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 Post subject: August 28th Tuesday 2012 Emini TF ($TF_F) points +11.60
PostPosted: Tue Aug 28, 2012 10:56 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
082812-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-1160.png
082812-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-1160.png [ 77.57 KiB | Viewed 265 times ]

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

Price Action Trade Performance for Today: +11.60 points or $1160 dollars in the Russell 2000 Emini TF ($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=1306.

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.

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

Wall Street Ends Flat, Volume Among Lightest Of Year

By Caroline Valetkevitch
NEW YORK | Tue Aug 28, 2012 8:29pm EDT

(Reuters) - Stocks ended little changed in another day of scarce activity on Tuesday after mixed economic data gave investors little reason to shift their focus from Federal Reserve Chairman Ben Bernanke's speech on Friday.

The Fed chief is scheduled to address a conference of central bankers in Jackson Hole, Wyoming, and could announce new measures to boost growth. While Bernanke is expected to keep alive expectations for a third round of major bond buying by the Fed, or quantitative easing, he could keep markets guessing about the actual timing.

Volume was among the lightest of the year after Monday's lightest trading in 2012. August is a slow season, and investors mostly stayed on the sidelines, anticipating Bernanke's speech.

"I don't think you can read a lot from what's going on in the market right now," said John Fox, co-manager of the FAM Value Fund, in Cobleskill, New York. "Because there's nothing going on, everyone is waiting for the speech on Friday."

The latest sign of slowing in the global economy added to expectations for more central bank stimulus. Japan cut its assessment of economic growth, citing a deceleration in U.S. and Chinese demand for Japanese exports.

U.S. consumer confidence unexpectedly weakened in August to its lowest in nine months as Americans turned more pessimistic about the short-term outlook, according to the Conference Board.

But in another report, the S&P/Case Shiller composite index of 20 metropolitan areas showed U.S. home prices rose for a fifth consecutive month, a sign of slow improvement in the housing sector.

Among the day's biggest gainers, Lexmark International Inc (LXK.N) jumped 13.7 percent to $21.62 after it said it would stop making inkjet printers, cut about 1,700 jobs, and focus on its more profitable imaging and software businesses.

The NYSEArca computer hardware index .HWI rose 1.2 percent. Shares of Hewlett Packard (HPQ.N), which has a substantial portion of inkjet sales, were down 1.8 percent at $16.90.

The Dow Jones industrial average .DJI was down 21.68 points, or 0.17 percent, at 13,102.99. The Standard & Poor's 500 Index .SPX slipped 1.14 points, or 0.08 percent, at 1,409.30. The Nasdaq Composite Index .IXIC edged down 3.95 points, or 0.13 percent, at 3,077.14.

Volume was 4.60 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with Monday's 2012 low 4.46 billion shares. The year-to-date average is about 6.6 billion.

The S&P 500 has been pinned in a fairly tight range over the last three weeks, finding a support level at 1,400 while also unable to convincingly pierce the April high of 1,422.38, which has acted as a resistance point. The index has been unable to muster a move of at least 1 percent in either direction since August 3.

Among other gainers, PVH Corp (PVH.N) raised its full-year earnings outlook for the third time this year as it expects its European business to grow and its flagship Tommy Hilfiger brand to remain popular with shoppers. Shares climbed 4.8 percent to $92.77.

Movado Group Inc (MOV.N) shares were up 17.4 percent at $35.36 after hitting an all-time high of $36.11. The watchmaker reported a higher second-quarter profit and raised its full-year earnings forecast for the second time.

Advancers outpaced decliners on the NYSE by about 4 to 3 and on the Nasdaq by about 14 to 9.

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Market Update

4:10 pm : Equities spent the majority of today's 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.

In other economic news, the June Case-Shiller 20-city Home Price Index rose by 0.5% while a 0.3% decline had been generally expected.

