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 Post subject: September 11th Tuesday 2012 Emini TF ($TF_F) points +5.20
PostPosted: Tue Sep 11, 2012 2:07 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: +5.20 points or $520 dollars in the Russell 2000 Emini TF ($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=1318.

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.

Dow Closes At 5-Year High

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

NEW YORK (CNNMoney) -- U.S. stocks advanced Tuesday, rebounding from the previous day's pullback, as investors geared up for key decisions out of Europe and from the Federal Reserve later this week.

The Dow Jones industrial average rose 0.5% and the S&P 500 rose 0.3%. The day's gains put the Dow back at its highest level since December 2007, while the S&P 500 is within spitting distance of the multi-year high it reached last week. The tech-heavy Nasdaq finished flat.

Financial stocks were among the biggest gainers, with JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500), Goldman Sachs (GS, Fortune 500), Citigroup (C, Fortune 500) and Morgan Stanley (MS, Fortune 500) all finishing higher.

Europe is also in focus ahead of Wednesday's ruling from Germany's Constitutional Court on the legality of the European Stability Mechanism, a permanent bailout fund that's expected to have a maximum lending capacity of €500 billion.

Investors are waiting to see how the ruling may impact the European Central Bank's plans to preserve the euro, which remains near its highest level against the U.S. dollar since May. Global markets finished mixed ahead of the decision.

"I think we'll see ratification, but it could come with conditions that would result in the diminution of its horsepower, which would be something the market is not prepared for," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

Fear & Greed Index

On the domestic front, investors are waiting to hear whether the Fed will announce new stimulus measures when it wraps up its two-day policy meeting Thursday afternoon. It's expected that the weak August jobs report gives the central bank even more reason to enact a third round of quantitative easing.

"There's a better-than-even probability for QE3, but it's not guaranteed," said Luschini. "We will get something."

Hedging QE3 bets, 52% say Fed won't act after all

Luschini expects the Fed is more likely to alter the language of its current policy of keeping interest rates low through 2014.

He said the central bank could either extend the date of its program, such as through 2015, or change the policy, from being date-dependent to state-dependent. For example, Luschini said the Fed could pledge to keep low rates until the unemployment rate decreases to a certain level, so that the market has a clear signal.

Poll: Will the Fed announce QE3?

In other markets, gold prices and oil prices moved slightly higher. U.S. Treasuries faltered, lifting the yield on the benchmark 10-year note to 1.70% from 1.68% late Monday.

Companies: Hewlett-Packard Co. (HPQ, Fortune 500) expects to lay off 29,000 workers over the next two years, which is 2,000 more than it had originally said. Shares of the PC maker gained almost 3%, making it among the leaders on the Dow.

Digital Domain Media Group (DDMG), the company behind the Tupac hologram that was a hit at the Coachella music festival earlier this year, filed for bankruptcy protection Tuesday. Private investment firm Searchlight Capital Partners will buy the company's main operating unit, Digital Domain Productions, for $15 million. As a result of the bankruptcy filing, the New York Stock Exchange immediately suspended trading for the company's shares and delisted them from the exchange.

Citigroup said it expects to book an after-tax loss of $2.9 billion from the sale of its remaining 49% stake in Smith Barney to Morgan Stanley.

British fashion brand Burberry lowered its sales guidance for the rest of the year Thursday, in another sign that the global luxury market continues to lag. Shares of Tiffany & Co (TIF)., Coach Inc (COH)Ralph Lauren (RL, Fortune 500) were lower on the news.

Related: Chinese make 25% of world's luxury buys

Legg Mason (LM) shares spiked 5% after the company said CEO Mark Fetting will step down at the beginning of October. The company has been facing activist investor pressure as it struggles to attract funds. In fact, Legg Mason assets under management have been declining since 2008.

Shares of Facebook (FB) rose modestly Tuesday. After the closing bell, CEO Mark Zuckerberg hits the stage for an interview at the TechCrunch Disrupt conference in San Francisco.

Economy: The Census Bureau's July report on the U.S. trade balance showed a deficit of $42 billion. Analysts surveyed by Briefing.com were expecting a $44 billion deficit.

