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 Post subject: September 17th Monday 2012 Emini TF ($TF_F) points +10.50
PostPosted: Mon Sep 17, 2012 8:49 pm 
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Joined: Sat Jan 10, 2009 1:06 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: +10.50 points or $1050 dollars in the Russell 2000 Emini TF ($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=1322.

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)...regardless if I'm day trading, swing trading or position trading.

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 (day trading, swing trading, position trading) and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Sept. 17 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, after the Standard & Poor’s 500 Index rallied to its highest level since 2007, as European finance chiefs deadlocked at debt-crisis talks and New York area manufacturing slumped.

Stocks: Investors Step Back

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

NEW YORK (CNNMoney) -- U.S. stocks were in the red Monday as investors took a step back from last week's Fed-inspired rally.

With little on the economic docket, coupled with the start of the Jewish New Year, Rosh Hashanah, analysts figured trading would be light.

Tim Ghriskey, chief investment officer at Solaris Asset Management, said the lack of news and holiday definitely impacted volume and market movements.

Stocks hit multi-year highs following the Federal Reserve's quantitative easing, or QE3, announcement last week. The central bank said it would buy $40 billion of mortgage-backed securities each month.

But as the excitement wears off, investors will be keeping close tabs on upcoming economic data for any clues as to how long the central bank's easing will be needed.

U.S. crude futures, which soared on the Fed's announcement last week, fell more than 2% Monday as the Fed-related boost appeared to fade, U.S. October crude oil futures slid to $96.62 a barrel.

The only economic report of note on Monday, the September Empire State Manufacturing Survey, came in worse than expected and signaled further weakness in manufacturing in New York.

"It's another sign that the Fed needed to act ... and acted with a greater impact than expected," Ghriskey said. "The unevenness of economic data and the lack of positive momentum was of concern to the Fed and we see that in today's manufacturing number."

Investors will get a broader view on manufacturing later in the week, when the Philadelphia Fed releases its report.

But housing data will dominate this week, with reports on mortgages, housing starts, building permits and existing home sales due out starting Tuesday.

Fear & Greed Index

In Europe, investor optimism over the latest moves to solve the debt crisis has started to fizzle. European stocks ended the day in the red. The euro remained at five-month highs against the U.S. dollar, hitting a high of $1.317.

In Asia, Chinese stocks tumbled overnight, ahead of news that the Obama administration planned to file a complaint over Chinese trade with the World Trade Organization. The U.S. government alleges that China violated WTO rules by subsidizing automotive exports to the tune of $1 billion. The Shanghai Composite dropped 2.1% while the Hang Seng in Hong Kong ticked up 0.1%. Japanese markets were closed for a holiday.

Companies: Office Depot (ODP, Fortune 500)got a boost after activist investment firm Staboard Value disclosed a 13% stake, making it the firm's biggest shareholder. Starboard made a case for improving the "undervalued" business in a letter to Office Depot's CEO.

Shares of LDK (LDK), a large Chinese solar products manufacturer, sank nearly 1% after the company reported a second-quarter loss of $92 million.

Apple (AAPL, Fortune 500) shares hit another all-time high Monday, coming within spitting distance of $700 in regular trading. Shares topped $700 after hours. Investors are excited as pre-orders for the iPhone 5 sold out and people started lining up outside retail stores to get their hands on the latest iPhone, which doesn't hit stores until Friday. Early Monday, AT&T (T, Fortune 500) said the iPhone 5 was the fastest selling iPhone it has ever offered.

Apple: Pre-ordering a $700 stock price

Commodities: Gold futures for December delivery lost $2.1 to $1,77.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 1.84% from 1.87% late Friday.

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Market Update

4:10 pm : Stocks began today's session on a negative note after the September Empire Manufacturing Survey registered its worst reading since April 2009. The bearish sentiment was then extended as unfounded rumors of tapping into the strategic petroleum reserve sent the major averages to fresh session lows. As a result, the S&P 500 ended lower by 0.3%.