The Dow Jones Transportation Average continued its recent streak of underperformance as the group shed 0.2%. Airline stocks showed the most weakness with Delta Air Lines (DAL 8.68, -0.38) down 4.0% while JetBlue Airways (JBLU 4.89, -0.13) and United Continental Holdings (UAL 18.53, -0.49) both slipped 2.6%. Meanwhile, trucking company Landstar System (LSTR 49.52, +0.65) added 1.3% as it was the only notable advancer in the group.

Coal stocks were down today as the Market Vectors Coal ETF (KOL 23.15, -0.29) ended lower by 1.2%. Elsewhere, Joy Global (JOY 53.07, -1.30) dropped 2.4% while Arch Coal (ACI 6.21, -0.17) and Peabody Energy (BTU 22.36, -0.44) dipped near 2.0% each. The declines did not appear to be news-driven. Instead, the individual names traded lower on industry-wide weakness.

The materials sector was among the weakest performers. Steelmaker AK Steel (AKS 5.23, -0.42) slumped 7.4% after UBS downgraded the stock from ‘neutral' to ‘sell' and lowered the price target from $5.50 to $4.00. Peers ArcelorMittal (MT 15.08, -0.19) and United States Steel (X 20.43, -0.18) are down between 0.8% and 1.2%.

Poultry producer Sanderson Farms (SAFM 44.05, +3.46) surged 8.5% after delivering mixed results which showed a beat on revenues and a slight earnings miss. The company cautioned against higher grain prices putting pressure on input costs, and said they will run plants at six percent below capacity until conditions improve. Peers Pilgrim's Pride (PPC 5.29, +0.36) and Tyson Foods (TSN 15.62, +0.68) ended higher by 7.3% and 4.6%, respectively.

Luxury goods maker Movado (MOV 35.36, +5.25) soared 17.4% after beating earnings expectations by $0.14 a share. The quarterly report was mixed as the company missed on revenues, but raised their full-year 2013 guidance. Two more producers of luxury goods were firmly higher before reporting their earnings tomorrow morning. Jos. A Bank (JOSB 41.63, +1.41) advanced by 3.5% while Zale (ZLC 4.12, +0.29) jumped 7.6%.

Investors will look to a full slate of economic data tomorrow. The MBA Mortgage Index will be reported at 7 AM ET while GDP-second estimate will cross the wires at 8:30 AM ET. In addition, pending home sales will be announced at 10 AM ET, and the Fed's Beige Book for August will be released at 2 PM ET.DJ30 -21.68 NASDAQ +3.95 SP500 -1.14 NASDAQ Adv/Vol/Dec 1435/1.32 bln/995 NYSE Adv/Vol/Dec 1671/516.7 mln/1292

3:35 pm : Crude oil rose in today's pit trade as Hurricane Isaac poses concerns over production in the Gulf of Mexico. The U.S. Department of Interior's Bureau of Safety and Environmental Enforcement now estimates that ~ 93.28% of the current daily oil production in the Gulf of Mexico has been shut-in. The energy component fell to a session low of $95.43 per barrel in morning action but quickly recovered. It ultimately settled 0.8% higher at $96.31 per barrel, just below its session high of $96.45 per barrel.

Natural gas climbed to a floor session high of $2.68 per MMBtu but gave up the gain as it fell into negative territory in afternoon action. It closed 1.5% lower at its session low of $2.61 per MMBtu despite estimates that ~ 66.7% of the current daily natural gas production in the Gulf of Mexico has been shut-in due to Isaac.

Precious metals spent their entire floor sessions in the red despite a decline in the dollar index. Gold touched a session low of $1664.60 per ounce moments after pit trade opened but found buying support following lower-than-anticipated Consumer Confidence Index data.

The yellow metal climbed as high as $1674.40 per ounce but a slight pull-back heading into the close had prices settle 0.4% lower at $1669.60 per ounce. Silver dipped to a session low of $30.65 per ounce but also managed to erase some of the loss as it closed with a 0.5% loss at $30.88 per ounce.DJ30 -8.09 NASDAQ +4.98 SP500 +0.15 NASDAQ Adv/Vol/Dec 1412/1147.2 mln/1012 NYSE Adv/Vol/Dec 1693/371 mln/1245

3:00 pm : Unable to make a meaningful move in either direction, stocks remain confined to their afternoon range as the S&P 500 trades flat.

