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 Post subject: October 12th Wednesday 2011 Emini TF ($TF_F) points +29.90
PostPosted: Wed Oct 12, 2011 4:45 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: +29.90 points or $2990.00 dollars in the Russell 2000 Emini TF ($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 (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=95&t=1025.

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=144&t=1237

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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.

U.S. Stocks Rally, Briefly Erasing Dow's 2011 Loss

Oct. 12 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, briefly erasing the Dow Jones Industrial Average's 2011 loss, as European leaders provided a road map to tame the debt crisis and the Federal Reserve said it discussed further asset purchases.

Stock advance on Europe hopes

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By Hibah Yousuf October 12, 2011: 5:01 PM ET

NEW YORK (CNNMoney) -- A broad rally lost steam during the final minutes of trading, but stocks still ended sharply higher Wednesday as investors welcomed the latest plan to recapitalize European banks.

"We're continuing to see a shift in investor sentiment," said Art Hogan, managing director at Lazard Capital Markets. "Last week, it seemed like the sky was falling and there was no end in sight. Now, there's a perception that Europe will come up with a TARP-like backstop for European banks."

European Commission president Jose Manuel Barroso said Wednesday that policymakers need to act immediately to resolve the long-running crisis. Barroso also said that banks that do not satisfy capital requirements should be barred from paying out dividends and bonuses.

"We still don't have a concrete plan, but it seems like officials have more of a sense of urgency and are talking about credible solutions, which is exactly what the market needs," said Hogan.

The Dow Jones industrial average (INDU) rose 102 points, or 0.9%, the S&P 500 (SPX) added 12 points, or 1%, and the Nasdaq composite (COMP) gained 22 points, or 0.8%. Earlier in the session, all three indexes were up about 2%, and the the Dow briefly turned positive for the year.
Barroso calls for immediate action on debt crisis

Financial stocks were leading the gains, with JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500) and Wells Fargo (WFC, Fortune 500) up between 2% and 5%.

Stocks have been climbing since the start of the month as hopes for a solution to Europe's debt crisis continue to grow.

Wednesday's advance was the sixth out of the last seven days for the S&P 500 and Nasdaq, and fifth for the Dow. The three major indexes are up between 8% and 11% since Oct. 3, when stocks hit their lowest levels in more than a year.

Every development overseas is getting investors' front-and-center attention. More than 80% of the experts surveyed by CNNMoney agree that debt problems overseas are the most challenging hurdle for the market.

U.S. stocks ended mixed Tuesday as investors spent most of the day waiting for the outcome of Slovakian parliament's vote to overhaul the EFSF. Shortly after U.S. markets closed Tuesday, Slovakia voted the measure down.

The proposed bailout needs to be ratified by all 17 eurozone nations, and Slovakia was the last country to vote. Investors expect that in its second round of voting later this week, with a new government in place, Slovakia will manage to pass the bailout, said Hogan.
0:00 / 02:10 Greek V.P.: We can't leave the Euro

Companies: Shares of Alcoa (AA, Fortune 500) slipped after the aluminum producer reported quarterly income that fell short of analysts' expectations, but the company brought in more revenue than anticipated.

PepsiCo (PEP, Fortune 500)'s stock rose after the company reported stronger revenue Wednesday on global snack and beverage volume. PepsiCo also saw gains from its the acquisition of Wimm-Bill-Dann, a Russian dairy and juice company.

Overall, S&P 500 company earnings are expected to have climbed almost 13% in the third quarter of 2011, according to earnings tracker Thomson Reuters. Revenue of the companies in the benchmark index are expected to have risen 10%.

Meanwhile, shares of Liz Claiborne (LIZ) surged after the apparel and accessories maker announced it is selling several of its brands for $328 million. J.C. Penney (JCP, Fortune 500) is buying the company's namesake Liz Claiborne brand as well as the Monet brand. Liz Claiborne also sold its Dana Buchman brand to Kohl's (KSS, Fortune 500).

