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 Post subject: August 31st Friday 2012 Emini TF ($TF_F) points +15.80
PostPosted: Fri Aug 31, 2012 9:38 pm 
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Joined: Sat Jan 10, 2009 1:06 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)

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

Price Action Trade Performance for Today: +15.80 points or $1580 dollars in the Russell 2000 Emini TF ($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=107&t=1309.

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 Price Action Analysis via 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 Trade Signal Strategies via 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=167&t=1561

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events via WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trading and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Aug. 31 (Bloomberg) -- Bloomberg's Ellen Braitman reports on the performance of the U.S. equity market today. The Standard & Poor’s 500 Index rose, capping its longest monthly rally since March, as Federal Reserve Chairman Ben S. Bernanke said he wouldn’t rule out steps to lower a jobless rate he described as a “grave concern.”

Stocks End August With Bernanke-Inspired Bounce

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

NEW YORK (CNNMoney) -- August was a painfully quiet month on Wall Street but stocks still managed to end the month with solid gains.

Investors slogged through the month with few market moving events, ending August on a high note after Federal Reserve chairman Ben Bernanke hinted that additional stimulus could be on the way.

The Dow Jones industrial average, the S&P 500 and the Nasdaq finished the day between 0.5% and 0.7%. That helped all three indexes end the month higher: the Dow gained 0.6%, the S&P 500 rose 2% and the Nasdaq climbed 4%.

But trading volume was at its lowest in five years in August so it remains to be seen if the gains will be sustained into September. Next week brings Europe back into sharp focus, with the European Central Bank meeting Thursday. And in the United States, investors will get the latest monthly jobs report on Friday.

At his speech in Jackson Hole, Wyo., on Friday, Bernanke said the Fed is still willing to take whatever action is necessary to prop up the economy, leaving the door open to a third round of asset purchases known as quantitative easing.

Bernanke paves the way for more stimulus

He also defended the Fed's previous two rounds of stimulus measures, saying they created 2 million jobs and supported stock prices.

Investors had been apprehensive that Bernanke would put the kibosh on stimulus after a recent spate of improving economic reports. And it's still not a done deal, said Phil Orlando, chief equity market strategist at Federated Investors.

Whether or not the Fed announces more stimulus is completely "data-dependent," he said. Investors will be analyzing every economic report very closely during the weeks leading up to the Fed's next policy meeting in mid-September -- especially the government's big jobs report due next Friday.

"The Fed has laid out their case [for stimulus] and said they will be vigilant and will pull the trigger if needed," said Orlando. "We still don't think QE3 is going to be acted on in the next meeting, but if economic data takes a substantial move to the downside, the Fed would absolutely step up."

Fear & Greed Index stuck in greed

World markets: European stocks closed mixed. Britain's FTSE 100 edged down 0.1%, the DAX in Germany added 1.1% and France's CAC 40 gained 1%.

Euro area unemployment for July was unchanged from June, holding at a record-breaking 11.3%, according to the European Union's statistic office. At over 25%, Spain had the highest jobless rate in the region.

Asian markets ended in the red. The Shanghai Composite shed almost 0.3%, the Hang Seng in Hong Kong lost 0.4%, and Japan's Nikkei dropped 1.6%.

Economy: The Chicago Purchasing Managers' Index slipped to 53 in August, down from 53.7 in July, according to economic consulting firm Kingsbury International. That was lower than the reading of 53.8 that analysts surveyed by Briefing.com had expected.

The University of Michigan's final version of its Consumer Sentiment Index for August edged up to 74.3, from 73.6 in the previous month.

July factory orders jumped 2.8%, following a decline of 0.5% in June, according to the Census Bureau.

Companies: Shares of government contractor SAIC (SAI, Fortune 500) rose following the firm's announcement that it planned to split into two separate, publicly traded companies.

Shares of software maker Splunk (SPLK) rallied after the company reported a loss that handily beat estimates and raised its outlook.

Shares of U.S. Airways (LCC, Fortune 500) and AMR Corp (AAMRQ, Fortune 500), the parent company of American Airlines, rose more than 2% on reports that they are in talks about a potential merger.

Facebook's (FB) stock fell to a new all-time low after Bank of America-Merrill Lynch analysts cut their price target and said the stock faces selling pressure from the expiration of lock-up periods, when company insiders and major stakeholders can sell shares.

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

Oil for October delivery rose $1.85 to settle at $96.47 a barrel.

