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 Post subject: August 21st Tuesday 2012 Emini TF ($TF_F) points +30.10
PostPosted: Wed Aug 22, 2012 8:59 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: +30.10 points or $3010 dollars in the Russell 2000 Emini TF ($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=1301.

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 End Lower

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

NEW YORK (CNNMoney) -- U.S. stocks ended lower Tuesday, after the S&P 500 briefly rose above its highest closing level in four years.

The Dow Jones industrial average, the S&P 500 and the Nasdaq were fell between 0.3% and 0.5%.

Traders said the market was ripe for a pullback after the S&P 500 rose to a high of 1,426, surpassing its May 15, 2008, close of 1,423.

"The market was overbought," said Peter Boockvar, chief market strategist with Miller Tabak & Co. "We've been going up every single day."

All three indexes are trading around the highest levels in four years, but the volume of shares being bought and sold has been exceptionally low.

Shares of Apple (AAPL, Fortune 500) fell one day after the stock rose to a new record high. In addition, Apple was downgraded to "hold" by analysts at Oracle Investment Research, who cited concerns about the "hype" surrounding the widely-held stock.

With no U.S. economic data and few corporate reports on the agenda, investors focused on developments in Europe.

Spain drew strong demand at an auction Tuesday of €3.5 billion of short-term Treasury bills. The nation's borrowing costs have come down significantly since European Central Bank president Mario Draghi suggested the ECB could buy Spanish bonds if Madrid requests support from the eurozone bailout fund. Italian bond yields also fell, as many investors see Italy as vulnerable to contagion from Spain.

* Fear & Greed Index steeped in greed

Meanwhile, investors are also keeping tabs on the Federal Reserve.

The central bank will release minutes from its July meeting Wednesday afternoon. While the Fed didn't announce any further stimulus measures at its latest meeting, investors will look for clues about whether quantitative easing could be coming when chairman Ben Bernanke speaks at the Jackson Hole, Wyo., symposium at the end of the month.

The market has been supported by a "central bank put," said Boockvar, which has caused investors to overlook a deteriorating outlook for economic and earnings growth.

As the second-quarter earnings season draws to a close, analysts at S&P Capital IQ are predicting an overall earnings growth rate of 0.86% for the companies in the S&P 500. That would be the lowest growth rate since the third-quarter of 2009.

World Markets: European stocks closed higher. Britain's FTSE 100 ticked up 0.6%, the DAX in Germany added 0.8% and France's CAC 40 gained 1.1%.

Asian markets closed mixed. The Shanghai Composite gained 0.5% , while Japan's Nikkei edged lower by 0.2% and the Hang Seng in Hong Kong ended flat.

Companies: Best Buy (BBY, Fortune 500) reported earnings early Tuesday that fell far short of analyst expectations, sending the retailer's stock down sharply. Best Buy also cut its outlook and suspended its stock buyback plan.

The disappointing report comes after the company announced that it had reached an impasse with founder Richard Schulze in his attempt to buy its outstanding shares, and named Hubert Joly, the former head of Carlson Wagonlit Travel, as its new CEO.

Barnes & Noble (BKS, Fortune 500) reported a loss of 78 cents a share -- 20 cents better than analysts had expected. The bookseller credited sales of the "50 Shades of Grey" trilogy for boosting its bottom line.

Dell (DELL, Fortune 500) reported its quarterly results after the closing bell Tuesday. It posted earnings of 50 cents a share, topping forecasts. But shares fell after hours on disappointing guidance.

Shares of Urban Outfitters (URBN) soared after the retailer reported second-quarter earnings that beat analyst expectations late Monday, leading to multiple analyst upgrades.

* Why oil bulls may get burned

Shares of Facebook (FB) continued to slide Tuesday, following news that one of the social networking site's first big investors sold most of his stake. Peter Thiel, who became a Facebook investor in 2004, sold 16.8 million shares in the IPO, netting $640 million.

Hedge fund manager George Soros said Monday that he had taken a small stake in British soccer team Manchester United (MANU), which debuted on the New York Stock Exchange earlier this month.

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

Oil for September delivery rose 71 cents to end at $96.68 a barrel.

Gold futures for December delivery rose $19.90 to settle at $1,642.90 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield up to 1.85% from 1.82% late Monday.

