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 Post subject: September 21st Friday 2012 Emini TF ($TF_F) points +0.00
PostPosted: Sat Sep 22, 2012 6:01 am 
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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

Quote:
No trades today today due to taking a rest from the difficult low volatility market conditions that has minimized profits and made trades more difficult to manage after entry. Regardless, the new Creeper Movement Analysis and Creeper Movement Trade Signals are excellent for this type of market conditions...without it...trading would be more difficult or keeping me on the sidelines for many consecutive trading days. Anyways, I spent most of the day with my kids doing fun activities...a useful way for me to re-energize.

Price Action Trade Performance for Today: +0.00 points or $0 dollars in the Russell 2000 Emini TF ($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=1326.

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.

Stocks Pare Gains, Finish Mixed

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

NEW YORK (CNNMoney) -- U.S. stocks shaved earlier gains and finished mixed Friday, as investors kept tabs on the global economy.

The market also broke a two-week winning streak, as all three major indexes declined for the week. The Dow and Nasdaq slipped 0.1%, while the S&P 500 lost 0.4%.

Chatter that Spain is working with European Union officials on the terms of a bailout drove the market higher in the morning. But stocks lost steam in afternoon trading, ending the day little changed. The Dow Jones industrial average slipped 0.1%, while the Nasdaq gained 0.1%. The S&P 500 finished the day flat. Earlier in the session, the Dow had hit a 5-year high, while the Nasdaq climbed to a 12-year high.

Worries that the global economy is slowing have kept investors on edge this week.

Early Friday, World Trade Organization economists scaled back their forecasts for trade expansion, though recent moves by central banks around the world to take action was cheered.

"In an increasingly interdependent world, economic shocks in one region can quickly spread to others. Recently announced measures to reinforce the euro and boost growth in the United States are therefore extremely welcome," said WTO Director-General Pascal Lamy in a statement.

Meanwhile, Apple's stock was also in focus Friday, as the iPhone 5 went on sale around the world. The new device is almost sure to be the company's best seller yet. Apple (AAPL, Fortune 500) shares rose to an all-time high of $705.07, before settling just above $700 a piece for the day.

Best stocks to own if you're betting on Obama

Friday also marked "quadruple witching," when four types of contracts expire -- market index futures, market index options, stock options and stock futures. While many traders settle out those contracts in the days leading up the expiration, there is still some volatility on the actual day.

Overseas, the Shanghai Composite ended the day 0.1% higher, the Hang Seng in Hong Kong finished up 0.7%, and Japan's Nikkei rose 0.3%. In Europe, Britain's FTSE 100 finished flat, the DAX in Germany gained 0.8% and France's CAC 40 rose 0.6%.

Video - Sprint Gets iPhone 5 Bump

Companies: KB Home (KBH) shares jumped more than 16% after the home builder reported quarterly earnings of 4 cents per share that were contrary to anticipated losses.

BlackBerry maker Research in Motion (RIMM) plunged 6.5% after the company reported a brief outage in e-mail service in Europe Friday morning. The news comes just a few days before the struggling company is due to report its latest quarterly results.

The Apple effect in the S&P 500

Shares of Darden Restaurants (DRI, Fortune 500), which operates chains Red Lobster and Olive Garden, gained ground after it reported earnings of 85 cents per share, near expectations.

Shares of business software maker Oracle (ORCL, Fortune 500) rose a day after the company reported quarterly earnings in line with forecasts.

McDonald's (MCD, Fortune 500) shares were also slightly higher Friday, a day after the fast food chain promised to raise its dividend 10% for the fourth quarter.

Currencies and commodities: The dollar fell against the euro, British pound and Japanese yen.

Oil for November delivery rose 47 cents to settle at $92.89 a barrel.

Gold futures for December delivery rose $7.80 to settle at $1,778 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.75% from 1.78% late Thursday.