Gold futures for December delivery rallied $30.50 to $1,687.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.56% from 1.65% late Thursday.

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Market Update

4:10 pm : Stocks got off to a strong start before stumbling slightly when Federal Reserve Chairman Ben Bernanke did not hint at additional easing, but instead reaffirmed his commitment to act if economic conditions worsen. Mr. Bernanke commented on the stagnation of the labor market, calling it a "grave concern" which bears monitoring. While Bernanke wasn't expected to roll out a new round of quantitative easing at this venue, the discussion of the costs of nontraditional policies may temper expectations for additional easing in the absence of greater economic deterioration. As a result, the S&P 500 finished higher by 0.5%.

Shares of major financials were broadly higher early in the session. However, most names slipped off their highs after it became clear that additional quantitative easing is not imminent. Goldman Sachs (GS 105.72, +1.00) and American Express (AXP 58.30, +1.13) ended higher by 1.0% and 2.0%, respectively. Meanwhile, European financials saw even bigger advances as plans to create a Spanish "bad bank" surfaced. Banco Bilbao Vizcaya Argentaria (BBVA 7.53, +0.36) gained 5.0%, while Deutsche Bank (DB 35.45, +1.59) and Credit Suisse (CS 19.25, +0.68) advanced 4.7% and 3.7%, respectively.

Energy stocks outperformed the broader market with the S&P energy sector firmer by 0.9% as the fear of hurricane-related disruptions dissipates. Anadarko Petroleum (APC 69.27, +1.01), and EOG Resources (EOG 108.30, 2.41) added roughly 1.7%. Elsewhere in the sector, China Ming Yang Wind Power Group (MY 1.21, +0.06) jumped 5.2% after forming a joint venture to develop additional wind and solar power technology with Huaneng Renewables. On the downside, Arch Coal (ACI 6.11, -0.07) slipped 1.1% after announcing the company's Senior Vice President of Marketing, David Warnecke, will retire in May 2014.

Utility stocks underperformed the broader market as most names in the SPDR Utilities Select Sector ETF (XLU 36.35, -0.04) traded lower. PG&E (PCG 43.41, -0.15), Exelon (EXC 36.47, -0.12), and Southern Company (SO 45.33, -0.05) were all down near 0.3%. Meanwhile, U.S. listings of Brazilian utility companies were under heavy pressure as Centrais (EBR 6.50, -0.45), Companhia Paranaense de Energia (ELP 17.79, -0.71), and Cia Energetica de Minas Gerais (CIG 17.00, -0.84) slumping between 4.5% and 6.5%.

Facebook (FB 18.06, -1.03) fell 5.4% after Stifel Nicolaus said that despite attractive valuation, it may still be too early to invest in the company as insider selling continues. Today's selling has pushed the stock down to $18.06, which is the lowest price since the initial public offering in May. Zynga (ZNGA 2.80, -0.09) and Groupon (GRPN 4.15, -0.04), two companies which have recently held their initial public offerings, slid 3.1% and 1.0%, respectively. Zynga traded $0.15 above its all-time low, while Groupon marked fresh lows.

The volatility index, or VIX, shed 1.5%, to 17.56. Two weeks ago, the volatility measure marked a 5-year low at 13.45, and has been on a steady rise since. This week alone, the VIX has risen by 8.5%.

Today's economic data was mixed. The August Chicago PMI of 53.0 surprised to the downside as economists had generally expected a reading of 53.8 to follow the prior month's 53.7. Elsewhere, the University of Michigan's final Consumer Sentiment Survey for August rose to 74.3 from the 73.6 that was posted in the preliminary Survey. Separately, July Factory Orders showed an increase of 2.8%, which was better than the Briefing.com consensus of a 2.0% increase.

On Tuesday, the August ISM Index and July construction spending will be reported at 10:00 ET. In addition, August auto and truck sales will be released at 14:00 ET.

Week in Review: Markets Quiet Ahead of Jackson Hole

Monday's session began on a positive note before stocks retreated to the unchanged line. As the European markets closed for the day, U.S. stocks lifted to session highs, but the gains did not hold into the close. As a result, the S&P 500 finished flat on low volume while the Dow shed 0.3%. Apple (AAPL 665.24, +1.37) advanced 1.9% after winning its patent battle against Samsung.

