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 Post subject: July 25th Wednesday 2012 Emini TF ($TF_F) points +18.10
PostPosted: Wed Jul 25, 2012 11:51 pm 
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Joined: Sat Jan 10, 2009 2:06 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:
072512-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-1810.png
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: +18.10 points or $1810 dollars in the Russell 2000 Emini TF ($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 #TheStrategyLab chat room. You can read today's #TheStrategyLab 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=106&t=1280.

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=163&t=1526

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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 End In Mixed Territory

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

NEW YORK (CNNMoney) -- U.S. stocks closed the day in mixed territory Wednesday, after investors sorted through a divergent batch of earnings reports, including solid results from Boeing, and a big miss from Apple.

The Dow Jones industrial average closed 59 points higher, or 0.5% snapping three days of losses. AT&T (T, Fortune 500) and Boeing (BA, Fortune 500) led the way. The airplane maker topped earnings forecasts and boosted its guidance for the year.

Caterpillar (CAT, Fortune 500) was initially the best performer on the Dow, as investors cheered the manufacturing giant's earnings beat and rosy outlook. The stock slid somewhat after an executive said that the construction industry in China remains weak and has yet to show improvement.

The S&P 500 closed just below the breakeven line. Positive results from chipmakers Altera (ALTR) and Broadcom (BRCM, Fortune 500) were offset by bad numbers from TripAdvisor (TRIP).

* Related: Netflix shares dive on weak guidance

The Nasdaq fell 9 points, or 0.3%, due largely to Apple's earnings miss. Apple (AAPL, Fortune 500) is the biggest component of the tech-heavy index by far, and shares closed down more than 4%.

Aside from earnings, investors were disappointed after a report showed that new home sales fell 8.4% in June from the two-year high reached in May.

Meanwhile, Europe continues to be a worry for investors. Spain's borrowing costs are skyrocketing, business confidence in Germany is weakening, and Greece's creditors are taking stock of that nation's progress.

Fears that Spain is moving closer to needing a full-blown bailout -- like those granted to Greece, Ireland and Portugal -- continued to build, with Spain's 10-year yield hitting a new record high of 7.751%.

* Fear & Greed Index

Also adding to the nervousness, Germany's business confidence index declined for a third straight month in July, hitting the lowest level in more than two years amid Europe's escalating debt crisis.

Treasury Secretary Tim Geithner, testifying before the House Financial Services Committee Wednesday morning, also said that Europe is the biggest threat to the U.S. economy.

World markets: European stocks ended mixed. Britain's FTSE 100 fell slightly, the DAX in Germany added 0.3% and France's CAC 40 rose 0.2%.

The shares got a brief lift thanks to comments by European Central Bank policymaker Ewald Nowotny, who said it may be justified to take steps that would boost the firepower of the eurozone's new bailout fund.

Nowotny said that there are some arguments in favor of granting the European Stability Mechanism (ESM) a banking license that would allow it to borrow unlimited money from the ECB.

* Related: Britain's economy slumps for 3rd straight quarter

However, the relief was temporary since the comments appeared to be "off the cuff and purely a personal opinion, with Nowotny admitting that the issue is not even under discussion at the ECB," said Grant Lewis, head of research at Daiwa Capital Markets in London.

"Such a move remains highly improbable," Lewis added. "Both the German government and the ECB remain implacably opposed to this, arguing that it would be akin to direct central bank deficit financing, something explicitly ruled out by the European Union treaties."

Asian markets ended in the red. The Shanghai Composite lost 0.5%, the Hang Seng in Hong Kong slipped 0.1% and Japan's Nikkei dropped 1.4%.

Companies: Ford's second-quarter profit dropped 57% to $1 billion, hurt by a loss in the company's European operations. Shares of Ford (F, Fortune 500) were trading lower.

PepsiCo (PEP, Fortune 500) shares rose after it reported better-than-expected earnings before the opening bell. But, like many global companies, its revenue was hurt by unfavorable currency exchange rates.

Nasdaq (NDAQ), which has been in the spotlight since Facebook's (FB) botched market debut in May, also reported results. The exchange operator's revenue and profit rose slightly during the quarter and topped expectations. Shares were higher.

Shares of AOL (AOL) surged after the company reported advertising growth in its quarterly results.

