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 Post subject: August 30th Thursday 2012 Emini TF ($TF_F) points +14.40
PostPosted: Fri Aug 31, 2012 6:36 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: +14.40 points or $1440 dollars in the Russell 2000 Emini TF ($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=1308.

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis).

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718.

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=167&t=1561

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Market Summaries

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

U.S. Market Wrap

Aug. 30 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks retreated, trimming the third straight monthly advance for the benchmark Standard & Poor’s 500 Index, amid concern about a worsening of Europe’s debt crisis and of a further slowdown of the global economy.

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Market Update

4:15 pm : Equities hit session lows during the first hour of trade before spending the rest of the session climbing off those levels. Headlines out of Europe indicated the International Monetary Fund sees a "major challenge" in implementing measures for Greece. Another comment which rattled the markets came from Slovak Prime Minister, Robert Fico, who suggested there is a 50% chance of a euro area breakup. The news resulted in a sharp sell-off in risk assets as crude oil, gold, silver, and the euro all fell to session lows. Stocks were able to recover some of their losses before succumbing to late-day selling pressure which resulted in the S&P 500 closing lower by 0.8%.

Consumer staples showed slimmer losses than other sectors. Within the space, Costco Wholesale (COST 98.59, +1.48) advanced 1.5% after August same store sales increased by 6.0%. Other consumer names like Procter & Gamble (PG 66.88, +0.01), and CVS Caremark (CVS 45.20, -0.23) chopped around the unchanged line throughout the session as they resisted the broad market pressure.

Healthcare stocks also outperformed as few components moved on news. Sarepta Therapeutics (SRPT 14.40, +1.80) surged 14.3% after receiving some positive press over the course of the week. Today's advance came after a CBS affiliate in Jackson, MO profiled a 12-year old patient whose quality of life has improved exponentially thanks to Sarepta's Eteplirsen, which is a drug used in treatment of muscular dystrophy. Meanwhile, Sucampo Pharma (SCMP 4.98, +0.15) ended higher by 3.1% after the company's only holder of class B common stock converted all of its shares into class A common stock. Elsewhere, Geron (GERN 2.63, +0.22) and Oncolytics Biotech (ONCY 2.77, +0.13) moved higher after Stifel Nicolaus initiated coverage with a ‘buy' rating. The two stocks gained 9.1% and 4.9%, respectively on the news.

A handful of technology firms reported their earnings since yesterday's close. TIVO (TIVO 9.04, -0.32) slipped 3.4% after beating on earnings and guiding third quarter revenues below consensus. Elsewhere, Methode Electronics (MEI 9.38, +0.43) closed higher by 4.8% following an earnings beat and raised guidance, while CIENA (CIEN 13.46, -3.26) slumped 19.5% after posting an earnings miss and guiding lower.

Networking companies were under pressure after CIENA's cautious guidance. Management cited slower roll-outs, suggesting fewer funds are being used by corporations towards capital expenditures. The negative outlook spilled over to other networking companies as Juniper Networks (JNPR 17.75, -0.73), JDS Uniphase (JDSU 11.07, -0.68), and F5 Networks (FFIV 97.39, -4.70) lost between 4.0% and 6.0%. Meanwhile, Cisco Systems (CSCO 18.90, -0.30) outperformed, shedding 1.6%.

Energy stocks were one of the worst performers. With crude oil lower by 0.8%, the SPDR Energy Select Sector ETF (XLE 70.82, -0.76) fell 1.1% while most of the major names slipped in excess of 1.0%. Apache (APA 85.09, -1.44), Anadarko Petroleum (APC 68.26, -1.46), EOG Resources (EOG 105.89, -2.16), and Halliburton (HAL 32.81, -0.70) posted the widest losses and were all down roughly 2.0%.

The latest weekly initial jobless claims count totaled 374,000, which was higher than the expected 370,000. Today's tally matched the revised prior week count of 374,000. As for continuing claims, they fell to about 3.316 million from 3.321 million.

Separately, personal income increased by 0.3% in July, which was in-line with expectations. Personal spending rose by 0.4%, which was lower than the expected increase of 0.5%. Core personal consumption expenditures were unchanged month-over-month, against expectations of a 0.1% increase.