Healthcare stocks outperformed the broader market on strength in biotech companies. The iShares Nasdaq Biotechnology ETF (IBB 143.15, +1.39) advanced 1.0% as Gilead Sciences (GILD 65.80, +3.78) added 6.1% after positive comments were made by analysts before the open. Meanwhile, Spectrum Pharmaceuticals (SPPI 12.91, +0.90) and Onyx Pharmaceuticals (ONXX 81.26, +4.59) gained between 6.0% and 7.5%.

In M&A news, medical equipment supplier, IRIS (IRIS 19.54, +6.12) surged 45.6% after announcing that the company will be acquired by Danaher (DHR 54.84, +0.08) for $19.50 per share. The purchase price represents a 45.3% premium to IRIS' Friday closing price of $13.42. Following the acquisition, Feltl & Co downgraded shares of IRIS from ‘buy' to ‘hold.' Elsewhere, Complete Genomics (GNOM 3.02, +0.35) jumped 13.1% after the company entered into a definitive merger agreement with China-based BGI-Shenzhen. Per the agreement, a wholly-owned U.S. subsidiary of BGI-Shenzhen will launch a tender offer to purchase all outstanding shares of GNOM for $3.15 per share, representing an 18.0% premium to GNOM's Friday closing price of $2.67.

The Dow Jones Transportation Average slipped 1.5% as it underperformed the broader market. Within the bellwether group, only UPS (UPS 74.23, +0.55) and CSX Corp (CSX 23.26, +0.10) managed to stay marginally positive. Airline stocks were generally lower after Southwest Airlines (LUV 9.05, -0.02) and Delta (DAL 9.23, -0.04) raised roughly 10% of their round trip fares by $10. The two carriers both shed near 0.3%. Trucking and railroad stocks also showed considerable weakness as Con-way (CNW 29.22, -1.33) and Kansas City Southern (KSU 81.24, -2.39) ended lower by 4.4% and 2.9%, respectively.

Shares of major financials showed weakness after last week's broad rally. The SPDR Financial Select Sector ETF (XLF 16.13, -0.15) slipped 0.9% as most major names posted losses in the neighborhood of 1.0%. Bank of America (BAC 9.30, -0.25) and Morgan Stanley (MS 17.80, -0.44) both fell near 2.5%, while JPMorgan Chase (JPM 41.19, -0.38) and Goldman Sachs (GS 119.90, -1.46) lost near 1.0% each.

The materials sector was the weakest performer. The SPDR Materials Select Sector ETF (XLB 37.76, -0.59) slumped 1.5% as steel producers lagged after a series of downgrades. AK Steel (AKS 5.53, -0.34), Cliffs Natural Resources (CLF 42.36, -3.19), Reliance Steel & Aluminum (RS 54.99, -2.67), and United States Steel (X 21.31, -1.04) all posted losses between 4.5% and 7.0% after JP Morgan downgraded shares of the steelmakers from ‘overweight' to ‘neutral.'

Looking at tomorrow's earnings, FedEx (FDX 89.28, -0.87) will report its first quarter results before the bell. The company will be in focus after it recently lowered its earnings guidance to $1.37-1.43 from the original forecast of $1.45-1.60 per share.

The Empire Manufacturing Survey for September registered a reading of -10.4, which was down from the prior month's reading of -5.9. Economists polled by Briefing.com had expected that the Survey would rise to -3.0.

A handful of economic data points will be reported tomorrow. The current account balance will be released at 8:30 ET, while net long-term TIC flows and the NAHB Housing Market Index will be reported at 9:00 ET and 10:00 ET, respectively.DJ30 -40.27 NASDAQ -5.28 SP500 -4.58 NASDAQ Adv/Vol/Dec 945/1.42 bln/1500 NYSE Adv/Vol/Dec 936/665.9/2089

3:30 pm : Crude oil touched a session high of $99.52 per barrel in morning action but pulled back into negative territory by afternoon floor trade. The energy component then slid over 4 points to a session low of $94.65 per barrel.