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Market Update

4:20 pm : Equities got off to a strong start today but could not hold their gains into the afternoon. The S&P 500 briefly touched a 4-year high before retreating to session lows. Total volume was better than what has been seen in recent days, but remained well below average. The Dow underperformed and finished lower by 0.5% while the S&P 500 shed 0.4%.

Financial stocks outperformed the broader market as the components appeared to be benefit from the rotation out of traditionally safer stocks found in the utility and telecom sectors. Major names showed considerable intraday strength, but final gains were a bit slimmer due to the afternoon sell-off. JPMorgan Chase (JPM 38.04, +0.67) and Citigroup (C 30.73, +0.75) added 1.8% and 2.5%, respectively. Today's strength has Citigroup up nearly 16.0% since its earnings report in mid-July. European financials were even more exuberant as Deutsche Bank (DB 34.07, +1.38) and Credit Suisse (CS 18.68, +0.59) gained 4.2% and 3.3%, respectively.

The materials sector also showed strength. Within the group, A.M. Castle & Co (CAS 11.69, +2.47) surged 26.8% after Platinum Equity bought a 6.0% stake through metal processor Ryerson. The private equity firm also said it might try to buy the rest of the company. Meanwhile, Freeport-McMoRan (FCX 36.49, +1.13) advanced 3.2%.

The Dow Jones Transportation Average outperformed the market. After yesterday's rally in airline stocks was brought on by a fare hike, Delta Airlines (DAL 9.71, +0.25) enjoyed its second day of gains. Shares of the carrier ended higher by 2.6%. Trucking stocks were also stronger with Con-Way (CNW 31.24, +0.46) up 1.5%.

Coal stocks rallied after the U.S. Court of Appeals in Washington threw out an Environmental Protection Agency rule over limits on sulfur dioxide and nitrogen oxide emissions. Alpha Natural Resources (ANR 6.90, +0.40) jumped 6.2% on the news. Other coal names have faded some of the post-ruling gains, but they remained bid. Westmoreland Coal (WLB 7.94, +0.45) and Peabody Energy (BTU 23.79, +0.85) advanced by 6.0% and 3.7%, respectively.

Earlier today, tech giant Apple (AAPL 656.06, -9.08) marked an all-time high at $674.88, but some late morning selling dropped it into negative territory. The stock remained there for the remainder of the session and finished with a loss of 1.4%. Elsewhere, Daktronics (DAKT 9.43, +1.37) soared 17.0% after beating on earnings and revenues.

Shares within the telecommunications space weighed on the major averages. Neutral Tandem (IQNT 10.99, -0.56) slid 4.9% as selling pressure pushed the stock down to levels last seen in mid-March. Meanwhile, Verizon (VZ 42.89, -0.81) and AT&T (T 36.59, -0.30) ended lower by 1.9% and 0.8%, respectively.

There are a few names of interest remaining on the tail end of the earnings calendar. Dell (DELL 12.34, -0.22) will report earnings after today's close. The personal computer retailer is expected to earn $0.45 on $14.66 billion revenues. Meanwhile, Williams-Sonoma (WSM 38.23, +0.90) will also report after the bell. The culinary retailer is expected to report earnings of $0.41 on $863.84 million revenues.

Tomorrow morning, two apparel companies will report their quarterly results. Analysts expect American Eagle Outfitters (AEO 20.83, +0.38) to earn $0.21 on revenues of $738.72 million. Elsewhere, expectations call for Express (EXPR 16.90, -0.03) to earn $0.17 on $467.42 million revenues.

Tomorrow's economic calendar includes three releases. The MBA Mortgage Index will be announced at 7 AM ET, and existing home sales will be reported at 10 AM ET. Finally, the FOMC minutes will be released at 2 PM ET.DJ30 -68.06 NASDAQ -8.95 SP500 -4.96 NASDAQ Adv/Vol/Dec 1065/1.53 bln/1385 NYSE Adv/Vol/Dec 1309/640.9 mln/1648

3:30 pm : Crude oil traded higher in today's floor trade on a decline in the dollar and further tensions in the Middle East. Earlier today, reports suggested that President Obama has warned about military action against Syria if the country deploys chemical or biological weapons. The energy component climbed to a session high of $97.85 per barrel but lost steam in afternoon action. Despite the pull-back, crude still managed to book a gain of 0.6% as it settled at $96.89 per barrel.