Tomorrow's economic data includes Chicago PMI at 9:45 ET, Michigan Sentiment at 9:55 ET, and factory orders at 10:00 ET.

Federal Reserve Chairman Ben Bernanke will comment on monetary policy in a highly anticipated address from Jackson Hole, WY at 10:00 ET.DJ30 -106.70 NASDAQ -32.48 SP500 -11.01 NASDAQ Adv/Vol/Dec 619/1.21 bln/1843 NYSE Adv/Vol/Dec 824/511.7 mln/2124

3:35 pm : Crude oil declined in today's pit trade as energy companies assessed Isaac's impact ahead of resuming production in the Gulf of Mexico. A stronger dollar also put pressure on the energy component. Crude fell off its session high of $95.49 per barrel and dipped as low as $93.95 per barrel in late morning action. It then spent the remainder of the session trading just above that level and settled with a 0.9% loss at $94.61 per barrel.

Natural gas trended higher for most of its floor session. It tanked to a session low of $2.64 per MMBtu following inventory data that showed a build of 66 bcf when a build of 65 bcf was anticipated. However, the move quickly corrected and natural gas popped right back into positive territory. It eventually settled 2.6% higher at $2.75 per MMBtu, just below its session high of $2.76 per MMBtu. Precious metals tumbled into negative territory in response to a rally in the dollar.

Gold touched a session high of $1666.70 per ounce moments after floor trade opened and fell as low as $1652.30 per ounce. The yellow metal slightly pushed-off the session low and settled with a 0.4% loss at $1657.00 per ounce after trading in a consolidative pattern in afternoon action. Silver climbed to a session high of $30.97 per ounce in early morning action but fell to a session low of $30.26 per ounce in afternoon pit trade. It inched slightly higher as it headed into the close but still settled with a 1.5% loss at $30.45 per ounce.

As a reminder, investors are awaiting tomorrow's highly-anticipated Jackson Hole speech by Federal Reserve Chairman Ben Bernanke for any hints that would suggest further policy accommodations.DJ30 0-6.39 NASDAQ Adv/Vol/Dec 688/974.0/1730 NYSE Adv/Vol/Dec 872/329 mln/2053

3:00 pm : With one hour remaining, equities are slightly off session lows.

Healthcare stocks have been able to limit their losses today. The sector is down 0.2% as few components move on news. Sarepta Therapeutics (SRPT 14.68, +2.08) is surging 16.5% after receiving some positive press over the course of the week. Today's advance comes after a CBS affiliate in Jackson, MO profiled a 12-year old patient whose quality of life has improved exponentially thanks to Sarepta's Eteplirsen, which is a drug used in treatment of muscular dystrophy. Meanwhile, Sucampo Pharma (SCMP 5.15, +0.32) is higher by 6.6% after the company's only holder of class B common stock has converted all of its shares into class A common stock.

Elsewhere, Geron (GERN 2.63, +0.22) and Oncolytics Biotech (ONCY 2.78, +0.14) are moving higher after Stifel Nicolaus initiated coverage with a ‘buy' rating. The two stocks are up 9.1% and 4.9%, respectively on the news.DJ30 -81.38 NASDAQ -25.83 SP500 -8.39 NASDAQ Adv/Vol/Dec 662/889.8 mln/1745 NYSE Adv/Vol/Dec 851/295.5 mln/2078

2:30 pm : Stocks continue their climb off session lows in quiet afternoon trade as the S&P 500 is down 0.7%.

Bank shares are lower after Spain's 10-yr yield increased by 13 basis points to 6.594%. In addition, investors are showing caution ahead of Ben Bernanke's speech scheduled for tomorrow morning.