Without a clear explanation for the dramatic move, the weakness in crude oil has been attributed to a number of factors, including rumors of a strategic oil reserve release (which have since been denied by the White House), along with chatter of a potential "fat-finger" trade, in combination with light volume and a break of technical levels. Crude erased some of the loss but still settled 2.4% lower at $96.52 per barrel.

Natural gas spent its entire pit session in the red. It fell off its session high of $2.93 per MMBtu and brushed a session low of $2.86 per MMBtu. It spent the remainder of floor trade trading in a consolidative pattern and closed 2.4% lower at $2.87 per MMBtu.

Gold touched a floor session high of $1775.80 per ounce in morning action and slid to a session low of $1767.00 per ounce shortly after. However, the move quickly corrected, and the yellow metal spent the remainder of its pit session trading near the unchanged line. It ultimately settled 0.1% lower at $1770.70 per ounce. Silver pulled back off its session high of $34.70 per ounce set in morning action and inched lower. It closed pit trade with a 0.7% loss at $34.39 per ounce.

Soybeans fell their exchange limit in today's floor trade. The weakness in grains was attributed to speculation of better-than-anticipated yields for select crops following improved weather conditions for the U.S. sowing season.DJ30 -62.72 NASDAQ -14.80 SP500 -7.81 NASDAQ Adv/Vol/Dec 821/1116.1 mln/1619 NYSE Adv/Vol/Dec 763/387 mln/2200

3:00 pm : Equities are holding near their recently established session lows with the S&P 500 off by 0.4%.

Two stocks within the health care space are trading lower following disappointing trial results. Threshold Pharmaceuticals (THLD 7.00, -1.71) is down 19.6% after reporting that overall survival improvement was not statistically significant in its Phase 2b trial of TH-302 combined with gemcitabine.

Meanwhile, Targacept (TRGT 4.29, -0.56) is lower by 11.6% after announcing it did not meet its primary endpoint in a Phase 2 trial in adults with inattentive-predominant attention deficit/hyperactivity disorder.DJ30 -47.72 NASDAQ -11.61 SP500 -6.00 NASDAQ Adv/Vol/Dec 824/1.02 bln/1624 NYSE Adv/Vol/Dec 821/355.1 mln/2132

2:30 pm : The major averages remain under pressure amid a sell-off in crude oil. The S&P 500 is off by 0.4%.

Netflix (NFLX 57.04, -3.48) is down 5.8% after Macquarie initiated coverage of the stock with an ‘underperform' rating. Other internet names are also seeing relative weakness as Groupon (GRPN 4.90, -0.37) is sliding 7.0% after being added to the sell list at Evercore.

Also of note, Zynga (ZNGA 3.08, -0.10) is lower by 3.1% after filing a counterclaim to a lawsuit filed by Electronic Arts (EA 14.20, -0.30) last month. The two companies are locked in a battle which stems from Zynga's hiring of three former EA employees who may have shared information about EA releases with Zynga.DJ30 -44.12 NASDAQ -11.15 SP500 -5.14 NASDAQ Adv/Vol/Dec 846/928.8 mln/1603 NYSE Adv/Vol/Dec 852/323.4 mln/2082

2:00 pm : Equities have extended their losses in a sell-off which saw the major averages and crude oil drop to session lows. The move coincided with European Central Bank's Luc Coene saying that outright bond purchases by the European Central Bank are very unlikely.

Shares of major financials are showing some weakness after last week's broad rally. The SPDR Financial Select Sector ETF (XLF 16.16, -0.12) is down 0.7% as most major names post losses in the neighborhood of 1.0%. Bank of America (BAC 9.32, -0.22) and Morgan Stanley (MS 17.84, -0.40) are both lower by 2.2%, while JPMorgan Chase (JPM 41.13, -0.44) and Goldman Sachs (GS 120.17, -1.20) are both down near 1.0%.

Meanwhile, European financials are staying positive as Deutsche Bank (DB 44.61, +0.35) adds 0.8% and Credit Suisse (CS 23.46, +0.35) trades higher by 1.5%.DJ30 -45.03 NASDAQ -11.33 SP500 -4.86 NASDAQ Adv/Vol/Dec 846/858.1 mln/1592 NYSE Adv/Vol/Dec 870/294.3 mln/2048

1:30 pm : The major averages continue testing their respective session lows as the Dow is off by 0.3%.