Natural gas fell 11 cents, or 4%, to a floor session low of $2.70 per MMBtu following reports that a U.S. Court put on hold an EPA rule over limits on sulfur dioxide and nitrogen oxide emissions. However, concerns over weather-related disruption of production in the Gulf had buyers step in and quickly correct the move. It then popped to a session high of $2.84 per MMBtu, but a sell-off heading into the close left natural gas to settle unchanged at $2.78 per MMBtu.

Precious metals gained steam as the dollar fell in response to reports of further evidence that the ECB may be moving toward capping yields on Italy and Spain. In addition, Spain held a successful auction which has helped sentiment.

Gold traded higher for a fifth consecutive pit session and touched a new three-and-a-half month high of $1643.60 per ounce. The yellow metal then traded in a consolidative pattern and settled with a 1.2% gain at $1642.90 per ounce.

Silver also climbed higher in today's floor trade. It came off its session low of $28.92 per ounce and settled with a solid 2.9% gain at $29.42 per ounce, or just below its session high of $29.44 per ounce.DJ30 -77.13 NASDAQ -13.49 SP500 -6.32 NASDAQ Adv/Vol/Dec 1026/1301.8 mln/1417 NYSE Adv/Vol/Dec 1215/430 mln/1745

3:00 pm : Heading into the final hour, stocks remain near session lows. The S&P 500 is down 0.3%.

There are a few names of interest remaining on the tail end of the earnings calendar. Dell (DELL 12.39, -0.17) will report earnings after today's close. The personal computer retailer is expected to earn $0.45 on $14.66 billion revenues. Meanwhile, Williams-Sonoma (WSM 37.94, +0.61) will also report after the bell. The culinary retailer is expected to report earnings of $0.41 on $863.84 million revenues.

Tomorrow morning, two apparel companies will report their quarterly results. Analysts expect American Eagle Outfitters (AEO 20.66, +0.21) to earn $0.21 on revenues of $738.72 million. Elsewhere, expectations call for Express (EXPR 16.99, +0.06) to earn $0.17 on $467.42 million revenues.DJ30 -52.07 NASDAQ -8.85 SP500 -3.65 NASDAQ Adv/Vol/Dec 1175/1.15 bln/1253 NYSE Adv/Vol/Dec 1426/375.8 mln/1512

2:30 pm : Stocks are hovering near session lows with the Dow as the weakest performer, down 0.3%.

The Dow Jones Transportation Average is outperforming the market. After yesterday's rally in airline stocks was brought on by a fare hike, Delta Airlines (DAL 9.66, +0.21) is enjoying its second day of gains. Shares of the carrier are higher by 2.2%. Trucking stocks are also stronger with Con-Way (CNW 31.30, +0.52) up 1.7%.DJ30 -37.40 NASDAQ -4.86 SP500 -1.84 NASDAQ Adv/Vol/Dec 1234/1.08 bln/1180 NYSE Adv/Vol/Dec 1541/346.4 mln/1419

2:00 pm : Equities have been unable to hold their early session gains. All three indices are now firmly in the red. The Nasdaq is the worst performer, down 0.3%.

Up 2.9%, silver is making a considerable advance for the second day in a row. Yesterday's bid has pushed the metal past the $28.00 resistance which has been a common congestion area over the course of the year. Today's buying has lifted silver to $29.42 which was last seen in early June.

Silver stocks are outperforming with Silvercorp Metals (SVM 5.79, +0.27) and Silver Wheaton (SLW 33.71, +1.32) up 4.9% and 4.0%, respectively.DJ30 -27.51 NASDAQ -9.42 SP500 -1.48 NASDAQ Adv/Vol/Dec 1210/1.01 bln/1194 NYSE Adv/Vol/Dec 1605/323.8 mln/1351

1:30 pm : Stocks are trying to remain in the black as the Dow and Nasdaq have slipped into negative territory. The S&P 500 is flat.

Coal stocks are rallying after the U.S. Court of Appeals in Washington threw out an EPA rule over limits on sulfur dioxide and nitrogen oxide emissions. Alpha Natural Resources (ANR 6.90, +0.40) and James River Coal (2.74, +0.17) are higher by 6.6% each on the news. Other coal names have faded some of the gains but they remain bid. Peabody Energy (BTU 23.91, +0.97) and Westmoreland Coal (WLB 7.77, +0.28) are up near 4.0%.DJ30 -17.19 NASDAQ -6.69 SP500 -0.07 NASDAQ Adv/Vol/Dec 1311/916.5 mln/1070 NYSE Adv/Vol/Dec 1734/294.9 mln/1210

1:05 pm : Lifted by European strength, equities began the day on a positive note. However, shortly after the S&P 500 marked a fresh 4-year high, the major indices retreated towards their unchanged lines and have remained there since.