Shares of Visa (V, Fortune 500) moved up in after hours trading after the credit card company beat profit forecasts when it reported earnings after the bell.

Zynga (ZNGA)'s stock dropped more than 35% in after hours trading after the online gaming company missed earnings expectations.

Shares of Symantec (SYMC, Fortune 500) jumped after the security software company ousted CEO Enrique Salem, and named chairman Steve Bennett as his replacement.

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

Oil for September delivery rose 50 cents to $89.00 a barrel.

Gold futures for August delivery rose $27.40 to $1,603.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.41% from 1.40% late Tuesday.

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Market Update

4:15 pm : Following an afternoon rally, U.S. equities failed to hold session highs and ended mixed. The Dow advanced by nearly 0.5%, while the S&P 500 was essentially unchanged and Nasdaq fell by 0.3%. Mixed earnings and a new home sales reading that missed expectations provided the day's headlines. Egan Jones issued a downgrade of Italy's sovereign rating to CCC+ from B+. Despite weak results from Apple (AAPL 574.97, -25.95), technology was the best performing sector in the S&P 500 today.

Symantec (SYMC 14.96, +1.79), Altera (ALTR 34.41, +3.74), and Juniper Networks (JNPR 16.51, +1.70) reported positive results combined with a better-than-expected outlook. As a result, all three stocks were up in excess of 10%. In addition, Symantec (SYMC 14.96, +1.79) announced the firing of Chief Executive Officer Enrique Salem who will be replaced by the company's Chairman, Steve Bennett.

Financials were also one of the top sectors today.

The SPDR Financial Select Sector ETF (XLF 14.27, +0.06) was up by 0.4%. Within the sector, Morgan Stanley (MS 12.96, +0.34) led the way, posting a 2.7% gain. Citigroup (C 25.79, +0.55) and Goldman Sachs (GS 95.96, +1.49) also advanced by 2.2%, and 1.6% respectively. Wells Fargo (WFC 33.16, -0.07) was the main underperformer, ending the day 0.2% down.

Natural Grocers (NGVC 17.86, +2.86) ended the day up 19% following this morning's initial public offering. The company has been compared to Whole Foods Market (WFM 84.53, +0.53) which will release its third quarter results following today's closing bell.

Shares of General Motors (GM 18.80, -0.22) were down 1.2% after rival Toyota Motor (TM 72.51, -0.47) grabbed the first-half global sales lead. The company announced first-half sales of 4.67 million vehicles, which fell approximately 300,000 short of Toyota's number. Today's selling has dropped the stock below the $19.00 level for the first time since the company emerged from bankruptcy in November 2010.

Netflix (NFLX 60.29, -20.10) was the S&P 500's worst performer after second quarter subscriber growth came in below expectations. Investors were also concerned over higher costs and increased competition going forward.

Precious metals climbed higher in today's pit trade as the dollar weakened on comments from European Central Bank council member Ewald Nowotny suggesting Europe's rescue fund should receive a banking license. Gold climbed to a session high of $1609.10 per ounce before settling just below that level at $1607.70 for a gain of 2.0%. Silver pulled-back slightly in morning action to a session low of $27.05 per ounce but quickly regained momentum. It booked a 2.5% gain as it closed near session highs at $27.48.

In addition to another set of earnings, Thursday's data includes initial and continuing unemployment claims, durable orders, and pending home sales.

Treasury will auction $29 billion 7-yr notes.DJ30 +58.73 NASDAQ -8.75 SP500 -0.42 NASDAQ Adv/Vol/Dec 1433/1.7 bln/1002 NYSE Adv/Vol/Dec 1631/783.1 mln/1398

3:35 pm : Crude oil slid into the red and to its floor session low of $86.82 per barrel following weak inventory data that showed a build of 2.717 mln barrels when a draw of 1.0 mln barrels was anticipated. Despite the fall, the energy component managed to gain momentum and popped back into positive territory in afternoon action. A rally heading into the close pushed prices higher such that crude settled with a 0.6% gain at $89.03 per barrel.

Natural gas fell deeper into negative territory, dipping as low as $3.05 per MMBtu in afternoon pit action. It closed floor trade 3.5% lower at $3.07 per MMBtu, posts its first loss in six sessions.