The Dow Jones Transportation Average is lower by 1.3% as it underperforms the broader market. Within the group which serves as a bellwether for the overall health of the economy, only UPS (UPS 74.24, +0.56) is managing to stay positive, up 0.8%. Airline stocks are generally lower after Southwest Airlines (LUV 8.96, -0.11) and Delta (DAL 9.10, -0.17) raised roughly 10% of their round trip fares by $10. The two carriers are both down near 1.5%. Trucking and railroad stocks are also showing considerable weakness as Con-way (CNW 29.14, -1.41) and Kansas City Southern (KSU 81.74, -1.89) trade lower by 4.7% and 2.3%, respectively.DJ30 -40.46 NASDAQ -10.23 SP500 -3.76 NASDAQ Adv/Vol/Dec 836/783.3 mln/1577 NYSE Adv/Vol/Dec 896/265.7 mln/2028

1:00 pm : The major averages have held their opening levels through the first half of the session. A disappointing Empire State Manufacturing data tempered market optimism, and contributed to the risk-off trade which has translated into a boost for defensive stocks. At midday, the S&P 500 is off by 0.2%.

The telecom space is showing relative strength as SBA Communications (SBAC 60.06, +0.52) is higher by 0.9% after reaching an agreement with T-Mobile USA to extend the remaining term on nearly 2,800 existing leases to an average of seven years. In addition, the company granted T-Mobile rights to upgrade certain towers with radio equipment. Meanwhile, Sprint (S 5.30, +0.04) and AT&T (T 37.52, +0.26) are up 0.8% and 0.7%, respectively. The strength in AT&T follows the announcement that the company set a sales record with iPhone 5 pre-orders over the weekend. Elsewhere, Apple (AAPL 698.30, +7.02) is adding 1.0% as reports indicate iPhone 5 pre-orders topped two million units.

Biotech stocks are also outperforming the broader market. Gilead Sciences (GILD 64.88, +2.86) is firmer by 4.6% after positive comments were made by analysts before the open. Meanwhile, Spectrum Pharmaceuticals (SPPI 12.67, +0.66) and Onyx Pharmaceuticals (ONXX 80.23, +3.56) are both up near 5.0%. The iShares Nasdaq Biotechnology ETF (IBB 142.62, +0.86) is higher by 0.6%.

In M&A news, medical equipment supplier, IRIS (IRIS 19.49, +6.07) is surging 45.2% after announcing that the company will be acquired by Danaher (DHR 54.97, +0.21) for $19.50 per share. The purchase price represents a 45.3% premium to IRIS' Friday closing price of $13.42. Following the acquisition, Feltl & Co downgraded shares of IRIS from ‘buy' to ‘hold.' Elsewhere, Complete Genomics (GNOM 3.06, +0.39) is jumping 14.6% after the company entered into a definitive merger agreement with China-based BGI-Shenzhen. Per the agreement, a wholly-owned U.S. subsidiary of BGI-Shenzhen will launch a tender offer to purchase all outstanding shares of GNOM for $3.15 per share, representing an 18.0% premium to GNOM's Friday closing price of $2.67.

The materials sector is the weakest performer. The SPDR Materials Select Sector ETF (XLB 37.96, -0.39) is shedding 1.0% as steel producers lag after a series of downgrades. AK Steel (AKS 5.70, -0.17), Cliffs Natural Resources (CLF 43.00, -2.55), Reliance Steel & Aluminum (RS 55.71, -1.94), and United States Steel (X 21.79, -0.56) are all down between 2.5% and 5.6% after JP Morgan downgraded shares of the steelmakers from ‘overweight' to ‘neutral.'

The Empire Manufacturing Survey for September registered a reading of -10.4, which was down from the prior month's reading of -5.9. Economists polled by Briefing.com had expected, on average, that the Survey would rise to -3.0.DJ30 -37.19 NASDAQ -8.56 SP500 -3.22 NASDAQ Adv/Vol/Dec 857/729.6 mln/1546 NYSE Adv/Vol/Dec 916/247.9 mln/1998

12:30 pm : Equities continue to hold their levels as the S&P 500 is down 0.2%.

