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 Post subject: June 26th Tuesday 2012 Emini TF ($TF_F) points +11.00
PostPosted: Tue Jun 26, 2012 5:31 pm 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: +11.00 points or $1100 dollars in the Russell 2000 Emini TF ($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=1256.

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 Hold Modest Gains

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

NEW YORK (CNNMoney) -- Stocks held onto modest gains Tuesday, as investors remained cautious ahead of a key European summit later in the week.

"We're going to keep vacillating between being slightly up and slightly down until we see if anything positive comes out of Europe," said Peter Tuz, president of Chase Investment Counsel. "Investors have a wait-and-see attitude. There's not much reason to jump in with both feet ahead of that."

The Dow Jones industrial average (INDU) rose 32 points, or 0.3%, with Exxon Mobil (XOM, Fortune 500), General Electric (GE, Fortune 500) and Chevron (CVX, Fortune 500) leading the gains on the blue chip index.

The S&P 500 (SPX) edged up 6 points, or 0.5%, and the Nasdaq (COMP) added 18 points, or 0.6%.

A housing report provided some early optimism, showing that U.S. home prices rose in April for the first time in seven months. But a report on consumer confidence signaled weakness, keeping stocks under pressure.

Analysts say that fears over what may, or may not, come out of the two-day summit with European leaders continue to permeate investor sentiment.

There's a lot riding on the summit, but investors are increasingly skeptical that European leaders will emerge with a concrete plan to aid struggling nations.

"The 800-pound gorilla in the room is how the eurozone will play out," said Dave Abate, senior wealth advisor for Strategic Wealth Partners. "The market has continued to react to a negative news flow out of Europe, and that will continue until Europe can create a more formal and concrete solution to the crisis versus the patchwork and disjointed Band-Aids that they've put together so far."

* Check out the Fear & Greed Index

Spain and its ailing banking sector remain particularly troublesome. On Monday, Spain officially requested EU loans to support its banks, a number of which were later downgraded by rating agency Moody's.

Early Tuesday, Spain auctioned off more than €3 billion of short-term debt at high yields and slightly lower demand than the prior month's auction. Meanwhile, finance ministers from France, Germany, Italy and Spain are meeting in Paris Tuesday afternoon.

U.S. stocks were driven sharply lower Monday by worries about Europe and a slowing global economy.

* Goldman Sachs: Buy JPM, sell MS

Investors are keeping a close eye on bank stocks, which were largely behind Monday's sell-off. Shares of JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and Morgan Stanley (MS, Fortune 500) closed the day up, while Citigroup (C, Fortune 500) and Goldman Sachs (GS, Fortune 500) edged lower.

World markets: European stocks closed down on Tuesday. Britain's FTSE 100 (UKX) lost 1%, the DAX (DAX) in Germany fell nearly 2% and France's CAC 40 (CAC40) slid 3%.

Asian markets ended mixed. The Hang Seng (HSI) in Hong Kong rose 0.5%, while the Shanghai Composite (SHCOMP) fell 0.1%. Japan's Nikkei (N225) lost 0.8% after lawmakers approved a plan to double the country's sales tax.

Companies: News Corp (NCR, Fortune 500). confirmed Tuesday that it may split into two entities -- one comprising the 20th Century Fox film studio, Fox broadcast network and the Fox News Channel, and the other housing News Corp.'s newspapers and book publishing.

Shares of Best Buy Co. were up nearly 5% for the day on reports that the retailer's founder Richard Shulze may be selling his stake in the company.

Shares of Coinstar (CSTR), owner of the Redbox movie rental self-service kiosks, fell after the company said its earnings would be hurt by its $100 million acquisition of kiosk operator NCR Corp. (NCR, Fortune 500).

* Post-Facebook: 4 companies to test IPO waters

For-profit education company Apollo Group (APOL), which operates the University of Phoenix, released its third-quarter results after Monday's close. While net revenue declined due to lower enrollment, results still beat analysts' expectations.

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

Oil for August delivery rose by 14 cents to $79.35 a barrel.

Gold futures for August delivery settled down $13.50 to $1,574.90 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.62% from 1.61% late Monday.

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Market Update

4:30 pm : The major equity averages booked varied gains as market participants provided a rather broad bid following the drubbing of the prior session.

