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 Post subject: August 13th Monday 2012 Emini TF ($TF_F) points +12.50
PostPosted: Mon Aug 13, 2012 5:07 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)

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

Price Action Trade Performance for Today: +12.50 points or $1250 dollars in the Russell 2000 Emini TF ($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=1295.

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 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.

Stocks: Global Concerns Grip Investors

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

NEW YORK (CNNMoney) -- U.S. stocks tumbled Monday as concerns about global growth weighed on the market.

The Dow Jones industrial average and the S&P 500 both finished the day with modest losses. The Nasdaq recovered from earlier losses to end flat.

The retreat came after stocks drifted higher last week, rising to the highest levels since early May. However, the volume of shares trading hands has been very low, with many market participants taking to the sideline during the usual summer doldrums.

Meanwhile, investors are debating whether the U.S. economy is weak enough to warrant additional stimulus from the Federal Reserve, said Bruce McCain, chief investment strategist at Key Private Bank.

Hopes for a third round of asset purchases by the Fed have been a key driver of the market's gains this year. But last month's better-than-expected jobs report raised questions about whether the central bank will need to take further action, said McCain.

"It's been a positive ride, but one that has left a lot of people scratching their heads and wondering if it's truly justified," he said.

In addition, investors remain concerned about the debt problems in Europe.

The Greek economy, which has been in recession for years, shrank 6.2% in the second quarter, according to preliminary government estimates released Monday.

The European Union's statistics office will release preliminary data Tuesday on gross domestic product for the second quarter. Economists expect that economic activity across the 17-nation euro area declined from the first quarter.

Weak economic numbers out of Japan on Monday re-ignited worries about a global slowdown. Japan's gross domestic product grew just 0.3% in the second quarter, according to Japan's Cabinet Office, which was less than expected.

On the domestic front, the reporting of second-quarter corporate results is beginning to draw to a close, though Dow components Home Depot (HD, Fortune 500), Walmart (WMT, Fortune 500) and Cisco (CSCO, Fortune 500) will all report earnings later this week.

Investors were also digesting the weekend's announcement that Republican Mitt Romney has selected Congressman Paul Ryan as his running mate in this year's presidential election.

* Paul Ryan's savvy stock picks

Companies: Groupon (GRPN) reported quarterly earnings that beat analysts' forecasts, although revenue growth was weaker than expected. Shares plunged in after hours trading.

Motorola Mobility, the Google (GOOG, Fortune 500)-owned cellphone maker, announced it would cut 4,000 jobs, or a quarter of its workforce. The company also said it would consolidate a third of its 90 facilities. These changes come as Motorola lost money in 14 of the last 16 quarters. Shares of Google were up on the news.

Barnes & Noble (BKS, Fortune 500) announced price cuts on its Nook e-reader and tablet devices Monday, as back-to-school shopping gets underway and amid speculation that Amazon (AMZN, Fortune 500) will introduce a new version of its Kindle Fire. The company said price cuts will be between $20 to $50.

Shares of Manchester United (MANU) recovered after briefly falling below the initial offering price of $14 a share. The British "football" club debuted on the U.S. stock market Friday.

* Fear & Greed Index

Shares of J.C. Penney (JCP, Fortune 500) fell 3.1% as investors reevaluated the company's latest results. The retailer reported a loss on Friday, but the stock rose that day due to optimistic comments from CEO Ron Johnson.

Sears Holdings (SHLD, Fortune 500) stock rose 5.6% after an article in Barron's suggested the stock could double if the company's turn-around effort works. Separately, Sears is reportedly working on plans to spin off its Hometown and Outlet stores.

World markets: European stocks closed lower. Britain's FTSE 100 and France's CAC 40 fell 0.3%, while the DAX in Germany slid 0.5%.

Asian markets ended lower after Japan reported weak growth. The Shanghai Composite dropped 1.5%, the Hang Seng in Hong Kong fell 0.3% and Japan's Nikkei shed 0.1%.

* Going after Wall Street

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

Oil for September delivery fell 14 cents to settle at $92.73 a barrel.

Gold futures for December delivery lost $10.20 to end at $1,612.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury held steady with the yield at 1.64%, the same level as late Friday.