Euro Hits 4-Month High

The euro continues to rally against the U.S. dollar, as investors welcome positive developments in Europe and anticipate more easing by the Federal Reserve.

After falling to a multi-year low of $1.20 in July, the euro rose to $1.2842 on Tuesday -- its highest level since May 11.

Europe's single currency has been supported recently by hopes for bold action by the European Central Bank, which announced last week that it would make unlimited purchases of sovereign debt for governments that agree to strict conditions.

The euro is also benefiting from expectations that the German Constitutional Court will not stand in the way of Europe's new bailout fund. The court is set to rule Wednesday on a preliminary injunction that would prevent Germany from ratifying the European Stability Mechanism.

Europe may have missed its chance

Analysts said the gains were largely being driven by short covering, when traders are forced to buy euros as they unwind bets they made on the currency declining.

As of last week, short interest in the euro fell to a net position of $16.1 billion, down from a record high of $33 billion last June, according to data from the Commodities Futures Trade Commission.

"It's short covering and broad-based optimism that we will get additional euro-positive news later in the week," said Kathy Lien, a currency strategist at BK Asset Management in New York.

In addition to the news out of Europe, traders said the euro was benefiting from the weakening U.S. dollar.

Federal Reserve chairman Ben Bernanke has signaled that the central bank is prepared to launch a third round of asset purchases, a policy known as quantitative easing, or QE3, if the U.S. economy continues to show signs of slowing.

Many investors had been expecting Bernanke to announce QE3 at this week's policy meeting, but the optimism has begun to wane.

While more monetary stimulus could help support stock prices, investors worry that it would undermine the dollar in the currency market.

"Investors are starting to activate QE3 positions, which is creating some pessimism for the dollar," said Lien.

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Market Update

4:20 pm : Equities were broadly higher throughout the day before late afternoon selling sent the Nasdaq into negative territory. The dip also pushed the other indices lower, but they were able to hold most of their gains. The Dow finished higher by 0.5% while the Nasdaq ended flat.

The energy sector was the top performer as the SPDR Energy Select Sector ETF (XLE 73.91, +0.78) finished higher by 1.1%. Within the group, Halliburton (HAL 35.35, +1.08) added 3.2%, while Anadarko Petroleum (APC 71.62, +1.22) and National Oilwell Varco (NOV 83.13, +2.11) gained between 1.7% and 2.6%.

Solar stocks were broadly higher with the Guggenheim Solar ETF (TAN 17.52, +0.46) ending firmer by 2.7%. First Solar (FSLR 21.80, +1.01) rose 4.9% after signing a power purchase agreement with PG&E (PCG 43.32, -0.13) for 72 megawatts of solar electricity generated at two photovoltaic plants in central California. First Solar also announced that its Agua Caliente project achieved a peak generating capacity of 250 megawatts. Meanwhile, ReneSola (SOL 1.51, +0.09) jumped 6.3% after announcing the release of its Micro RePlus inverter module.

The financial sector outperformed the broader market. Within the space, Bank of America (BAC 9.03, +0.45) led the advancers with a 5.2% gain. Earlier today, Morgan Stanley (MS 17.25, +0.64) announced it will purchase the remainder of the Morgan Stanley Smith Barney stake held by Citigroup (C 32.66, +0.83). Morgan Stanley and Citigroup finished higher by 3.9% and 2.6% respectively.

European banks continued their recent rally as Deutsche Bank (DB 42.62, +2.44) added 6.1% after announcing plans to cut costs by EUR4.5 billion in order to improve its capital position. The stock is up 55.9% since its 52-week low was hit on July 25th. Other European financials were also stronger as Barclays (BCS 13.72, +0.62) and Banco Santander (7.84, +0.24) posted gains of 4.7% and 3.2%, respectively.

Apparel and luxury retailers were under pressure after Burberry cut its profit expectations for the second half of the fiscal year. The lower guidance clouded the outlook for companies with a similar line of business. Ralph Lauren (RL 156.22, -4.09) and Coach (COH 61.48, -1.12) slid 2.6% and 1.8%, respectively. Meanwhile, Fossil (FOSL 84.95, -0.92) and Tiffany (TIF 62.26, -0.78) both shed near 1.2%.

