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 Post subject: June 21st Thursday 2012 Emini TF ($TF_F) points +31.30
PostPosted: Thu Jun 21, 2012 3:42 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 performance verification

Price Action Trade Performance for Today: +31.30 points or $3130 dollars in the Russell 2000 Emini TF ($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. You can read today's #FuturesTrades trading chat room logs for 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 in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=105&t=1253.

To join our free chat room...log-in 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 price action 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=119&t=718.

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 price action 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=162&t=1492

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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.

Stocks Plunge On Downgrade Fears

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NEW YORK (CNNMoney) -- All three major U.S. indexes fell roughly 2% Thursday as investors fled the market on fears of slowing global growth and rumors of an imminent Moody's downgrade of major global banks.

Analysts at Goldman Sachs (GS, Fortune 500) compounded fears when they sounded alarm bells over the health of the stock market late Thursday morning. In a report, analysts told investors to short, or sell, the S&P 500 until it falls at least 5% below current levels.

Adding to investors' fears, an audit of Spanish banks showed that the government plans to request up to €62 billion of aid for the ailing nation's banks. All these factors created a perfect storm to prompt a sharp sell-off.

"Traders and investors are really spooked today," said Sal Arnuk, co-head of equity trading at Themis Trading.

Still, Arnuk cautioned that trading volume remained light, which can cause some wild gyrations.

The Dow Jones industrial average (INDU) lost 251 points, or 2%. The S&P 500 (SPX) fell 30 points, or 2.2%. The Nasdaq (COMP) slipped 71 points or 2.4%.
Investors keep fleeing the market

Commodity prices fell even more precipitously than the stock market, with gold, copper and oil dropping more than 2%. Oil prices continued to hit new lows, falling below $80 a barrel for the first time since early October. Silver fell more than 5%.

Commodity-related stocks took a big hit, with shares of Exxon Mobil (XOM, Fortune 500), Chevron (CVX, Fortune 500) and Alcoa (AA, Fortune 500) among the Dow's biggest decliners. All 30 Dow stocks with the exception of Merck (MRK, Fortune 500) and Verizon (VZ, Fortune 500) ended the day lower.

Bank stocks also sold off sharply, with Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500), and JPMorgan Chase (JPM, Fortune 500) all dropping more than 2%. Morgan Stanley, the bank subject to the largest possible downgrade, fell less than its peers, at 1.7%.

Early Thursday, a report showed Chinese manufacturing fell to a seven-month low -- a sign that factories there are being hit by sluggish demand, according to a preliminary reading of the HSBC Manufacturing Purchasing Managers' Index.
Europe under pressure

Meanwhile, Europe's PMI index for June remained near a three-year low, as manufacturing output in Germany -- the most important European economy -- fell at the fastest rate in three years. It was the second straight month of decline.

Investors were already in a down mood heading into the trading day, disappointed that Federal Reserve didn't take more action at the end of its two-day meeting Wednesday.

"People are coming to the realization that the Fed is pretty much a sideshow to what the European Central Bank does," said Dan Greenhaus, head equity strategist at BTIG. "The Fed has become a slave to events rather than the dictator."

U.S. stocks closed mixed Wednesday following the Fed's announcement.
Fear & Greed Index

CNNMoney's own Fear and Greed index shows investors are less fearful, although still in fear territory. The index had been in extreme fear territory until last week.

World markets: European stocks closed lower. Britain's FTSE 100 (UKX) slid 0.9%. France's CAC 40 (CAC40) lost 0.3% and the DAX (DAX) in Germany moved down 0.5%.

Eurozone finance ministers gathered in Luxembourg for a two-day summit.

The continent's leaders are facing pressure to announce new measures to combat their sovereign debt crisis, which remains of grave concern even after news that Greek politicians formed a coalition government led by a pro-bailout party.

Spain's bond auction of 2-, 3- and 5-year bonds Thursday morning resulted in 2-year yields doubling from the prior auction, and sent yields for the 5- and 7-year notes also markedly higher. But the yield on the benchmark 10-year Spanish bond, which pushed past 7% earlier this week, fell to 6.5%.

