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 Post subject: September 6th Thursday 2012 Emini TF ($TF_F) points -2.70
PostPosted: Thu Sep 06, 2012 7:39 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2974
Location: Canada
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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

Quote:
The above loss contains a 4 contract swing position that was @ 837.40 or +1.40 per contract at the time the image was captured.

Price Action Trade Performance for Today: -2.70 points or ($270) dollars in the Russell 2000 Emini TF ($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=108&t=1315.

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=171&t=1594

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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

Sept. 6 (Bloomberg) -- South African Finance Minister Pravin Gordhan speaks at a news conference in Pretoria about the nation's platinum production and economic outlook after strikes at Lonmin Plc's Marikana mine stopped output. Lonmin is the world's third-largest platinum producer. (This report is an excerpt.

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Market Update

4:20 pm : Stocks began today's session sharply higher, and added to their gains throughout the opening hour of trade. The remainder of the day was spent hovering near session highs. The bullish sentiment was sparked after Mario Draghi confirmed yesterday's reports of a European Central Bank plan to buy bonds of troubled sovereigns who ask for aid. The program will be limited to bonds maturing within three years. Better-than-expected U.S. economic data also added to the upbeat tone which resulted in a broad market rally. The Nasdaq closed at a 12-year high while the S&P 500 settled at levels not seen since January 2008. The two indices finished higher by 2.2% and 2.0%, respectively.

With monetary policy as this morning's theme, financials rallied broadly. The SPDR Financial Select Sector ETF (XLF 15.52, +0.36) added 2.4%. Bank of America (BAC 8.35, +0.40) was the top performer with a 5.0% gain. Citigroup (C 31.12, +1.35), and JPMorgan Chase (JPM 38.69, +1.58) followed closely and posting gains near 4.5%. Shares of JPMorgan Chase shrugged off a Bloomberg TV report which indicated that the company is facing an escalating senate probe related to its CIO losses. Meanwhile, Morgan Stanley (MS 16.25, +0.57) and Goldman Sachs (GS 113.54, +3.60) finished higher by 3.6% and 3.3%, respectively.

U.S. listings of European financials showed even bigger gains as Deutsche Bank (DB 37.61, +2.48) and Barclays (BCS 12.31, +0.79) jumped 7.1% and 6.9%, respectively.

The materials sector gained 2.6% as it outperformed the broader market. Within the group, AK Steel (AKS 5.37, +0.48) surged 9.8% after being upgraded from ‘neutral' to ‘buy' by Longbow Research. Elsewhere in the sector, Randgold Resources (GOLD 108.70, +6.31) advanced 6.2% after JPMorgan upgraded the stock from ‘neutral' to ‘overweight.'

Amazon (AMZN 251.38, +5.16) gained 2.1% after unveiling the newest version of its Kindle Fire tablet at an event in Los Angeles. Today's buying lifted the shares of the online retailer to a fresh all-time high. Amazon's peer eBay (48.91, +1.75) added 3.7% as it traded at levels not seen since January of 2005.

Solid state drive maker, OCZ Technology (OCZ 4.35, -1.01) slumped 18.8% after lowering its second quarter revenue expectations. The lowered guidance was followed by downgrades at Needham and FBN Securities. After lowering OCZ from ‘buy' to ‘hold,' Needham also downgraded Seagate (STX 31.70, -0.83) from ‘strong buy' to ‘hold' and maintained its ‘strong buy' rating on Western Digital (WDC 43.11, +1.27). Seagate slipped 2.6%, while Western Digital finished higher by 3.0% in reaction to the comments.

For-profit education stocks showed considerable strength as they outperformed the broader market. The group rally was led by Career Education (CECO 3.61, +0.27), which surged 8.1%. Corinthian Colleges (COCO 2.35, +0.19) jumped 8.6% while Apollo Group (APOL 30.39, +2.20) and ITT Educational Services (ESI 35.84, +1.99) finished higher by 7.8% and 5.9%, respectively.

The August ISM Services index was reported at 53.7, which was above the 52.4 Briefing.com consensus, and up from July's 52.6 reading.

According to the ADP National Employment Report, employment in the nonfarm private business sector rose 201K in August. This was above the 143K expected by Briefing.com consensus. In addition, the previous month's reading was revised up to 173K from 163K.

Separately, the latest weekly initial jobless claims count totaled 365,000, which was lower than the 373,000 that had been expected. The tally was below the revised prior week count of 377,000. As for continuing claims, they fell to about 3.322 million from 3.328 million.