Chipmaker AMD (AMD 3.75, +0.28) surged 8.1% after announcing a strategic licensing agreement with provider of 3D technology, RealD (RLD 9.82, -0.15). In addition, AMD announced an investment in CiiNOW, a provider of cloud gaming technology.

Facebook (FB 19.43, +0.62) advanced 2.6% as Chief Executive Officer Mark Zuckerberg is scheduled to speak at the TechCrunch Disrupt Conference at 17:00 ET. This will be Mr. Zuckerberg's first public interview since the company's initial public offering in May.

Another company which began trading recently, Groupon (GRPN 4.61, +0.34) finished higher by 8.0% after a reported increase in site traffic during the month of August. Shares of the online deals site have rebounded slightly after marking an all-time low at $4.00 last week.

The trade deficit widened to $42.0 billion during July after a downwardly revised prior month deficit of $41.9 billion. Economists polled by Briefing.com had expected that the deficit for July would come in at $44.0 billion.

Tomorrow's economic data shows the weekly MBA Mortgage Index will be released at 7:00 ET. Also, export prices ex-agriculture and import prices ex-oil will be reported at 8:30 ET while wholesale inventory data will hit the wires at 10:00 ET.DJ30 +69.07 NASDAQ +0.51 SP500 +4.48 NASDAQ Adv/Vol/Dec 1452/1.54 bln/994 NYSE Adv/Vol/Dec 2027/667.1 mln/973

3:35 pm : Crude oil chopped around in positive territory for its entire floor session. It popped to a session high of $97.39 per barrel and brushed a session low of $96.61 per barrel. It then traded in a fairly consolidative pattern and settled 0.5% higher at $97.04 per barrel.

Natural gas took off as pit trade opened and trended higher as the session progressed. It touched the $3.00 per MMBtu level in afternoon action and settled with a notable 6.4% gain at $2.99 per MMBtu.

Precious metals rallied in early morning pit action as the dollar index fell following Moody's warnings of a one notch downgrade of the U.S. However, both gold and silver were unable to hold on to the momentum and pulled-back in late morning and afternoon action.

Gold eased to a session low of $1732.80 per ounce shortly after touching a session high of $1740.50 per ounce and settled with a 0.2% gain at $1735.10 per ounce. Silver brushed a session high of $33.88 per ounce but gave up the gains and closed 0.1% lower at $33.58 per ounce.DJ30 +69.75 NASDAQ -1.85 SP500 +4.13 NASDAQ Adv/Vol/Dec 1333/1327.6 mln/1104 NYSE Adv/Vol/Dec 1913/429 mln/1061

3:00 pm : Equities have trimmed their gains in a broad move which appears to be have been led by technology stocks. The Nasdaq dipped into the red before returning to its flat line.

Shares of Apple (AAPL 659.14, -3.54) are slipping 0.6% as the stock trades at its session low.

The downturn was also visible in other sectors as health care, consumer staples, and discretionary stocks all turned lower.DJ30 +74.69 NASDAQ +0.36 SP500 +4.77 NASDAQ Adv/Vol/Dec 1369/1.17 bln/1073 NYSE Adv/Vol/Dec 1949/374.9 mln/1013

2:30 pm : The Dow continues its outperformance as it pushes to fresh session highs. The index is firmer by 0.7% while the Nasdaq lags, up 0.3%.

Facebook (FB 19.31, +0.50) is advancing by 2.6% as Chief Executive Officer Mark Zuckerberg is scheduled to speak at the TechCrunch Disrupt Conference at 17:00 ET. This will be Mr. Zuckerberg's first public interview since the company's initial public offering in May.

Another company which began trading recently, Groupon (GRPN 4.50, +0.23) is up 5.6% after a reported increase in site traffic during the month of August. Shares of the online deals site are rebounding after marking an all-time low at $4.00 last week.DJ30 +91.32 NASDAQ +7.09 SP500 +6.76 NASDAQ Adv/Vol/Dec 1448/1.06 bln/973 NYSE Adv/Vol/Dec 2041/340.6 mln/917

2:00 pm : The major averages are holding just beneath their respective session highs as the Dow outperforms, up 0.7%.