Luxury goods maker Movado (MOV 35.55, +5.44) is surging 18.1% after beating earnings expectations by $0.14 a share. The quarterly report was mixed as the company missed on revenues, but raised their full-year 2013 guidance. Two more producers of luxury goods are firmly higher before reporting their earnings tomorrow morning. Jos. A Bank (JOSB 41.40, +1.18) is up 2.9% while Zale (ZLC 4.07, +0.24) is higher by 6.3%.DJ30 +2.25 NASDAQ +5.68 SP500 +1.29 NASDAQ Adv/Vol/Dec 1372/986.3 mln/1038 NYSE Adv/Vol/Dec 1722/317.1 mln/1228

2:30 pm : Stocks remain in a narrow afternoon range just above the unchanged line.

Peregrine Pharmaceuticals (PPHM 2.30, +0.43) has seen considerable volatility in recent sessions. Shares of the biotech company slid 12.0% yesterday after a blog article called the company's valuation into question. However, the stock has been able to recover yesterday's losses as it surges 23.4%.DJ30 +0.07 NASDAQ +5.79 SP500 +1.07 NASDAQ Adv/Vol/Dec 1347/903.8 mln/1040 NYSE Adv/Vol/Dec 1650/289.4 mln/1278

2:00 pm : Stocks have been unable to find direction as the major averages remain unchanged.

The Dow Jones Transportation Average continues its recent streak of underperformance as the group is down 0.3%. Airline stocks are showing the most weakness with Delta Air Lines (DAL 8.71, -0.35) down 3.9% while JetBlue Airways (JBLU 4.91, -0.11) and United Continental Holdings (UAL 18.53, -0.49) are lower by 2.2% and 2.6%, respectively. Meanwhile, trucking company Landstar System (LSTR 49.37, +0.50) is making the only notable advance within the group, up 1.0%.DJ30 -13.76 NASDAQ +4.40 SP500 -0.42 NASDAQ Adv/Vol/Dec 1343/838.4 mln/1022 NYSE Adv/Vol/Dec 1581/268.9 mln/1334

1:30 pm : Lackluster trade has stocks within points of the unchanged line as the S&P 500 trades flat.

Coal stocks are down today as the Market Vectors Coal ETF (KOL 23.17, -0.27) is lower by 1.2%. Arch Coal (ACI 6.19, -0.19) is sliding 2.9% while Peabody Energy (BTU 22.38, -0.42) and Joy Global (JOY 53.43, -0.93) are both down near 2.0%. The declines do not appear to be news-driven. Instead, the individual names are lower on industry-wide weakness.DJ30 -8.12 NASDAQ +5.12 SP500 -0.01 NASDAQ Adv/Vol/Dec 1352/773.9 mln/990 NYSE Adv/Vol/Dec 1600/249.3 mln/1288

1:00 pm : Following a slightly lower open, stocks have spent the duration of the session trying to shake off disappointing consumer confidence data and break into positive territory. At midday, the S&P 500 is up 0.1% while the Nasdaq is higher by 0.2%.

The August consumer confidence report printed at 60.6, which is the lowest level in nine months. Expectations called for a reading of 65.7 and today's print follows the prior month's reading of 65.9.

Elsewhere, the June Case-Shiller 20-city Home Price Index rose by 0.5% while a 0.3% decline had been generally expected.

The consumer discretionary sector is outperforming the broader market. The group is being paced by Target (TGT 64.27, +0.92), which is higher by 1.5% after announcing a partnership with Montreal Fashion Week. The retailer will have a strong presence at the fashion event as it plans to open up to 135 stores in Canada starting next year. Other sector components are posting more modest gains with Amazon (AMZN 245.80, +1.88) and Home Depot (HD 56.81, +0.43) up 0.8% each.

