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 Post subject: August 8th Wednesday 2012 Emini TF ($TF_F) points +2.40
PostPosted: Thu Aug 09, 2012 12:07 am 
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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)

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

Price Action Trade Performance for Today: +2.40 points or $240 dollars in the Russell 2000 Emini TF ($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=1292.

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=167&t=1561

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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 (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 from one trade to the next trade to give me the market context for my technical analysis. 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. 8 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. The Dow Jones Industrial Average rose a fourth day, the longest gain since June, as a jump in Hewlett-Packard Co. helped the measure recover from earlier losses.

Stocks: Investors Step Back

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

NEW YORK (CNNMoney) -- U.S. stocks were little changed Wednesday as investors took a breather with the three major indexes at their highest levels since early May.

The Dow Jones industrial average and S&P 500 edged higher, while the Nasdaq slid into the red.

Trading lacked conviction, according to Tom Schrader, managing director at Stifel Nicolaus.

"I don't really see any major drivers for the market today," said Schrader. He said low trading volumes will likely be the norm through Labor Day.

Even though stocks have been steadily climbing, investors still have plenty to worry about, with the overall market sentiment remaining bearish, Schrader added.

Europe's debt problems haven't shown much improvement, with worries about Spain needing a bailout keeping invests on edge. Borrowing costs for Spain and Italy remain uncomfortably high, with the Spanish 10-year yield hovering around 7% and the Italian 10-year yield just below 6%.

On top of that, the U.S. economy remains sluggish, which isn't helping matters much.

* Fear & Greed Index

And investors still have the tail end of earnings to contend with.

Shares of Priceline (PCLN) tumbled 17%, leading the decline in the S&P 500 and Nasdaq. The online travel company's forecast for the third quarter fell short of analyst expectations. Priceline blamed Europe's debt crisis and "the viability of the euro" for the slowdown. Shares of rival online travel sites TripAdvisor (TRIP), Expedia (EXPE) and Kayak (KYAK) were also lower.

Dean Foods (DF, Fortune 500) shares jumped more than 40%, making it the best performing S&P 500 stock, after the company boosted its profit forecast for the year. Dean Foods also announced that it is spinning off its WhiteWave-Alpro business, which sells Horizon Organic, Silk soy milk and almond milk, International Delight and Land O' Lakes Products.

* Corporate profits: Worst since '09

Shares of Hewlett-Packard (HPQ, Fortune 500) climbed after the company unexpectedly boosted its third-quarter forecast.

Nearly 90% of S&P 500 companies have reported their quarterly results, and earnings are on pace to grow just 0.9%.

On the bright side, 65% of the companies that have reported so far have topped Wall Street expectations, higher than the average rate of 62% over the past decade.

Companies: McDonald's (MCD, Fortune 500) stock was the biggest loser in the Dow. The fast food giant's July same-store sales were flat. Sales in Europe fell 0.6% last month amid weakness in Germany and southern European markets.

Shares of Macy's (M, Fortune 500) rose as the retailer topped earnings and revenue expectations. Macy's also raised its earnings guidance for the year.

Shares of Ralph Lauren (RL, Fortune 500) slipped after the company issued a downbeat forecast for the third quarter, forecasting revenues to decline slightly. The company's second-quarter earnings beat forecasts, while revenue was in line with expectations.
Related: Outback Steakhouse, Carls Jr. going public

Bain Capital-backed Bloomin' Brands (BLMN), which owns Outback Steakhouse as well as smaller chains like Carrabba's Italian Grill and Fleming's Prime Steakhouse, made its debut on the Nasdaq Wednesday. Shares rose 10% above its IPO price of $11 per share.

After the bell, News Corp (NWSA, Fortune 500) reported quarterly earnings that met forecasts. But sales were lower than what analysts were expecting.

Starbucks (SBUX, Fortune 500) signed on with Square Inc. to process its credit and debit card purchases. As part of the deal, Starbucks pledged to invest $25 million in Square, a mobile payment platform for retailers. In addition, Starbucks CEO Howard Schultz will join Square's board of directors.