Asian markets ended mixed after the China manufacturing report and in reaction to the Fed meeting. The Shanghai Composite (SHCOMP) lost 1.4%, while the Hang Seng (HSI) in Hong Kong was down 1.3%. But Japan's Nikkei (N225) gained 0.8%.

Economy: The Labor Department reported there were 387,000 first-time filings for unemployment benefits in the week ended June 16. That was little changed from the prior week but a bit above the forecast of 380,000 from economists surveyed by Briefing.com.
4 ways investors can (still) find yield

Existing home sales for May came in slightly below expectations at an annualized rate of 4.55 million, according to the National Association of Realtors.

The Conference Board's Leading Economic Indicators index for May came in higher than expected, increasing 0.3%, after decreasing by 0.1% in April.

The Philadelphia Fed's manufacturing index indicated a steep decline of 16.6%, which was significantly worse than the 0.2% drop that economists predicted. A month ago that drop was 5.8%.

Companies: Shares of drugstore chain Rite Aid (RAD, Fortune 500) rose after it reported a loss of 3 cents a share, a bit better than analysts surveyed by Thomson Reuters expected, and better than the 7 cents a share it lost a year earlier.

Shares of Bed Bath & Beyond (BBBY, Fortune 500) sank more than 16% after the retailer offered disappointing guidance for the current quarter after Wednesday's close.

Shares of open-source software provider Red Hat (RHT) fell after it posted a better-than-forecast gain in earnings late Wednesday, but reported disappointing billings for the quarter.

Food maker ConAgra (CAG, Fortune 500) posted a better-than-expected increase in operating earnings, pushing shares higher. The company said fiscal-year profit would also rise more than current forecasts. But a charge related to its pension plans resulted in it reporting a net loss.

Cigarette maker Philip Morris International (PM, Fortune 500), which sells the brands of Altria Group (MO, Fortune 500) such as Marlboro in overseas markets, cut its full-year earnings guidance, citing a bigger hit from currency exchange rates.

Dow component Johnson & Johnson (JNJ, Fortune 500) is close to settling a probe with the Justice Department into the company's promotion of the antipsychotic drug Risperdal, which could include a payment of $1.5 billion, according to a report in the Wall Street Journal.

The payment would be the largest ever for the company, according to the report, but it would avoid a felony charge that could prevent the company from selling its medicines to government health programs such as Medicare. Shares of J&J were down.

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

Gold futures for August delivery dropped $50.30 to $1,565.50 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was higher, pushing the yield down to 1.62% from the 1.66% level reached late Wednesday.

Image

Market Update

4:30 pm : Aggressive, broad-based selling drove the stock market lower for its worst single-session loss since December, eating into the heady gains that had been scored during the course of the four sessions leading up to a series of Fed announcements made yesterday.

Only one day ago did the Fed announce its intent to extend “Operation Twist” into the end of the year and unveil a reduced economic forecast, playing a part in the prior session's lackluster finish. Market participants were given little reassurance about prospects abroad today, though. China posted another decline in its PMI manufacturing report, which pointed to the eighth consecutive month of contraction. Germany, Europe’s most diverse and robust economy, also posted a disappointing number that pointed to tighter activity, but activity in France proved stronger than what had been anticipated.

Domestic data featured a Flash PMI Manufacturing of 52.9 – the worst reading in 11 months. Worse still, the Philadelphia Fed Survey fell unexpectedly to -16.6 for June, registering its worst reading since August 2011.

Existing home sales were less jarring. They set an annualized rate of 4.55 million units during May. That is in stride with the rate of 4.56 million units that had been generally expected among economists surveyed by Briefing.com. However, the pace for May is down from the prior month rate of 4.62 million units.

Leading Indicators for May proved pleasing. They increased by 0.3%, which is better than the flat reading that had been widely forecasted to follow the 0.1% decline in the prior month.