Shares of Wal-Mart (WMT, Fortune 500) moved higher after company executives told an annual meeting for analysts that same-store sales have been positive for the past three months. Sales at the world's largest retailer have been declining for nine straight quarters. Wal-Mart is scheduled to report third-quarter results next month.

Research in Motion's (RIMM) stock dipped as the BlackBerry outage that started on Monday in Europe, the Middle East and Africa continued to spread, hitting customers in the United States and Canada on Wednesday.

* Video - Earnings off to rough start

Economy: Federal Reserve policymakers left the door open to another round of asset purchases, or QE3, in the near future, according to minutes of their most recent meeting. In September, the central bank stopped short of expanding its balance sheet and launched so-called Operation Twist, a program to shift assets from short-term Treasuries into long-term Treasuries.

The U.S. Senate failed Tuesday to approve President Obama's jobs bill. The 50-49 vote in favor of the measure fell short of the 60 senators needed to advance the $447 billion dollar plan.

The city council of Harrisburg, Pa., voted to file for bankruptcy protection Tuesday night. The state capital of Pennsylvania, with just under 50,000 residents, was facing a possible takeover of its operations by the state government under a receivership.

World markets: European stocks finished with strong gains. Britain's FTSE 100 (UKX) ticked up 0.7%, the DAX (DAX) in Germany gained 2% and France's CAC 40 (CAC40) added 2.2%.

Asian markets ended mixed. The Shanghai Composite (SHCOMP) jumped 3% and the Hang Seng (HSI) in Hong Kong added 1%, while Japan's Nikkei (N225) slipped 0.4%.

* Video - Buffett: Tax my $62.9 M more!

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

Oil for November delivery fell 24 cents to settle at $85.57 a barrel.

Gold futures for December delivery rose $21.60 to $1,682.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.23% from 2.16% late Tuesday.

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Market Update

4:30 pm : Late selling ate into gains, but the stock market still scored its sixth advance in seven sessions.

Stocks were bid higher in the early going as market participants continued to take their cues from Europe, where the region's major bourses resumed their uptrend amid speculation that Slovakia will eventually vote in favor of the EFSF. The decision by the country's officials to vote down the plan last evening came in conjunction with a vote of no confidence for the country's prime minister.

The belief that plans to improve financial conditions in Europe are moving closer to completion and implementation has helped diminish the perception of risk in the region. That has quelled concern about the exposure of diversified banks and financial services providers. In turn, financials were today's top performers.

Financials were out in front for the entire session, but surrendered some of their gains into the close. Still, the sector ended the day with a 2.7% gain. JPMorgan Chase (JPM 33.20, +0.90) garnered a great deal of buying interest ahead of its latest quarterly report tomorrow morning. Bank of America (BAC 6.58, +0.21) was also among the best performers, but it isn't scheduled to report until next week.

Last evening fellow blue chip Alcoa (AA 10.05, -0.25) announced its latest quarterly results, which came short of what Wall Street had commonly expected. The Dow component's announcement marked the unofficial start of earnings season.

Strength in shares of the two financial giants helped take the Dow above 11,600, which put it in positive territory for the year. However, late selling stole about 100 points from the blue chip average, so the Dow slid back to negative territory for the year.

The weak finish came after the S&P 500 stalled near its two-month closing high and the Dow failed to sustain enough momentum to move meaningfully above its own two-month closing high. Still, blue chips booked their fifth gain in seven sessions while the broader market booked its sixth gain in seven sessions. In that time the Dow is up more than 8%, but the S&P 500 is up almost 10%.

Market participants showed no real reaction to minutes from the most recent FOMC meeting, mostly because the minutes failed to offer any new insight into the mindset of the monetary policy setting committee.

Treasuries also showed little reaction to the FOMC minutes, but news of low dollar demand at the latest auction of 10-year Notes induced additional selling. The benchmark 10-year Note ended the day off of its lows, but its yield remained above 2.20%. That's more than 40 basis points above the depths that it probed less than 10 days ago.