On Tuesday, Equities spent the majority of the session within points of the unchanged line. The August consumer confidence report printed at 60.6, which was the lowest level in nine months. Following the report, stocks briefly turned lower before snapping back to the unchanged line where they held for the remainder of the session. Luxury goods maker Movado (MOV 35.16, +0.19) soared 17.4% after beating earnings expectations by $0.14 a share.

Wednesday's lackluster session saw equities hover within points of the flat line for the majority of the day. Economic data was mostly positive, but did little to inspire investor confidence. As a result the S&P 500 ended higher by 0.1% on light volume. Yelp (YELP 22.00, +0.31) surged 22.5% despite the share lock-up expiry.

On Thursday, equities hit session lows during the first hour of trade before spending the rest of the day climbing off those levels. Headlines out of Europe indicated the International Monetary Fund sees a "major challenge" in implementing measures for Greece. Another comment which rattled the markets came from Slovak Prime Minister, Robert Fico, who suggested there is a 50% chance of a euro area breakup. The news resulted in a sharp sell-off in risk assets as crude oil, gold, silver, and the euro all fell to session lows. Stocks were able to recover some of their losses before succumbing to late-day selling pressure which resulted in the S&P 500 closing lower by 0.8%. Costco Wholesale (COST 97.87, -0.72) advanced 1.5% after August same store sales increased by 6.0%.DJ30 +90.13 NASDAQ +18.25 SP500 +7.10 NASDAQ Adv/Vol/Dec 1548/1.34 bln/920 NYSE Adv/Vol/Dec 2065/746.1 mln/870

3:35 pm : Crude oil and precious metals reacted strongly to today's Federal Reserve Chairman Ben Bernanke's Jackson Hole speech that indicated a willingness to act as needed and suggested that the labor market is a "great concern". Crude fell to its pit session low of $94.86 per barrel in reaction to the statement. However, prices quickly bounced back and continued to climb higher with the support of better-than-anticipated U.S. economic data. The energy component climbed as high as $97.01 per barrel and settled just below that level at $96.46 per barrel for a 0.3% weekly gain.

Natural gas came off its session low of $2.71 per MMBtu set moments after floor trade opened and trended upwards for the remainder of the day. It settled at its session high of $2.80 per MMBtu, booking a 2.6% gain for the week.

Gold initially fell into negative territory and to a pit session low of $1647.10 per ounce. However, the move was short-lived and the yellow metal reversed sharply as investors digested the remarks. Gold continued to climb higher as floor trade progressed and hit a new high since April of $1688.30 per ounce. Today's strength had gold settle the week 0.9% higher at $1687.30 per ounce.

Silver also slid to a session low of $30.30 per ounce and reversed back into positive territory. It trended higher for the remainder of pit trade and finished at $31.44 per ounce, just below its session high of $31.52 per ounce, or 2.4% above last week's closing price.DJ30 +79.48 NASDAQ +15.89 SP500 +6.39 NASDAQ Adv/Vol/Dec 1549/1050 mln/885 NYSE Adv/Vol/Dec 2008/367 mln/901

3:00 pm : Equities are attempting to return to their morning levels as the Dow continues its outperformance, up 0.8%.

The volatility index, or VIX, is down 1.7%, to 17.46. Two weeks ago, the volatility measure marked a 5-year low at 13.45, and has been on a steady rise since. This week alone, the VIX has risen by 8.6%.DJ30 +104.76 NASDAQ +20.32 SP500 +8.58 NASDAQ Adv/Vol/Dec 1592/943.6 mln/833 NYSE Adv/Vol/Dec 2087/324.4 mln/833

2:30 pm : Stocks are attempting to break out of their afternoon ranges as the S&P 500 and Nasdaq trade higher by 0.7%.

Two apparel stocks are suffering from heavy selling after disappointing earnings. Gordman Stores (GMAN 17.46, -3.21) is plunging 15.5% after revenues fell short of expectations. The management lowered its third quarter guidance while keeping its fourth quarter forecast intact. Elsewhere, Zumiez (ZUMZ 29.03, -3.19) is down 10.0% despite beating on earnings and reporting in-line revenues. The company's guidance fell short of estimates which is the likely reason for the sell-off.DJ30 +118.58 NASDAQ +22.17 SP500 +9.83 NASDAQ Adv/Vol/Dec 1609/893.1 mln/805 NYSE Adv/Vol/Dec 2121/306.1 mln/803

2:00 pm : Equities continue to hold their afternoon levels with the Dow up 0.6%.

