.2% excluding volatile car and truck sales.

The upbeat report helped restore some investor confidence, said King.

The University of Michigan's consumer sentiment reading for August fell sharply, to the lowest level since 1980. The index fell to 54.9, from 63.7 the prior month. Economists were expecting the figure to fall slightly to 62.5.

The Commerce Department said business inventories rose 0.3% in June, slightly less than the 0.5% gain economists were looking for.

* Video - Feel the market madness at the NYSE close

Companies: J.C. Penney (JCP, Fortune 500) fell 1% lower after the retailer delivered flat second-quarter earnings and a downbeat forecast.

World markets: European stocks ended solidly higher. Britain's FTSE (FTSE) 100 gained 3%, the DAX (DAX) in Germany rose 3.5% and France's CAC (CAC) 40 added 4%.

The gains came after France, Spain, Italy and Belgium banned short selling of equities in a move to stabilize European markets. Earlier this week, the region's stocks hit the lowest level since the credit crisis in 2008.

"U.S. stocks are going to continue to take their cues from Europe as the biggest short-term danger is their credit crisis," said Bruce McCain, chief investment strategist with Key Private Bank.

Asian markets ended mixed Friday. The Shanghai Composite rose 0.5% and the Hang Seng in Hong Kong edged up 0.1%, while Japan's Nikkei slipped 0.2%.

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

Oil for September delivery rose 34 cents to $86.38 a barrel.

Gold futures for December delivery slipped $8.20 to $1,742.60 an ounce. Earlier this week, gold prices soared to record highs above $1,800 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.25% from 2.34% late Thursday.

MarketWatch.com - European Regulators Ban Short Selling

By Aaron Smith @CNNMoney August 12, 2011: 8:08 AM ET

NEW YORK (CNNMoney) -- Regulators imposed a temporary short-selling ban in four European nations, effective Friday, in order to tame the wild market volatility that has taken markets throughout the world on a roller coaster ride.

The European Securities and Markets Authority, which is the European version of the Securities and Exchange Commission, said France, Italy, Spain and Belgium have all "decided to impose or extend existing short-selling bans in their respective countries."

"They have done so either to restrict the benefits that can be achieved from spreading false rumors or to achieve a regulatory level playing field, given the close interlinkage between some EU markets," the authority said in a statement.

Short selling occurs when brokers borrow shares and sell them with an expectation of making money on the shares' decline in value. France and Spain announced that their short-selling bans will last for 15 days, and could be extended, if deemed necessary.

Jean-Paul Servais, chairman of the Financial Services and Markets Authority, which modifies the rules of short selling, said the ban was imposed "in the light of the high level of volatility that financial markets are currently seeing, and out of a concern for consistency with the actions of other regulators" in Europe.

European markets have been on a wild ride this week, experiencing some of the most extreme volatility seen in years. Paris' CAC-40 (CAC40) dropped 3.6% on Monday, edged up less than 1% on Tuesday, plunged 5% on Wednesday, rose 2% on Thursday, and was up more than 2% Friday morning.

The other major bourses, in London (UKX) and Frankfurt (DAX), have been on a similar roller coaster, with heavy declines on Monday and Wednesday but significant gains on Tuesday, Thursday and Friday.

* Euro markets surge, slump, surge!

Wall Street has show the same nausea-inducing tendency towards highs and lows. The Dow Jones industrial average surged 423 points, or 4%, on Thursday. But that was preceded by a 4.6% decline on Wednesday, a 4% rally on Tuesday and a 5.5% plummet on Monday.

The volatility has been blamed on Standard & Poor's downgrade of the U.S. last week, which has called into question the rating strength of other prominent nations, such as France and the United Kingdom.

The Alternative Investment Management Association, an association of hedge funds, slammed the ban as ineffective and emphasized that short selling is a "legitimate market practice."

"We do not think these bans will help the current market situation," said Andrew Baker, chief executive of the association, in a statement. "Past experience has shown that bans on short selling do not prevent market falls and indeed can exacerbate volatility."

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Market Update

4:30 pm : Despite a lack of leadership amid choppy action, stocks still scored varied gains on Friday. That gave the stock market its first back-to-back advance in three weeks.

After the prior session's surge, which was the stock market's second best single-session surge since March 2009, broad market stock futures traded with moderate gains. Big gains by Europe's bourses provided a positive backdrop. Strength there came amid news that France, Spain, Italy, and Belgium all announced short-selling bans intended to calm volatility there. Word also circulated that leaders of France and Germany will meet next week, presumably to discuss the eurozone's tenuous fiscal and financial conditions.