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Market Update

4:10 pm : Equities began the session on a higher note as quadruple witching contributed to a volume surge at the start. However, after reaching session highs within the first few minutes of trade, the major averages spent the rest of the day drifting towards the unchanged line. As a result the S&P 500 finished flat.

Telecom stocks outperformed as the sector traded higher by 0.6%. MetroPCS (PCS 11.62, +0.43) added 3.8% after the company announced it will carry ZTE's Anthem 4G smartphone—the first ZTE 4G device available in the U.S. Other telecom names were also on the rise as Sprint (S 5.65, +0.21) jumped 3.9% while AT&T (T 38.10, +0.16), 0.21) and Verizon (VZ 45.69, +0.20) both gained 0.4%.

Meanwhile, Inteliquent (IQNT 9.38, -1.02) slid 9.8% after the company's President and Chief Operating Officer, Surendra Saboo announced he will resign from the company, effective October 1, 2012. In addition, IQNT's Chief Financial Officer, Robert Junkroski will also step down on October 1, 2012. Following the pair of resignations, Raymond James downgraded shares of Inteliquent from ‘market perform' to ‘underperform.'

The healthcare sector was also one of the top performers. Within the group, Dehaier Medical (DHRM 2.45, +0.91) soared 59.1% after winning a three-year procurement agreement from a major Ukrainian medical equipment manufacturer. Elsewhere, Halozyme Therapeutics (HALO 7.95, +1.54) surged 24.0% after announcing with partner ViroPharma (VPHM 30.31, +2.13) that the Federal Drug Administration has enabled ViroPharma to resume clinical studies of Cinryze in combination with rHuPH20. Shares of VPHM gained 8.3% after the announcement.

On the downside, VIVUS (VVUS 21.00, -2.72) slumped 11.5% after the company announced it expects to receive an opinion recommending against the approval for weight loss drug Qsiva (trade name Qsymia in the U.S.) from the Committee for Medicinal Products for Human Use in Europe.

The Dow Jones Transportation Average shed 1.0% as it continued its recent underperformance. Expeditors International (EXPD 36.78, -0.75), UPS (UPS 71.88, -0.73), and Norfolk Southern (NSC 65.00, -1.11) all slid between 1.0% and 2.0%. Only Overseas Shipholding Group (OSG 7.31, +0.15) managed to stay positive within the group of twenty transportation stocks.

Shares of Indian companies rallied after India's Sensex index advanced 2.2% to close at its highest level in 14 months. The general strength resulted from the announcement of economic reforms in the country. As a result, The India Fund (IFN 22.50, +0.33) rose 1.5%.

U.S. listings of Indian companies made broad advances as financials ICICI Bank (IBN 39.74, +2.09) and HDFC Bank (HDB 36.78, +0.77) added 5.6% and 2.1%, respectively. Elsewhere, copper producer Sterlite Industries (SLT 7.74, +0.40) jumped 5.5% and car maker Tata Motors (TTM 25.35, +0.70) ended firmer by 2.8%.

Shares of tire makers were under pressure after KeyBanc downgraded Goodyear (GT 12.73, -0.65) and Cooper Tire (CTB 19.94, -2.05) from ‘buy' to ‘hold.' The downgrade resulted from uncertainty over expiring Chinese tariffs, as well as declining tire prices. Goodyear slipped 4.9% while Cooper Tire slid 9.3% in the wake of the rating cut.

Week in Review: Equities Quiet Following QE3

On Monday, stocks began the 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%. IRIS (IRIS 19.47, +0.01) surged 45.6% after announcing that the company will be acquired by Danaher (DHR 54.90, -0.12) for $19.50 per share.

Tuesday's session was mostly uneventful as equities remained near their opening levels throughout the day. The major averages showed some divergence as the S&P 500 shed 0.2% while the Dow added 0.1%. Defensive stocks outperformed as the consumer staples sector was the top performer of the day. FedEx (FDX 84.39, -0.78) beat on earnings and revenues while lowering its second quarter and full-year guidance.