Financial stocks have been on a strong run today as they outperform the broader market. Major names are showing considerable strength with all holding gains in the neighborhood of 3.0%. JPMorgan Chase (JPM 38.34, +0.97) and Citigroup (C 30.79, +0.81) are up close to 2.5% each. Today's strength has Citigroup up nearly 16.0% since its earnings report in mid-July. European financials are even more exuberant with Deutsche Bank (DB 34.30, +1.61) surging 4.9% and Barclays (BCS 12.33, +0.34) up 2.8%. The financials appear to be benefiting from the rotation out of traditionally safer stocks found in the utility and telecom sectors.

The materials sector is also showing strength. Within the group, A.M. Castle & Co (CAS 10.73, +1.51) is surging 16.4% after metal processor Ryerson disclosed a 6.1% stake in the company. Meanwhile, Freeport-McMoRan (FCX 36.71, +1.35) is up 3.8%.

After leaping more than 5.0% yesterday, shares of solar companies continue to rally. First Solar (FSLR 24.46, +2.00) is surging by 8.9%. Meanwhile, Trina Solar (TSL 5.12, +0.28) is up in excess of 5.0%. There is no news driving these stocks as the sharp move higher resembles a short squeeze.

Technology stocks have weakened after Apple (AAPL 656.31, -8.84) slipped into the red. Earlier today, the tech giant marked an all-time high at $674.88, but has retreated since. Elsewhere, Daktronics (DAKT 9.59, +1.53) is surging 19.0% after beating on earnings and revenues.

Shares within the telecommunications space are weighing on the major averages. Neutral Tandem (IQNT 11.16, -0.38) is down 3.4% as selling pressure pushes the stock down to levels last seen in mid-March. Meanwhile, Verizon (VZ 43.05, -0.65) and AT&T (T 36.69, -0.19) are lower by 1.5% and 0.5%, respectively.DJ30 -9.86 NASDAQ -4.41 SP500 +0.30 NASDAQ Adv/Vol/Dec 1387/855.2 mln/996 NYSE Adv/Vol/Dec 1825/277.5 mln/1099

12:30 pm : As stocks continue to hover near the bottom of the day's range, the major indices are flat.

Shares within the telecommunications space are contributing to the downturn observed in stocks during the recent hour. Neutral Tandem (IQNT 11.07, -0.48) is down 4.2% as selling pressure pushes the stock down to levels last seen in mid-March. Meanwhile, Verizon (VZ 43.02, -0.68) and AT&T (T 36.65, -0.24) are lower by 1.6% and 0.7%, respectively.DJ30 -2.54 NASDAQ +1.46 SP500 +1.43 NASDAQ Adv/Vol/Dec 1451/766.3 mln/914 NYSE Adv/Vol/Dec 1907/250.3 mln/1016

12:00 pm : After marking fresh session highs, stocks have returned near the unchanged line. The S&P 500 is up 0.2%.

Technology stocks have weakened after Apple (AAPL 660.00, -5.15) slipped into the red. Earlier today, the tech giant marked an all-time high at $674.88, but has retreated since. Elsewhere, Daktronics (DAKT 9.62, +1.56) is surging 19.0% after beating on earnings and revenues.DJ30 +3.69 NASDAQ +4.73 SP500 +2.64 NASDAQ Adv/Vol/Dec 1540/691.3 mln/808 NYSE Adv/Vol/Dec 1955/225.1 mln/953

11:30 am : As European markets close near session highs, U.S. equities remain higher by 0.3%.

Financial stocks have been on a strong run today as they outperform the broader market. Major names are showing considerable strength as they all make gains in the neighborhood of 3.0%. JPMorgan Chase (JPM 38.34, +0.97) and Citigroup (C 30.85, +0.87) are up near 3.0% each. Today's strength has Citigroup up nearly 16.0% since its earnings report in mid-July. European financials are even more exuberant with Deutsche Bank (DB 34.57, +1.88) surging 5.7% and Barclays (BCS 12.47, +0.48) up 4.0%. The risky sector appears to be benefiting from rotation out of safer stocks found in utilities and telecom.DJ30 +24.36 NASDAQ +6.87 SP500 +4.02 NASDAQ Adv/Vol/Dec 1597/591.9 mln/707 NYSE Adv/Vol/Dec 2056/194.2 mln/834

11:00 am : Equities are making a steady climb to new highs with the S&P 500 up 0.5%.