Precious metals climbed higher in today's pit trade as the dollar weakened on comments from ECB council member Ewald Nowotny suggesting Europe's rescue fund should receive a banking license. Gold climbed to a session high of $1609.10 per ounce and settled just below that level at $1607.70 per ounce for a gain of 2.0%. Silver pulled-back slightly in morning action to a session low of $27.05 per ounce but quickly regained momentum. It booked a 2.5% gain as it closed at $27.48 per ounce, just below its session high of $27.49 per ounce.DJ30 +57.52 NASDAQ -9.36 SP500 -0.73 NASDAQ Adv/Vol/Dec 1380/1446.6 mln/1055 NYSE Adv/Vol/Dec 1578/545 mln/14194

3:00 pm : Stocks are testing session highs ahead of after-hours earnings. The Dow leads the way with a 0.9% gain.

J. C. Penney (JCP 22.34, +1.33) has spiked nearly 7% after announcing re-branding plans.

After dipping below $87 per barrel, crude oil has lifted off session lows and is now trading over $89.

Following an early session rally, the euro continues to trade around 1.2160.

With over a hundred companies set to report after today’s close, some notables include Community Health (CYH 25.17, -0.13), Visa (V 122.34, -0.31), Western Digital (WDC 32.71, +0.94), and Whole Foods Market (WFM 84.45, +0.45).DJ30 +110.65 NASDAQ +5.12 SP500 +4.93 NASDAQ Adv/Vol/Dec 1558/1.3 bln/877 NYSE Adv/Vol/Dec 1808/480.4 mln/1169

2:30 pm : The major averages hold near session highs as all three trade in positive territory. The Dow is leading the way with a 0.8% advance while the Nasdaq lags with a 0.2% gain.

Natural Grocers (NGVC 18.50, +3.50) is trading up 23% following this morning’s initial public offering. The company has been compared to Whole Foods Market (WFM 84.18, +0.18) which will release its third quarter results following today’s closing bell.DJ30 +105.62 NASDAQ +5.66 SP500 +4.91 NASDAQ Adv/Vol/Dec 1566/1.18 bln/1179 NYSE Adv/Vol/Dec 1772/440.0 mln/1181

2:00 pm : Markets approached session highs but pulled back on reports that Egan Jones downgraded Italy sovereign rating to CCC+ from B+. The stock indices have resumed their upward bias—attempting to shake off the negative headlines.DJ30 104.67 NASDAQ 3.52 SP500 4.01 NASDAQ Adv/Vol/Dec 1547/1098 mln/870 NYSE Adv/Vol/Dec 1730/409 mln/1223

1:35 pm : Financials are leading the way higher as equities trade at afternoon highs, in positive territory. The healthcare and industrial sectors are now up modestly while the retail sector remains a laggard.

Netflix (NFLX 59.99 -20.40) is lower following Q2 results after subscriber growth came in below expectations. Investors are also concerned over higher costs and increased competition going forward.

TripAdvisor (TRIP 36.48 -6.99) is also getting crushed after reporting disappointing Q2 results. The online travel agent (OTA) space is down as a result: Priceline (PCLN 639.46 -26.12), Orbtiz (OWW 4.13 -0.10), the company that spun off TripAdvisor, Expedia (EXPE 44.65 -1.67) and recent IPO KYAK (KYAK 31.99 -0.66).DJ30 +87.26 NASDAQ +1.87 SP500 +2.62 NASDAQ Adv/Vol/Dec 1504/1.03 bln/878 NYSE Adv/Vol/Dec 1672/375 mln/1299

1:00 pm : U.S. equities are mixed following a risk rally in Europe. Italy's MIB led the way with an increase of over 1%. The rally lifted the index off an all-time low. The FTSE ended the day unchanged following a weaker-than-expected GDP report.

Apple (AAPL 574.59, -26.34) is down nearly 4.5% and holding session lows following its weak quarterly results and lowered guidance. Despite weakness in the largest Nasdaq component, technology remains the S&P 500's strongest sector.