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Market Update

4:15 pm : Equities began today's session on a slightly negative note. After reaching session lows before the European close, stocks staged a slow recovery but were unable to break into positive territory. The S&P 500 ended lower by 0.1%.

Consumer staples were one of the top performing sectors. Within the group, Sysco (SYY 30.14, +1.30) jumped 4.5% after reporting earnings and revenues ahead of expectations. Campbell Soup (CPB 34.35, +1.04) also contributed to strength within the space. The packaged food producer gained 3.1% after Goldman Sachs upgraded the stock from ‘sell' to ‘conviction buy.'

The materials sector was the weakest performer, with the biggest laggards found in metal producers. United States Steel (X 22.86, -0.55) ended lower by 2.4% and Olympic Steel (ZEUS 16.42, -0.41) was down 2.4%. However, paper producers outperformed the rest of the sector. Shares of International Paper (IP 33.94, +1.31) gained 4.0% after Credit Suisse upgraded the company's stock from ‘neutral' to ‘outperform.' Louisiana-Pacific (LPX 12.56, +0.56) rose 4.7% as the stock marked a new 52-week high.

Google (GOOG 660.01, +18.01) advanced 2.8% after the company announced up to 4,000 jobs will be cut from its Motorola Mobility business. Reports also indicated that Google will buy the Frommer's brand from publisher John Wiley & Sons (JW.B 47.41, -0.25). Today's bid put shares of Google at a level not seen since mid-April.

Meanwhile, Yelp (YELP 23.87, -1.98) and TripAdvisor (TRIP 33.52, -1.58) slumped 7.7% and 4.5% respectively on concerns that Google's purchase of Frommer's will increase competition in the travel publishing business.

Sears Holdings (SHLD 54.36, +2.94) surged 5.7% after announcing plans to spin off about 1,200 stores which will be listed under the ticker ‘SHOS.' In addition, a Barron's story published over the weekend suggested that Sears' controlling investor may be engineering a ‘slow-motion liquidation' which could lead to a doubling of the share price.

The volatility index, or the VIX, slid 6.7%, to 13.75. The VIX is currently at levels last seen in June of 2007.

Groupon (GRPN 7.55, +0.11) gained 1.5% ahead of its earnings release after the close. The consensus calls for earnings of $0.03 on revenues of $573.45 million. Shares of the online deal site are down more than 61% from its November 2011 IPO price of $20.00.

With the earnings season drawing to a close, a handful companies have yet to report their earnings. A few notable retailers will headline tomorrow's releases. Dick's Sporting Goods (DKS 50.54, +0.19) is expected to earn $0.63 on $1.42 billion in revenues while analysts expect Home Depot (52.82, -0.24) to report earnings of $0.98 on revenues of $20.74 billion.

Two notable apparel retailers are also scheduled to report tomorrow morning. Michael Kors (KORS 42.35, +0.03) is expected to earn $0.20 on $367.96 million revenues while TJX Companies (TJX 44.24, -0.22) is expected to report earnings of $0.55 on revenues of $5.93 billion.

Today's volume was well below average with just over 484 million shares traded on the New York Stock Exchange.

Tomorrow's economic data includes retail sales, retail sales ex-auto, PPI, and core PPI, all of which will be reported at 8:30 AM ET. In addition, business inventories will be released at 10 AM ET.DJ30 -38.52 NASDAQ +1.66 SP500 -1.76 NASDAQ Adv/Vol/Dec 1068/1.31 bln/1363 NYSE Adv/Vol/Dec 1112/484.1 mln/1887

3:30 pm : Crude oil rallied in morning pit action on concerns in the Middle East following reports noting that an oil tanker struck a U.S. Navy ship near the Strait of Hormuz over the weekend. However, the Strait remained open and shipping through the waterway was not affected. Despite the early strength, the energy component sold-off sharply off its session high of $94.14 per barrel and fell into the red after equity markets opened. Crude dipped to a session low of $92.03 per barrel but managed to erase most of its losses as it settled at $92.76 per barrel, 0.2% lower.

Natural gas spent most of floor trade chopping around in negative territory after it slid off its session high of $2.79 per MMBtu. It finished at its session low of $2.73 per MMBtu, or 1.4% lower.