Tomorrow's economic data will be headlined by the much anticipated August nonfarm payrolls report and the unemployment rate. In addition nonfarm private payrolls, hourly earnings, and average workweek will be reported. All of the data points will be released at 8:30 ET.DJ30 +244.52 NASDAQ +66.54 SP500 +28.68 NASDAQ Adv/Vol/Dec 1938/1.85 bln/541 NYSE Adv/Vol/Dec 2413/736.5 mln/623

3:30 pm : Crude oil and precious metals rose in morning pit trade following the ECB's decision to leave rates unchanged and Mario Draghi's confirmation of yesterday's reports of an ECB plan to buy bonds with maturities shorter than three years.

Action also came on a number of U.S. economic data. Crude popped to its session high of $97.71 per barrel on better-than-anticipated inventory data that showed a draw of 7.426 mln barrels when a draw of 5.0 mln barrels was widely expected. However, prices pulled-back and crude oil inched lower for the remainder of the session. It brushed a session low of $95.19 per barrel moments before closing 0.2% higher at $95.59 per barrel.

Gold came off its pit session low of $1698.80 per ounce and traded up to a session high of $1711.90 per ounce. It pulled-back slightly in afternoon action but still settled 0.6% higher at $1705.00 per ounce. The yellow metal rose to its highest level since March, brushing a high of $1716.90 per ounce in overnight trade. Silver dipped to a session low of $32.38 per ounce but quickly advanced to a session high of $32.99 per ounce. Like gold, it pulled-back in afternoon action and settled with a 1.1% gain at $32.69 per ounce.

Natural gas rallied to its session high of $2.87 per MMBtu in reaction to stronger-than-expected inventory data that showed a build of 28 bcf when a build of 30 bcf was anticipated. The move was short-lived, however, as prices quickly fell into the red. Although it recovered some gains in late morning and afternoon action, a sell-off heading into the close had natural gas settle 0.7% lower at $2.78 per MMBtu.DJ30 +215.93 NASDAQ +62.35 SP500 +25.91 NASDAQ Adv/Vol/Dec 1901/1551.4 mln/566 NYSE Adv/Vol/Dec 2366/487 mln/668

3:00 pm : The Dollar Index has held on session lows near 81.10 throughout most of the session as trade remains rather quiet following Mario Draghi’s press conference where he announced the central bank’s bond buying plan. Mr. Draghi suggested the European Central Bank will make unlimited, sterilized purchases of bonds up to three years in maturity if the sovereign asks for a bailout.

The euro is up 35 pips at 1.2635, and is on track for its best close in two months. More importantly, today’s gains have broken the year-long downtrend in the single currency, and traders will now be watching closely over the next couple of sessions to see if the move is able to hold. German industrial production is due out tomorrow morning.

The pound is higher by 35 pips at 1.5935 with today’s buying lifting the pair to its best levels since the middle of May. Today’s move comes on a continued bid in risk assets, and after the Bank of England held both its key interest rate and asset purchase program steady at their respective 0.50% and GBP375 billion. Britain’s manufacturing production, PPI Input, and consumer inflation expectations will be released tomorrow.

The Australian dollar is up 100 pips at 1.0295 as trade looks to climb back above the 200-day moving average. The hard currency has been under pressure since the beginning of August as disappointing data has erased more than 400 pips off its recent highs. Australia’s trade balance will cross the wires tonight.DJ30 +226.75 NASDAQ +64.70 SP500 +27.21 NASDAQ Adv/Vol/Dec 1910/1.39 bln/645 NYSE Adv/Vol/Dec 2366/440.6 mln/646

2:30 pm : The major averages continue to trade near their session highs as the Dow underperforms slightly, up 1.7%.

Solid state drive maker, OCZ Technology (OCZ 4.35, -1.01) is sliding 18.8% after lowering its second quarter revenue expectations. The lowered guidance was followed by downgrades at Needham and FBN Securities. After lowering OCZ from ‘buy' to ‘hold,' Needham also downgraded Seagate (STX 31.75, -0.78) from ‘strong buy' to ‘hold' and maintained its ‘strong buy' rating on Western Digital (WDC 43.00, +1.16). Seagate is down 2.4%, while Western Digital is higher by 2.8% in reaction to the comments.DJ30 +217.05 NASDAQ +61.59 SP500 +26.19 NASDAQ Adv/Vol/Dec 1932/1.29 bln/509 NYSE Adv/Vol/Dec 2360/407.9 mln/637

2:00 pm : The major indices are holding their afternoon levels as the S&P 500 is up 2.0%.