Symantec (SYMC 14.90, +1.72), Altera (ALTR 35.19, +4.52), and Juniper Networks (JNPR 16.67, +1.85) reported positive results combined with a better-than-expected outlook. As a result, all three stocks are up in excess of 10%. In addition, Symantec (SYMC 14.90, +1.72) announced the firing of Chief Executive Officer Enrique Salem who will be replaced by the company's Chairman, Steve Bennett.

Major financials are some of the strongest performers on the day. The SPDR Financial Select Sector ETF (XLF 14.28, +0.07) is up by 0.5%. Within the sector, Citigroup (C 25.78, +0.54) leads the way, posting a 2% gain. JPMorgan Chase (JPM 35.35, +0.62), and Goldman Sachs (GS 95.90, +1.43) are also up 1.8%, and 1.5% respectively. Wells Fargo (WFC 33.11, -0.13) is the main underperformer, trading down 0.4%.

Shares of General Motors (GM 18.80, -0.23) are down 1.2% after rival Toyota Motor (TM 72.40, -0.58) grabbed the first-half global sales lead. The company announced first-half sales of 4.67 million vehicles which fell approximately 300,000 short of Toyota's number. Today's selling has dropped the stock below the $19.00 level for the first time since the company emerged from bankruptcy in November 2010.

New home sales in June hit an annualized rate of 350,000, which is down from May's revised rate of 382,000, and worse than the rate of 373,000 that had been broadly expected. The SPDR S&P Homebuilders ETF (XHB 21.09, -0.02) is showing little change following the data's release.DJ30 +48.55 NASDAQ -7.14 SP500 -1.09 NASDAQ Adv/Vol/Dec 1434/930.4 mln/931 NYSE Adv/Vol/Dec 1501/343.3 mln/1442

12:30 pm : After touching a session low of 2,839.9, the Nasdaq has recovered more than half of its losses.

Major financials are some of the strongest performers on the day. The SPDR Financial Select Sector ETF (XLF 14.27, +0.05) is up by 0.3%.

Within the sector, Citigroup (C 25.72, +0.48) leads the way, posting a nearly 2% gain. JPMorgan Chase (JPM 35.27, +0.54), and Goldman Sachs (GS 95.78, +1.31) are also up 1.6%, and 1.4% respectively. Wells Fargo (WFC 33.12, -0.11) is the main underperformer, trading down 0.3%.DJ30 +31.41 NASDAQ -11.52 SP500 -3.27 NASDAQ Adv/Vol/Dec 1378/855.1 mln/963 NYSE Adv/Vol/Dec 1390/313.2 mln/1518

12:00 pm : The major averages remain mixed as the Dow trades up 0.3% while the Nasdaq holds a loss of 0.4%.

Shares of General Motors (GM 18.79, -0.23) are down 1.2% after rival Toyota Motor (TM 72.20, -0.78) grabbed the first-half global sales lead. The company announced first-half sales of 4.67 million vehicles which fell approximately 300,000 short of Toyota’s number. Today’s selling has dropped the stock below the $19.00 level for the first time since the company emerged from bankruptcy in November 2010. DJ30 +41.97 NASDAQ -9.78 SP500 -2.96 NASDAQ Adv/Vol/Dec 1394/767.1 mln/948 NYSE Adv/Vol/Dec 1381/278.2 mln/1501

11:35 am : Equities have rebounded from session lows but are still down modestly on the day. Financials are outperforming while energy, retail and technology stocks lag the broader market.

Volatility in the restaurant sector continues after Chipotle (CMG 296.38 +2.07) spooked investors last week. Panera Bread (PNRA 152.90 +10.99) is higher after a solid Q2 report but Buffalo Wild Wings (BWLD 69.96 -8.94) missed expectations and lowered its FY12 earnings guidance in the face of higher costs.

We had some notable earnings out of the healthcare sector this morning. Pharmaceutical giant Eli Lilly (LLY 43.03 +1.05) is higher after reporting a solid Q2 results. The company raised its FY12 earnings guidance and reaffirmed its revenue guidance. Peer Bristol-Myers Squibb (BMY 34.66 -0.07) reported an in-line Q2 report and reaffirmed FY12 guidance. Managed care company WellPoint (WLP 54.22 -7.20) missed Q2 estimates and lowered its FY12 outlook.DJ30 +42.27 NASDAQ -12.91 SP500 -3.44 NASDAQ Adv/Vol/Dec 1380/694 mln/940 NYSE Adv/Vol/Dec 1402/252 mln/1540

11:00 am : Equities remain mixed ahead of the European close. The Dow is up 0.2%, while the Nasdaq is down 0.7%.