Utility stocks are underperforming the broader market as most names in the SPDR Utilities Select Sector ETF (XLU 36.28, -0.10) trade lower. PG&E (PCG 43.31, -0.25), Excelon (EXC 36.42, -0.17), and Southern Company (SO 45.17, -0.21) are all down near 0.5%. Meanwhile, U.S. listings of Brazilian utility companies are under heavy pressure as Centrais (EBR 6.45, -0.50), Companhia Paranaense de Energia (ELP 17.37, -1.13), and Cia Energetica de Minas Gerais (CIG 16.95, -0.89) are slumping between 4.5% and 7.0%.DJ30 +83.37 NASDAQ +14.33 SP500 +6.43 NASDAQ Adv/Vol/Dec 1513/826.5 mln/876 NYSE Adv/Vol/Dec 1949/282.2 mln/943

1:30 pm : Stocks have retreated off their highs as the major averages attempt to stay positive. The S&P 500 is up 0.2%.

Facebook (FB 18.12, -0.96) is down 5.0% after Stifel Nicolaus said that despite attractive valuation, it may still be too early to invest in the company as insider selling continues. Today's selling has pushed the stock down to $18.27, which is the lowest price since the initial public offering in May. Zynga (ZNGA 2.81, -0.08) and Groupon (GRPN 4.16, -0.03), two companies which have recently held their initial public offerings, are down 2.8% and 0.7%, respectively. Zynga is $0.15 above its all-time low, while Groupon marks fresh lows.DJ30 +55.42 NASDAQ +7.77 SP500 +3.42 NASDAQ Adv/Vol/Dec 1399/777.1 mln/984 NYSE Adv/Vol/Dec 1744/264.8 mln/1123

1:05 pm : Stocks began the session firmly higher before a slight stumble which coincided with the release of Ben Bernanke's speech. In his remarks, the Chairman stayed consistent in pledging support to markets if conditions deteriorate further. Mr. Bernanke commented on the stagnation of the labor market, calling it a "grave concern." While Bernanke wasn't expected to roll out a new round of quantitative easing at this venue, the discussion of the costs of nontraditional policies may temper expectations for additional easing in the absence of greater economic deterioration.

Shares of major financials stumbled at the start of the Ben Bernanke speech. However, the stocks were able to recover promptly and mark fresh session highs. Goldman Sachs (GS 105.93, +1.21) and American Express (AXP 57.86, +0.69) are up near 1.2% each. Meanwhile, European financials are seeing even bigger advances with Banco Bilbao Vizcaya Argentaria (BBVA 7.52, +0.35) adding 4.9%, while Deutsche Bank (DB 35.56, +1.70) and Credit Suisse (CS 19.28, +0.71) are up 5.0% and 3.8%, respectively.

Energy stocks are outperforming the broader market with the S&P energy sector firmer by 0.9% as the fear of hurricane-related disruptions dissipates. Anadarko Petroleum (APC 69.75, +1.49), and EOG Resources (EOG 108.30, 2.41) are up near 2.0%. Elsewhere in the sector, China Ming Yang Wind Power Group (MY 1.22, +0.07) is higher by 6.1% after forming a joint venture to develop additional wind and solar power technology with Huaneng Renewables. On the downside, Arch Coal (ACI 6.12, -0.06) is lower by 0.9% after announcing the company's Senior Vice President of Marketing, David Warnecke, will retire in May 2014.

Solar names are on a rebound following yesterday's sell-off. First Solar (FSLR 20.07, +0.40) is up 2.1% after falling nearly 20% yesterday. Meanwhile, JinkoSolar (JKS 3.20, +0.18) is spiking 6.0% after announcing it will work with Solea Renewables to deliver a chrome mine with the first ever off-grid utility scale photovoltaic system in the Limpopo province in South Africa. The general industry strength is highlighted by the Guggenheim Solar ETF (TAN 16.81, +0.41), which is higher by 2.5%.

Today's economic data was mixed. The August Chicago PMI of 53.0 surprised to the downside as economists had generally expected a reading of 53.8 to follow the prior month's 53.7. Elsewhere, the University of Michigan's final Consumer Sentiment Survey for August rose to 74.3 from the 73.6 that was posted in the preliminary Survey. Separately, July Factory Orders showed an increase of 2.8%, which was better than the Briefing.com consensus of a 2.0% increase.DJ30 +75.18 NASDAQ +13.20 SP500 +5.93 NASDAQ Adv/Vol/Dec 1472/722.3 mln/890 NYSE Adv/Vol/Dec 1897/244.1 mln/969

12:30 pm : Equities have slipped from session highs and now trade in the middle of the day's range. The S&P 500 and Nasdaq are up 0.4%.