Insurer Radian Group (RDN 3.90, +0.60) is soaring 18.2% after its August primary new insurance written and delinquency data showed a notable decrease in the number of delinquencies. Peers MGIC (MTG 1.25, +0.11) and Genworth Financial (GNW 5.47, +0.30) are higher by 9.7% and 5.8%, respectively.DJ30 +228.96 NASDAQ +64.22 SP500 +27.32 NASDAQ Adv/Vol/Dec 1967/1.19 bln/475 NYSE Adv/Vol/Dec 2386/378.8 mln/601

1:30 pm : Stocks continue to hover near their session highs. The Nasdaq, which has marked a 12-year, intraday high is the top performing index, up 2.1%.

For-profit education stocks are showing considerable strength as they outperform the broader market. The group rally is led by Career Education (CECO 3.67, +0.33), which is surging 9.9%. Corinthian Colleges (COCO 2.36, +0.20) is leaping 9.3% while Apollo Group (APOL 30.03, +1.84) and ITT Educational Services (ESI 35.70, +1.82) are higher by 6.5% and 5.4%, respectively.DJ30 +224.48 NASDAQ +62.52 SP500 +26.40 NASDAQ Adv/Vol/Dec 1949/1.10 bln/485 NYSE Adv/Vol/Dec 2402/350.9 mln/586

1:05 pm : Stocks got off to a running start after Mario Draghi confirmed yesterday's reports of a European Central Bank plan to buy bonds with maturities shorter than three years. Better-than-expected U.S. economic data also contributed to the bullish sentiment which resulted in a broad market rally. At midday, the S&P 500 is higher by 1.9%.

The August ISM Services index was reported at 53.7, which was above the 52.4 Briefing.com consensus, and up from July's 52.6 reading.

According to the ADP National Employment Report, employment in the nonfarm private business sector rose 201K in August. This was above the 143K expected by Briefing.com consensus. In addition, the previous month's reading was revised up to 173K from 163K.

Separately, the latest weekly initial jobless claims count totaled 365,000, which was lower than the 373,000 that had been expected. The tally was below the revised prior week count of 377,000. As for continuing claims, they fell to about 3.322 million from 3.328 million.

The materials sector is the top performer, up 2.6%. Within the group, AK Steel (AKS 5.36, +0.47) is surging 9.4% after being upgraded from ‘neutral' to ‘buy' by Longbow Research. Elsewhere in the sector, Randgold Resources (GOLD 108.29, +5.90) is up 5.8% after JPMorgan upgraded the stock from ‘neutral' to ‘overweight.'

With monetary policy as this morning's theme, financials are rallying broadly. The SPDR Financial Select Sector ETF (XLF 15.51, +0.35) is higher by 2.3%. Bank of America (BAC 8.31, +0.36) is the top performer among the majors, up 4.7%. JPMorgan Chase (JPM 38.59, +1.48) shared the lead with Bank of America, but pulled back slightly after Bloomberg TV reported that the company is facing an escalating senate probe related to its CIO losses. Meanwhile, Citigroup (C 30.91, +1.14), Goldman Sachs (GS 113.10, +3.16), and Morgan Stanley (MS 16.27, +0.59) are up between 2.5% and 4.0%.

U.S. listings of European financials are showing even bigger gains with Deutsche Bank (DB 37.63, +2.50) and Barclays (BCS 12.28, +0.76) firmer by 7.1% and 6.6%, respectively.

Online retailer Amazon (AMZN 250.99, +4.77) is advancing 2.0% as the company is set to unveil the newest version of its Kindle Fire tablet at an event in Los Angeles at 13:30 ET. Today's buying has lifted the shares to a fresh all-time high. Amazon's peer eBay (49.00, +1.84) is adding 3.9% as it trades at levels not seen since January of 2005.

Two names are firmly higher after reporting earnings. Truck manufacturer Navistar (NAV 23.45, +3.05) is soaring 15.0% after beating on revenues. The company is in the midst of restructuring aimed at improving profitability, which is why fourth quarter guidance was not provided by management. Elsewhere, Shipper UTi Worldwide (UTIW 14.82, +1.37) is jumping 10.2% despite missing on earnings and revenues. Company's management was cautious about the remainder of the year as they do not expect the weak freight environment to show much improvement. The stock was down as much as 4.0% in pre-market before being lifted by the broader market.DJ30 +232.10 NASDAQ +62.14 SP500 +27.11 NASDAQ Adv/Vol/Dec 1965/1.03 bln/452 NYSE Adv/Vol/Dec 2402/330.5 mln/559

12:30 pm : The bullish sentiment continues as the major indices mark new session highs. The S&P 500 is firmer by 1.9%.