Economy: Productivity increased 1.6% during the second quarter, according to the Bureau of Labor Statistics. Analysts were expecting the figure to rise 1.5%.

Labor costs rose 1.7% last quarter, higher than the expected 0.4% increase.

World markets: European stocks closed in the red. Britain's FTSE 100 finished slightly below the breakeven point, while the DAX in Germany declined 0.1% and France's CAC 40 fell 0.3%.

England's central bank released its quarterly inflation report Wednesday, and was gloomy in its outlook. The Bank of England slashed its forecast for economic growth in Britain to 2% annually in two years, down from its earlier estimate of 2.6%. The central bank also trimmed its inflation outlook.

"The economy will continue to face headwinds over the forecast period, from the fiscal consolidation and tight credit conditions at home, as well as from the difficulties in the euro area and a broader slowing in the world economy," said Bank of England governor Sir Mervyn King, in a statement

Asian markets had a mixed finish. The Shanghai Composite rose 0.2% and Japan's Nikkei added 0.9%, while the Hang Seng in Hong Kong dipped slightly.

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

Oil for September delivery lost 23 cents to $93.44 a barrel.

Gold futures for December delivery rose $3.20 to $1,616 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.64% from 1.63% late Tuesday.

The Treasury Department sold $24 billion in 10-year notes Wednesday yielding 1.68%, up from the record low of 1.46% in July. Demand for U.S. debt was also weaker than it has been in recent months.

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Market Update

4:15 pm : Equities began today's session slightly lower before climbing back to break-even. The morning gains coincided with advances in European indices ahead of their close. After marking session highs near 1,404, the S&P 500 fell back to its unchanged level and stayed there for the remainder of the day.

Telecommunications sector outperformed the broader market as Cincinnati Bell (CBB 3.94, +0.20) advanced 5.4% following an earnings beat. The company also announced the IPO of its CyrusOne unit which operates Cincinnati Bell's data center business. Today's breakout lifted the shares back to levels last seen in late March of this year.

Consumer staples were lifted by Dean Foods (DF 17.46, +5.04) which announced the planned IPO of its organic food division, The WhiteWave Foods. Shares of the company soared by 40.6%, and today's buying brought the stock near its early July levels.

Bloomin' Brands (BLMN 12.41, +1.41), the parent company of Outback Steakhouse, began trading publicly this morning. After opening at $11.64 shares of the company surged by 12.8%.

Priceline.com (PCLN 562.32, -117.48) plunged 17.3% after missing on revenues. The company issued lower third quarter guidance, blaming the cloudy outlook on the persisting European debt crisis. Today's selling pressure dropped the stock down to levels not seen since mid-February.

Standard Chartered (SCBFF 21.10, +2.15) gained 11.4% as the investigation into the bank's illicit dealings with Iran continues. The stock has rebounded partially after falling 14.2% yesterday.

McDonald's (MCD 87.53, -1.48) reported flat same-store sales during the month of July. The report put a damper on third quarter earnings expectations for the fast food giant which ended lower by 1.7%.

Research in Motion (RIMM 7.62, +0.31) jumped to $8.25 following rumors of a potential partnership with Samsung. Samsung later denied having interest in a partnership, but shares of Research in Motion held on to some of their gains and ended higher by 4.2%.

Crude oil popped to a session high of $94.72 per barrel following larger-than-anticipated draw of 3.7 million barrels when a draw of 1.5 million was expected. The move was short-lived, however, and the energy component trended lower for the remainder of trade. Crude fell back into negative territory and slid below the $93.00 level moments before it settled with a 0.3% loss at $93.39.

Gold came off its session low of $1606.20 per ounce and broke into positive territory in mid-morning action. It brushed a session high of $1619.50 and spent the rest of the day chopping around just below that level. The yellow metal closed 0.2% higher at $1615.90 despite a stronger dollar. Silver also came off its session low of $27.70 per ounce that was set moments after trade opened. However, the white metal fell back into the red after it brushed its session high of $28.21 and settled 0.1% lower at $28.07.

Retailer Kohl's (KSS 52.06, +0.23) and fast food chain Wendy's (WEN 4.54, -0.01) are scheduled to report quarterly results before tomorrow's open.