Consumer Discretionary stocks were the strongest performers with a collective climb of 1.2%. Apollo Group (APOL 35.81, +3.34) rallied hard after the for-profit education provider posted better-than-expected profits and a strong revenue forecast. Harley Davidson (HOG 46.18, -1.74) was a laggard in the group despite yesterday's news of strong earnings and an upgrade today by analysts at Barclays.

Fellow Discretionary play Best Buy (BBY 19.37, +0.86) benefited from a late flurry of buying interest amid headlines that suggested the company's founder may be seeking certain strategic options for the company after following his recent resignation as Chairman. The stock was unable to sustain all of its gain, however.

News Corp (NWS 21.96, +1.68) also attracted attention related to its strategic direction with news that the company is considering the possibility of spinning off part of its operations. The news helped the stock climb to a new 52-week high.

Energy stocks were also strong. As a group they gained 1.1%. Refiners were generally in favor. As an aside, oil prices settled with a 0.2% gain at $79.34 per barrel after overcoming an intraday loss.

With Europe still in focus German Chancellor Merkel reiterated her refusal for Germany to share liability for what many believe has been an absence of fiscal responsibility on the part of eurozone countries now in precarious shape. Despite the relative strength and diversity of Germany's economy, analysts at Egan Jones downgraded it today to AA- from A+. They also assigned a Negative Outlook to the rating.

Economic data was somewhat limited in that it featured a Case-Shiller 20-city Home Price Index that declined just 1.9% when many had expected a 2.5% decline. However, the Conference Board's latest Consumer Confidence Index fell to 62.0 from 64.4 in the prior month, disappointing many who had thought the Index would ease to only 64.0.

Advancing Sectors: Consumer Discretionary +1.2%, Energy +1.1%, Financials +0.6%, Health Care +0.3%, Utilities +0.3%, Telecom +0.3%, Tech +0.3%, Consumer Staples +0.2%, Industrials +0.2%, Materials +0.1%
Declining Sectors: NoneDJ30 +32.01 NASDAQ +17.90 NQ100 +0.6% R2K +0.4% SP400 +0.6% SP500 +6.27 NASDAQ Adv/Vol/Dec 1383/1.59 bln/1091 NYSE Adv/Vol/Dec 1918/712 mln/1084

3:30 pm : Crude oil touched a session high of $79.68 per barrel in morning pit action, but fell into negative territory soon after. A session low of $78.32 per barrel was set after it was reported that German Chancellor Merkel reiterated her refusal for Germany to share liability for what some pundits believe is an absence of fiscal responsibility. Despite the dip, crude found buying support and erased the loss to settle with a 0.2% gain at $79.34 per barrel. Natural gas fell into the red moments after pit trade opened and touched a session low of $2.66 per MMBtu. However, the move was short lived as the energy component climbed back into positive territory and trended higher for the remainder of floor trade. It settled at its session high of $2.77 per MMBtu for a gain of 3.0%.

Precious metals struggled during all of pit trade. Gold set a session low of $1568.20 per ounce before it inched slightly higher in afternoon trade, settling at $1574.60 per ounce for a loss of 0.8%. Silver’s losses were more significant as the metal finished 1.6% lower at $27.05 per ounce.DJ30 +60.58 NASDAQ +20.44 SP500 +8.77 NASDAQ Adv/Vol/Dec 1495/1.25 bln/950 NYSE Adv/Vol/Dec 2070/460 mln/930

3:00 pm : Stocks have slipped off of their late afternoon perch in response to headlines that analysts at Egan Jones have downgraded Germany to AA- from A+, and have assigned the rating a Negative Outlook. However, the euro hasn't seen much of a reaction to that news item.DJ30 +55.02 NASDAQ +19.71 SP500 +7.95 NASDAQ Adv/Vol/Dec 1455/1.13 bln/990 NYSE Adv/Vol/Dec 2010/415 mln/965

2:30 pm : Each of the three major equity averages is at its best level of the day. Their ascent has come on the back of a broad-based bid, which has positioned all 10 sectors in positive territory with gains that range from a 0.4% advance by Utilities, Tech, and Industrials to the 1.4% gain by the Consumer Discretionary sector. Such positive breadth has pulled down the Volatility Index for a loss of almost 5%.DJ30 +68.00 NASDAQ +22.69 SP500 +9.69 NASDAQ Adv/Vol/Dec 1460/1.04 bln/965 NYSE Adv/Vol/Dec 2000/375 mln/965