On Wednesday, equities began on a slightly higher note after the Bank of Japan raised its asset purchase target in an attempt to inject additional liquidity into the market and to weaken the yen. Stocks were also boosted slightly by data which indicated an uptick in existing home sales as well as building permits. However, late day selling pushed the major averages off session highs as the S&P 500 settled higher by 0.1%. AutoZone (AZO 371.80, +0.17) added 3.4% after delivering a mixed quarterly report.

Thursday's session got off to a slow start after bearish data from around the world overshadowed investor optimism. Japan reported a wider-than-expected trade deficit while the French and Eurozone PMI readings were well short of expectations. Domestically, the weekly initial claims exceeded expectations. After marking session lows thirty minutes into the trading day, the major averages set off on a climb towards positive territory. As a result, the S&P 500 finished flat. Norfolk Southern (NSC 65.00, -1.11) fell 9.1% after the railroad lowered its guidance due to slumping demand and decreasing revenues from fuel surcharges.DJ30 -17.46 NASDAQ +4.00 SP500 -0.11 NASDAQ Adv/Vol/Dec 1526/2.15 bln/993 NYSE Adv/Vol/Dec 1778/1.80 bln/1256

3:35 pm : Crude oil trended lower but stayed in positive territory after touching its pit session high of $93.75 per barrel. It brushed a session low of $92.61 per barrel moments before settling the week 6.5% lower at $92.90 per barrel. Crude was unable to bounce back from losses from previous sessions that came on weaker-than-anticipated inventory data that showed a large build of 8.534 mln barrels when a build of 1.4 mln barrels was expected and Monday's unexplained slide of over 4 points.

Natural gas came off its floor session low of $2.96 per MMBtu and trended higher as the session went on. Despite settling at its session high, it finished the week flat at $3.08 per MMBtu.

Gold traded at new six and a half month highs during today's floor trade as the dollar chopped around in negative territory. The yellow metal climbed as high as $1790.00 per ounce in morning action but lost momentum moments later. Despite dropping to a session low of $1771.70 per ounce, gold managed to settle higher at $1778.10 per ounce and book a 0.3% weekly gain.

Silver rallied to a session high of $35.26 per ounce shortly after pit trade opened but slid to a session low of $34.37 per ounce. It attempted to recover the earlier gains but fell short as it settled slightly lower at $34.65 per ounce. Despite the loss, silver finished the week one cent above last Friday's closing price.DJ30 +7.35 NASDAQ +7.51 SP500 +1.89 NASDAQ Adv/Vol/Dec 1507/1610.7 mln/943 NYSE Adv/Vol/Dec 1875/775 mln/1108

3:00 pm : With an hour remaining in this week's trade, the major averages continue to hover near their session lows. The S&P 500 is up 0.1%.

The Dollar Index is slightly lower amid quiet afternoon trade. The index hovered around the 79.30 level until the European open when steady selling pushed the index down to 79.05. However, after reaching its session low, the index climbed steadily to return to the same levels it held before the markets in Europe got started. Prior to the U.S. open, the index stumbled to its session low once again before staging a steady climb back towards the 79.30 area where it currently holds.

The euro is slightly higher on the session as it hovers near 1.2990. The single currency ran to 1.3040 in a move which coincided with the release of UK's public sector net borrowing. This number came in at $12.4 billion, which was ahead of expectations. The resulting rally was short lived as the entire move faded within an hour. Following a reload, the euro returned briefly to the 1.3040 level ahead of the U.S. open. As the risk-on sentiment failed to take hold, the common currency fell back to 1.2990 where it now stands. This is also the same level where the euro settled on September 13 after QE3 was announced by the Federal Reserve.

The pound has followed the same pattern as the euro. Sterling also saw a spike around the release of the borrowing data and the U.S. open. Both moves were retraced entirely as the GPB/USD pair trades at 1.6240. As a result, the pound traced a head-and-shoulders pattern over the course of the day. At 1.6240, sterling trades at the same level it saw before European markets opened.