No sector was able to avoid the sell-off. Losses ranged from a 0.7% slide by the defensive-oriented Telecom sector to the Energy sector’s 4.0% tumble.

Energy’s outsized loss was owed to a combination of broad market weakness and a sharp drop in oil prices amid demand concerns. Crude oil notched a new 2012 low of $77.96 per barrel for the August contract before it settled with a 3.9% loss at $78.26 per barrel.

While stocks settled at session lows with steep losses, the Volatility Index ended the day near its high with a gain of about 15.5%. It only recently registered a monthly low.

Treasuries traded with relatively limited gains, despite such pronounced weakness among stocks. Buying in the benchmark 10-year Note took its yield back near 1.6%. As an aside, Spain also saw its debt yields ease back so that its 10-year issue carried a yield of a little more than 6.5%.

The greenback garnered strong interest. By session’s end it was up almost 1.0% against a basket of major foreign currencies, namely the euro and the sterling pound.

The dollar’s advance likely exacerbated selling among precious metals. Gold closed with a 3.1% loss at $1565.90 per ounce, just above its session low of $1564.80 per ounce. Silver tumbled to a new multi-month low of $26.80 per ounce for the July contract before it settled pit trade at $26.86 per ounce for a 5.4% loss.

Advancing Sectors: None
Declining Sectors: Energy -4.0%, Materials -3.3%, Tech -2.6%, Financials -2.3%, Consumer Discretionary -2.2%, Industrials -2.1%, Health Care -1.4%, Consumer Staples -1.2%, Utilities -1.0%, Telecom -0.7%DJ30 -250.82 NASDAQ -71.36 NQ100 -2.5% R2K -2.5% SP400 -2.7% SP500 -30.18 NASDAQ Adv/Vol/Dec 516/1.77 bln/1973 NYSE Adv/Vol/Dec 571/865 mln/2470

3:30 pm : Soured sentiment in the stock market and a series of economic reports that included weak PMI manufacturing numbers from abroad and a disappointing Philadelphia Fed Survey weighed heavily on most of the commodity complex today. The resulting 2.1% drop for the CRB Index was its worst one-day loss since December.

In particular, crude oil extended its descent to a new 2012 low of $77.96 per barrel for the August contract before it settled with a 3.9% loss at $78.26 per barrel. Natural gas, however, popped to a floor session high of $2.63 per MMBtu and settled with a 2.4% gain at $2.58 per MMBtu, despite a weekly inventory build that was greater than what had been widely expected.

Precious metals were under stiff selling pressure during their pit sessions. Efforts were likely exacerbated by a stronger dollar, which was recently up as 0.9% against a basket of major foreign currencies. Gold extended its overnight slide as it fell deeper into negative territory, closing with a 3.1% loss at $1565.90 per ounce, just above its session low of $1564.80 per ounce. Silver tumbled to a new multi-month low of $26.80 per ounce for the July contract before it settled pit trade at $26.86 per ounce for a 5.4% loss.DJ30 -221.06 NASDAQ -65.31 SP500 -26.23 NASDAQ Adv/Vol/Dec 520/1.29 bln/1940 NYSE Adv/Vol/Dec 595/495 mln/2400

3:00 pm : The stock market's descent has flattened out, but there are no signs that a rebound is taking shape. Instead, the major equity averages remain at session lows as they enter the final hour, facing their worst single-session percentage drop since the first day of the month.

There aren't any companies of consequence scheduled to report earnings after the close, but tomorrow morning brings the latest numbers from Darden Restaurants (DRI 50.30, -1.15) and Carnival (CCL 34.63, -0.71). No domestic economic reports are due tomorrow. DJ30 -198.37 NASDAQ -56.52 SP500 -23.82 NASDAQ Adv/Vol/Dec 510/1.20 bln/1930 NYSE Adv/Vol/Dec 590/455 mln/2390

2:30 pm : The Dow is now down more than 200 points and the Nasdaq is off by 2%. Those steep losses come in conjunction with a braod-based descent that has seen only a few interruptions since the stock market opened trade near the neutral line.