After leaping more than 5.0% yesterday, shares of solar companies continue to rally. First Solar (FSLR 23.88, +1.42) is surging by 6.3%. Meanwhile, LDK Solar (LDK 1.61, +0.09) and Trina Solar (TSL 5.09, +0.25) are up in excess of 5.0%. There is no news driving these stocks as the sharp move higher resembles a short squeeze.DJ30 +49.26 NASDAQ +14.72 SP500 +6.97 NASDAQ Adv/Vol/Dec 1669/465.1 mln/588 NYSE Adv/Vol/Dec 2212/156.3 mln/654

10:35 am : The dollar index has been trending lower all session and is now down to a new six week low, which has given a boost to commodities.

Oct crude oil has been in positive territory all session so far and just hit a new session high of $97.85. In current activity, crude oil is +1.4% at 97.56/barrel. Natural gas futures, however, are showing some real action here this morning as nat gas dropped 4% in 10 minutes a short while ago, dropping to a new LoD of $2.70/MMBtu. In current trade, nat gas is -1.3% at $2.74/MMBtu.

Precious metals have shown some real strength here this morning. Shortly after pit trading began, both gold and silver rallied to new session highs. The current session high in gold is $1643.60, while silver's current high for the session so far is at $29.37. Dec gold is now +1% at $1639.80/0z and Sept silver is +2.3% at $29.25/oz.DJ30 57.07 NASDAQ 24.04 SP500 8.34 NASDAQ Adv/Vol/Dec 1702/372.6 mln/536 NYSE Adv/Vol/Dec 2215/133 mln/613

10:00 am : Equities continue to hover just beneath their early highs. The S&P 500 is up 0.3%.

Utility stocks are showing the most weakness as sector rotation into riskier stocks appears to be underway. The SPDR Utilities Select Sector ETF (XLU 36.97, -0.18) is off by 0.5%. Within the group, PG&E (PCG 44.45, -0.44) and Southern Company (SO 45.53, -0.44) are down near 1.0% each.DJ30 +28.92 NASDAQ +16.11 SP500 +5.28 NASDAQ Adv/Vol/Dec 1517/190.3 mln/613 NYSE Adv/Vol/Dec 2037/79.1 mln/672

09:50 am : Equities are maintaining their early after the S&P 500 briefly touched a 4-year high which dates back to May of 2008. The index is up 0.3%.

The materials sector is showing early strength. Within the group, A.M. Castle & Co (CAS 10.31, +1.09) is surging 11.8% after metal processor Ryerson disclosed a 6.1% stake in the company. Meanwhile, Freeport-McMoRan (FCX 36.58, +1.22) is up 3.4%.DJ30 +11.10 NASDAQ +13.00 SP500 +3.87 NASDAQ Adv/Vol/Dec 1389/130.1 mln/674 NYSE Adv/Vol/Dec 1915/62.7 mln/752

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +7.80. Heading into the open, futures are near pre-market highs with the S&P 500 futures up 0.3%.

Bookseller Barnes & Noble (BKS 12.90, +0.55) is higher by 4.5% after announcing earnings. The company delivered a mixed report which showed an earnings beat and a revenue miss.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +8.00. The major Asian bourses finished mixed as a sleepy trade navigates its way through August. Chinese shares were boosted by a report that Chongqing will invest $236 billion to upgrade its manufacturing infrastructure. Elsewhere, the Reserve Bank of Australia minutes suggested rates are likely to remain on hold in the coming months as bankers continue to keep a close eye on developments overseas, and failed to mention the impact of the strong Australian dollar on exporters. Vietnam's Ho Chi Minh Index plunged 4.7% following the arrest of business tycoon Nguyen Duc Kien. Data in the region was light as Hong Kong's CPI slowed sharply to 1.6% year-over-year (3.4% expected, 3.7% prior).