2:00 pm : Stocks are back near afternoon highs with solid gains. The Energy sector is now at its best level of the day, even though oil prices remain in the red with a fractional loss at $79.15 per barrel. Demand for shares of oil and gas refiners have helped lift the overall Energy sector to a 1.3% gain, which has been matched only by Consumer Discretionary.DJ30 +32.27 NASDAQ +13.50 SP500 +5.23 NASDAQ Adv/Vol/Dec 1300/945 mln/1115 NYSE Adv/Vol/Dec 1800/340 mln/1165

1:30 pm : Treasuries are seeing some light buying following this afternoon’s $35 billion 2-yr note auction. The auction drew 0.313% and saw an average 3.62x bid/cover as dealers took down roughly 60% of the auction. Maturities across the complex hold small losses as trades digest the auction, causing yields to hold just above their respective flat lines. An uptick of 1.6 bps has the 10-yr yield sitting near 1.623%, and stuck in a tight range between 1.55% and 1.70% that has been in place for most of June. Little change along the yield curve has the 2-10-yr spread holding at 131 basis points. DJ30 +21.49 NASDAQ +13.16 SP500 +5.44 NASDAQ Adv/Vol/Dec 1341/884.2 mln/1055 NYSE Adv/Vol/Dec 1851/327.8 mln/1163

1:00 pm : The major averages trade on session highs as both the S&P 500 and Nasdaq are seeing gains of 0.5% while the Dow holds a 0.3% advance.

Homebuilders are outperforming today after the latest Case-Shiller 20-city Index topped forecasts with a drop of just 1.9% when analysts were expecting a 2.5% decline. Individual names Pulte Group (PHM 9.73, +0.50) and Toll Brothers (TOL 26.82, +1.28) are both seeing gains in excess of 3.5%.

Consumer discretionary names have been strong all session long with Apollo Group (APOL 35.21, +2.74) rallying 8.4% after reporting better than expected results and a stronger revenue forecast. A notable underperformer in the space is Harley Davidson (HOG 46.29, -1.63) which is -3.4% despite yesterday’s earnings beat and today’s upgrade at Barclays.

Fertilizer stocks are seeing a continuation of yesterday’s strong gains as dry weather continues to plague key crop areas. CF Industries (CF 189.89, +6.23), Mosaic (MOS 53.43, +2.33), and Agrium (AGU 87.16, +1.70) are all holding a second day of strong gains.

European financials slipped to session lows after a source indicated German Chancellor Angela Merkel suggested Europe will not have a shared liability for "as long as she lives." That headline sent Deutsche Bank (DB 34.57, +0.34) and Barclays (BCS 12.17, +0.10) to their worst levels of the session, but the stocks have since rallied to near their highs. Spanish yields quickly jumped to session highs with the 10-yr climbing to 6.877%.

Light selling across the Treasury complex has yields inching up a couple of basis points ahead of this afternoon’s 2-yr note auction. A modest decline of 8/32 has dropped the 10-yr note to 101 01/32, and made for a rise of more than two basis points in yield to 1.630%.DJ30 +26.26 NASDAQ +15.39 SP500 +6.01 NASDAQ Adv/Vol/Dec 1378/808.5 mln/1002 NYSE Adv/Vol/Dec 1841/301.6 mln/1165

12:30 pm : Stocks hold near session highs as trade drifts aimlessly in early afternoon action. Both the S&P 500 and Nasdaq are trading up close to 0.4% while the Dow holds a 0.2% advance.

Fertilizer stocks are seeing a continuation of yesterday’s strong gains as dry weather continues to plague key crop areas. CF Industries (CF 189.28, +5.62), Mosaic (MOS 53.34, +2.24), and Agrium (AGU 87.03, +1.57) are all seeing a second day of strong gains. DJ30 +18.58 NASDAQ +9.60 SP500 +4.09 NASDAQ Adv/Vol/Dec 1240/734.8 mln/1132 NYSE Adv/Vol/Dec 1694/273.7 mln/1283

12:00 pm : All three of the major averages are back in positive territory as the Nasdaq leads the way with a 0.4% advance.

Homebuilders are outperforming today after the latest Case-Shiller 20-city Index topped forecasts with a drop of just 1.9% when analysts were expecting a 2.5% decline. SPDR S&P Homebuilders ETF (XHB 19.65, +0.10) is outperforming following the better than expected results, currently holding a gain of 0.5%. Individual names Pulte Group (PHM 9.60, +0.37) and Toll Brothers (TOL 26.47, +0.93) are both seeing gains in excess of 3.5%.DJ30 +4.96 NASDAQ +9.37 SP500 +3.12 NASDAQ Adv/Vol/Dec 1148/660.8 mln/1186 NYSE Adv/Vol/Dec 1654/246.0 mln/1318

11:30 am : The major averages trade mixed as the Dow holds a small loss while both the S&P 500 and Nasdaq are seeing gains.