Chipmaker AMD (AMD 3.75, +0.28) is surging 8.1% after announcing a strategic licensing agreement with provider of 3D technology, RealD (RLD 9.91, -0.06). In addition, AMD announced an investment in CiiNOW, a provider of cloud gaming technology. AMD's peer Intel (INTC 23.52, +0.26) is adding 1.1% as the company presents at a developer forum in San Francisco, California.DJ30 +92.14 NASDAQ +8.43 SP500 +6.98 NASDAQ Adv/Vol/Dec 1466/980.8 mln/940 NYSE Adv/Vol/Dec 2070/314.1 mln/883

1:30 pm : The major indices continue to hover beneath their respective session highs. The S&P 500 is up 0.5%.

The financial sector is outperforming the broader market. Within the space, Morgan Stanley (MS 17.12, +0.51) leads the advancers with a 3.1% gain. Earlier today, Morgan Stanley announced it will purchase the remainder of the Morgan Stanley Smith Barney stake held by Citigroup (C 32.59, +0.76). Elsewhere, Bank of America (BAC 8.84, +0.26) and Goldman Sachs (GS 117.02, +2.34) are higher by 3.0% and 2.0%, respectively.

European banks are continuing their recent rally as Deutsche Bank (DB 42.51, +2.33) jumps 5.8% after announcing plans to cut costs by EUR4.5 billion in order to improve its capital position. Other European financials are also showing strength. Barclays (BCS 13.70, +0.60) and Santander (7.92, +0.32) are up 4.6% and 4.3%, respectively.DJ30 +87.81 NASDAQ +8.22 SP500 +6.80 NASDAQ Adv/Vol/Dec 1457/901.8 mln/933 NYSE Adv/Vol/Dec 2018/291.8 mln/919

1:00 pm : After a marginally higher open, stocks spent the remainder of the morning on an upward climb. The major averages pulled back slightly from session highs which coincided with the European close, and have been range bound since. At midday, the S&P 500 is up 0.4%.

The energy sector is the top performer as the SPDR Energy Select Sector ETF (XLE 73.89, +0.76) is higher by 1.1%. Within the group, Halliburton (HAL 35.12, +0.85) is adding 2.5%, while Anadarko Petroleum (APC 71.21, +0.81), National Oilwell Varco (NOV 82.75, +1.73), and Occidental Petroleum (OXY 87.07, +0.74) are all up between 0.8% and 2.2%. Meanwhile, crude oil is tacking on 0.3% as it trades at $96.80 per barrel.

Solar stocks are broadly higher with the Guggenheim Solar ETF (TAN 17.44, +0.38) adding 2.2%. First Solar (FSLR 21.85, +1.06) is gaining 5.1% after signing a power purchase agreement with PG&E (PCG 43.40, -0.05) for 72 megawatts of solar electricity generated at two photovoltaic plants in central California. The company also announced that its Agua Caliente project achieved a peak generating capacity of 250 megawatts. Meanwhile, ReneSola (SOL 1.54, +0.12) is up 8.5% after announcing the release of its Micro RePlus inverter module.

Apparel and luxury retailers are under pressure after Burberry cut its profit expectations for the second half of the fiscal year. The lower guidance clouded the outlook for companies with a similar line of business. Ralph Lauren (RL 155.41, -4.90) and Coach (COH 61.25, -1.34) are down 3.1% and 2.2%, respectively, while Fossil (FOSL 84.61, -1.26) and Tiffany (TIF 62.38, -0.66) are both down near 1.3%.

Grocery store operator, Casey's General Stores (CASY 58.09, +2.43) is higher by 4.4% following a mixed second quarter earnings report. CASY beat earnings expectations by $0.06, while reporting revenues slightly below consensus estimates. Meanwhile, food wholesaler United National Foods (UNFI 56.29, -4.14) is down 6.9% despite beating on revenues and reporting in-line earnings.