Energy stocks are outperforming the broader market with the S&P energy sector firmer by 0.9% as the fear of hurricane-related disruptions dissipates. Anadarko Petroleum (APC 69.59, +1.33), and EOG Resources (EOG 107.76, 1.87) are up near 2.0%. Elsewhere in the sector, China Ming Yang Wind Power Group (MY 1.22, +0.07) is higher by 6.1% after forming a joint venture to develop additional wind and solar power technology with Huaneng Renewables. On the downside, Arch Coal (ACI 6.12, -0.06) is lower by 0.9% after announcing the company's Senior Vice President of Marketing, David Warnecke, will retire in May 2014.DJ30 +73.44 NASDAQ +12.93 SP500 +5.37 NASDAQ Adv/Vol/Dec 1424/660.8 mln/922 NYSE Adv/Vol/Dec 1846/222.1 mln/997

12:00 pm : Stocks are off their highs but they remain firmly in the black with the S&P up 0.8%.

Shares of major financials stumbled at the start of the Ben Bernanke speech. However, the stocks were able to recover promptly and mark fresh session highs. Morgan Stanley (MS 15.19, +0.29) is higher by 2.0%, while Goldman Sachs (GS 106.24, +1.52), American Express (AXP 57.86, +0.69), and Citigroup (C 30.04, +0.39) are all up between 1.2% and 1.5%. Meanwhile, European financials are seeing even bigger advances with Banco Bilbao Vizcaya Argentaria (BBVA 7.59, +0.42) adding 5.9%, while Deutsche Bank (DB 35.56, +1.70) and Credit Suisse (CS 19.28, +0.71) are up 5.0% and 3.8%, respectively.DJ30 +126.13 NASDAQ +20.64 SP500 +10.51 NASDAQ Adv/Vol/Dec 1580/588.7 mln/745 NYSE Adv/Vol/Dec 2088/197.4 mln/743

11:30 am : Equities continue to hold near session highs as the Dow outperforms, up 1.1%.

Solar stocks are on a rebound following yesterday's sell-off. First Solar (FSLR 20.57, +0.90) is up 4.6% after falling nearly 20% yesterday. Meanwhile, JinkoSolar (JKS 3.21, +0.19) is spiking 6.3% after announcing it will work with Solea Renewables to deliver a chrome mine with the first ever off-grid utility scale photovoltaic system in the Limpopo province in South Africa. The general industry strength is highlighted by the Guggenheim Solar ETF (TAN 17.01, +0.61), which is higher by 3.7%.DJ30 +129.15 NASDAQ +24.50 SP500 +11.23 NASDAQ Adv/Vol/Dec 1631/512.4 mln/685 NYSE Adv/Vol/Dec 2125/178.3 mln/695

11:00 am : Equities are near their highs following Ben Bernanke's remarks. The S&P 500 is up 0.8%.

Ben Bernanke addressed the challenging economic conditions in a speech from Jackson Hole, Wyoming. In his remarks, the Chairman stayed consistent in pledging support to markets if conditions deteriorate further. Mr. Bernanke commented on the stagnation of the labor market, calling it a "grave concern." While Bernanke wasn't expected to roll out a new round of quantitative easing at this venue, the discussion of the costs of nontraditional policies may temper expectations for additional easing in the absence of greater economic deterioration.

Precious metals fell to their lows before spiking to session highs in the matter of minutes. On the other hand, equities dipped to session lows and then promptly returned to their opening levels. Treasuries saw initial selling before running up to session highs. The 10-yr yield is down three basis points at 1.590%.DJ30 +132.88 NASDAQ +22.06 SP500 +11.24 NASDAQ Adv/Vol/Dec 1526/419.1 mln/722 NYSE Adv/Vol/Dec 2078/149.5 mln/728

10:35 am : Commodities have whipsawed around following Bernanke comments. Initially, commodities and equities sold off following this comments, while the dollar index found buyers.

Gold and silver moved the most as both initially sold off sharply. However, we just saw a quick reversal higher as gold surged about $27/oz to a new session high of $1674.00/oz and silver surges about $0.90/oz to a new session high of $31.26. Gold is now +0.7% at $1669.20/oz and silver is 1.5% at $30.89/oz.