The dollar extended its descent today, mostly driven by 1% gains by both the sterling pound and euro. Their climb has been underpinned by improved sentiment in the eurozone.

Advancing Sectors: Financials +2.7%, Industrials +1.3%, Consumer Discretionary +1.1%, Telecom +1.0%, Materials +1.0%, Consumer Staples +0.8%, Energy +0.8%, Tech +0.5%, Health Care +0.2%
Declining Sectors: Utilities -0.1%DJ30 +102.55 NASDAQ +21.70 NQ100 +0.5% R2K +1.7% SP400 +1.4% SP500 +11.71 NASDAQ Adv/Vol/Dec 1881/1.96 bln/684 NYSE Adv/Vol/Dec 2443/1.07 bln/603

3:30 pm : Crude oil futures ended their recent five session rally today after posting modest declines of 0.3% to end at $85.57 per barrel. Trade in crude oil was relatively quiet today as prices moved sideways around the flat line ahead of tomorrow’s inventory data. Natural gas ended lower by 3.5% at $3.49 per MMBtu. Prices were pressured by mild temperatures across the country, as well as bearish expectations for tomorrow’s inventory data.

After their initial rally in overnight trade, it was a relatively uneventful session for gold and silver futures. Both metals pulled back slowly from their respective highs throughout the morning session. Futures were able to halt that pull back heading into the afternoon and recoup some of their earlier gains. Gold ended higher by 1.3% at $1682.60 per ounce, while silver futures gained 2.4% to finish at $32.79 per ounce.DJ30 +150.46 NASDAQ +29.80 SP500 +18.19 NASDAQ Adv/Vol/Dec 1865/1.5 bln/689 NYSE Adv/Vol/Dec 2460/694.9 mln/607

3:00 pm : Stocks are starting to turn lower following the failure of the S&P 500 to extend its climb above the 1220 line, which was last touched on September 20. The market's pullback hasn't come in response to any kind of negative headline. Rather, it marks a loss of momentum in the face of some intraday resistance.DJ30 +160.30 NASDAQ +28.15 SP500 +18.22 NASDAQ Adv/Vol/Dec 1935/1.30 bln/620 NYSE Adv/Vol/Dec 2580/580 mln/460

2:30 pm : The broad market is trading just shy of its session high. Liz Claiborne (LIZ 7.00, +1.90) is one of this session's top performers, surging almost 40% in response to the company's decision to divest some of its brands. However, the stock's surge this session only now has shares back where they started the year.

Fellow retailer The Buckle (BKE 41.87, -0.82) is at the opposite end of things. Although the stock's decline isn't the dramatic move that LIZ has made, its weakness still flies in the face of broad market strength. DJ30 +198.86 NASDAQ +43.25 SP500 +23.57 NASDAQ Adv/Vol/Dec 1905/1.20 bln/620 NYSE Adv/Vol/Dec 2565/525 mln/475

2:00 pm : Minutes from the most recent FOMC policy meeting were just releaed. They indicated that "Operation Twist" is intended to lower long term rates. Some members felt the latest moves would provide additional accomodation. Overall, though, the stock market hasn't shown any real reaction to the release.DJ30 +161.05 NASDAQ +36.27 SP500 +19.27 NASDAQ Adv/Vol/Dec 1890/1.07 bln/620 NYSE Adv/Vol/Dec 2546/470 mln/465

1:30 pm : Results from this afternoon's auction of 10-year Notes have put added pressure on Treasuries. In turn, the benchmark 10-year Note is now at its worst level of the day.