As most technology stocks trade in-line with the broader market, Lexmark (LXK 22.04, +3.03) is surging 15.9% after announcing plans to close its inkjet printer unit. The announcement will result in 1,700 job cuts as well as the closing of a manufacturing facility in Cebu, Philippines. Also included were plans of a share buyback program. Peer Xerox (XRX 7.38, +0.08) is higher by 1.0%.

Poultry producer Sanderson Farms (SAFM 43.83, +3.24) is surging 8.0% after delivering mixed results which showed a beat on revenues and a slight earnings miss. The company cautioned against higher grain prices putting pressure on input costs and said they will run plants at six percent below capacity until conditions improve. Peers Pilgrim's Pride (PPC 5.24, +0.31) and Tyson Foods (TSN 15.61, +0.66) are higher by 6.3% and 4.5%, respectively.

The materials sector is among the weakest performers. Steelmaker AK Steel (AKS 5.25, -0.40) is sliding 7.1% after UBS downgraded the stock from ‘neutral' to ‘sell' and lowered the price target from $5.50 to $4.00. Peers ArcelorMittal (MT 15.09, -0.18) and Steel Dynamics (STLD 12.22, -0.13) are down between 1.0% and 1.2%. Elsewhere, United States Steel (X 20.49, -0.12) is lower by 0.6%.DJ30 +7.04 NASDAQ +7.72 SP500 +1.68 NASDAQ Adv/Vol/Dec 1396/701.3 mln/927 NYSE Adv/Vol/Dec 1690/226.5 mln/1196

12:30 pm : Following a brief stay in the red, equities have returned to positive territory with the S&P 500 up 0.1%.

The materials sector is among the weakest performers. Steelmaker AK Steel (AKS 5.27, -0.38) is sliding 6.7% after UBS downgraded the stock from ‘neutral' to ‘sell' and lowered the price target from $5.50 to $4.00. Peers ArcelorMittal (MT 15.10, -0.17) and Steel Dynamics (STLD 12.26, -0.09) are down between 0.7% and 1.1%. Elsewhere, United States Steel (X 20.55, -0.06) is lower by 0.3%.DJ30 +11.19 NASDAQ +9.28 SP500 +1.85 NASDAQ Adv/Vol/Dec 1378/638.2 mln/927 NYSE Adv/Vol/Dec 1663/208.8 mln/1194

12:00 pm : Equities are holding near the middle of the day's range as the S&P 500 trades flat.

Sanderson Farms (SAFM 44.00, +3.41) is surging 8.4% after delivering mixed results which showed a beat on revenues and a slight earnings miss. The company cautioned against higher grain prices putting pressure on input costs and said they will run plants at six percent below capacity until conditions improve. Peers Pilgrim's Pride (PPC 5.24, +0.31) and Tyson Foods (TSN 15.50, +0.56) are higher by 6.2% and 3.8%, respectively.DJ30 +1.20 NASDAQ +5.39 SP500 +0.54 NASDAQ Adv/Vol/Dec 1316/560.8 mln/961 NYSE Adv/Vol/Dec 1583/188.1 mln/1244

11:30 am : The major averages hold little changed with the S&P 500 off by 0.1%.

As most technology stocks trade in-line with the broader market, Lexmark (LXK 21.67, +2.66) is surging 13.9% after announcing plans to close its inkjet printer unit. The announcement will result in 1,700 job cuts as well as the closing of a manufacturing facility in Cebu, Philippines. Also included were plans of a share buyback program. Peer Xerox (XRX 7.38, +0.08) is higher by 1.1%.DJ30 -8.94 NASDAQ -0.36 SP500 -0.92 NASDAQ Adv/Vol/Dec 1196/480.9 mln/1047 NYSE Adv/Vol/Dec 1491/167.9 mln/1320

11:00 am : After breaking into positive territory, the major averages continue to trade just above their respective unchanged lines.