Major financial names are underperforming despite the SPDR Financial Select Sector ETF (XLF 15.06, -0.07) showing relative strength. The ETF is down 0.4% as it outperforms the broader market. Within the group, JPMorgan Chase (JPM 36.87, -0.43), Bank of America (BAC 7.90, -0.09), and Citigroup (C 29.62, -0.29) are all down near 1.0%. Morgan Stanley (MS 14.88, +0.07) is bucking the downtrend and is higher by 0.4%. Meanwhile, European financials are showing even bigger losses with UBS (UBS 10.95, -0.26) and Barclays (BCS 11.56, -0.19) down 2.2% and 1.6%, respectively.DJ30 -88.56 NASDAQ -27.80 SP500 -9.39 NASDAQ Adv/Vol/Dec 626/828.8 mln/1780 NYSE Adv/Vol/Dec 787/273.8 mln/2116

2:00 pm : Equities continue to trade just above their session lows with the S&P 500 down 0.7%.

Solar energy stocks are stumbling today as the industry makes headlines. In China, Germany's Chancellor Angela Merkel cautioned against the European Commission beginning anti-dumping proceedings against China. In addition, two Chinese solar panel producers cut their outlook for the remainder of the year. First Solar (FSLR 20.20, -4.00) is plunging 16.5% on the news. Other solar producers are also under considerable pressure as the Guggenheim Solar ETF (TAN 16.58, -0.95) is down 5.5%.DJ30 -99.58 NASDAQ -30.11 SP500 -10.31 NASDAQ Adv/Vol/Dec 602/749.9 mln/1794 NYSE Adv/Vol/Dec 715/250.9 mln/2184

1:30 pm : Stocks have lifted off their lows but they remain firmly in the red as the S&P 500 continues to hover around the 1,400 level, down 0.8%.

Networking companies are under pressure after CIENA (CIEN 13.73, -2.99) issued cautious guidance. The management's remarks cited slower roll-outs, which suggests fewer funds are being used by corporations towards capital expenditures. The negative outlook spilled over to other networking companies as Juniper Networks (JNPR 17.68, -0.80), JDS Uniphase (JDSU 11.17, -0.58), and F5 Networks (FFIV 97.61, -4.48) are all down near 4.5%. Meanwhile, Cisco Systems (CSCO 18.95, -0.25) is lower by 1.3%.DJ30 -106.60 NASDAQ -33.20 SP500 -11.10 NASDAQ Adv/Vol/Dec 565/701.3 mln/1810 NYSE Adv/Vol/Dec 651/234.4 mln/2240

1:00 pm : Equities started the day on a down note before falling further into the red after headlines out of Europe indicated the International Monetary Fund sees a "major challenge" in implementing measures for Greece. Another comment which rattled the markets came from Slovak Prime Minister, Robert Fico, who suggested there is a 50% chance of a euro area breakup. The news resulted in a sharp sell-off in risk assets as crude oil, gold, silver, and the euro all fell to session lows. At midday, the S&P 500 is down 0.7%.

Consumer staples are showing slimmer losses than other sectors. Within the space, Costco Wholesale (COST 98.39, +1.28) is higher by 1.3% after August same store sales increased by 6.0%. Other consumer names are resisting the broad market pressure as they attempt to stay positive. Coca-Cola (KO 37.41, -0.04), Procter & Gamble (PG 66.86, -0.01), and CVS Caremark (CVS 45.33, -0.09) are all near their respective unchanged lines.

Few retail names are higher after reporting better-than-expected same store sales. Buckle (BKE 45.52, +2.32) and Gap (GPS 36.45, +1.28) are showing strongest gains as the two stocks are up 5.4% and 3.6%, respectively. Meanwhile, Wet Seal (WTSLA 2.94, +0.14) is higher by 5.2% despite reporting an 18.3% decrease in same store sales.

A handful of technology firms have reported their earnings since yesterday's close. TIVO (TIVO 9.01, -0.35) is down 3.7% after beating on earnings and guiding third quarter revenues below consensus. Elsewhere, CIENA (CIEN 13.87, -2.85) is slumping 17.1% after posting a third quarter miss and guiding lower, while Methode Electronics (MEI 9.19, +0.24) is up 2.7% following a first quarter beat and raised guidance.