The trade deficit widened to $42.0 billion during July after a downwardly revised prior month deficit of $41.9 billion. Economists polled by Briefing.com had expected that the deficit for July would come in at $44.0 billion.DJ30 +86.24 NASDAQ +6.06 SP500 +6.46 NASDAQ Adv/Vol/Dec 1408/822.9 mln/983 NYSE Adv/Vol/Dec 2011/268.8 mln/919

12:30 pm : Equities are holding steady after slipping off session highs. The S&P 500 is higher by 0.4% while the Dow is outperforming, up 0.6%.

Apparel and luxury retailers are under pressure after Burberry cut its profit expectations for the second half of the fiscal year. The lower guidance clouded the outlook for companies with a similar line of business. Ralph Lauren (RL 155.94, -4.37) and Coach (COH 61.04, -1.56) are down 2.7% and 2.5%, respectively. Meanwhile, Fossil (FOSL 84.60, -1.27) and Tiffany (TIF 62.20, -0.84) are both down near 1.5%.DJ30 +83.42 NASDAQ +5.86 SP500 +6.25 NASDAQ Adv/Vol/Dec 1412/745.5 mln/958 NYSE Adv/Vol/Dec 2015/247.5 mln/900

12:00 pm : The major averages have pulled back from session highs which coincided with the European close. The S&P 500 is up 0.4%.

The energy sector is the top performer as the SPDR Energy Select Sector ETF (XLE 74.00, +0.87) is higher by 1.2%. Within the group, Halliburton (HAL 35.21, +0.94) is adding 2.8%, while Anadarko Petroleum (APC 71.63, +1.23), National Oilwell Varco (NOV 82.48, +1.46), and Occidental Petroleum (OXY 87.40, +1.08) are all up between 1.2% and 2.0%. Meanwhile, crude oil is tacking on 0.4% as it trades at $96.93 per barrel.DJ30 +83.59 NASDAQ +8.60 SP500 +6.63 NASDAQ Adv/Vol/Dec 1510/669.1 mln/846 NYSE Adv/Vol/Dec 2106/225.4 mln/811

11:30 am : Equities are continuing a steady upward climb as the S&P 500 is higher by 0.6%.

Solar stocks are broadly higher today with the Guggenheim Solar ETF (TAN 17.45, +0.39) adding 2.3%. First Solar (FSLR 21.84, +1.05) is gaining 5.1% after signing a power purchase agreement with PG&E (PCG 43.44, -0.01) for 72 megawatts of solar electricity generated at two photovoltaic plants in central California. The company also announced that its Agua Caliente project achieved a peak generating capacity of 250 megawatts. Meanwhile, ReneSola (SOL 1.53, +0.11) is up 8.1% after announcing the release of its Micro RePlus inverter module.DJ30 +98.85 NASDAQ +13.84 SP500 +8.67 NASDAQ Adv/Vol/Dec 1602/566.1 mln/719 NYSE Adv/Vol/Dec 2205/196.3 mln/686

11:00 am : The major averages are pushing to fresh session highs with the S&P 500 up 0.5%.

Grocery store operator, Casey's General Stores (CASY 58.95, +3.29) is higher by 5.9% following a mixed second quarter earnings report. CASY beat earnings expectations by $0.06, while reporting revenues slightly below consensus estimates. Meanwhile, food wholesaler United National Foods (UNFI 55.79, -4.64) is down 7.7% despite beating on revenues and reporting in-line earnings.DJ30 +82.70 NASDAQ +9.07 SP500 +6.24 NASDAQ Adv/Vol/Dec 1472/454.9 mln/789 NYSE Adv/Vol/Dec 2057/160.9 mln/777

10:35 am : Commodities spiked earlier this morning after Moody's warned of a one notch downgrade of the U.S. This caused the dollar index to pullback, pushing commodities higher. Oct crude oil rallied to a new session high of $97.28 on the morning strength and is now +0.4% at $96.95/barrel.

Oct natural gas rallied about 3.5% to its own new session high of $2.95 earlier, which was 5.4% higher than where it was sitting 1 hour ahead of the start of floor trading. In current activity, nat gas is +4.7% at $2.94/MMBtu.