Early buyers were emboldened by news that both total retail sales and sales less autos increased by 0.5% during July. The consensus among economists polled by Briefing.com had called for increases of 0.5% and 0.2%, respectively. June numbers were revised upward to reflect respective increases of 0.3% and 0.2%.

The stock market's early advance had cold water thrown on it by the preliminary Consumer Sentiment Survey for August from the University of Michigan. On average, economists polled by Briefing.com had expected the Survey to come in at 62.5, but instead it dropped to 54.9, which is its worst level since 1980.

Disappointment over the Survey dashed all of the stock market's early gain, which stood at more than 1%, but the broad market gradually worked its way higher. The effort came without help from the financial sector, which had been a steady broad market driver during each of the past four sessions. Instead, lingering uncertainty about the fundamental health of financials and their exposure to potentially problematic markets left the sector to log a 1.2% loss, which made them the worst performing group of the day. Utilities and telecom, both defensive in nature, were the only other two sectors that suffered losses; both fell 0.6%.

The other sectors settled with varied gains. Industrials were the best performers. As a group, industrials advanced 1.8%. Their relative strength helped the Dow outperform its counterparts. Although they outperformed, industrials weren't really leaders, given their lack of broad market weight. So, even though the tone of trade was mostly positive today, listlessness made for choppy movement.

Sharp losses during the last few weeks dragged down the S&P 500's 50-day moving average, causing it to close below the stock market's 200-day moving average to effectively form what is known among traders as a Death Cross. Despite its ominous sound, since 1970 the stock market has typically stabilized and trended higher following the formation of the Death Cross.

Many investors are certainly wondering if such a point of stabilization has been formed now that stocks have finally booked back-to-back gains for the first time in three weeks -- three weeks that resulted in sequential weekly losses of 3.9%, 7.2%, and 1.7%.

That said, there was still a strong appetite for Treasuries. In turn, the benchmark 10-year Note climbed nearly one full point, which took its yield a hair below 2.25%.

Advancing Sectors: Industrials +1.8%, Consumer Discretionary +1.2%, Consumer Staples +1.0%, Health Care +0.8%, Energy +0.7%, Tech +0.6%, Materials +0.6% Declining Sectors: Utilities -0.6%, Telecom -0.6%, Financials -1.2%DJ30 +125.71 NASDAQ +15.30 NQ100 +0.7% R2K +0.2% SP400 +0.5% SP500 +6.17 NASDAQ Adv/Vol/Dec 1344/2.23 bln/1247 NYSE Adv/Vol/Dec 1954/1.26 bln/1103

3:30 pm : Commodities had a rather unexciting session. As such, the CRB Commodity Index settled with a fractional gain.

Among the more widely watched commodities, silver was one of the biggest movers. It swung to $39.08 per ounce for a 1.0% gain. Gold prices fell 0.5% to $1743.20 per ounce. The decline marked gold's second straight loss after it had advanced for four straight sessions.

Oil prices eased down 0.2% to close the week at $85.24 per barrel. Natural gas finished flat at $4.06 per MMbtu. DJ30 +112.35 NASDAQ +16.22 SP500 +5.82 NASDAQ Adv/Vol/Dec 1932/912 mln/1102 NYSE Adv/Vol/Dec 1347/1.81 bln/1241

3:00 pm : Steep losses in recent weeks have taken down the S&P 500's 50-day moving average to about 1285-1286, which puts it in touch with its 200-day moving average. In turn, it is likely that the stock market will soon form a Death Cross. The ominous sounding event occurs when the stock market's 50-day moving average closes below its 200-day moving average.

July 2, 2010 was the last time a Death Cross was formed by the S&P 500. It developed after the stock market had fallen about 17% off of its April peak. The latest stretch of weakness has already taken the S&P 500 down about 19% from its May high of 1370 to its recent low of 1101. Analysts at Briefing.com have identified 18 Death Crosses since 1970. Of them, 10 saw the S&P 500 stabilize around the time of the cross and generally trend higher. DJ30 +135.47 NASDAQ +16.63 SP500 +7.65 NASDAQ Adv/Vol/Dec 1325/1.69 bln/1255 NYSE Adv/Vol/Dec 1925/850 mln/1100

2:30 pm : A recent bout of selling pressure caused stocks to pull back to afternoon lows. Pressure has abated, at least for now, so the downturn has since stabilized.