The consumer discretionary sector is outperforming the broader market. The group is being paced by Target (TGT 64.39, +1.03), which is higher by 1.6% after announcing a partnership with Montreal Fashion Week. The retailer will have a strong presence at the fashion event as it plans to open up to 135 stores in Canada starting next year. Other sector components are posting more modest gains with Amazon (AMZN 244.71, +0.79) and Starbucks (SBUX 49.30, +0.16) up 0.3% each.DJ30 +9.80 NASDAQ +2.36 SP500 +0.82 NASDAQ Adv/Vol/Dec 1180/391.8 mln/992 NYSE Adv/Vol/Dec 1602/140.2 mln/1162

10:35 am : The dollar index has been trending lower this morning, which has given only select commodities a boost.

Oct crude oil has been trading higher almost all session and traded as high as $96.53/barrel. Since then, it has beeb back in negative territory, but that was short-lived. Crude is now showing modest gains and is back above $96, currently up 0.6% at $96.00/barrel.

Sept natural gas has been in the red so far for most of today's session. Earlier this morning, nat gas rallied 2.3% off its session low of $2.61, which pushed it into positive territory. Nat gas is now +0.3% at $2.66/MMBtu.

Dec gold and Sept silver Sept copper is -0.4% at $3.47/lb have both been in negative territory all session so far but have generally been trending higher. Gold and silver rallied a following the consumer confidence numbers and are still lower. Gold is showing a modest loss of 0.1%, now at $1673.30, while silver is down 0.5% at $30.89/oz. Sept copper is currently -0.3% at $3.47/lb.DJ30 +9.08 NASDAQ +4.15 SP500 +1.58 NASDAQ Adv/Vol/Dec 1340/307.5 mln/807 NYSE Adv/Vol/Dec 1746/118 mln/990

10:00 am : Equities are near session lows with the S&P 500 down 0.3%.

The latest consumer confidence reading for August came in at 60.6 while economists expected a reading of 65.7. This follows prior month's 65.9 print.DJ30 -31.31 NASDAQ -6.04 SP500 -3.63 NASDAQ Adv/Vol/Dec 872/178.1 mln/1153 NYSE Adv/Vol/Dec 1143/76.6 mln/1518

09:45 am : Equities are attempting to recover their early losses as all three indices near their unchanged lines.

The telecom sector is outperforming in the early going as the group is being supported by Crown Castle International (CCI 62.52, +0.47) and Sprint (4.85, +0.04). The two names are each higher by 0.8%.DJ30 -4.41 NASDAQ +2.45 SP500 -0.39 NASDAQ Adv/Vol/Dec 1105/90.6 mln/839 NYSE Adv/Vol/Dec 1507/49.8 mln/1067

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +1.80. U.S. futures have lifted off pre-market lows. However, they continue to indicate a slightly lower open.

Luxury goods maker Movado (MOV 34.42, +4.31) is surging 14.3% after beating earnings expectations by $0.14. The earnings report was mixed as the company missed on revenues, but raised their guidance.

Consumer confidence data will be reported at 10 AM ET.

The U.S. Treasury will auction off $35 billion in 2-yr notes.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -1.50. The June Case-Shiller 20-city Home Price Index rose 0.5% when a 0.3% decline had been generally expected. This comes against a prior month's reading of -0.7%.

The S&P 500 futures lifted off pre-market lows following the release.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -0.30. European indices are generally weaker across the board. The region's economic data was light as the German consumer confidence reading printed in-line with expectations. Spanish GDP was also in-line with expectations, showing a 0.4% quarter-over-quarter contraction. A decent short-term Italian bond auction came back with an improved bid-to-cover ratio and lower yields. Spanish short-term debt auctioned off at lower yield than previous, but the 10-yr benchmark yield rose three basis points to 6.412%. Meanwhile, European Central Bank President Mario Draghi announced he will not attend the Jackson Hole meetings due to a heavy workload. France's CAC is down 0.7% while Germany's DAX is off by 0.5% and UK's FTSE is lower by 0.2%.

In France, most stocks are in the red with industrials showing weakness. Bouygues and Cie de St-Gobain are each down 2.1%. Utility stocks are managing to stay positive with Electricite de France and Veolia Environnement up 1.1% and 0.5% respectively.