As for auction specifics, it drew a bid-to-cover of 2.86, dollar demand of $60.1 billion, and an indirect bidder participation rate of 35.0%. For comparison, the prior auction produced a bid-to-cover of 3.03, dollar demand of $63.6 billion, and an indirect bidder rate of 48.5%. An average of the past six auctions results in a bid-to-cover of 3.13, dollar demand of $68.9 billion, and an indirect bidder rate of 43.6%. DJ30 +158.14 NASDAQ +38.88 SP500 +20.32 NASDAQ Adv/Vol/Dec 1880/990 mln/620 NYSE Adv/Vol/Dec 2545/435 mln/450

1:00 pm : Despite a disappointing start to earnings season, the stock market is up sharply and on pace for another strong gain amid leadership from the financial sector.

Alcoa (AA 10.18, -0.12) unofficially kicked off earning season last night, but the Dow component came short of the consensus earnings estimate. That has subjected the stock to some rather aggressive selling pressure this morning. Although it has worked its way up from its morning high, the stock is still down 1% for the day.

However, other blue chips have been bid higher, especially financials. Strength among JPMorgan Chase (JPM 33.55, +1.25), Bank of America (BAC 6.63, +0.26), and American Express (AXP 47.21, +1.44) has helped the Dow return to the flat line for 2011.

The S&P 500 has a ways to go before it can fully offset its loss for 2011, but it remains on pace for its sixth advance in seven sessions, including an incrementally higher finish to the prior session. In that time, the stock market has climbed more than 10%.

Financials have been the biggest drivers of the broad market's recent rally. The sector is up another 3.0% this session. Its strength comes largely in response to improved confidence in Europe, where officials have recently made a stronger commitment to shore up the region's financial system and even recapitalize its banks. That has helped reduce the perception of risk related to the European portfolios owned by diversified banks and financial services firms.

Confidence in Europe has also bolstered buying interest in the euro, which is up 1.2% to $1.38 today. The move marks an extension of its rally from the nine-month low of about $1.31 that was set only last week.

The dollar's decline has helped spur gold prices higher in the face of improved sentiment among stock traders. Gold prices are currently up 1.4% to $1683 per ounce.

Treasuries have been under pressure all session. The action has the yield on the benchmark 10-year Note back above 2.20% after it had been below 1.80% less than 10 days ago. Results from an auction of 10-year Notes are due at any moment.

Later this afternoon (2:00 PM ET), minutes from the most recent FOMC meeting will be released. Participants will be looking for additional insight into economic conditions and the mindset of members of the monetary policy setting committee. DJ30 165.67 NASDAQ 40.53 SP500 20.89 NASDAQ Adv/Vol/Dec 1800/895 mln/645 NYSE Adv/Vol/Dec 2490/390 mln/495

12:30 pm : The top of the hour brings results from an auction of 10-year Notes. The auction is $21 billion in size. Ahead of the results, the 10-year Note's yield is narrowly above 2.20% for a one-month high. Less than 10 days ago it was below 1.80%.

Meanwhile, the dollar continues to wrestle with aggressive selling. As such, it continues to trail a basket of major foreign currencies by almost 1%. Year to date, the dollar is down 2.6%. DJ30 +122.83 NASDAQ +32.84 SP500 +16.87 NASDAQ Adv/Vol/Dec 1755/800 mln/660 NYSE Adv/Vol/Dec 2470/350 mln/490

12:00 pm : Stocks are just shy of their session highs. Today's advance puts the S&P 500 on pace for its sixth advance in seven sessions, including an incrementally positive finish for the prior session. In that time, the S&P 500 has climbed more than 10%.

During that same time, the dollar has declined about 3%. Just one week ago the greenback was at a nine-month high against a basket of major foreign currencies. Its downturn has come in response to a bounce by the euro, which has been bid higher amid improved confidence in the commitment of Europe's leaders to restore regional financial conditions. DJ30 +120.60 NASDAQ +33.16 SP500 +16.09 NASDAQ Adv/Vol/Dec 1835/715 mln/575 NYSE Adv/Vol/Dec 2515/310 mln/415

11:30 am : Stocks have steadied since their recent drift off of session highs. Financials continue to provide the most support -- the sector is now up 2.3%. In just one week's time, the financial sector is up more than 8%. In that same time, the S&P 500 has advanced almost 6%.