Precious metals rallied earlier as well. Silver almost rallied to $34, but fell as little short as it put in a new HoD of $33.87. Gold, meanwhile, rose about 10 pts overall from its overnight low through its session high hit this morning. Dec is now +0.4% to $1738.10/oz and Dec silver is +0.4% at $33.75/oz.DJ30 +64.23 NASDAQ +5.46 SP500 +4.91 NASDAQ Adv/Vol/Dec 1399/359.2 mln/811 NYSE Adv/Vol/Dec 2038/132 mln/777

10:00 am : Stocks are adding to their slim gains as the Dow outperforms, up 0.5%. The S&P 500 is higher by 0.4%.

Telecom stocks are off to an early lead with the sector advancing 0.7%. Major wireless carriers within the group are showing strength across the board with AT&T (T 37.69, +0.27), MetroPCS (PCS 9.88, +0.11), and Spint (S 5.20, +0.05) all up near 1.0%.DJ30 +68.30 NASDAQ +8.59 SP500 +5.31 NASDAQ Adv/Vol/Dec 1349/210.3 mln/762 NYSE Adv/Vol/Dec 1959/87.5 mln/767

09:50 am : The major averages are fighting to stay positive as the S&P 500 is higher by 0.2%.

Citigroup (C 31.94, +0.13) and Morgan Stanley (MS 16.72, +0.11) announced that they have reached agreement for Morgan Stanley to purchase Citi's 14% stake in Morgan Stanley Smith Barney Holdings. Shares of Citigroup dipped on the news, but have pared their losses since. C is higher by 0.5%, while MS is up 0.8%.DJ30 +46.66 NASDAQ +0.25 SP500 +2.26 NASDAQ Adv/Vol/Dec 1158/143.2 mln/911 NYSE Adv/Vol/Dec 1712/69.7 mln/938

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +6.30. As the start of the U.S. session nears, futures are holding firm as they point to a higher open by 0.3%.

The dollar index slipped to fresh session lows after Moody's warned of a one notch downgrade of the U.S. if congressional negotiations do not "lead to specific policies that produce a stabilization and then downward trend in the ratio of federal debt to GDP over the medium term." The euro and gold spiked to session highs following the news.

Shares of luxury and apparel retailers bear watching today after British Burberry cut its profit expectations for the second half of the fiscal year. Ralph Lauren (RL 155.59, -4.72) and Tiffany (TIF 61.22, -1.82) are both down near 3.0% in pre-market.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +5.30. U.S. equity futures are higher by 0.3%.

In Europe, the attention is turning to the German Constitutional Court in Karlsruhe, which is expected to rule on the constitutionality of the European Stability Mechanism on Wednesday. In addition, the Dutch election will also take place tomorrow. There were no notable macroeconomic releases but German Finance Minister Wolfgang Schaeuble commented that Germany is against the debt union or Euro bonds. He also described the German economy as "more shock-resistant" and unlikely to see a strong rise in unemployment. Mr. Schaeuble also reiterated that shared liability or a printing press won't solve the crisis.

Germany's DAX is flat with Deutsche Bank advancing by 1.7% after announcing it will cut costs by EUR4.5 billion in order to improve its capital position. Meanwhile, airline Lufthansa is up 1.0% as the negotiator for the cabin crew labor union said Lufthansa will not face strike action until end of October at the earliest. Adidas is the weakest performer, down 2.0%.

In the UK, the FTSE is off by 0.3% as Burberry falls 19.4% after announcing its profits for the year through March will be near the lower end of the estimate range. Mining stocks are also lower with Anglo American, Kingfisher and Vedanta Resources all down near 3.0%. On the upside, Royal Bank of Scotland is higher by 2.6% as it leads the index.

France's CAC is lower by 0.4% with consumer names leading the decline. LVMH Moet Hennessy Louis Vuitton and PPR are down 4.6% and 3.8% respectively. The weakness in retail names comes after Burberry cut its profit expectations for the second half of the year. Healthcare and pharmaceutical stocks are higher with Sanofi and Cie Generale d'Optique Essilor up near 1.0% each.