Energy stocks remain in the worst shape. The sector's 3.3% loss is owed to a combination of broad market weakness and a sharp drop in oil prices. Crude oil prices are heading into the close of pit trade at about $78.45 per barrel, which makes for a 3.7% loss. DJ30 -209.83 NASDAQ -61.08 SP500 -25.60 NASDAQ Adv/Vol/Dec 500/1.07 bln/1930 NYSE Adv/Vol/Dec 600/400 mln/2360

2:00 pm : Stocks have extended their steady descent to new session lows. As things currently stand, the S&P 500 is positioned for its worst single-session percentage drop since a 2.5% tumble on the first day of June. The drop has fully erased the gains that were scored earlier this week, but stocks still remain well above last week's lows.

Defensive-oriented stocks have done a decent job of limiting losses. Telecom, in particular, is down only 0.4% today. Meanwhile, the Utilities sector is down 0.6%. Consumer Staples is down 0.8%, which is about half of what the broad market has suffered. DJ30 -178.54 NASDAQ -53.07 SP500 -22.09 NASDAQ Adv/Vol/Dec 500/1.01 bln/1930 NYSE Adv/Vol/Dec 620/375 mln/2325

1:30 pm : Stocks remain mired near session lows. That has the S&P 500 sitting only incrementally above the weekly low that it set at the start of the week.DJ30 -163.14 NASDAQ -50.60 SP500 -20.26 NASDAQ Adv/Vol/Dec 525/920 mln/1885 NYSE Adv/Vol/Dec 670/335 mln/2270

1:00 pm : Pronounced selling pressure has dropped the major equity averages for losses in excess of 1% following several underwhelming economic reports. The action has the Volatility Index up more than 10% from recently registered monthly lows.

Early action was mostly mixed as market participants monitored trade in Europe after both Germany in China posted PMI manufacturing numbers that point to continued contraction. A Flash PMI Manufacturing reading for the US fell to an 11-month low of 52.9.

Other domestic data featured an in-line weekly initial jobless claims count of 387,000, but the Philadelphia Fed Survey disappointed by falling in June to -16.6. Existing home sales for May proved unsurprising at an annualized pace of 4.55 million units. Leading Indicators for May were expected to be flat, but instead they increased by 0.3%.

Results from an independent audit of Spain's banks indicated that the country's three largest outfits are not in need of any additional capital, but that hasn't helped ADRs of Banco Santander (STD 6.20, -0.06) avoid sliding alongside the rest of the stock market. The country's economic minister indicated that a more detailed audit will be due in September. As an aside, Spain's debt yields continue to ease back.

Natural resource plays have been hit the hardest this session. Their weakness has resulted in losses greater than 2% for both the Materials sector and the Energy sector. Selling there has likely been exacerbated by sharp drops in commodity prices -- oil prices are down 2.5% to $79.40 per barrel, while gold is down 2.7% to $1572 per ounce and silver sits just below $27 per ounce with a 5.0% loss.

Corporate news hasn't done anything to improve sentiment. Both Red Hat (RHT 53.45, -3.05) and Bed Bath & Beyond (BBBY 62.02, -11.65) issued disappointing forecasts that have overshadowed their better-than-expected earnings for the latest quarter. Earnings from CarMax (KMX 26.00, -1.89) came short of the consensus. Best Buy (BBY 19.45, -0.86) raised its quarterly dividend by a penny to $0.17 per share. DJ30 -145.62 NASDAQ -47.18 SP500 -18.39 NASDAQ Adv/Vol/Dec 520/840 mln/1860 NYSE Adv/Vol/Dec 650/310 mln/2250

12:30 pm : Selling pressure has picked up in recent trade. The effort has sent stocks to new lows.