Precious metals trended lower on the lack of news even with a weaker dollar. Gold gave up its overnight gains and spent the majority of its pit session in the red, selling off sharply as it headed into the close. The yellow metal settled with a 0.7% loss at $1611.60 per ounce, just above its session low of $1611.50 per ounce. Silver touched a session high of $28.02 per ounce in early morning action and dipped to a session low of $27.72 per ounce moments before closing with a loss of 1.0% at $27.77 per ounce.DJ30 -52.15 NASDAQ -3.73 SP500 -3.57 NASDAQ Adv/Vol/Dec 0941/1102.3 mln/1482 NYSE Adv/Vol/Dec 960/319 mln/2032

3:00 pm : Headed into the final hour of trade, equities have recovered the bulk of their losses with the S&P 500 down 0.1%.

The volatility index, or the VIX, has pushed lower since the start of August. It is currently down 4.9% at 14.02. The index hit a session low of 13.97 which was last seen in June of 2007.DJ30 -32.64 NASDAQ -0.59 SP500 -1.87 NASDAQ Adv/Vol/Dec 986/1.01 bln/1434 NYSE Adv/Vol/Dec 1063/290.3 mln/1917

2:30 pm : With volume well below average, stocks are staging a slow recovery off their lows. The S&P 500 is down 0.2%.

With the earnings season drawing to a close, few companies have yet to report their earnings. Few notable retailers will headline tomorrow's releases. Dick's Sporting Goods (DKS 50.53, +0.18) is expected to earn $0.63 on $1.42 billion in revenues while analysts expect Home Depot (52.91, -0.15) to report earnings of $0.98 on revenues of $20.74 billion.

Two notable apparel retailers are also scheduled to report tomorrow morning. Michael Kors (KORS 41.97, -0.35) is expected to earn $0.20 on $367.96 million revenues while TJX Companies (TJX 44.37, -0.09) is expected to report earnings of $0.55 on revenues of $5.93 billion.DJ30 -45.17 NASDAQ -2.45 SP500 -2.92 NASDAQ Adv/Vol/Dec 936/929.1 mln/1466 NYSE Adv/Vol/Dec 1018/266.9 mln/1949

2:00 pm : The S&P 500 continues to trade within three points of its session low and currently trades down 0.4%.

Sears Holdings (SHLD 54.06, +2.64) is surging 5.1% after announcing plans to spin off about 1,200 stores which will be listed under the ticker ‘SHOS.' In addition, a Barron's story published over the weekend suggested that Sears' controlling investor may be engineering a ‘slow-motion liquidation' which could lead to a doubling of the share price.DJ30 -65.51 NASDAQ -7.32 SP500 -5.22 NASDAQ Adv/Vol/Dec 821/851.2 mln/1570 NYSE Adv/Vol/Dec 915/244.1 mln/2042

1:30 pm : Equities are maintaining their narrow afternoon range with the S&P 500 down 0.4%.

Groupon (GRPN 7.65, +0.21) is higher by 2.8% ahead of its earnings release after the close. The consensus calls for earnings of $0.03 on revenues of $573.45 million. Shares of the online deal site are down more than 61% from the IPO price of $20.00.DJ30 -70.01 NASDAQ -10.04 SP500 -5.73 NASDAQ Adv/Vol/Dec 753/784.1 mln/1636 NYSE Adv/Vol/Dec 833/225.3 mln/2113

1:00 pm : After opening on a down note, equities have extended their losses. With midday volume below average, stocks hover just above their session lows. The S&P 500 is down 0.4%.

Consumer staples are posting slimmer losses than other sectors. Within the group, Sysco (SYY 29.84, +1.00) is higher by 3.5% after reporting earnings and revenues ahead of expectations.

Campbell Soup (CPB 34.33, +1.02) is also contributing to strength within consumer staples. The packaged food producer is up 3.1% after Goldman Sachs upgraded the stock from ‘sell' to ‘conviction buy.'

The materials sector is the weakest performer, with the biggest laggards found in metal producers. United States Steel (X 22.68, -0.72) is lower by 3.1% and Olympic Steel (ZEUS 16.45, -0.38) is down 2.3%. However, paper producers are outperforming the remainder of the sector. Shares of International Paper (IP 33.72, +1.09) are up 3.4% after Credit Suisse upgraded the company's stock from ‘neutral' to ‘outperform.' Louisiana-Pacific (LPX 12.35, +0.35) is higher by 2.9% as the stock marks a new 52-week high.