A few economic data points will be reported tomorrow. Initial and continuing claims and the trade balance will be reported at 8:30 AM ET. In addition, wholesale inventories will be released at 10 AM ET.DJ30 +7.04 NASDAQ -4.61 SP500 +0.87 NASDAQ Adv/Vol/Dec 1089/1.82 bln/1388 NYSE Adv/Vol/Dec 1528/637.1 mln/1449

3:30 pm : Crude oil popped to a floor session high of $94.72 per barrel following stronger-than-anticipated inventory data that showed a draw of 3.7 million barrels when a draw of 1.5 million was expected. The move was short-lived, however, and the energy component trended lower for the remainder of pit trade. It fell back into negative territory and slid below the $93.00 level moments before it settled with a 0.3% loss at $93.39.

Natural gas spent its entire pit session in the red, dipping as low as $2.90 per MMBtu in afternoon action. It attempted to recover some losses as it headed into the close and finished the session 1.0% lower at $2.93 per MMBtu.

Gold came off its pit session low of $1606.20 per ounce and broke into positive territory in mid-morning action. It brushed a session high of $1619.50 and spent the rest of the day chopping around just below that level. It closed 0.2% higher at $1615.90 despite a stronger dollar. Silver also came off its session low of $27.70 per ounce that was set moments after floor trade opened. However, the metal fell back into the red after it brushed its session high of $28.21 and settled 0.1% lower at $28.07.DJ30 +19.80 NASDAQ -2.56 SP500 +1.55 NASDAQ Adv/Vol/Dec 1139/1.52 bln/1340 NYSE Adv/Vol/Dec 1497/431.5 mln/1444

3:00 pm : The dollar index is higher by 0.2% as the greenback is up 0.4% against the euro and the Swiss franc. The euro was stronger versus the dollar during the early part of the session but has given up ground since. It currently trades near 1.2355. Meanwhile, the Swiss franc followed the same pattern and it is currently near 0.9720.

The Bank of Japan will make an interest rate decision tonight.DJ30 -0.87 NASDAQ -6.30 SP500 -0.72 NASDAQ Adv/Vol/Dec 1084/1.38 bln/1365 NYSE Adv/Vol/Dec 1391/394.2 mln/1545

2:30 pm : Stocks have been hovering around the unchanged level during afternoon action. Unable to sustain a meaningful rally, the major indices have once again turned into the red. The S&P 500 is down 0.1%.

Standard Chartered (SCBFF 21.00, +2.05) is higher by 10.8% as the investigation into the bank's illicit dealings with Iran continues. The stock is rebounding partially after falling 14.2% yesterday.DJ30 -4.54 NASDAQ -4.39 SP500 -0.69 NASDAQ Adv/Vol/Dec 1126/1.27 bln/1320 NYSE Adv/Vol/Dec 1385/358.7 mln/1541

2:00 pm : After recovering this morning's losses, equities have been unable to make a sustained push into positive territory. The S&P 500 is unchanged.

Pulse Electronics (PULS 1.56, -0.29) is one of the worst performers today. The company missed earnings expectations by $0.12 while beating revenue forecasts. However, lowered third quarter guidance caused heavy selling pressure, pushing the stock down 15.7%.DJ30 +4.83 NASDAQ -2.13 SP500 +0.40 NASDAQ Adv/Vol/Dec 1173/1.15 bln/1244 NYSE Adv/Vol/Dec 1463/325.9 mln/1447

1:30 pm : Thin volume has equities hovering around their unchanged level. The S&P 500 is up 0.1%.

McDonald's (MCD 87.65, -1.36) reported flat same-store sales during the month of July. The report put a damper on third quarter earnings expectations for the fast food giant and has the stock lower by 1.5%. McDonald's competitor Wendy's (WEN 4.57, +0.02) will report its quarterly results before Thursday's opening bell.DJ30 +14.69 NASDAQ -2.16 SP500 +1.13 NASDAQ Adv/Vol/Dec 1173/1.06 bln/1254 NYSE Adv/Vol/Dec 1470/298.1 mln/1432

1:00 pm : Equities began the session off by 0.3% following a down day across Europe. After marking session lows at open, major indices have been able to lift into positive territory. Volume is once again anemic as indices hover around their unchanged territory.