Oct crude oil sold off on Bernanke's comments, dropping about $1.20 to below $95. Oct crude is now +1% at $95.56/barrel. Sept natural gas basically followed the same pattern as commodities have and rallied in recent activity to a new session high to $2.80/MMBtu. Nat gas is now +1.3% at $2.78/MMBtu.DJ30 +96.36 NASDAQ +14.82 SP500 +7.81 NASDAQ Adv/Vol/Dec 1325/360.5 mln/888 NYSE Adv/Vol/Dec 1826/131 mln/927

10:00 am : The August Chicago PMI of 53.0 surprised to the downside as economists had generally expected a reading of 53.8 to follow the prior month's 53.7.

Elsewhere, the University of Michigan's final Consumer Sentiment Survey for August rose to 74.3 from the 73.6 that was posted in the preliminary Survey. Many had expected the reading to go unrevised.

Separately, July Factory Orders showed an increase of 2.8%, which was better than the Briefing.com consensus of a 2.0% increase.

Equities have maintained their levels following the release of the data.DJ30 +69.41 NASDAQ +6.48 SP500 +5.40 NASDAQ Adv/Vol/Dec 1226/186.4 mln/903 NYSE Adv/Vol/Dec 1721/72.9 mln/954

09:45 am : Equities are holding their opening levels as the Dow outperforms other indices, up 0.8%.

Looking at the early sector performance, materials, technology, industrials, financials, and energy are all higher by 0.9%. Utility stocks lag with a 0.2% advance.

European financials are also higher ahead of Ben Bernanke's speech. Deutsche Bank (DB 35.15, +1.29) is up 3.8% while Credit Suisse (CS 19.23, +0.66) and UBS (UBS 11.23, +0.25) are higher by 3.5% and 2.3%, respectively.DJ30 +110.41 NASDAQ +17.86 SP500 +9.54 NASDAQ Adv/Vol/Dec 1540/104.3 mln/548 NYSE Adv/Vol/Dec 2122/50.2 mln/521

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +22.50. Heading into the open, futures are holding higher with the S&P 500 futures up 0.8%.

Market participants will turn their attention to Federal Reserve Chairman Ben Bernanke, who will speak from Jackson Hole, WY at 10:00 ET. The Chairman's speech will be closely watched by market participants for hints of a new asset purchase program.

A flurry of economic data points will be released just before Ben Bernanke speaks. The August Chicago PMI will be reported at 9:45 ET, August Michigan Sentiment will cross the wires at 9:55 ET, while July factory orders will be released at 10:00 ET.

09:04 am : [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +26.80. Futures are holding near their pre-market highs as they indicate a 0.8% advance at open.

The global equity markets endured a mixed overnight session. Asian stocks were mostly lower while Europe is making broad gains. Today's data was hardly inspiring as German retail sales data showed a 1.0% year-over-year decrease, while an improvement of 0.4% was expected. Elsewhere, Eurozone Unemployment was in-line at 11.3% and Spain's 10-year yield has added 11 basis points, to 6.702%.

European indices are drifting higher on low volume as weekend rumors make the rounds this morning. One report suggests Spain has approved the creation of a bank which would take over bad loans. In addition, the European Union plans to make the European Central Bank the sole authority in granting bank licenses.

Germany's DAX is up 1.4% as financials lead the way. Deutsche Bank is higher by 3.6% while Allianz and Commerzbank are up roughly 2.0%. With the vast majority of the index posting advances, chemical company K+S and industrial HeidelbergCement are down 0.7% and 0.2%, respectively.

France's CAC is higher by 1.5% as financials make biggest advances likely related to the banking license news. Credit Agricole is spiking 5.7% while Societe Generale is up 2.3%. Cie Generale d'Optique Essilor and Carrefour are down 0.6% each.

In the UK, the FTSE is adding 0.8% as miners rebound from recent weakness. Xstrata and Glencore International are posting gains of 3.3% each. Utility stocks are weaker with Centrica and National Grid both down near 0.5%.

The major Asian averages finished lower ahead of Fed Chairman Ben Bernanke's highly anticipated Jackson Hole speech. Most of the region's bourses gained for the month of August with Japan's Nikkei registering a 1.7% advance. However, continued fears of a Chinese hard-landing weighed on Hong Kong's Hang Seng and China's Shanghai Composite. The two indices lost 1.6% and 2.7% respectively for the month. Data in the region was heavy and mixed as Japanese data showed household spending climb a better than expected 1.7% year-over-year. Meanwhile, Tokyo Core CPI slumped 0.5% year-over-year, and preliminary industrial production slipped 1.2% month-over-month. India's GDP came out at a better than expected 5.5% year-over-year and has cooled talk the Reserve Bank of India will cut interest rates at its next meeting.