Online retailer Amazon (AMZN 251.75, +5.53) is up 2.2% as the company is set to unveil the newest version of its Kindle Fire tablet at an event in Los Angeles at 13:30 ET. Today's buying has lifted the shares to a fresh all-time high. Amazon's peer eBay (48.93, +1.78) is higher by 3.8% as it trades at levels not seen since January of 2005.DJ30 +231.17 NASDAQ +63.62 SP500 +26.77 NASDAQ Adv/Vol/Dec 1939/932.3 mln/462 NYSE Adv/Vol/Dec 2395/298.9 mln/557

12:00 pm : Stocks are holding their session highs with the S&P 500 up 1.9%.

Two names are firmly higher after reporting earnings. Truck manufacturer Navistar (NAV 23.13, +2.74) is surging 13.4% after beating on revenues. The company is in the midst of restructuring aimed at improving profitability, which is why fourth quarter guidance was not provided by management.

Elsewhere, Shipper UTi Worldwide (UTIW 14.72, +1.27) is up 9.4% despite missing on earnings and revenues. Company's management was cautious about the remainder of the year as they do not expect the weak freight environment to show much improvement. The stock was down as much as 4.0% in pre-market before being lifted by the broader market.DJ30 +236.77 NASDAQ +61.04 SP500 +26.55 NASDAQ Adv/Vol/Dec 1937/818.9 mln/440 NYSE Adv/Vol/Dec 2390/267.9 mln/532

11:30 am : Following a steady rise since the start of the session, stocks have leveled off as the S&P 500 is higher by 1.7%.

The materials sector is the day's best performer, up 2.3%. Within the group, AK Steel (AKS 5.34, +0.45) is higher by 9.2% after being upgraded from ‘neutral' to ‘buy' by Longbow Research. Elsewhere in the sector, Randgold Resources (GOLD 108.11, +5.72) is up 5.6% after JPMorgan upgraded the stock from ‘neutral' to ‘overweight.'DJ30 +219.87 NASDAQ +54.03 SP500 +24.50 NASDAQ Adv/Vol/Dec 1898/702.1 mln/449 NYSE Adv/Vol/Dec 2366/234.5 mln/533

11:00 am : Equities are climbing steadily as they mark fresh session highs. The S&P 500 is up 1.8%.

With monetary policy as this morning's theme, financials are rallying broadly. The SPDR Financial Select Sector ETF (XLF 15.47, +0.31) is higher by 2.1%. JPMorgan Chase (JPM 38.81, +1.70) and Bank of America (BAC 8.29, +0.34) are the top performers among the majors with both up near 4.5%. Meanwhile, Citigroup (C 30.84, +1.07), Goldman Sachs (GS 112.26, +2.32), and Morgan Stanley (MS 16.14, +0.46) are up between 2.0% and 3.6%.

U.S. listings of European financials are showing even bigger gains with Deutsche Bank (DB 37.51, +2.38) and Barclays (BCS 12.27, +0.75) up 6.8% and 6.5%, respectively.DJ30 +236.80 NASDAQ +54.13 SP500 +25.53 NASDAQ Adv/Vol/Dec 1885/573.2 mln/431 NYSE Adv/Vol/Dec 2364/196.2 mln/504

10:35 am : The dollar index has rallied this morning, which has weighed on most commodities such precious metals and natural gas.

Oct crude oil rallied sharply earlier this morning, just a few minutes before the open, at $95.62. From that bottom, crude oil rallied for about $2/barrel, hitting a new session high of $97.58 less than an hour ago. In current action, oil is +1.8% at $97.09/barrel.

At 11am EST, the EIA will release weekly inventory data. Consensus is calling for a draw of 5 mln barrels.

Oct natural gas futures have been volatile this morning and just rallied ahead of the weekly inventory data back near its session high of $2.82. Following the data, which showed a build of 28 bcf vs expectations of a build of 30 bcf, nat gas spiked to a new HoD of $2.87. Nat gas is now +1% at $2.82/MMBtu.