Germany's DAX is under pressure as technology and financials weigh on the index. Infineon Technologies is down 1.5% while Deutsche Bank is lower by 1.3%. Few names are able to scratch out gains with consumer names Beiersdorf and Henkel up 1.2% and 1.9% after Deutsche Bank recommended buying shares of the two companies.

In the UK, mining stocks are firmly lower with Eurasian Natural Resources and Kazakhmys down 3.0% and 2.6% respectively. Shares in the communications space are higher with ITV up 2.0% and BT Group higher by 0.9%.

The major Asian averages closed mixed as traders await the outcome of this week's Jackson Hole Symposium. The Japanese government downgraded its economic assessment due to slowing exports, causing the Nikkei to underperform and close lower by 0.6%. Elsewhere, Hong Kong's trade deficit narrowed to HKD40.1 billion while a HKD48.6 billion reading was expected.

In Japan, the Nikkei slipped 0.6% as construction and power-related names led to the downside. Hitachi Construction Machinery and Komatsu both lost 2.1% while Chubu Electric Power and Kansai Electric Power both slid at least 10% after being downgraded at Credit Suisse.

Hong Kong's Hang Seng finished flat during a quiet trade. Hong Kong Exchange slipped 1.2% as light volume remains problematic. Elsewhere, automaker BYD gained 0.3% despite reporting net profit in the first-half of the year tumbled 94%.

In China, the Shanghai Composite advanced 0.9% as state-owned steelmakers and oil refiners rallied on hopes of share buybacks. Baoshan Steel surged 10% after announcing a buyback program. Sinopec and PetroChina added 5.4% and 2.1% as traders speculate they may be the next state-owned enterprises to see such action.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +2.00. U.S. equity futures have been trading in a narrow range and are currently pointing to a flat open.

Overnight, Asian markets were mixed. The Nikkei slipped 0.6% following Japan's lowered economic assessment in the Monthly Cabinet Economic Report which also provided cautious outlook for the world economy, exports, and industrial production. The Shanghai Composite caught a late session bid, advancing nearly 1.0% as chatter that the Peoples Bank of China could enact new reverse repurchase offerings. Also, the Shanghai Daily foresees a rise in coal prices as the year progresses, citing an improvement in demand and inventory declines. In Hong Kong, the Hang Seng finished flat.

In Europe, the major indices are generally weaker across the board. There is little driving this from a macro data standpoint, as the German consumer confidence reading printed in-line with expectations. Spanish GDP was also in-line with expectations, showing a 0.4% quarter-over-quarter contraction. A decent short-term Italian bond auction came back with an improved bid-to-cover ratio and lower yields. Spanish short-term debt auctioned off at lower yield than previous, but the 10-yr benchmark yield rose three basis points to 6.412%. Meanwhile, European Central Bank President Mario Draghi announced he will not attend the Jackson Hole meetings due to a heavy workload. Nearing midday, France's CAC is down 0.8% while Germany's DAX is off by 0.5% and UK's FTSE is flat.

With futures indicating a flat open, pre-market moves are limited to just a handful of listings.

PVH (PVH 92.50, +4.01) is higher by 4.5% after reporting in-line revenues and beating on earnings. The company also issued upside guidance, saying its Tommy Hilfiger brand performed well in Europe despite the ongoing economic headwinds in that region.

Molycorp (MCP 10.08, +0.56) is up 5.9% after announcing the start-up of a new rare earth concentrate operation at Mountain Pass, CA.

Depomed (DEPO 5.49, +0.38) is advancing by 7.4% following the licensing of its gastric retentive drug delivery technology to Janssen Pharmaceuticals.

In economic news, the Case-Shiller 20-city Index will be reported at 9 AM ET while consumer confidence data will cross the wires at 10 AM ET.

The U.S. Treasury will auction off $35 billion in 2-yr notes.

06:24 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.50.

06:24 am : Nikkei...9033.29...-52.10...-0.60%. Hang Seng...19811.80...+13.10...+0.10%.

06:24 am : FTSE...5774.21...-7.40...0.00. DAX...7021.59...-25.80...-0.40%.

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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