Japan's Nikkei closed down by 1.6% to finish at its lowest level in four weeks. Sharp plunged 12.8% after the departure of Hon Hai Precision's Chairman; leading to uncertainty over the future of the company. Hon Hai recently announced plans to invest in the embattled LCD TV panel maker. Elsewhere, construction-related names remained under pressure with Komatsu and Hitachi Construction sliding 2.2% and 2.6% respectively.

In Hong Kong, the Hang Seng slipped 0.4% despite outperformance from property developers. Henderson Land paced the sector's advance with a 2.2% while rival Cheung Kong rose 1.6%. Citic Pacific lagged, tumbling 7.1%, following a downgrade at UBS.

In China, the Shanghai Composite shed 0.3% as trade was quiet ahead of this weekend's manufacturing data. Financials were in focus after Industrial & Commercial Bank of China announced a 13.0% year-over-year rise in first-half profits. Despite the results, the stock fell 0.8%. The rest of the sector was weak with China Merchants bank sliding 0.5%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +9.10. Nasdaq futures vs fair value: +23.30. Futures remain near pre-market highs, currently up 0.7%.

With Ben Bernanke scheduled to speak at 10:00 ET, shares of major financials bear watching throughout the day. These stocks are very sensitive to stimulus talks as banks stand to gain the most from any potential easing measures. Bank of America (BAC 8.01, +0.10), Citigroup (C 30.00, +0.35), and JPMorgan Chase (JPM 37.24, +0.34) are all up near 1.0% in pre-market.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +20.00. Futures are near their best pre-market levels, currently up around 0.6%. The markets are setting up for the main event of the day as Federal Reserve Chairman Ben Bernanke will comment on monetary policy in a highly anticipated address from Jackson Hole, WY at 10:00 ET.

Overnight, Asian markets closed lower while European indices trade near their session highs. The Asian session saw weaker than expected Industrial Production out of Japan, which was attributed to sluggish demand in China and Europe. South Korea's Industrial Production reading saw similar results which added to the bearish sentiment. China's Vice Finance Minister hinted at room for policy adjustment and expressed confidence in future growth. Meanwhile, Goldman's chief China strategist believes the slowdown in Chinese stocks is likely to be short lived and expects a cyclical recovery in the back half of the year. China will post its PMI readings over the weekend.

European indices are drifting higher, though volumes are low. The data released was not particularly robust as German retail sales data showed a 1.0% year-over-year decrease, while an improvement of 0.4% was expected. Elsewhere, Eurozone Unemployment was in-line at 11.3% and Spain's 10-year yield has added 11 basis points, to 6.699%. At midday, Germany's DAX and France's CAC are up 1.3%, respectively, while UK's FTSE is higher by 0.6%.

In U.S. corporate news, SAIC (SAI 13.06, +1.22) is up 10.3% after delivering mixed earnings. The company missed on earnings, but beat on revenues while guiding full-year 2013 revenues higher. The management also announced plans to split the company into two separate entities.

Financials with heavy European exposure are advancing in pre-market with Deutsche Bank (DB 35.24, +1.38) and ING (ING 7.60, +0.26) higher by 4.1% and 3.5%, respectively.

Corning (GLW 11.91, +0.29) is advancing 2.5% after Oppenheimer upgraded the stock from ‘perform' to ‘outperform' with a $16.00 price target.

Gold Fields (GFI 11.70, -0.62) is down 5.0% after announcing an ongoing employee strike at the East Section of the KDC Gold mine on the West Rand in South Africa.

A handful of economic data points will be released today. The August Chicago PMI will be reported at 9:45 ET, August Michigan Sentiment will cross the wires at 9:55 ET, while July factory orders will be released at 10:00 ET.

06:19 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +15.00.

06:19 am : Nikkei...8839.91...-143.90...-1.60%. Hang Seng...19482.57...-70.30...-0.40%.

06:19 am : FTSE...5730.33...+10.90...+0.20%. DAX...6933.30...+37.80...+0.50%.

Special thanks to Bloomberg, CNNMoney, Reuters 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 and http://stocktwits.com/wrbtrader

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