European financials have slipped to session lows after a source indicated German Chancellor Angela Merkel suggested Europe will not have a shared liability for "as long as she lives." That headline sent Deutsche Bank (DB 34.15, -0.08) and Barclays (BCS 12.03, -0.04) to their worst levels of the session and Spanish yields back to theirs highs with the 10-yr climbing to 6.877%.DJ30 -20.17 NASDAQ +3.48 SP500 +0.22 NASDAQ Adv/Vol/Dec 992/574.9 mln/1305 NYSE Adv/Vol/Dec 1360/215.4 mln/1572

11:00 am : The major averages are mixed in late morning trade as the S&P 500 hold small gains while the Dow trades lower.

Shares of Coca-Cola (KO 74.69, -0.08) are little changed following the company’s announcement it plans to invest an additional $3 billion in its non-alcohol ready-to-drink business in India through 2020. The company now has plans to invest $5 billion dollars in the country over the next nine years. Rival Pepsico (PEP 68.61, +0.00) also trades flat on the session.DJ30 -17.94 NASDAQ -4.73 SP500 +0.71 NASDAQ Adv/Vol/Dec 1034/462.7 mln/1242 NYSE Adv/Vol/Dec 1346/169.8 mln/1556

10:30 am : Strength among grains has helped keep the CRB Index in positive territory with a 0.2% gain. However, oil prices continue to stay close to the neutral line -- they were last quoted with a 0.1% loss at $79.15 per barrel. Meanwhile, natural gas prices have surrendered an early pit trade gain that had the energy component near $2.70 per MMBtu so that it now trades at $2.67 per MMBtu for a 1.0% loss.

Precious metals prices are still under pressure, such that gold is down 0.9% to $1573 per ounce, while silver wrestles with a 1.5% loss at $27.10 per ounce. DJ30 -18.69 NASDAQ +6.89 SP500 +0.32 NASDAQ Adv/Vol/Dec 1260/270 mln/910 NYSE Adv/Vol/Dec 1620/105 mln/1125

10:05 am : The Conference Board's Consumer Confidence Index fell in June to 62.0 from 64.4 in the prior month. A poll conducted by Briefing.com pointed to a consensus forecast of 64.0 for the latest Survey.

Stocks initially experienced a slight slip in the wake of the the Survey's release, but have begun to bounce back. Broad market gains remain only modest, but the Consumer Discretionary sector continues to outperform with a 0.8% gain. The sector's strength comes as shares of Apollo Group (APOL 35.39, +2.92) rally in the wake of a better-than-expected earnings report and a stronger revenue forecast, but Harley-Davidson (HOG 46.88, -1.04) shares slide. Just yesterday morning the motorcycle manufacturer posted an upside earnings surprise. While some analysts have expressed skepticism over the quality of that beat upon scrutinizing it, analysts at Barclays actually upgraded the stock this morning. DJ30 +16.27 NASDAQ +16.71 SP500 +4.47 NASDAQ Adv/Vol/Dec 1385/110 mln/670 NYSE Adv/Vol/Dec 1935/55 mln/700

09:45 am : Despite the indication of a flat to narrowly higher open, the broad market has pushed up to a solid gain in the opening minutes of trade. Energy and Consumer Discretionary, up 0.7% and 0.8%, respectively, are providing early leadership. Defensive plays like Utilities and Telecom are either unchanged or only fractionally above the neutral line.

As an aside, the top of the hour brings the Conference Board's latest Consumer Confidence Index. DJ30 +25.66 NASDAQ +16.65 SP500 +5.03 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +4.50. Stock futures continue to point to a flat to fractionally higher open. The Case-Shiller 20-city Home Price Index, which slid 1.9% when many a 2.5% decline had been generally expected, has done nothing to meaningfully stimulate buying interest ahead of the open. Instead, market participants remain cautious as they monitor developments of Europe, where the region's major bourses are now mixed amid the rising debt yields of Spain and Italy. Meanwhile, the euro has eased down to a 0.2% loss against the greenback. Still in play, though, is the latest Consumer Confidence Index from the Conference Board at 10:00 AM ET. At 2:00 PM ET market participants receive results from an auction of 2-year Notes.