The energy sector is another underperformer. Lufkin Industries (LUFK 50.49, -1.42) and Helmerich & Payne (HP 48.52, -1.33) are each down 2.6%. However, Tesoro (TSO 38.79, +3.29) is surging 9.3% and outperforming its peers after announcing the acquisition of BP's refinery in Carson, CA as well as its ARCO retail outlet. The deal will be completed with a price tag of $2.5 billion.

Google (GOOG 654.00, +12.00) is higher by 1.9% after the company announced up to 4,000 jobs will be cut from its Motorola Mobility business. Reports also indicate that Google will buy the Frommer's brand from publisher John Wiley & Sons (JW.B 47.39, -0.27). Today's bid puts shares of Google at a level not seen since mid-April.

Meanwhile, Yelp (YELP 24.06, -1.79) and TripAdvisor (TRIP 33.35, -1.75) are slumping 6.9% and 5.0% respectively on concerns that Google's purchase of Frommer's will increase competition in the travel publishing business.DJ30 -67.79 NASDAQ -8.76 SP500 -4.72 NASDAQ Adv/Vol/Dec 709/728.1 mln/1663 NYSE Adv/Vol/Dec 857/210.4 mln/2085

12:30 pm : Equities hover near session lows with the S&P 500 down 0.5%.

Google (GOOG 653.16, +11.16) is higher by 1.7% after the company announced up to 4,000 jobs will be cut from its Motorola Mobility business. Reports also indicate that Google will buy the Frommer's brand from publisher John Wiley & Sons (JW.B 47.39, -0.27). Today's bid puts shares of Google at a level not seen since mid-April.

Meanwhile, Yelp (YELP 24.12, -1.73) and TripAdvisor (TRIP 33.20, -1.90) are slumping 6.7% and 5.4% respectively on concerns that Google's purchase of Frommer's will increase competition in the travel publishing business.DJ30 -88.77 NASDAQ -15.22 SP500 -7.20 NASDAQ Adv/Vol/Dec 648/662.4 mln/1716 NYSE Adv/Vol/Dec 770/192.4 mln/2175

12:00 pm : Equities have come off their lows but the S&P 500 remains down 0.4%.

Major financials are trading mostly in-line with the broader market. The SPDR Financial Select Sector ETF (SPDR 14.90, -0.04) is off by 0.3%. Within the space, Citigroup (C 28.61, -0.29) is down 1.0% and Morgan Stanley (MS 14.48, -0.13) is lower by 0.9%.

European financials are showing larger losses with Deutsche Bank (DB 30.93, -0.44) down 1.4% and UBS (UBS 10.83, -0.07) shedding 0.7%.DJ30 -76.76 NASDAQ -14.21 SP500 -6.24 NASDAQ Adv/Vol/Dec 628/598.3 mln/1711 NYSE Adv/Vol/Dec 785/173.8 mln/2136

11:30 am : As European markets close, U.S. equities hover near session lows with the S&P 500 down 0.5%.

The materials sector is among the weakest performers this morning, with biggest laggards found in metal producers. United States Steel (X 22.53, -0.88) is lower by 3.7% and Olympic Steel (ZEUS 16.38, -0.45) is down 2.7%.

Meanwhile, paper producers are outperforming. Shares of International Paper (IP 34.02, +1.39) are up 4.3% after Credit Suisse upgraded the company's stock from ‘neutral' to ‘outperform.' Louisiana-Pacific (LPX 12.22, +0.20) is higher by 1.7% as the stock marks a new 52-week high.DJ30 -75.61 NASDAQ -15.62 SP500 -6.31 NASDAQ Adv/Vol/Dec 589/528.1 mln/1722 NYSE Adv/Vol/Dec 747/156.1 mln/2154

11:00 am : Equities have pushed to new session lows with the S&P 500 down 0.5%.