Energy stocks are the day's worst performer. As crude oil trades lower by 1.0%, the SPDR Energy Select Sector ETF (XLE 70.81, -0.77) is down 1.1% with most major names slipping in excess of 1.0%. Apache (APA 85.02, -1.51), Anadarko Petroleum (APC 68.24, -1.48), EOG Resources (EOG 106.01, -2.04), and Halliburton (HAL 32.50, -1.01) are posting widest losses and are all down near 2.0%.

The latest weekly initial jobless claims count totaled 374,000, which was higher than the expected 370,000. Today's tally matched the revised prior week count of 374,000. As for continuing claims, they fell to about 3.316 million from 3.321 million.

Separately, personal income increased in July by 0.3%, which was in-line with expectations. Personal spending increased by 0.4%, which was lower than the expected increase of 0.5%. Core personal consumption expenditures were unchanged month-over-month, against expectations of a 0.1% increase.DJ30 -90.37 NASDAQ -29.59 SP500 -9.74 NASDAQ Adv/Vol/Dec 593/644.1 mln/1778 NYSE Adv/Vol/Dec 665/216.5 mln/2226

12:30 pm : Equities continue to hold steady just above their session lows. The S&P 500 is down 0.8%.

Consumer staples are showing slimmer losses than other sectors. Within the space, Costco Wholesale (COST 98.31, +1.19) is higher by 1.2% after August same store sales increased by 6.0%. Other consumer names are resisting the broad market pressure as they attempt to stay positive. Coca-Cola (KO 37.39, -0.07), Procter & Gamble (PG 66.85, -0.02), and CVS Caremark (CVS 45.28, -0.15) are all near their respective unchanged lines.DJ30 -109.00 NASDAQ -32.65 SP500 -11.69 NASDAQ Adv/Vol/Dec 552/590.9 mln/1795 NYSE Adv/Vol/Dec 600/199.4 mln/2278

12:00 pm : The S&P 500 is down 0.7% as it continues to hover near the 1,400 level.

Energy stocks are the day's worst performer. As crude oil trades lower by 1.2%, the SPDR Energy Select Sector ETF (XLE 70.84, -0.73) is down 1.0% with most major names losing in excess of 1.0%. Apache (APA 84.79, -1.74), Anadarko Petroleum (APC 68.37, -1.35), EOG Resources (EOG 106.01, -2.04), and Halliburton (HAL 32.76, -0.75) are posting widest losses and are all down near 2.0%.DJ30 -94.07 NASDAQ -27.99 SP500 -9.95 NASDAQ Adv/Vol/Dec 537/529.6 mln/1780 NYSE Adv/Vol/Dec 609/180.1 mln/2247

11:30 am : Stocks have lifted off their session lows as the Nasdaq underperforms the broader market, down 0.9%.

A handful of technology firms have reported their earnings since yesterday's close. TIVO (TIVO 9.07, -0.29) is down 3.2% after beating on earnings and guiding third quarter revenues below consensus. Elsewhere, CIENA (CIEN 13.98, -2.74) is slumping 16.3% after posting a third quarter miss and guiding lower, while Methode Electronics (MEI 9.20, +0.25) is up 2.8% following a first quarter beat and raised guidance.DJ30 -89.89 NASDAQ -26.59 SP500 -9.70 NASDAQ Adv/Vol/Dec 542/460.1 mln/1744 NYSE Adv/Vol/Dec 608/160.4 mln/2230

11:00 am : Equities are pushing to new lows with the S&P 500 down 0.9%.

Headlines out of Europe indicate the International Monetary Fund sees a "major challenge" in implementing measures for Greece. Another headline crossing that rattled markets was from Slovak Prime Minister Robert Fico who suggested there is a 50% chance of a euro area breakup.

The news resulted in a sharp sell-off in risk assets as crude oil, gold, silver, and the euro all fell to session lows. Similarly, European indices fell lower with Germany's DAX down 1.7%.DJ30 -115.7 NASDAQ -32.72 SP500 -12.24 NASDAQ Adv/Vol/Dec 478/363.7 mln/1761 NYSE Adv/Vol/Dec 506/135.4 mln/2304

10:35 am : Commodities are selling off sharply as the dollar index just rallied sharply here. Nat gas tanks on inventory data, but quickly corrects.