Recent buying in the financial sector comes as investors take an improved view on banks now that more concerted efforts are being taken to shore up many of Europe's financial institutions, which have bee plagued by precarious conditions for months. DJ30 +118.82 NASDAQ +36.14 SP500 +16.85 NASDAQ Adv/Vol/Dec 1800/612 mln/555 NYSE Adv/Vol/Dec 2460/270 mln/445

11:00 am : The stock market recently claimed another leg of gains to set a new session high, but it has begun to slip off of that mark. Still, stocks continue to trade with strength. Of the 10 major sectors, only health care (+0.7%), telecom (+0.5%), and utilities (-0.1%) have failed to climb to gains in excess of 1%.

Strength among stocks has kept pressure on Treasuries. As such, the yield on the benchmark 10-year Note is back above 2.20%. Results from an auction of 10-year Notes will be posted at 1:00 PM ET. DJ30 +97.14 NASDAQ +31.09 SP500 +14.71 NASDAQ Adv/Vol/Dec 1820/475 mln/470 NYSE Adv/Vol/Dec 2475/215 mln/380

10:35 am : Commodities are trading higher today on broad market strength. About 15 minutes ago, the CRB Commodity Index rose to a new session high of 312.69. Copper futures are about 3.5% higher at $3.41/lb. and is the best performing commodity in the CRB Index.

In the energy space, crude oil began to trend lower after floor trading began. Shortly after, crude fell into the red and below the $86 level. In recent activity, crude moved back into positive territory and above the $86 area and is now 0.6% higher at $86.32/barrel.

Natural gas is the only energy component in the energy CRB sector that is in negative territory; now down 1.0% at $3.58/MMBtu.

Precious metals are showing gains today. Gold has been in a consolidated range of around $1679.20-1692.70/oz for the entire session thus far and is currently up 1.4% at $1684.10/oz. Silver is moved over $33 earlier this morning to its current session high of $33.10/oz, but has since pulled back. In current trade, silver is up 2.2% at $32.74/oz.DJ30 +109.06 NASDAQ +33.54 SP500 +15.32 NASDAQ Adv/Vol/Dec 1754/410 mln/500 NYSE Adv/Vol/Dec 2321/193 mln/493

10:00 am : Stocks started the session on a strong note, but action has turned a bit choppy in recent trade. The major equity averages continue to sport solid gains, though.

Financials remain out in front of the rest of the market. The sector is now sporting a 1.7% gain and the the KBW Bank Index is up 1.8%.

Tech is also trading with strength this morning. The sector, which is the largest by market weight, is up 1.1% with help from semiconductor stocks. Strength among semiconductor-related issues has the Philadelphia Semiconductor Index up 1.4%. DJ30 +58.54 NASDAQ +25.79 SP500 +9.44 NASDAQ Adv/Vol/Dec 1565/135 mln/470 NYSE Adv/Vol/Dec 2320/80 mln/390

09:45 am : Early action has ushered in solid gains for the major equity averages. Financials have been a primary source of leadership. The sector is already up 1.2% as diversified players like JPMorgan Chase (JPM 33.23, +0.93) and Citigroup (C 28.63, +0.79) rally on the back of aggressive buying.

Utilities stocks, which are defensive in nature, have fallen to a 0.2% loss. They make up the only sector that has failed to stage a gain this morning. DJ30 +39.89 NASDAQ +22.13 SP500 +7.14 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +28.20. Stock futures suggest that the cash market will open with a gain of about 1%.

Buyers continue to take their cues from Europe, where the region's major bourses have resumed their upward trend after a pause in the prior session. The resumption of buying interest comes as pundits predict that Slovakia will ultimately pass the EFSF plan after it was voted down at the same time that a vote of no confidence was made against the country's prime minister last evening. Confidence in the region has helped the euro rally to a 1.0% gain against the greenback. The currency now trades at its best level in three weeks.