Precious metals have pulled back from session highs, but remain in positive territory. Dec gold is now +0.8% at $1707.70/oz and Dec silver is +1.5% at $32.83/oz.DJ30 +195.29 NASDAQ +47.73 SP500 +21.25 NASDAQ Adv/Vol/Dec 1789/432.3 mln/467 NYSE Adv/Vol/Dec 1811/437 mln/455

10:00 am : The August ISM Services index was reported at 53.7, which is above the 52.4 Briefing.com consensus, and up from July's 52.6 reading. The S&P 500 ticked up on the news with the index now higher by 1.3%.DJ30 +175.03 NASDAQ +39.59 SP500 +18.73 NASDAQ Adv/Vol/Dec 1682/268.4 mln/481 NYSE Adv/Vol/Dec 2265/103.1 mln/486

09:50 am : Equities are seeing an extension of the bullish pre-market sentiment with the S&P 500 higher by 1.0%.

Looking at early sector performance, industrials, financials, and energy are outperforming as the three sectors are all up near 1.3%. Utility stocks are up 0.5% as they underperform the broader market.

The euro continues its decline following the Mario Draghi press conference. The common currency trades at 1.2569 against the dollar after being as high as 1.2640 just an hour ago.

The August ISM Services will be reported at 10 ET.DJ30 +139.63 NASDAQ +27.83 SP500 +13.94 NASDAQ Adv/Vol/Dec 1589/177.2 mln/509 NYSE Adv/Vol/Dec 2224/75.8 mln/491

09:15 am : S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +17.80. After giving up nearly half of their early gains, U.S. equity futures are pointing to a higher open by 0.6%.

Futures started the day higher alongside strength in Europe ahead of the European Central Bank press conference, where Central Bank President Mario Draghi has laid out a bond buying plan that is generally in-line with recent rumors. Additionally, U.S. employment data has been better than expected, but markets saw a muted response to the data as the positive numbers weaken the argument for additional quantitative easing.

The ISM Services report will cross the wires at 10 ET.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +14.30. U.S. equity futures are up 0.5% after slipping off their highs following Mario Draghi's press conference.

European markets are generally higher as markets hoped European Central Bank President Mario Draghi would stand behind his pledge to "do whatever it takes to save the euro." However, the Central Bank President stated that the European Central Bank will act strictly within its mandate and will buy bonds with maturities of less than three years. Before the press conference, the European Central Bank maintained its interest rate at 0.75%. In European economic data, France's unemployment rate was reported in-line with expectations at 10.2%. Meanwhile, the Eurozone second quarter GDP report showed a contraction of 0.2%, as expected. In a surprise move, Sweden's Central Bank cut its key interest rate by 25 basis points to 1.25%. Also, a Spanish bond auction went off as a non-event, seeing lower yields and healthy demand. Elsewhere, the Bank of England maintained its key interest rate and asset purchasing target at 0.50% and GBP375 billion.

Germany's DAX is up 1.5% as most index components post advances. Drug makers Bayer and Merck are higher by 3.0% and 2.4%, respectively. Shares of the German stock exchange, Deutsche Boerse are lower by 0.8%

In France, the CAC is higher by 1.4% as financials Credit Agricole and Societe Generale are up 3.5% and 2.1%, respectively. Utility company GDF Suez and industrial Alstom are the day's worst performers. Both names are down near 1.0%.

UK's FTSE is firmer by 0.5%. Whitbread is up 7.1% after reporting a 4.2% increase in like-for-like sales for an eleven week period ending August 16. Miners are rebounding broadly with Polymetal up 5.1%. Other mining names like Randgold Resources, Antofagasta, and Vedanta Resources are up near 4.0%.

The major Asian bourses finished mostly higher as traders remained optimistic ahead of the European Central Bank meeting. Data in the region was limited to a mixed Australian jobs report and a South Korean GDP miss. Australia's employment change printed a worse than expected -8.8K (+5.1K expected) as the country's unemployment rate ticked down to 5.1% (5.2% expected, 5.3% previous). Elsewhere, South Korean GDP rose 0.3% quarter-over-quarter, slightly less than the 0.4% quarter-over-quarter gain that had been anticipated.

Japan's Nikkei closed unchanged on light volume as participants opted to wait on the European Central Bank. TV maker Sharp slumped 4.3% after its short-term debt rating was lowered to ‘junk' at Moody's. Elsewhere, automakers were strong for a second day following the better than expected U.S. auto sales. Toyota Motor and Honda Motor advanced 1.6% and 1.0% respectively.