Financials have become a growing burden on broad market trade. The sector is now down to a 1.0% loss for a fresh session low. The financial sector had actually been up more than 1% this morning. At its current level, the financial sector is on pace for a weekly loss of 5%. Strikingly, the financial sector is actually up 5.5% from its weekly low. DJ30 +118.94 NASDAQ +16.60 SP500 +6.75 NASDAQ Adv/Vol/Dec 1530/1.50 bln/1011 NYSE Adv/Vol/Dec 2200/744 mln/830

2:00 pm : Stocks have turned higher in recent trade, but they aren't quite back to the highs that they set earlier today. Nonetheless, support remains broad.

Even though action seems to have slowed a bit since the volatile swings witnessed earlier this week, participation remains strong. In turn, about 700 million shares have already traded hands on the NYSE this session. Market watchers typically equate higher share volume totals to greater conviction among market participants, given that traders and investors appear to be making bigger bets. DJ30 +172.52 NASDAQ +27.29 SP500 +13.03 NASDAQ Adv/Vol/Dec 1430/1.40 bln/1111 NYSE Adv/Vol/Dec 2070/700 mln/930

1:30 pm : Action remains relatively choppy, but stocks have held on to their gains. Of the major equity averages, the Dow has been in the best shape for virtually the entire session. Its lead over its counterparts has come amid leadership from Disney (DIS 33.15, +1.03), Hewlett-Packard (HPQ 32.12, +1.07), Caterpillar (CAT 90.35, +3.10) and Boeing (BA 61.41, +2.56), all of which are up in excess of 3%.DJ30 +146.26 NASDAQ +19.84 SP500 +9.81 NASDAQ Adv/Vol/Dec 1400/1.32 bln/1123 NYSE Adv/Vol/Dec 2088/655 mln/918

1:00 pm : Action has been choppy all session, but stocks have still managed to advance, adding to the prior session's surge.

Despite a slip into the close, stocks scored heady gains yesterday. The market's upward climbed resumed this morning as traders became encouraged by strong, broad-based buying in Europe, where markets reacted positively to news that France, Spain, Italy, and Belgium all announced short-selling bans and word circulated that leaders of France and Germany will meet next week.

News that both total retail sales and sales less autos increased by 0.5% during July was also regarded as a positive for early participants. Of course, the pick up in sales took place prior to the market's volatility, so some are skeptical of how well spending will hold up in the presence of market volatility.

Although there is no empirical link between spending and consumer sentiment, the stock market completely surrendered an early gain of more than 1% with the release of the preliminary consumer sentiment survey for August from the University of Michigan. The survey a surprisingly dramatic drop to a three decade low of 54.9, which was actually taken shortly before the stock market began its volatile swings, so the weak reading is more a reflection of the public's frustration with legislative leaders as they struggled to address US debt and fiscal conditions.

Stocks were able to work through morning selling pressure, but the path has been choppy. Such action has kept stocks from making the dramatic swings that were experienced every other session this week -- this is the first session in five that stocks have moved less than 4%.

Amid the increased sense of calm, gold prices have moved lower. Prices were last quoted with a 0.6% loss at $1741 per ounce.

With gold prices down for the second straight session, gold stocks have come under pressure. Still, the rest of the materials sector is up 0.7%.

Financials shot up in the early going, but never really recovered from the broad market's midmorning pullback. The sector had been a primary driver of broad market action in each of the past four sessions, but now it is mired near the neutral line. The sector has been hampered by weakness among regional banks and investment banks and brokerage firms. DJ30 +159.96 NASDAQ +19.92 SP500 +10.90 NASDAQ Adv/Vol/Dec 1413/1.24 bln/1117 NYSE Adv/Vol/Dec 2126/620 mln/857

12:30 pm : Stocks are rolling off of the highs that were set little more than 30 minutes ago. There is no clear cause or catalyst for the pullback.

The euro has also been retreating in recent trade. It had been up solidly against the greenback this morning, but now it is up only 0.1% at $1.423. Although the greenback has gained ground against the euro, it has moved lower against the yen, which has overcome an early loss so that it now trades flat at 76.82 yen per dollar. DJ30 +147.80 NASDAQ +19.28 SP500 +10.19 NASDAQ Adv/Vol/Dec 1508/1.12 bln/1013 NYSE Adv/Vol/Dec 2190/560 mln/780

12:00 pm : A recent flurry of buying interest has taken stocks up to session highs. All three major equity averages are now sporting gains in excess of 1%.

All 10 major sectors are in positive territory, but industrials are leading the way. As a group, they are up 2.2%. Ingersoll Rand (IR 30.41, +1.31), Rockwell Automation (ROK 64.66, +2.61), Pall (PLL 48.10, +1.98), and Boeing (BA 61.25, +2.40), all up in excess of 4%, are leaders within the sector.