Corporate news has centered on the start of earnings season, which was unofficially marked by the latest quarterly report from Alcoa (AA). The Dow component came short of the consensus earnings estimate.

There is no actual economic data on tap today, but minutes from the most recent FOMC meeting are expected to be posted at 2:00 PM ET. Market participants will be looking for new insights into economic trends and developments.

09:05 am : S&P futures vs fair value: +11.40. Nasdaq futures vs fair value: +28.00. Crude oil prices are up 0.3% to $86.05 per barrel in the first few minutes of pit trade. The uptick comes even though reports earlier this morning suggested that the IEA cut its forecast for oil demand. Natural gas prices have turned lower, though. The energy component was last quoted with a 0.5% loss at $3.60 per MMbtu. Precious metals are performing well. Specifically, gold prices are up 1.6% to $1687.20 per ounce, while silver is sporting a 2.2% gain at $32.70 per ounce. In the backdrop, the dollar is down markedly as the euro stages another rally.

08:35 am : S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +26.70. Renewed confidence in Europe has the region's major bourses sporting impressive gains today. The action comes as pundits predict that Slovakia will pass the EFSF after the country's officials voted it down last night in conjunction with a no confidence vote in its prime minister. Germany's DAX has advanced 1.1% with help from automakers Daimler, Volkswagen, and BMW. Deutsche Bank (DB) has also provided leadership, but shares of Commerzbank are barely positive. France's CAC has climbed 1.4%. Societe Generale is atop the list of advancing issues. Michelin and Alcatel-Lucent (ALU) have complemented its efforts. Britain's FTSE is up a relatively tame 0.4%. Eurasian Natural Resources and Rangold Resources are a couple of top performers. Royal Bank of Scotland (RBS) and Barclays (BCS) have both bounced to substantial gains, too. Regional data featured an increase of 1.2% in eurozone industrial production during August. That followed a 1.1% increase in the prior month.

Overnight action in Asia saw Japan's Nikkei slip to a 0.4% loss. Flooding in Thailand forced the shuttering of many Japanese factories there. That hurt Nikon and Honda Motor (HMC), but Tokyo Electric and Showa Denko were the worst performers as they booked losses in excess of 5%. Materials and industrial plays performed well, though. Kobe Steel and Mitsui Mining, along with Komatsu and Fuji Heavy Industries, provided support. In Hong Kong, the Hang Seng advanced 1.0%. More impressive is that the Index scored that strong gain after it had tumbled sharply at the open. Property plays provided leadership. Mainland China's Shanghai Composite climbed 3.1% with help from financial outfits like Agricultural Bank of China and Bank of China. The Composite lagged the other major regional averages in the prior session.

08:05 am : S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +20.70. Earnings season made its unofficial start last evening with the latest quarterly report from Dow component Alcoa (AA), which came short of the consensus earnings estimate. The stock is down in excess of 3% ahead of the open. PepsiCo (PEP) has managed to move almost 1% higher in premarket trade, thanks to an upside earnings surprise this morning.

Broad market stock futures are also attracting buyers. Support comes in response to renewed interest in Europe, where most of the region's major bourses are up more than 1% after a lackluster session yesterday. A better-than-expected industrial production reading from the eurozone has helped the tone. Meanwhile, Slovakia's leaders are expected to approve the EFSF expansion plan after the plan failed its first vote, which happened to come amid a no confidence vote for the country's prime minister.

Confidence in the eurozone is helping to drive the euro higher; it is currently up 0.9% to $1.377. In response to currency manipulation by China, the U.S. Senate approved a bill supportive of tariffs against the country.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: +9.90. Nasdaq futures vs fair value: +21.80.

06:51 am : Nikkei...8738.90...-34.80...-0.40%. Hang Seng...18329.46...+187.90...+1.00%.

06:51 am : FTSE...5425.94...+30.20...+0.60%. DAX...5944.97...+80.00...+1.40%.

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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