European indices were firmly in the red today before final hour buying pushed them off session lows. As a result, UK's FTSE ended higher by 0.1% while France's CAC shed 0.4% and Germany's DAX finished unchanged.

Telecommunications sector is outperforming the broader market as Cincinnati Bell (CBB 4.12, +0.38) is soaring by 10.2% following an earnings beat. The company also announced the IPO of its CyrusOne unit which operates Cincinnati Bell's data center business. Today's breakout puts the shares at levels not seen since late March of this year.

Consumer staples are being lifted by Dean Foods (DF 17.08, +4.66) which announced the planned IPO of its organic food division, The WhiteWave Foods. Shares of the company are soaring by 37.5% and today's buying puts the stock back near levels last seen in early July.

Energy is among today's top performing sectors. Gulfport Energy (GPOR 25.89, +3.43) is surging by 15.3% after exceeding revenue expectations. ION Geophysical (IO 7.65, +0.66) is higher by 9.4% after exceeding earnings estimates and missing revenue expectations.

Bloomin' Brands (BLMN 12.61, +1.61), the parent company of Outback Steakhouse began trading publicly this morning. After opening at $11.64 shares of the company are surging by 14.6% during the first minutes of action.

Priceline.com (PCLN 569.51, -110.29) is plunging 16.2% after missing on revenues. The company issued lower third quarter guidance, blaming the cloudy outlook on the persisting European debt crisis. Today's selling pressure pushed the stock down to levels not seen since mid-February.

Crude oil has been in the red all morning and fell as low as $92.82 per barrel before gaining steam about 45 minutes before the open. From that level, oil has rallied over $1.50, which pushed it to a new high of $94.72. It is now higher by 0.6% at $94.25.DJ30 +2.15 NASDAQ -4.33 SP500 -0.12 NASDAQ Adv/Vol/Dec 1120/975.1 mln/1292 NYSE Adv/Vol/Dec 1371/271.8 mln/1498

12:30 pm : After breaking into positive territory, equities are hovering near the unchanged level. The S&P 500 is up 0.1%.

Energy is one of the top performing sectors today. Gulfport Energy (GPOR 26.73, +4.27) is surging by 19.0% after exceeding revenue expectations. ION Geophysical (IO 7.56, +0.57) is higher by 8.2% after exceeding earnings estimates and missing revenue expectations.DJ30 +19.86 NASDAQ +1.18 SP500 +1.40 NASDAQ Adv/Vol/Dec 1187/886.6 mln/1204 NYSE Adv/Vol/Dec 1472/249.7 mln/1401

12:00 pm : Stocks have been able to lift off session lows and enter positive territory. The S&P 500 is higher by 0.1%.

Priceline.com (PCLN 570.25, -109.55) is plunging 16.3% after missing on revenues. The company issued lower third quarter guidance, blaming the cloudy outlook on the persisting European debt crisis. Today's selling pressure pushed the stock down to levels not seen since mid-February.DJ30 +18.12 NASDAQ +1.48 SP500 +1.45 NASDAQ Adv/Vol/Dec 1183/755.1 mln/1193 NYSE Adv/Vol/Dec 1469/224.3 mln/1384

11:30 am : Equities have come off lows and the S&P 500 now probes session highs. The index has been able to turn positive on the day and is now up 0.1%.

Bloomin’ Brands (BLMN 12.21, +1.21), the parent company of Outback Steakhouse began trading publicly this morning. After opening at $11.64, shares of the company are surging by 11.0% during the first minutes of action. DJ30 +25.65 NASDAQ +0.60 SP500 +1.78 NASDAQ Adv/Vol/Dec 1190/629.9 mln/1173 NYSE Adv/Vol/Dec 1518/199.1 mln/1312

11:00 am : Stocks remain within a tight morning range. The S&P 500 is attempting a rebound but it has been unable to push into positive territory so far. The index is down 0.1%.