Commodities also continue to contend with concerted selling. Weakness in that space has oil prices down 2.4% to $79.50 per barrel for a new muti-month low, while gold trads with a 2.7% loss at $1573 per ounce. A bounce by the dollar has likely exacerbated selling in the commodity complex. DJ30 -171.80 NASDAQ -48.67 SP500 -20.03 NASDAQ Adv/Vol/Dec 590/740 mln/1775 NYSE Adv/Vol/Dec 785/270 mln/2100

12:00 pm : Stocks remain at session lows with sizable losses. Meanwhile, the dollar has pushed up to a 0.7% gain after a lackluster morning. Most of that has come against the euro, which has fallen to $1.26 for a 1.0% loss.DJ30 -97.37 NASDAQ -35.03 SP500 -13.00 NASDAQ Adv/Vol/Dec 580/665 mln/1780 NYSE Adv/Vol/Dec 770/240 mln/2105

11:30 am : Stocks have dropped another leg lower in recent trade. The slide has left the major equity averages to trade at their worst levels of the day.

Natural resource plays are in especially poor shape. More specifically, both the Energy sector and the Materials sector are down nearly 2%. Their losses come in conjunction with broad market weakness and pronounced pressure against commodities and basic materials prices -- the CRB Commodity Index is down 1.1% after it fell well in excess of 1% in the prior session. DJ30 -86.02 NASDAQ -33.35 SP500 -12.51 NASDAQ Adv/Vol/Dec 665/535 mln/1640 NYSE Adv/Vol/Dec 845/195 mln/2020

11:00 am : Losses among the major equity averages are varied as participants take on a relatively pessimistic posture following a few doses of disappointing data. That has lifted the Volatility Index (VIX) by almost 2% to 17.5. Despite that move, it remains near monthly lows.

With stocks down and volatility expectations picking up, Treasuries have ticked higher so that the benchmark 10-year Note is up by about a half of a point. That has taken its yield back down to almost 1.60%. DJ30 -27.85 NASDAQ -15.18 SP500 -6.20 NASDAQ Adv/Vol/Dec 740/410 mln/1530 NYSE Adv/Vol/Dec 970/150 mln/1825

10:35 am : Natural gas prices added to their gains by pushing up to a near 4% gain following the latest weekly inventory report, which showed a build of 62 bcf when a build of 60 bcf had been expected. Prices have since eased back to $2.59 per MMBtu, which makes for a 2.8% gain.

Oil prices remain under pressure. In fact, the energy component was last quoted with a 1.8% loss at $79.99 per barrel after it set a new multi-month low near $79.80 per barrel only minutes ago.

Precious metals have been unable to escape an aggressive bout of selling. That has gold prices down 1.8% to $1587 per ounce, while silver is at $27.52 per ounce with a 3.1% loss. DJ30 -29.14 NASDAQ -17.71 SP500 -5.70 NASDAQ Adv/Vol/Dec 695/280 mln/1515 NYSE Adv/Vol/Dec 905/110 mln/1845

10:05 am : Stocks have run into a flurry of selling following a barrage of economic data.

The Philadelphia Fed Survey fell to -16.6 for June. That comes after a reading of -5.8 for May. Economists polled by Briefing.com had expected, on average, that the Survey would improve to a near flat reading for June.

Existing home sales for May set an annualized rate of 4.55 million units, which is in stride with the rate of 4.56 million units that had been generally expected among economists surveyed by Briefing.com. However, the pace for May is down from the prior month rate of 4.62 million units.

Leading Indicators for May increased by 0.3%, which is better than the flat reading that had been widely forecasted to follow the 0.1% decline in the prior month.

The latest Housing Price Index from the FHFA was also just released. For April, the Index increased by 0.8%, which follows a 1.8% increase in the prior month. DJ30 -26.79 NASDAQ -20.60 SP500 -5.92 NASDAQ Adv/Vol/Dec 820/140 mln/1280 NYSE Adv/Vol/Dec 1135/65 mln/1510

09:45 am : The major equity averages are mostly mixed this morning. Influential sectors like Tech and Energy are both down 0.4%, but the Financial sector is holding on to a fractional gain.