Apple (AAPL 570.16, -30.76) continues to slide following its weak quarterly results and lowered guidance. Despite weakness in the largest Nasdaq component, there are bright spots in the remainder of the technology sector.

Symantec (SYMC 14.81, +1.63), Altera (ALTR 34.76, +4.09), and Juniper Networks (JNPR 16.34, +1.53) all reported positive results combined with a better-than-expected outlook. As a result, all three stocks are up in excess of 10%. In addition, Symantec (SYMC 14.81, +1.63) announced the firing of Chief Executive Officer Enrique Salem who will be replaced by the company's Chairman, Steve Bennett.DJ30 +15.78 NASDAQ -22.55 SP500 -6.46 NASDAQ Adv/Vol/Dec 1282/555.1 mln/989 NYSE Adv/Vol/Dec 1230/205.2 mln/1572

10:30 am : Weakness in the dollar index the dollar index this morning is giving a boost to precious metals. Energy, on the other hand, is mixed with WTI crude oil and natural gas lower.

In energy this morning, Sept crude oil was chopping around in positive territory all morning, just above the unchanged line this morning, but gained some steam and pushed to a new HoD of $89.17/barrel. Inventory data is expected to be released at 10:30am EST. Consensus is calling for a draw of 1 mln barrels. Oil is now -0.1% at $88.40/barrel.

July natural gas has been in the red all session and fell as low as $3.11/MMBtu. In current trade, natural gas is just above that low, down 2.0% at $3.12/MMBtu.

In metals, August gold and Sept silver have been in positive territory all morning after spiking to new session highs earlier this morning (Gold $1606.40, Silver $27.41). In current trade, gold is +1.6% at $1600.60/oz, while silver is +1.5% at $27.21/oz. July copper just hit a new session high and is now up 0.8% this morning at $3.38/lb.DJ30 +54.49 NASDAQ -14.40 SP500 -1.99 NASDAQ Adv/Vol/Dec 1387/398.9 mln/827 NYSE Adv/Vol/Dec 1500/157 mln/1273

10:05 am : New home sales in June hit an annualized rate of 350,000, which is down from May’s revised rate of 382,000, and worse than the rate of 373,000 that had been broadly expected. The SPDR S&P Homebuilders ETF (XHB 21.06, -0.05) is holding session lows following the data's release.DJ30 +55.02 NASDAQ -7.87 SP500 -1.13 NASDAQ Adv/Vol/Dec 1447/269.3 mln/749 NYSE Adv/Vol/Dec 1521/113.2 mln/1190

09:45 am : U.S. indices are up in early action as the market digests the mixed earnings from Apple (AAPL 578.00, -22.90), Boeing (BA 73.00, +0.93), Caterpillar (CAT 84.75, +3.32). The Dow is leading the way with a 0.9% gain, while Nasdaq lags behind, up 0.1%.

Energy and industrials are two of the strongest sectors so far on the session.

New home sales data will be released in 15 minutes.DJ30 +85.79 NASDAQ +2.18 SP500 +3.80 NASDAQ Adv/Vol/Dec 1585/168.7 mln/571 NYSE Adv/Vol/Dec 1948/77.8 mln/744

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: -16.50.

U.S. equity futures are pointing to a mixed open. Weak Apple (AAPL) earnings are weighing on the Nasdaq, while positive results along with an improved guidance from Caterpillar (CAT) and Boeing (BA) are lifting the Dow.

New home sales data will be released at 10AM ET.

Treasury will hold a $35 billion 5-yr auction.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: -14.80. The dollar is losing some strength this morning amid the rally in European markets. The dollar index is down about 0.5%. Most notably, the greenback has given up strength to the euro, the Swiss franc, and the Australian dollar.