In Hong Kong, the Hang Seng finished higher by 0.3% and near session highs. Clothing retailer Esprit climbed 2.2% and port operator Cosco Pacific rose 2.0% as shares with heavy exposure to Europe outperformed. Train maker CSR Corp. surged 8.8% after Beijing announced more subway system plans.

In China, the Shanghai Composite gained 0.7% as rail stocks outperformed after the approval of subway systems in 18 Chinese cities. China Railway Erju was the top performer in the space, adding 8.5%. Mining stocks were also strong as Jiangxi Copper and Zijin Mining gained 2.0% and 1.6% respectively.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +10.60. Nasdaq futures vs fair value: +17.80. Futures are near their pre-market highs with the S&P 500 futures up 0.7%. Volatility is expected ahead of the U.S. open as European Central Bank President Mario Draghi begins his press conference.

A better-than-expected August ADP Employment reading has not done much to move the futures this morning. According to today's ADP National Employment Report, employment in the nonfarm private business sector rose 201K in August. This was above the 143K expected by Briefing.com consensus. In addition, the previous month's reading was revised up to 173K from 163K.

Separately, the latest weekly initial jobless claims count totaled 365,000, which is lower than the 373,000 that had been expected. The tally is below the revised prior week count of 377,000. As for continuing claims, they fell to about 3.322 million from 3.328 million.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +16.30. U.S. equity futures are higher by 0.5% amid a very busy morning of central bank activity and economic data. The Bank of England and ECB both left rates unchanged, but the upcoming 8:30 ET press conference with ECB President Mario Draghi is the most highly-anticipated event, as he is expected to outline his much-rumored bond-buying program. In addition, there is a heavy dose of U.S. economic data this morning, which precedes tomorrow's monthly employment report.

The global equity markets are generally higher as markets hope European Central Bank President Mario Draghi stands behind his pledge to "do whatever it takes to save the euro." Ahead of the press conference, the European Central Bank maintained its interest rate at 0.75%. In European economic data, France's unemployment rate was reported in-line with expectations at 10.2%. Meanwhile, the Eurozone second quarter GDP report showed a contraction of 0.2%, as expected. In a surprise move, Sweden's Central Bank cut its key interest rate by 25 basis points to 1.25%. Also, a Spanish bond auction went off as a non-event, seeing lower yields and healthy demand. Elsewhere, the Bank of England maintained its key interest rate and asset purchasing target at 0.50% and GBP375 billion. Nearing midday, Germany's DAX and France's CAC are both higher by 1.3%, while UK's FTSE is up 0.6%. Volatility is expected around the upcoming ECB press conference at 8:30 ET.

In Asia, markets were higher as well. Australia's unemployment rate ticked down to 5.1% from its previous level of 5.3%, though participation rate also declined. China approved a CNY800 billion project to build 25 urban rails in several cities. China's Shanghai Composite gained 0.7%, Hong Kong's Hang Seng advanced 0.3%, while Japan's Nikkei finished unchanged.

In U.S. corporate news, Men's Wearhouse (MW 34.57, +2.73) is higher by 8.6% after beating on earnings and reporting in-line revenues. MW management issued in-line guidance for the third quarter and upside guidance for the fourth quarter as well as full fiscal year 2013.

OCZ Technology (OCZ 4.18, -1.18) is sliding 22.0% after lowering its second quarter revenue expectations. The announcement was followed by two downgrades. Needham downgraded the maker of solid state drives from ‘buy' to ‘hold' while FBN Securities cut OCZ from ‘sector perform' to ‘underperform.'

Mitcham Industries (MIND 15.60, +0.97) is up 6.7% after beating on earnings and revenues.

VeriFone (PAY 31.00, -4.38) is down 12.4% after missing on revenues and issuing mixed guidance.

Challenger Job Cuts showed a 36.9% decrease on a year-over-year basis. This comes after a prior reading of a 44.5% decrease.

ADP Employment Change is scheduled for an 8:15 ET release, while initial and continuing claims will hit the wires at 8:30 ET. The ISM Services report will top off the day's data at 10 ET. Keep in mind that the monthly employment report will be released tomorrow; the Briefing.com consensus calls for a 130K increase in nonfarm payrolls for the month of August.

06:21 am : [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +17.00.

06:21 am : Nikkei...8680.57...+0.80...0.00. Hang Seng...19209.30...+64.20...+0.30%.

06:21 am : FTSE...5688.44...+30.60...+0.50%. DAX...7054.26...+89.60...+1.30%.

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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