Research in Motion (RIMM 7.77, +0.46) jumped to $8.25 following reports of a potential partnership with Samsung. The stock has since come off those highs and trades near $7.75 for a session advance of 6.2%.DJ30 -10.60 NASDAQ -7.92 SP500 -1.90 NASDAQ Adv/Vol/Dec 1011/504.1 mln/1311 NYSE Adv/Vol/Dec 1270/163.5 mln/1541

10:35 am : The dollar index is showing some gains early this morning, which is weighing on the commodity complex.

In the energy space, Sept crude oil has been in the red all morning and fell as low as $92.82 before gaining steam about 45 minutes before the open. From that level, crude oil has rallied over $1.50/barrel, which pushed it to a new HoD of $94.72/barrel. Crude is now +0.6% at $94.25/barrel.

Sept natural gas was modestly higher earlier this morning, but has since lost steam and recently fell to a new session low of $2.91. Nat gas is now -1.1% lower at $2.93/MMBtu.

In metals, August gold and Sept silver are mixed after trading in negative territory all morning. Earlier this morning, both precious metals hit new session lows (Gold $1606, Silver $27.67), but have since staged a nice rally. Silver is still in the red, currently down 0.3% at $28/oz, while gold is +0.1% at $1614.70/oz.. July copper is trading lower this morning, now down 0.5% at $3.42/lb.DJ30 -16.43 NASDAQ -9.97 SP500 -2.94 NASDAQ Adv/Vol/Dec 1047/376.3/1214

10:00 am : Stocks remain lower as the S&P 500 is down 0.2%.

Consumer staples are being lifted by Dean Foods (DF 16.72, +4.30) which announced the planned IPO of its organic food division, The WhiteWave Foods. Shares of the company are soaring by 34.6% with today's buying running the stock back to levels last seen in early July.DJ30 -14.42 NASDAQ -8.96 SP500 -2.97 NASDAQ Adv/Vol/Dec 862/220.1 mln/1318 NYSE Adv/Vol/Dec 1124/87.7 mln/1557

09:45 am : Early market action is seeing an extension of the bearish pre-market tone. The S&P 500 is off by 0.2%.

The telecommunications sector is outperforming the broader market as Cincinnati Bell (CBB 4.05, +0.31) is soaring by 8.4% following an earnings beat. The company also announced the IPO of its CyrusOne unit which operates Cincinnati Bell's data center business. Today's breakout puts the shares at levels not seen since late March of this year.DJ30 -30.43 NASDAQ -8.63 SP500 -3.36 NASDAQ Adv/Vol/Dec 743/141.5 mln/1363 NYSE Adv/Vol/Dec 999/65.2 mln/1618

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -7.30. Ahead of the open, futures are near their pre-market lows with S&P 500 futures down 0.3%.

MEMC Electronic Materials (WFR 2.72, +0.64) and Dean Foods (DF 15.90, +3.48) bear watching today as the two companies are both soaring by nearly 30% in pre-market action. MEMC Electronic exceeded earnings and revenue estimates while Dean Foods beat on earnings and announced the planned IPO of its organic food division, The WhiteWave Foods.

The U.S. Treasury will auction off 10-yr notes.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -9.00. Global equity markets saw a mixed session on Wednesday. Asian markets edged higher while European indices drift lower.

In Europe, Germany's Trade Balance exceeded expectations but industrial production slowed by 0.9% while the consensus called for a 0.8% decline. In the UK, Bank of England Governor Mervyn King spoke in favor of David Cameron's conservative budget and said that further rate cuts may be counterproductive. Governor King said that the British economy faces headwinds, but lower rates are not the solution. Regional indices are lower this morning with France's CAC down 0.8% while Germany's DAX and UK's FTSE are off by 0.7% and 0.6% respectively.

In France, automaker Peugeot is higher by 2.1% with other components showing milder gains. Schneider Electric is the session's biggest laggard, down 3.1%.

Most DAX components in Germany are also in the red today. Chemical producer Linde is up 1%. Airline Lufthansa and steelmaker ThyssenKrupp are posting biggest losses, down 4.5% and 2.6% respectively.