Although equities are in such strong shape, Treasuries continue to sport gains of their own. As such, the yield on the benchmark 10-year Note remains near 2.25%.DJ30 +185.77 NASDAQ +28.77 SP500 +14.79 NASDAQ Adv/Vol/Dec 1390/1.00 bln/1120 NYSE Adv/Vol/Dec 2030/505 mln/915

11:30 am : Stocks continue to chop along in positive territory with only modest gains. This is the first session of the week that stocks haven't swung one way or the other by more than 2%. That has made today's action less exciting than what was experienced during the dramatic swings of the past several sessions, but today's trade has allowed stocks to settle in a bit. Doing so could allow the market to set forth on a less volatile, possibly clearer, near term path.DJ30 +137.71 NASDAQ +17.74 SP500 +9.16 NASDAQ Adv/Vol/Dec 1245/845 mln/1223 NYSE Adv/Vol/Dec 1745/430 mln/1170

11:30 am : Stocks continue to chop along in positive territory with only modest gains. This is the first session of the week that stocks haven't swung one way or the other by more than 2%. That has made today's action less exciting than what was experienced during the dramatic swings of the past several sessions, but today's trade has allowed stocks to settle in a bit. Doing so could allow the market to set forth on a less volatile, possibly clearer, near term path.DJ30 +137.71 NASDAQ +17.74 SP500 +9.16 NASDAQ Adv/Vol/Dec 1245/845 mln/1223 NYSE Adv/Vol/Dec 1745/430 mln/1170

11:00 am : Financials were up well in excess of 1% this morning, but the sector has since fallen to a 0.6% loss. Regional banks like Fifth Third (FITB 9.68, -0.18) and Huntington Bank (HBAN 5.03, -0.10) and investment banks and brokerages like Goldman Sachs (GS 115.88, -2.22) and Morgan Stanley (MS 17.47, -0.74) have been undermining the sector this morning. Weakness in the financial space has hampered the broader market, which has had a choppy morning.DJ30 +73.45 NASDAQ +9.68 SP500 +4.78 NASDAQ Adv/Vol/Dec 1390/670 mln/1050 NYSE Adv/Vol/Dec 1950/335 mln/950

10:35 am : The dollar index has moved off its session lows and back to the unchanged line in recent activity, which has created selling pressure in select commodities such as gold, which just moved to new session lows. Gold futures rose as high as $1769.90/oz. in overnight trade, but the precious metal moved into negative territory again about an hour and a half ago and has remained there since. Gold fell to new session lows about 15 minutes ago at $1732.60/oz and is now trading at $1736.90, down 0.8%.

Silver, on the other hand, rallied about 1.6% to new session highs of $38.96/oz, and into positive territory, almost an hour ago. In current trade, silver is up 0.6% at $38.88/oz.

In the energy markets, crude oil futures were in a general uptrend from the overnight session until around the time pit trading opened. After moving into positive territory earlier this morning, crude rose to new session highs of $87.43/barrel and is now up $0.9% at $86.46/barrel.

Natural gas futures have been in the red since pit trading began and are now 0.98% lower at $4.07/MMBtu.DJ30 +107.55 NASDAQ +12.12 SP500 +8.25 NASDAQ Adv/Vol/Dec 1259/615 mln/1170 NYSE Adv/Vol/Dec 1775/315 mln/1114

10:05 am : The broad market was up more than 1% shortly after the open, but it has since surrendered almost all of that gain. The pullback comes in response to a rather dismal consumer sentiment reading.

The University of Michigan reported a reading of 54.9 in its preliminary Consumer Sentiment Survey for August. Not only was that a far cry from the 62.5 that had been expected, on average, among economists polled by Briefing.com, but it has been reported that there hasn't been that bad of a reading since 1980.

Little attention has been paid to the business inventory numbers. Inventories increased in June by 0.3%, which is less than the 0.5% increase that had been widely anticipated. DJ30 +35.50 NASDAQ -6.03 SP500 +0.76 NASDAQ Adv/Vol/Dec 1480/188 mln/770 NYSE Adv/Vol/Dec 2050/115 mln/710

09:45 am : Both the Dow and S&P 500 are up solidly this morning, but the Nasdaq is lagging its counterparts as tech stocks slowly attract support.