Japan's Nikkei slipped 0.2%, dropping the index off a three-month high. Construction machinery maker Komatsu fell 2.8% after receiving a downgrade at SMBC Nikko Securities while electronics maker Sharp rose 2.9% on reports it will cut approximately 15% of its workforce.

In Hong Kong, the Hang Seng finished unchanged as disappointing earnings from energy giant Cnooc were offset by strength in retailers. Cnooc tumbled 4.0% after first-half profits missed expectations and the company announced it was cutting its dividend by 40% in order to complete its $15.1 billion takeover of Canadian oil firm Nexen. Meanwhile, retail names were strong after several companies in the space announced profits fell less than expected. Athletic apparel co Li Ning jumped 7.0%.

In China, the Shanghai Composite ended higher by 0.5% as alcohol companies outperformed. Kweichow Moutai tacked on 1.4% to lead the space higher. Financials were weak as Bank of China and China Merchants Bank both slipped 0.7%.

European indices are broadly higher as the markets shrug off comments out of Germany's Bundesbank which once again reiterated its opposition towards European Central Bank purchasing government bonds. Meanwhile, Moody's analysts believe the EU debt crisis is at the half way point at best and thinks Greece and Ireland may need extensions into 2016 to improve their situations. European indices are firmly higher with France's CAC higher by 0.7%, Germany's DAX up 0.4%, and UK's FTSE rising by 0.3%.

In France, financials are leading higher. Insurer AXA and bank BNP Paribas are up 2.3% and 1.9%, respectively. Utilities and communications are lower as investors rotate into more risky stocks. France Telecom is down 0.8% while Veolia Environnement is off by 0.7%.

German stocks are being paced by industrial listings. HeidelbergCement is higher by 2.1% while steelmaker ThyssenKrupp is up 1.8%. Consumer stocks are lower as Merck and Henkel are both down 0.6%.

In the UK, miners are the top performers as copper prices increase. Vedanta Resources and Kazakhmys are up 3.0% and 2.7%, respectively. Gas and oil utility stocks are lower with Centrica down 1.0% and SSE lower by 0.6%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +4.50. Futures remain slightly elevated as they point to a higher open by 0.2%.

Best Buy (BBY 16.51, -1.65) is plunging 9.0% after delivering disappointing quarterly results. The report showed in-line revenues combined with an earnings miss. The company announced it will no longer issue guidance for the remainder of the year and its share repurchase program has been suspended.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +4.80. U.S. equity futures are pointing to a mildly higher open with the S&P 500 futures up 0.2%. The pre-market trade has been confined to a tight range and the light activity is consistent with the typical "summer doldrums" period.

The global equity markets are mostly higher this morning. Despite light market data, indices are finding strength. Stocks on the Shanghai Composite got some relief as the index rebounded from its recent sell-off. Easing talks continued as the Chinese press indicated that the government may introduce stimulus to support consumption later this year. Meanwhile, JP Morgan sees the Chinese economy bottoming in the fourth quarter versus its prior forecast of the second quarter. However, the Reserve Bank of Australia minutes indicated that China's growth appears to be stabilizing at a sustainable pace. The Shanghai Composite advanced 0.5% while Japan's Nikkei had a slight pullback from its recent run. The index slipped 0.2% while Hong Kong's Hang Seng finished flat.

European bourses are all on the rise as markets shrug off comments out of Germany's Bundesbank. The Central Bank once again reiterated its opposition towards the European Central Bank plan to purchase government bonds. Elsewhere, Moody's analysts believe the EU debt crisis is at the half way point at best and thinks Greece and Ireland may need extensions into 2016 to improve their situations. Nearing the midway point, European indices are higher with France's CAC up 0.5%, Germany's DAX higher by 0.4%, and UK's FTSE rising by 0.3%.

In U.S. trading, few individual equities are making notable moves in pre-market.

Urban Outfitters (URBN 36.50, +5.22) is surging 16.7% after reporting strong earnings which showed a beat on both earnings and revenues. URBN is also receiving multiple upgrades this morning.

Nordson (NDSN 60.00, +5.00) is higher by 9.1% after beating on revenues, earnings, and issuing upside guidance.

There is no notable economic data scheduled for release today.

06:15 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +5.50.

06:15 am : Nikkei...9156.92...-14.20...-0.20%. Hang Seng...20100.09...-4.20...0.00.

06:15 am : FTSE...5839.18...+14.80...+0.30%. DAX...7053.15...+19.60...+0.30%.

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
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