UK's FTSE is seeing Standard Chartered as the best performer today after plunging more than 20% yesterday. Shares are up 7.5% as the investigation into the bank's illicit dealings with Iran remains ongoing. International Consolidated Airlines Group and manufacturer Smiths Group are down 4% and 3.1% respectively.

The major Asian averages finished higher as the stimulus hope fueled rally continued across the Pacific. Data in the region showed Japan's current account surplus meet expectations with a JPY0.77 trillion print while Malaysia's trade balance almost doubled expectations at MYR9.20 billion (MYR5.20 billion expected).

Japan's Nikkei managed a 0.9% gain while China's Shanghai Composite advanced 0.2%. Hong Kong's Hang Seng finished unchanged Japan's Nikkei rallied for a third consecutive session and closed higher by 0.9%. Sharp jumped 2.7% as bargain hunters emerged following a couple days of heavy selling after Friday's earnings miss. Meanwhile, Nikon rallied 2.6% on reports Intel would fund a project costing billions of yen to develop a next-generation semiconductor wafer.

In China, the Shanghai Composite added 0.2% to close higher for a fourth straight session. Financials were among the top performers as Bank of China and ICBC rallied 1.5% and 1.1% respectively.

Shares listed on Hong Kong's Hang Seng finished unchanged after giving up their early gains. Clothing retailer Esprit plunged 12.2% following yesterday's 28% surge as traders booked profits as they await the new CEO's plan to turn around the company. Standard Chartered edged up 0.8% after plunging almost 20%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -8.50. Second quarter unit labor costs increased by 1.7% which is more than the 0.4% rise that had been widely anticipated. Second quarter productivity increased by 1.6%, according to a preliminary reading. An increase of 1.5% had been broadly forecasted.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -5.00. Futures are slightly lower this morning. The S&P 500 futures are off by 0.3%.

European and U.S. equity markets are taking a breather after a rally that had pushed global indices to multi-month highs. Asian markets were mixed overnight.

Today's European macro data was light, with Germany's Trade Balance exceeding expectations. In the UK, Bank of England Governor Mervyn King spoke in favor of David Cameron's conservative budget and said that further rate cuts may be counterproductive. Governor King said that the British economy faces headwinds but lower rates are not the solution. Nearing the halfway point of the session, UK's FTSE and Germany's DAX are down 0.6% each, while France's CAC is lower by 0.7%.

With few economic data points in Asia, investors looked to Japan's Trade Balance figures which came in slightly lower than expected. The Bank of Japan began a 2-day policy meeting. China and Hong Kong were cautious ahead of key inflation, retails sales and industrial production data out of China tomorrow. Major regional indices finished mixed as Japan's Nikkei gained 0.9% while Hong Kong's Hang Seng and China's Shenzhen finished unchanged.

The MBA mortgage applications indicated a decrease of 1.8% against a prior reading of a 0.2% gain.

With limited U.S. economic data, investors continue looking to corporate earnings.

Priceline (PCLN 570.70, -109.10) is plunging by 16.1% in pre-market action after missing on revenues and issuing cautious guidance.

Dean Foods (DF 16.11, +3.69) is soaring by 29.7% after beating revenue expectations and announcing the planned IPO of its organic food division, The WhiteWave Foods.

MEMC Electronic Materials (WFR 2.55, +0.49) beat their earnings and revenue expectations. The company also anticipates higher revenues in the second half of this year. As a result, the stock is surging by 23.8% in pre-market.

Express Scripts (ESRX 60.00, +3.98) is higher by 7.1% after beating earnings and revenue expectations. In addition, the company improved their guidance.

Preliminary nonfarm productivity and unit labor costs will be released at 8:30 AM ET, but this doesn't typically have much of an impact on the broader market.

The U.S. Treasury will auction off 10-yr notes later today.

06:23 am : [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -6.00.

06:23 am : Nikkei...8881.16...+77.90...+0.90%. Hang Seng...20065.52...-7.00...0.00.

06:23 am : FTSE...5813.97...-27.30...-0.50%. DAX...6917.92...-50.00...-0.70%.

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 and http://stocktwits.com/wrbtrader

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