Oct crude oil is sold off sharply, dropping over $0.60 since 10:15am ET to a new session low of $94.56. Crude is now hovering just above that low and is -0.9% at $94.62/barrel.

Sept natural gas dropped sharply initially, falling to a new session low of $2.64, following the weekly inventory data, which showed a build of 66 bcf vs expectations of a build of 65 bcf. Natural gas quickly corrected and is now +1.2% at $2.72/MMBtu.

Dec gold and Sept silver sold off in recent activity as well with gold falling back into negative territory minutes ago. Dec gold is now -0.2% at $1659.50 and Dec silver is -0.7% at $30.70/oz. NASDAQ Adv/Vol/Dec 491/288.4 mln/1703 NYSE Adv/Vol/Dec 576/111 mln/2209

10:00 am : Stocks remain near their early lows as the S&P trades lower by 0.6%.

Few retail names are higher after reporting better-than-expected same store sales. Buckle (BKE 45.32, +2.12) and Gap (GPS 36.14, +0.96) are showing strongest gains as the two stocks are up 4.9% and 2.7%, respectively. Meanwhile, Nordstrom (JWN 57.85, +0.08) and Limited Brands (LTD 48.06, +0.28) are up near 0.5% each.DJ30 -73.72 NASDAQ -19.77 SP500 -8.29 NASDAQ Adv/Vol/Dec 465/151.1 mln/1646 NYSE Adv/Vol/Dec 605/69.8 mln/2083

09:45 am : Equities are maintaining their opening levels with the S&P 500 down 0.5%.

With stocks firmly in the red, all sectors are showing losses in the early going. Energy and technology names are the weakest, as they are lower by 0.7%. Consumer staples and discretionary stocks are outperforming slightly as the two sectors are down near 0.2%. The relative strength in consumer stocks is likely due to 15 out of 16 same store sales reports showing improved results.DJ30 -58.15 NASDAQ -15.04 SP500 -6.30 NASDAQ Adv/Vol/Dec 466/99.4 mln/1589 NYSE Adv/Vol/Dec 643/54.2 mln/2007

09:15 am : S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -10.50. Heading into the open, futures indicate a 0.4% loss at the start of the session.

With same store sales being reported today, retail stocks bear watching throughout the session. Out of the 16 names which have already reported their results, 15 were above the retail metrics consensus. The SPDR S&P Retail ETF (XRT 61.40, 0.00) may be on the move as few names within the fund report their same store sales for August.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -11.80. U.S. equity futures are near pre-market lows as they indicate a lower open by 0.4%.

The major Asian bourses finished mostly lower as disappointing data and earnings weighed on the region. China's Shanghai Composite closed fractionally lower to register its lowest close since February 2009. Data was mixed as Japanese retail sales slid 0.8% year-over-year while Australian building approvals plunged 17.3% month-over-month as private capital expenditures rose 3.4% quarter-over-quarter.

Japan's Nikkei closed lower by 1.0% to settle at its worst level in two weeks. Retailers were weak following the disappointing retail sales numbers with convenience store operator Seven & I slipping 2.0%. Elsewhere, construction machinery names Komatsu and Hitachi Construction Machinery shed 3.9% and 2.6% respectively.

In Hong Kong, the Hang Seng slid 1.2% as disappointing earnings results weighed. Real estate names were under pressure after Sino Land missed on annual net profit. The stock fell 2.7% following its earnings results with competitor Hang Lung Properties piggybacking the losses with its own 2.2% decline. Jiangxi Copper also missed earnings estimates, reporting an almost 40% drop in first-half net profit. Shares of the miner slid 2.1% on the results.

China's Shanghai Composite settled with fractional losses as earnings continued to disappoint. Shipping stocks saw modest selling after a slew of disappointing earnings in the space. China Cosco and China Shipping Container fell 1.2% and 2.3% following their results.

European markets are down, but they are off their session lows. Few data points were released in the region as Germany posted an in-line unemployment rate at 6.8%. Meanwhile, Eurozone consumer confidence remained unchanged from its preliminary reading of -25, and the business climate indicator came in short of expectations. Italy auctioned off 5- and 10-yr debt as the benchmark 10-yr yield rose two basis points to 5.77%. Elsewhere, Spain's 10-yr yield is up 11 basis points, to 6.57%.