Commodities continue to contend with concerted selling. As such, gold prices are down 2.0% to $1583 per ounce, while oil wrestles with a 1.0% loss at $80.60 per barrel.

The top of the hour brings a flurry of data that features existing home sales numbers, the latest Philadelphia Fed Survey, and leading indicators. DJ30 +9.69 NASDAQ -9.90 SP500 -1.72 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: -2.50. The overall premarket tone remains tepid with several headlines in play. Specifically, participants took note of another contraction in manufacturing activity in both Germany in China, according to their latest PMI readings. A Flash PMI Manufacturing reading for the US was released a few minutes ago; at 52.9 it was the worst reading in 11 months. Domestic data has also featured an in-line weekly initial jobless claims tally that barely budged from the prior week.

Still on the way are the latest Philadelphia Fed Survey, monthly existing home sales numbers, and leading indicators, all of which are scheduled for release at 10:00 AM ET. Market participants are also awaiting results from an independent audit of Spain's banks. The country's debt yields continue to ease back.

On the corporate front, there is a handful of companies that are out with quarterly results. Both Red Hat (RHT 51.25, -5.25) and Bed Bath & Beyond (BBBY 65.85, -7.82) announced better-than-expected earnings last evening, but they also issued disappointing guidance. Micron (MU 5.96, -0.16) posted a loss that was worse than what had been widely anticipated. CarMax (KMX 27.90, +0.00) reported this morning earnings that came short of the consensus, while Rite Aid (RAD 1.24, +0.07) announced in-line earnings and a mixed outlook. Best Buy (BBY 20.49, +0.18) announced that it will add a penny to its quarterly dividend so that it totals $0.17 per share. Note: ticker quotes reflect premarket prices.

09:05 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: -4.00. General weakness in the commodity complex has the CRB Index down 0.7% today. That slide comes after it fell 1.6% in the prior session. Among its more closely tracked constituents, oil prices continue to come under pressure, such that the energy component now trades with a 1.4% loss at $80.30 per barrel. Shortly before the open of pit trade oil prices came close to $80.22 per barrel for a new multi-month low. Meanwhile, natural gas prices are up an incremental 0.1% to about $2.52 per MMBtu. The latest natural gas weekly inventory report will be released at 10:30 AM ET. Precious metals are under pronounced pressure. Gold prices have dropped to $1589 per ounce for a 1.7% loss, while silver wrestles with a 2.7% loss at $27.62 per ounce.

08:35 am : S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: -0.80. The tone ahead of the open remains neutral following a weekly dose of initial jobless claims data. The latest weekly initial jobless claims count totaled 387,000, which is not much more than the 380,000 initial claims that had been widely expected. The latest tally is also little changed from the prior week's revised count of 389,000. Continuing claims also held steady; they totaled 3.30 million. Still on tap for today are the latest Philadelphia Fed Survey, monthly existing home sales numbers, and leading indicators, all of which are scheduled for release at 10:00 AM ET.

08:05 am : S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +1.00. Stock futures have traded higher to close the gap with fair value so that there is a flat tone to premarket trade. They had been under moderate pressure earlier this morning, but have managed to move higher alongside Europe's major bourses, which remain mostly mixed.

Following the Fed's downward revision to its economic forecast yesterday, both Germany and China rekindled concerns about their economic health with the release of their latest Manufacturing PMI readings. Both pointed to continued contraction. Worth noting, though, is that France's PMI number proved better than what had been widely expected.

Market participants get several doses of domestic data today, beginning with weekly initial jobless claims numbers at 8:30 AM ET. At 10:00 AM ET the latest Philadelphia Fed Survey will be posted alongside monthly existing home sales numbers and leading indicators.

06:23 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -7.50.

06:23 am : Nikkei...8824.07...+71.80...+0.80%. Hang Seng...19265.07...-253.80...-1.30%.

06:23 am : FTSE...5594.16...-28.30...-0.50%. DAX...6368.65...-23.10...-0.40%.

Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtrader

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