Telecom stocks are showing relative strength as the risk-off trade appears to be the day's theme. SBA Communications (SBAC 60.05, +0.51) is higher by 0.9% after reaching an agreement with T-Mobile USA to extend the remaining term on nearly 2,800 existing leases to an average of seven years. In addition, the company granted T-Mobile rights to upgrade certain towers with radio equipment. Meanwhile, Sprint (S 5.30, +0.04) and AT&T (T 37.45, +0.19) are up 0.8% and 0.5%, respectively. The strength in AT&T follows the announcement that the company set a sales record with iPhone 5 pre-orders over the weekend.

Elsewhere, Apple (AAPL 698.85, +7.57) is adding 1.1% on the iPhone sales data.DJ30 -33.63 NASDAQ -7.78 SP500 -2.94 NASDAQ Adv/Vol/Dec 832/661.4 mln/1539 NYSE Adv/Vol/Dec 906/226.8 mln/1998

12:00 pm : The major averages continue to trade near the bottom of the day's range as the S&P 500 is off by 0.2%.

With defensive stocks outperforming, relative strength can be found in biotech names. Gilead Sciences (GILD 64.96, +2.94) is firmer by 4.7% after positive comments were made by analysts before the open. Meanwhile, Spectrum Pharmaceuticals (SPPI 12.53, +0.52) and Onyx Pharmaceuticals (ONXX 79.55, +2.88) are both up near 4.0%. The iShares Nasdaq Biotechnology ETF (IBB 142.63, +0.87) is higher by 0.6%.DJ30 -33.99 NASDAQ -8.69 SP500 -2.97 NASDAQ Adv/Vol/Dec 800/594.4 mln/1567 NYSE Adv/Vol/Dec 873/205.4 mln/2010

11:30 am : The major indices remain near their respective session lows. The S&P 500 and Dow are lower by 0.2%, while the Nasdaq underperforms, down 0.3%.

The materials sector is the weakest performer. The SPDR Materials Select Sector ETF (XLB 38.00, -0.34) is down 0.9% as steel producers lag after a series of downgrades. AK Steel (AKS 5.60, -0.26), Cliffs Natural Resources (CLF 42.90, -2.65), Reliance Steel & Aluminum (RS 55.51, -2.15), and United States Steel (X 21.68, -0.67) are all down between 3.0% and 6.0% after JP Morgan downgraded shares of the steelmakers from ‘overweight' to ‘neutral.'DJ30 -30.77 NASDAQ -10.13 SP500 -2.97 NASDAQ Adv/Vol/Dec 807/524.1 mln/1545 NYSE Adv/Vol/Dec 885/182.7 mln/1992

11:00 am : The major averages continue to hover near their opening levels as the S&P 500 is off by 0.2%.

Renewable energy stocks are seeing strength after the Environmental Protection Agency confirmed on Friday that it has established a requirement for bio-diesel products to be included in diesel fuel markets in 2013. Renewable Energy Group (REGI 7.60, +1.49) is benefiting from the news as REGI stock surges 24.4% on the news. Other names which are seeing strength include Amyris (AMRS 3.92, +0.46) and BioFuel Energy (BIOF 9.79, +0.81). The two stocks are up 13.3% and 9.0%, respectively.DJ30 -21.97 NASDAQ -8.00 SP500 -2.59 NASDAQ Adv/Vol/Dec 786/433.3 mln/1515 NYSE Adv/Vol/Dec 858/156.1 mln/1993

10:35 am : The dollar index hit a new session low of 78.72 in recent activity, but has since moved back to the unchanged line, which has given select commodities a boost.

Oct crude oil has rallied for about $1/barrel since a half of an hour before floor trading began, pushing crude to a new session high of $99.56/barrel. Crude is now +0.3% at $99.32/barrel. Natural gas, on the other hand, has sold off by 4% since hitting an overnight high of $2.98/MMBtu. In recent trade, Oct nat gas -1.9% at $2.89/MMBtu.