The energy sector is one of the worst performers so far today. Lufkin Industries (LUFK 49.90, -2.01) and Helmerich & Payne (HP 48.45, -1.40) are down 3.9% and 2.8% respectively. However, Tesoro (TSO 38.40, +2.90) is surging 8.2% and outperforming its peers after announcing the acquisition of BP's refinery in Carson, CA as well as its ARCO retail outlet. The deal will be completed with a price tag of $2.5 billion.DJ30 -72.88 NASDAQ -15.66 SP500 -6.60 NASDAQ Adv/Vol/Dec 610/424.2 mln/1650 NYSE Adv/Vol/Dec 753/129.1 mln/2109

10:30 am : The dollar index is trending lower this morning and is trading near its recently-hit session low. However, isn't doing much for the commodities space and oil, gold and silver just hits new session lows.

In the energy space, Sept crude oil was rallying this morning and rose as high as $94.14 a short while ago, largely driven by concerns in the Middle East, which always causes a threat to supply. In other news, the U.S. reported that one of its guided missile destroyers collided with an oil tanker near the Strait of Hormuz. In more recent activity, crude oil dropped pretty hard and fell into negative territory.

Crude has declined about $1.60-1.65/barrel from its current session high and just hit a new session low of $92.11/barrel. Oil is now -0.6% at $92.30/barrel.

Sept natural gas traded in negative territory during the overnight session, but just rallied into positive territory and to a new session high of $2.79/MMBtu. Nat gas is now +0.3% at $2.78/MMBtu.

In metals, Dec gold and Sept silver are trading lower this morning despite the weakness in the dollar index. Gold just hit a new LoD of $1618.60/oz and silver hit a new LoD of $27.82/oz. Sept copper is trading lower this morning and just fell to a new LoD of $3.35/lb and is now down 1.3%. Gold is now -0.1% at $1620.80/oz and silver is -0.7% at $27.87/oz.DJ30 -63.99 NASDAQ -13.74 SP500 -6.44 NASDAQ Adv/Vol/Dec 648/335.7 mln/1560 NYSE Adv/Vol/Dec 806 /107 mln/2000

10:00 am : The S&P 500 is down 0.1% as stocks attempt to break into positive territory.

Technology stocks are showing weakness in early action. Veeco Instruments (VECO 35.58, -2.18) is sliding 6.0% after Deutsche Bank downgraded the shares from ‘buy' to ‘hold.' Peer STR Holdings (STRI 3.23, -0.11) is lower by 3.3%.DJ30 -15.03 NASDAQ -0.30 SP500 -1.31 NASDAQ Adv/Vol/Dec 965/188.2 mln/1146 NYSE Adv/Vol/Dec 1250/65.7 mln/1474

09:45 am : The S&P 500 remains down 0.1% in early trade.

The consumer staples sector is one of the early leaders. Within the group, Sysco (SYY 29.70, +0.86) is higher by 3.2% after reporting earnings and revenues ahead of expectations. Peer SUPERVALU (SVU 2.47, +0.03) is adding 0.8% as it piggybacks on the strong results reported by Sysco.

Campbell Soup (CPB 34.47, +1.16) is also contributing to strength within consumer staples. The packaged food producer is up 3.5% after Goldman Sachs upgraded the stock from ‘sell' to ‘conviction buy.'DJ30 -20.32 NASDAQ +0.69 SP500 -1.79 NASDAQ Adv/Vol/Dec 911/124.3 mln/1166 NYSE Adv/Vol/Dec 1148/51.8 mln/1527

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -2.00. Heading into the open, the S&P 500 futures are down 0.2%.

Green Mountain Coffee Roasters (GMCR 25.35, +0.92) is higher by 3.8% after reports indicated insider purchases by three directors took place during the last week.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -0.50. Futures have come off their pre-market highs with the S&P 500 futures now down 0.1%.

The euro trades near 1.2355 against the dollar after adding 0.5%. The rise follows Italy's debt auction where EUR 8 billion of one-year bills was sold. The debt cleared the market at 2.767%, which is higher than last month's auction which yielded 2.697%. However, the bid-to-cover was 1.69, better than last month's 1.55. The increased interest in Italian debt lifted the euro against other currencies as well. The single currency is higher by 0.6% against the yen, at 96.80.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +0.50. The major Asian bourses finished mixed following Japan's disappointing preliminary GDP reading for the second quarter. The Japanese economy expanded at an annualized 1.4% in the quarter which was well below the 2.7% that had been anticipated. However, losses were limited across most of the region as investors continue to hold out hope central banks will provide more stimulus.