After coming off multi-year lows, the three currencies are up about 0.8% vs. the dollar.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: -18.30. Global markets are mixed this morning as stocks closed lower across most of Asia while ticking higher in Europe. Yesterday's late-day report from the Wall Street Journal in which it suggested the Fed was considering taking action at either its August or September meeting failed to inspire Asian trade as markets there were more concerned with the weak Apple earnings. Meanwhile, In Europe, comments from ECB council member Ewald Nowotny lifted the major averages to session highs after he suggested Europe's rescue fund should receive a banking license. Those comments have both Italian and Spanish yields down sharply with their 10-yrs falling to 6.40% and 7.40% respectively while also providing a sizable boost to the euro which trades near 1.2130.

The major Asian bourses (Nikkei -1.4%, Hang Seng -0.1%, Shanghai -0.5%) ended lower after disappointing earnings from Apple weighed on technology names. Japan's Nikkei tumbled 1.4% despite the country's trade deficit shrinking to JPY0.30 trln. Today's slide was the fourth consecutive day of losses, and was led by steep declines in the technology space. Sharp plunged 10% while Toshiba sank 7.3%. Meanwhile, Hong Kong's Hang Seng slipped 0.1% as a rally in the final hour of trade wiped away larger declines. Conglomerate Hutchinson Whampoa fell 1.6% after one of its holdings announced plans to acquire U.K. gas company Wales and West Utilities for $1 billion. On the mainland, China's Shanghai Composite fell 0.5% as trade holds near a three-year low. Property stocks were under pressure on reports a government investigation of the property market may produce tighter measures. China Vanke lost 2.5% and Gemdale shed 3.0%.

European markets (FTSE +0.3%, CAC +1.0%, DAX +0.9%) are bid in afternoon trade as all of the benchmarks trade at session highs. Britain's FTSE is up 0.3% despite this morning's GDP miss (-0.7% QoQ actual v. -0.2% QoQ expected). Financials are pacing the advance as Royal Bank of Scotland and Barclays are up 2.8% and 2.3% respectively. In France, the CAC is higher by 1.0% as all but a couple of stocks trade in positive territory. Financials lead the pack as Societe Generale and BNP Paribas are up in excess of 3.0%. Germany's DAX is seeing a 0.9% advance even after the disappointing Ifo Business Climate survey (103.3 actual v. 104.8 expected). Automakers are the top performers despite Daimler reporting a sharp drop in quarterly profits. Daimler is up 5.2% after sticking with its previous guidance while BMW and Volkswagen are piggybacking with gains of 2.6% and 2.4% respectively. Banking giant Deutsche Bank is under pressure, trading down 4.9% after yesterday's disappointing guidance.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: -21.50. Following a down Asian session, European equities have rallied this morning. All major European indices are trading up. Earlier today, Great Britain released the preliminary second quarter GDP which indicated a contraction of 0.7% quarter over quarter, and 0.8% contraction year over year. The expectations called for a decrease of 0.2% and 0.3% respectively.

Additional economic data came out of Germany where the Current Assessment, Business Expectations, and the Ifo Business Climate Index all came in below expectations. The Current Assessment was reported at 111.6 vs. 113 expected, Business Expectations came in at 95.6 vs. 96.7 expected, and the Ifo Business Climate Index printed a 103.3 number while the markets expected 104.7.

Despite the bearish number, the German DAX is trading up, advancing 0.6% on the session.

The euro has also rallied this morning, with EUR/USD up to 1.2143.

U.S. futures are mixed ahead of open. The S&P 500 and the Dow are looking for a higher open vs. fair value, while the Nasdaq is poised for a lower open.

The weakness in Nasdaq is likely related to weak earnings reported by Apple (AAPL) after yesterday's close. The tech giant missed earnings and revenue estimates, and also slashed their guidance for the upcoming quarter. Another Nasdaq component seeing sizeable losses in pre-market action is Netflix (NFLX) which reduced third quarter guidance, and announced expectations of a fourth quarter loss.

U.S. economic data set to be released today includes the new home sales. In addition, Treasury Secretary Timothy Geithner will speak at 9 AM CT.

The Treasury will auction $35 billion in 5-yr notes.

06:23 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -24.50.

06:23 am : Nikkei...8365.90...-122.20...-1.40%. Hang Seng...18877.33...-25.90...-0.10%.

06:23 am : FTSE...5511.20...+12.00...+0.20%. DAX...6424.43...+34.00...+0.50%.

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

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

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