In the precious metals space, both gold and silver sold off a short while ago and are now in the red. Dec gold is currently -0.05% at $1771.80/oz and Dec silver is -0.5% at $34.50/oz.DJ30 -10.16 NASDAQ -3.60 SP500 -1.00 NASDAQ Adv/Vol/Dec 823/336.3 mln/1414 NYSE Adv/Vol/Dec 937/129 mln/1874

10:00 am : The major averages are maintaining their early levels as the S&P 500 is off by 0.2%.

In M&A news, IRIS (IRIS 19.45, +6.03) is higher by 44.9% after announcing that the company will be acquired by Danaher (DHR 54.69, -0.08) for $19.50 per share. The purchase price represents a 45.3% premium to IRIS' Friday closing price of $13.42.

Elsewhere, Complete Genomics (GNOM 3.06, +0.39) is up 14.6% after the company entered into a definitive merger agreement with China-based BGI-Shenzhen. Per the agreement, a wholly-owned U.S. subsidiary of BGI-Shenzhen will launch a tender offer to purchase all outstanding shares of GNOM for $3.15 per share, representing an 18.0% premium to GNOM's Friday closing price of $2.67.DJ30 -19.38 NASDAQ -11.16 SP500 -3.36 NASDAQ Adv/Vol/Dec 667/198.5 mln/1545 NYSE Adv/Vol/Dec 840/88.8 mln/1884

09:45 am : Equities are hovering just beneath the unchanged line as they start the week on a negative note. The S&P 500 is down 0.2%.

Looking at the early sector performance, defensive stocks are outperforming. Health care, utilities, and consumer staples are all up near 0.1%. Meanwhile, materials, industrials and consumer discretionary stocks are all lower in the early going.

Office Depot (ODP 2.78, +0.31) is continuing its recent rally. Shares of the office supply retailer are higher by 12.6% after Starboard confirmed a 13.3% stake in the company. The fund sent a letter to the Chief Executive Officer and the Board of Directors justifying their belief that ODP stock is deeply undervalued.DJ30 -24.94 NASDAQ -9.11 SP500 -3.72 NASDAQ Adv/Vol/Dec 631/133.6 mln/1521 NYSE Adv/Vol/Dec 844/71.8 mln/1815

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: +3.00. U.S. equity futures have recovered most of their pre-market losses, but they continue pointing to a slightly lower open.

Today's Empire Manufacturing Index was reported at -10.4 which is the lowest level since April 2009. Within the index, new orders fell from -5.5 to -14.0 while the employment index slid from 16.5 to 4.3. Considering the weak manufacturing data, two sector ETFs bear watching today. The SPDR Materials Select Sector ETF (XLB 38.35, 0.00) and SPDR Industrial Select Sector ETF (XLI 37.76, 0.00) will be in focus throughout the session.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: +2.30. U.S. equity futures are near their pre-market highs but they continue pointing to a slightly lower start to the session.

The major Asian bourses ended mostly higher with trade consolidating at recent highs after seeing strong gains following the Federal Reserve's announcement of more easing. Tensions are on the rise in the East China Sea after Japan purchased a chain of islands (Senkaku in Japanese, Diaoyu in Chinese) from a private owner that China claims rights to. The Reserve Bank of India opined overnight, opting to leave its benchmark interest rate unchanged at 8.00% while cutting its reserve ratio 25 basis points to 4.50%. The moves come after the Indian government announced it was opening up airlines and supermarkets to foreign investment. Data in the region was light as Australian new motor vehicle sales climbed 3.6% month-over-month.

Japan's Nikkei was closed for Respect-for-the-Aged Day.

In Hong Kong, the Hang Seng added 0.1% as commodity-related names led while property developers were weak. Mongolian Mining Group rallied 3.1% and energy explorer CNOOC jumped 3.7% to lead the index to a small gain. Property developers lagged as China Resources Land fell 3.4%.