09:05 am : S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +4.50. Crude oil prices are up just 0.1% to $79.25 per barrel in early pit trade, while natural gas prices trade at $2.70 per MMBtu for a 0.2% gain. Precious metals prices are under pressure, though; specifically, gold prices were last quoted with a 0.7% loss at $1578 per ounce, while silver wrestles with a 1.2% loss at $27.18 per ounce.

08:35 am : S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +5.70. Underwhelming demand for the debt of Spain has raised borrowing costs for the country, based on benchmark government debt yields. Spain's 10-year issue now yields 6.7%. Italy has also seen the yield on its 10-year issue rise, such that it now sits at nearly 6.1%. That action has played a part in a recent pullback by Europe's major bourses. As a result, Germany's DAX now trades with a 0.2% loss, while France's CAC wrestles with a 0.2% loss and Britian's FTSE clings to a fractional gain. Germany's DAX has been weighed down by weakness in automakers BMW, Volkswagen, and Daimler. Siemens (SI 77.78, -2.49) and Commerzbank have also weighed on action there. In contrast, E.On AG, RWE AG, and Deutsche Telekom are displaying strength. As an aside, Germany's latest GfK Consumer Confidence Survey scored a 5.8, which is up incrementally from the 5.7 that was posted in the prior month. The Survey also proved slightly better than what many had expected. In a similar vein, France's latest Consumer Confidence Survey came in at a better-than-expected 90. Renault, Alstrom, Peugeot, and STMicroelectronics are among the poorest performers in France's CAC, but Veolia Environnement and GDF Suez have both provided support. Britian's FTSE has been propped up by the likes of Shire Plc, Tate & Lyle, BP Plc (BP 37.95, +0.29), and Rio Tinto (RIO 45.21, +0.52), but their efforts are being undermined by financial outfits like Royal Bank of Scotland (RBS 7.12, -0.24), Lloyds Banking Group (LYG 1.86, +0.00), and Barclays (BCS 12.03, -0.04).

Overnight action in Asia took Japan's Nikkei down for a 0.8% loss. It was led lower by the likes of Nippon Electric Glass and Nippon Sheet Glass, along with Tokyo Electric Power and Tosoh Corp. Sharp Corp and Sony (SNE 14.01, +0.05) were also sources of weakness. However, Tokyo Gas, Taiheiyo Cement, and Tobu Railway were able to score strong gains in the face of broad market weakness. Hong Kong's Hang Seng scored a 0.5% gain. Boshiwa International Holding took a dramatic dive, while Bank of China, Renhe Commercial Holdings, and Galaxy Entertainment Group suffered sizable losses of their own. PetroChina (PTR 127.85, +0.00) was also pressured, but CNOOC (CEO 180.62, +0.00) managed to score a solid gain. China Telecom also offered support. Mainland China's Shanghai Composite closed the session with a 0.1% loss. Shanghai Pudong Development Bank and Inner Mongolia Baotou Steel were both sources of considerable weakness. Anhui Wanwei High-Tech Material was a strong performer on healthy volume, however. Hainan Airlines, along with Citic Securities and Founder Securities, booked solid gains of their own.

Note: ticker quotes reflect US premarket prices.

08:05 am : S&P futures vs fair value: -0.10. Nasdaq futures vs fair value: +2.70. Having surrendered earlier gains, stock futures are now flat relative to fair value. Fleeting support comes after stocks had already suffered sizable losses in the prior session. Rising yields on Italy's and Spain's debt and mixed trade in Europe following modest, overnight gains by Asia's major averages has provided participants with little in the way of premarket directional cues. Meanwhile, the dollar is generally flat against a basket of major foreign currencies. No real cues are being offered on the corporate front either, but there are a few doses of data that have the potential to drive action. The latest S&P/CaseShiller Housing Price Index will be posted at 9:00 AM ET. The Conference Board's latest monthly Consumer Confidence Index is scheduled for release at 10:00 AM ET. At 1:00 PM ET market participants receive results from the latest auction of 2-year Treasuries.

06:36 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +8.00.

06:35 am : Nikkei...8663.99...-70.60...-0.80%. Hang Seng...18981.84...+84.40...+0.50%.

06:35 am : FTSE...5458.60...+8.00...+0.10%. DAX...6142.76...+10.40...+0.20%.

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

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

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