In Germany, the DAX is off 0.8% as carmakers drag the index down. Daimler is lower by 3.8% while BMW and Volkswagen are slipping near 2.5% each. Grocery store operator Metro is up 2.3% as the company is in talks to sell its non-German stores.

France's CAC is lower by 0.3% with carmakers also trailing the index. Renault and Peugeot are both down 2.0%. Retailer Carrefour is soaring 10.0% after exceeding earnings expectations.

In the UK, the FTSE is marginally lower as mining stocks, which have shown weakness in recent days, continue to be under pressure. BHP Billiton and Vedanta Resources are lower by 2.7% while Kazakhmys, Xstrata, and Antofagasta are down near 2.3% each. Consumer stocks lead the advancers with WM Morrison Supermarkets, Diageo, and Kingfisher up close to 1.3% each.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -12.30. The latest weekly initial jobless claims count totaled 374,000, which is higher than the 370,000 that had been expected. The tally matches the revised prior week count of 374,000. As for continuing claims, they fell to about 3.316 million from 3.321 million.

Separately, personal income increased in July by 0.3%, which is in-line with expectations. Personal spending increased by 0.4%, which is lower than the expected increase of 0.5%. Core personal consumption expenditures were unchanged month-over-month, against expectations of a 0.1% increase.

Equity futures did not move following the release.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -13.30. U.S. futures are down this morning following a cautious tone in overseas markets and ahead of weekly employment data. S&P 500 futures lower by 0.4%.

Overnight, the global markets traded lower as investors await Ben Bernanke's remarks at the Jackson Hole summit tomorrow. With few market-moving data points again, most of the commentary centered on China. As Angela Merkel visited Beijing, China's Prime Minister said his country remains committed to investing in Europe. Meanwhile, a Chinese State Economist suggests inflation will rise above 3.0% in August. If true, this could be the reason why the People's Bank of China has been reluctant to lower interest rates. A China Iron & Steel Association deputy thinks steel output has come close to a peak, as steel prices fell to $585 per ton, the lowest since 2009.

In Europe, the major averages opened lower and remain negative but off their lows. Germany posted an in-line unemployment rate at 6.8% while Eurozone Consumer confidence remained unchanged from its preliminary reading. The Business Climate Indicator came in short of expectations. Italy auctioned off 5- and 10-yr debt as the benchmark 10-yr yield rose two basis points to 5.77%. Elsewhere, Spain's 10-yr yield is up 11 basis points, to 6.57%. Nearing midday, Germany's DAX is down 0.8% while France's CAC is lower by 0.6% and UK's FTSE is off by 0.2%.

Looking at U.S. corporate news, Pandora Media (P 11.72, +1.64) is higher by 16.3% following its upbeat earnings report which showed in-line revenues as well as improved full-year 2013 guidance.

Ciena (CIEN 15.50, -1.22) is down 7.3% after reporting mixed earnings. The company missed on earnings while reporting in-line revenues. The management lowered its fourth quarter guidance citing "ongoing macroeconomic challenges."

Sears Holdings (SHLD 54.98, -2.47) is lower by 4.3% after Standard & Poor's announced LyondellBasell (LYB 48.96, +2.07) will replace Sears in the S&P 500 after Tuesday's closing bell. The change will take place because Sears' public float has been below 50% of shares outstanding for an extended period of time.

In addition, retailers are reporting their same stores sales for August this morning. So far, seven of the eight retailers that have reported have beaten expectations.

Today's economic data includes initial and continuing unemployment claims as well as personal income and spending. All data points will be released at 8:30 ET.

The U.S. Treasury will hold a $29 billion 7-yr note auction.

06:24 am : [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -13.50.

06:24 am : Nikkei...8983.78...-86.00...-1.00%. Hang Seng...19552.91...-235.60...-1.20%.

06:24 am : FTSE...5736.32...-7.10...-0.10%. DAX...6965.42...-45.20...-0.60%.

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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