In China, the Shanghai Composite settled lower by 2.1% as real estate stocks were under pressure on worries local governments may take more action to cool their property markets. Poly Real Estate Group plunged 6.7% and China Vanke fell 3.4%. Elsewhere, Cosco Shipping lost 3.4% after Citigroup cut its 2013 economic growth forecast.

European markets are lower amid limited economic data. Italy's trade balance showed a EUR4.49 billion surplus, while a EUR1.97 billion surplus was expected. In addition, the Eurozone current account was reported at EUR9.7 billion, while expectations called for a EUR10 billion reading. Social unrest is also a theme in the region as Spanish worker unions rallied at an anti-austerity protest in Madrid. Spain's 10-yr yield has added 12 basis points and is now at 5.891% while Italy's 10-yr benchmark yield is higher by six basis points, to 5.064%.

France's CAC is lower by 0.6% as telecom names lag. Vivendi and France Telecom are both down near 2.0%. Meanwhile, defense contractor European Aeronautic Defence & Space and carmaker Peugeot are up 2.0% and 1.7%, respectively.

In the UK, the FTSE is off by 0.3% as miners weigh on the index. Evraz and Anglo American are lower by 2.5% each. On the upside, financials Ashmore Group and ICAP are up 2.5% and 1.7%, respectively.

Germany's DAX is down 0.3% as ThyssenKrupp leads all decliners. The steelmaker is down 4.0% following a downgrade by UBS. Financial Commerzbank is showing the most strength, up 2.1%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -1.80. U.S. equity futures have ticked lower following the release of the latest Empire Manufacturing Survey.

The Empire Manufacturing Survey for September registered a reading of -10.4, which is down from the prior month reading of -5.9. Economists polled by Briefing.com had expected, on average, that the Survey would rise to -3.0.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -3.30. U.S. equity futures are slightly lower following last week's risk rally.

Overnight, the world equity markets were mostly lower. China's Shanghai Composite saw a noticeable decline as concerns continued to settle into markets over potential inflation which may curb additional easing moves by the People's Bank of China. Meanwhile, some local Chinese governments reintroduced property price controls in an effort to weed out speculative buying. As such, real estate related names took a hit. The Macro-related news was light, but the theme over the weekend seemed to be protests. In China, protestors gathered in front of many Japanese retailers over the weekend. Due to tensions between Japan and China, Sony is recommending foregoing any non-essential business travel to China. Japanese markets were closed today for a public Holiday. India was a bright spot, with the Sensex rising 0.4% as the Reserve Bank of India surprisingly cut its cash reserve ratio by 25 basis points, while leaving its key interest rates unchanged. The Asian indices finished mixed as China's Shanghai Composite shed 2.1%, while Hong Kong's Hang Seng added on 0.1%.

In Europe, markets are lower amid limited economic data. Italy's trade balance showed a EUR4.49 billion surplus, while a EUR1.97 billion surplus was expected. In addition, the Eurozone current account was reported at EUR9.7 billion, while expectations called for a EUR10 billion reading. Social unrest is also a theme in the region as Spanish worker unions rallied at an anti-austerity protest in Madrid. Spain's 10-yr yield has added 12 basis points and is now at 5.891% while Italy's 10-yr benchmark yield is higher by six basis points, to 5.064%. Nearing midday, France's CAC is down 0.6%, UK's FTSE is lower by 0.3%, and Germany's DAX is off by 0.2%.

In U.S. corporate news, LDK Solar (LDK 1.16, -0.08) is down 6.5% after missing on earnings and revenues. In addition, the company issued third quarter and full-year guidance below consensus estimates. LDK is the only company scheduled to report earnings today.

Tesla Motors (TSLA 32.10, +1.71) is higher by 5.6% after shares of the carmaker were upgraded from ‘underweight' to ‘overweight' at Morgan Stanley.

The Empire Manufacturing Survey will be released at 8:30 ET.

06:25 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -1.00.

06:25 am : Nikkei...Holiday......... Hang Seng...20658.11...+28.30...+0.10%.

06:25 am : FTSE...5896.23...-19.30...-0.30%. DAX...7391.61...-20.50...-0.30%.

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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