The major Asian bourses finished mostly lower as traders err on the side of caution ahead of Wednesday's German High Court ruling and Thursday's Federal Open Market Committee meeting. Data in the region was mixed as China's new yuan loans rose by CNY704 billion while expectations called for a CNY605 billion increase. Japan's BSI Manufacturing Index which was expected to slip to -6.1, climbed to 2.5, and Australia's NAB Business Confidence ticked down to -2 versus a previous reading of 3.

In Japan, the Nikkei closed lower by 0.7% as exporters remained under pressure thanks to a stronger yen. Robotics maker Fanuc fell 1.5% while automakers Honda Motor and Toyota Motor shed 1.2% and 2.2% respectively. Elsewhere, Japan Tobacco closed up 2.1%, gaining for the first time in three days after European regulators announced they were considering raising taxes to combat smoking.

Hong Kong's Hang Seng tacked on 0.2% as property names outperformed. Henderson Land gained 1.7% and Sung Hung Kai Properties added 1.3% as investors responded favorably to the recent project launches. Energy names were weak after Beijing announced it was raising gasoline prices. Sinopec slipped 0.7%.

In China, the Shanghai Composite slipped 0.7% as names most tied to economic growth were under pressure. Anhui Cement dropped 3.1% and coal-based China Shenhua Energy gave back 0.7%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +5.00. Equity futures continue to hover near their pre-market highs as they point to a 0.3% gain at open.

The trade deficit widened to $42.0 billion during July after a downwardly revised prior month deficit of $41.9 billion. Economists polled by Briefing.com had expected that the deficit for July would come in at $44.0 billion.

08:05 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +6.30. U.S. equity futures are rebounding after yesterday's down day as they point to a modest gain at open.

The global equity markets are generally lower this morning with the attention turning to the German Constitutional Court in Karlsruhe, which is expected to rule on the constitutionality of the European Stability Mechanism this week. In addition, the Dutch election will take place on Wednesday, and the Federal Reserve will make a policy statement on Thursday. Elsewhere, the Troika's pending determination on Greece's progress tops off the week filled with potential risk events.

Asian markets were generally lower as the Shanghai Composite was the laggard of the night, down 0.7%. This comes ahead of the World Economic Forum, which China is hosting. China's Commerce Minister reiterated his skepticism on meeting the 2012 target of 10% growth. China lent out more than anticipated last month as seen in New Yuan Loans, which did little to inspire buying on the mainland, but helped out the Aussie. Hong Kong's Hang Seng added 0.2%, while Japan's Nikkei slid 0.7%.

In Europe, as noted above, traders appear cautious ahead of the plethora of critical events that loom on the horizon. Macro figures were light out of the region but German Finance Minister Wolfgang Schaeuble commented that Germany is against the debt union or Euro bonds. He also described the German economy as "more shock-resistant" and unlikely to see a strong rise in unemployment. Mr. Schaeuble also reiterated that shared liability or a printing press won't solve the crisis. Nearing midday, UK's FTSE and France's CAC are both down 0.3%, while Germany's DAX is unchanged.

In U.S. corporate news, Sunesis Pharmaceuticals (SNSS 3.51, +0.87) is higher by 33.0% after announcing it will implement a one-time, 225-patient sample size increase to its acute myeloid leukemia trial. As a result of the increase, Royalty Pharma will have to fulfill its obligation to invest $25 million in Sunesis. Yesterday, the trial's independent Data and Safety Monitoring Board completed a single, pre-planned interim analysis of unblinded efficacy and safety data sets from VALOR. Note that SNSS fell 22% yesterday.

Retailers are under pressure as Coach (COH 60.84, -1.76), Ralph Lauren (RL 154.00, -6.31) and Tiffany (TIF 61.35, -1.69) are all down near 3.0%. The weakness comes after Burberry lowered their profit expectations for the second half of the year.

The July trade balance will be reported at 8:30 ET.

The U.S. Treasury will auction off $32 billion in 3-yr notes.

06:35 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +0.50.

06:35 am : Nikkei...8807.38...-62.00...-0.70%. Hang Seng...19857.88...+30.70...+0.20%.

06:35 am : FTSE...5765.44...-27.80...-0.50%. DAX...7203.77...-9.90...-0.10%.

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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