In Japan, the Nikkei ended off by 0.1% as the GDP miss fueled further calls for more stimulus. Sharp dropped 4.3% as the fallout from last week's guidance revision continues to weigh on shares. Meanwhile, Nippon Sheet Glass surged 10.7% after announcing it would resume construction of a touch screen panel plant in Vietnam.

Hong Kong's Hang Seng finished lower by 0.3% as shares slipped for a second session. Brokerage firms were under pressure as Citic Securities tumbled 7.3% and Haitong Securities slumped 4.4% on earnings concerns. Real estate developers were firm following a strong land auction as Cheung Kong rallied 0.8% and Henderson Land gained 1.0%.

In China, the Shanghai Composite settled down 1.5% as brokerage and real estate names weighed. Citic Securities paced the decline with a 9.1% decline on talk the co saw large overseas losses. Rivals GF Securities and Guoyuan Securities lost 7.6% and 8.2% respectively. Meanwhile, property stocks were weak on fears Beijing will continue to clamp down on the sector. China Vanke and Poly Real Estate were among the biggest decliners, falling 4.2% and 4.1% respectively.

European markets are modestly higher, rebounding from a slightly lower open. Significant macro data points were light and volumes were lower than normal. Over the weekend, Germany's Economy Minister Philipp Roesler voiced his disappointment on the limited progress from Greece. Finland's prime minister reaffirmed his opposition to granting the ESM a banking license and said he is not convinced the ECB should follow through with additional government bond purchases. European indices have recovered from opening in the red with France's CAC up 0.4% and Germany's DAX higher by 0.3%. UK's FTSE remains in the red, down by 0.1%.

French financials are leading the CAC. Societe Generale and Credit Agricole are up 1.8% and 1.6% respectively. Industrial stocks are weighing on the index. Factory builder Technip is down 1.8% and building material supplier Lafarge is lower by 1.2%.

Germany's DAX is being supported by drug maker Merck and business software provider SAP. The two stocks are up 1.5% and 1.1% respectively. Auto makers are lagging behind with truck maker MAN down 1%. Daimler and BMW are each lower by 0.9%.

In the UK, financials are showing strength as Standard Chartered leads the way, up 1.4%. Barclays is also higher on the day, currently up 1.1%. Petrofac is sinking 5.9% after the company announced lower profit growth expectations in the second half of the year. Miner Vedanta Resources is sliding 2.3% in a related move.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +1.00. U.S. equity futures have come off pre-market highs amid quiet trade. The S&P 500 futures point to a flat open.

The global equity markets are painting a mixed picture to open the week. In Asia, the major indices closed lower, led by the Shanghai Composite which closed down 1.5% after the weekend came and went without any additional stimulus from the PBOC. Expectations for additional easing in China have helped markets shake off disappointing data recently. Japan disappointed markets when it posted its Q2 preliminary GDP growth reading at 0.3%. Talks of increased stimulus circulated through the market, helping to buoy the Nikkei to a nearly unchanged close.

In Europe, markets are modestly higher, rebounding from a slightly lower open. Significant macro data points were light and volumes were lower than normal. Over the weekend, Germany's Economy Minister Philipp Roesler voiced his disappointment on the limited progress from Greece. Finland's prime minister reaffirmed his opposition to granting the ESM a banking license and is not convinced the ECB should follow through with additional government bond purchases. Germany's DAX is up 0.3%, France's CAC is up 0.5% while the UK's FTSE is lower by 0.1%.

Today's pre-market action is limited as no major earnings releases are being digested by investors. However, some names are making notable moves.

Sprint Nextel (S 5.04, +0.12) is advancing 2.4% after the wireless provider received an upgrade to Buy from Neutral at Bank of America/Merrill Lynch.

Groupon (GRPN 7.50, +0.06) is up 0.8% ahead of releasing earnings following today's close.

There is no notable economic news scheduled to be released today.

06:25 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: flat.

06:25 am : Nikkei...8885.15...-6.30...-0.10%. Hang Seng...20081.36...-54.80...-0.30%.

06:25 am : FTSE...5841.87...-5.20...-0.10%. DAX...6947.73...+3.20...+0.10%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
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