Tech stocks, which were led to a 4.5% gain in the prior session by Cisco (CSCO 15.88, -0.04), are up only 0.4% this morning. That pales in comparison to the 1.4% gain currently sported by the financial sector. Financials have been a broad-market driving force all week; the sector's swings have been largely spurred by vascillating views on fiscal and financial conditions in Europe, not to mention global macro conditions. DJ30 +107.99 NASDAQ +7.399 SP500 +8.80

09:15 am : S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +7.70. At their current level, stock futures point to a solid start for today's trade. Although that would extend the prior session's rally, the S&P 500 is still facing a weekly loss of close to 2%, which would make for the stock market's third straight weekly loss. Nonetheless, buying interest in back-to-back sessions is an encouraging sign for investors. Their case has been helped this morning by an increase in confidence in Europe, signified by the sharp gains currently displayed by the continent's major bourses and the uptick by the euro, as well a pick up in domestic retail sales during July. Participants get their hands on consumer sentiment data at 9:55 AM ET and business inventory numbers at 10:00 AM ET.

09:05 am : S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +7.70. Europe's major bourses are up sharply today. That has helped the EuroStoxx 50 climb about 2%. Germany's DAX has advanced 3.1% as it looks to extend its bounce off of the 18-month low that it set in the prior session. Adidas, Man SE, and Metro AG have been leaders in the broad-based move. Thyssenkrupp and HeidelbergCement are the only to names in the 30-member bourse that have failed to stage a gain. France's CAC has climbed to a 3.2% gain. The country, along with Belgium, Italy, and Spain, has imposed a short-selling ban intended to reduce recent market volatility. All 40 members of the CAC are currently in positive territory. Schneider Electric and Alcatel-Lucent (ALU) are leaders, though. Both stocks are up by about 7% at the moment. France reported flat growth in its preliminary reading on second quarter GDP. That contrasts with 0.9% growth in the first quarter and 1.6% growth in the second quarter of 2010. Britain's FTSE 100 is up 2.4% as it battles for its first back-to-back advance since July 21 and 22. Barclays (BCS), Glencore, and Inmarsat have been leaders in the latest leg of gains. There isn't a single stock in the FTSE that is in negative territory, but BP Plc (BP) has been a laggard as it trades with only a modest gain following the stock's downgrade by analysts at Goldman Sachs.

In Asia, Japan's Nikkei slipped to a 0.2% loss after it had been up in the first half of the day. Sumitomo Heavy Industries, Kubota (KUB), and Fuji Heavy Industries weighed on action, offsetting considerable strength in Canon (CAJ) and Fast Retailing. Japan's government cut its growth forecast to 0.5% from 1.5%, mostly because of the reduction in factory output related to the massive earthquakes that hit the country earlier this year. Growth for next year is expected to range from 2.7% to 2.9%, though. The country also reported that industrial production in July fell by 1.7% after the initial reading had suggested that it fell by 1.6%. Hong Kong's Hang Seng mustered a mere gain of 0.1%. Li & Fung was a top performer following its latest earnings results. Mainland China's Shanghai Composite closed out the week on a down note; it fell 0.5%.

08:35 am : S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +6.00. Stock futures have moved to morning highs following the latest retail sales figures. Specifically, overall retail sales increased by 0.5% during July. Sales less autos also increased by 0.5%. The consensus among economists polled by Briefing.com had called for increases of 0.5% and 0.2%, respectively. Data for the prior month was revised upward to reflect a 0.3% increase in total sales after it had been initially reported as a 0.1% increase. Sales less autos increased in June by 0.2%, which is an improvement from the flat reading that had been offered originally.

08:05 am : S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: -1.30. Stocks rallied sharply yesterday, but slipped a bit into the close as they encountered some late selling. This morning, broad market stock futures are up in an effort to reclaim those gains. The generally positive tone to premarket trade has been helped along by a rush of buying activity among Europe's major bourses. Last evening it was announced that Belgium, France, Italy, and Spain have imposed short-selling bans. Increased confidence in Europe has also helped the euro gain ground against the greenback. However, the dollar has managed to advance against the yen following news that Japan's government cut its growth forecast to 0.5% from 1.5%. Gold prices are up again, albeit only modestly. The precious metal moved lower yesterday for the first time in five sessions. It is up fractionally to $1753 per ounce this morning. Monthly retail sales data are due at the bottom of the hour, followed by a consumer sentiment reading from the University of Michigan at 9:55 AM ET and business inventory numbers at 10:00 AM ET.

06:41 am : [BRIEFING.COM] S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: -6.50.

06:41 am : Nikkei...8963.72...-18.20...-0.20%. Hang Seng...19620.01...+24.90...+0.10%.

06:41 am : FTSE...5249.42...+86.60...+1.70%. DAX...5952.39...+154.70...+2.70%.

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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