The yen continues to strengthen, albeit mildly. After starting the session near 78.360, the yen traded in choppy fashion while maintaining a downward bias. The yen saw a slight uptick after U.S. trade opened, but sellers then continued pressuring USD/JPY to its current 78.135 level.DJ30 +12.39 NASDAQ +6.93 SP500 +1.98 NASDAQ Adv/Vol/Dec 1541/1.48 bln/899 NYSE Adv/Vol/Dec 1850/720.8 mln/1111

2:30 pm : The major averages are continuing to show weakness as they mark fresh session lows. The S&P 500 is up 0.2%.

The healthcare sector is one of the top performers. Within the group, Questcor (QCOR 31.30, +0.96) is higher by 3.2% as it continues to rebound from Wednesday's 49.0% drop which resulted from investor confusion regarding the insurance coverage of the company's Acthar gel. Despite the ongoing rally, the stock remains down nearly 36.0% from its Tuesday closing price.

Dehaier Medical (DHRM 2.34, +0.80) is soaring 52.0% after winning a three-year procurement agreement from a major Ukrainian medical equipment manufacturer.

Halozyme Therapeutics (HALO 8.03, +1.62) is surging 25.3% after announcing with partner ViroPharma (VPHM 30.50, +2.32) that the Federal Drug Administration has enabled ViroPharma to resume clinical studies of Cinryze in combination with rHuPH20. Shares of VPHM are gaining 8.3% after the announcement.

On the downside, VIVUS (VVUS 20.92, -2.80) is slumping 11.8% after the company announced it expects to receive an opinion recommending against the approval for weight loss drug Qsiva (trade name Qsymia in the U.S.) from the Committee for Medicinal Products for Human Use in Europe.DJ30 +16.41 NASDAQ +7.21 SP500 +1.99 NASDAQ Adv/Vol/Dec 1562/1.38 bln/851 NYSE Adv/Vol/Dec 1870/689.1 mln/1072

2:00 pm : Quiet afternoon trade continues as equities remain near the bottom of the day's range.

The materials sector is underperforming the broader market. Cliffs Natural Resources (CLF 41.11, -1.38) and Dow Chemical (DOW 30.48, -0.39) are down 3.2% and 1.2%, respectively.

Meanwhile, paper and packaging stocks are higher after Deutsche Bank upgraded four producers from ‘hold' to ‘buy.' Following the upgrade, KapStone (KS 20.74, +1.40) is surging 7.2%, while Packaging Corp (PKG 33.74, +0.70), Rock-Tenn (RKT 69.23, +1.87), and International Paper (IP 35.48, +0.78) are all up between 2.0% and 3.0%.DJ30 +30.03 NASDAQ +12.95 SP500 +3.83 NASDAQ Adv/Vol/Dec 1660/1.28 bln/748 NYSE Adv/Vol/Dec 1995/656.7 mln/957

1:30 pm : The major indices continue to hover near the bottom of the day's range as the S&P 500 is adding 0.3%.

The Dow Jones Transportation Average is off by 0.6% as it continues its recent underperformance. Matson (MATX 20.22, -0.38), Expeditors International (EXPD 37.06, -0.47), and Ryder (R 40.02, -0.50) are all down near 1.5%. Meanwhile, trucking stocks within the group are outperforming slightly. Con-way (CNW 27.61, +0.13) is adding 0.5%, while JB Hunt (JBHT 51.49, +0.14) is higher by 0.3%.DJ30 +24.20 NASDAQ +13.30 SP500 +3.54 NASDAQ Adv/Vol/Dec 1617/1.19 bln/768 NYSE Adv/Vol/Dec 1938/629.8 mln/982

1:00 pm : Stocks got off to a strong start as volume spiked at the open due to today's quadruple witching. After holding their gains through the first hour of the session, the major averages slipped off their highs ahead of the European close. At midday, the S&P 500 is firmer by 0.3%.

Telecom stocks are outperforming as the sector trades higher by 1.3%. MetroPCS (PCS 11.82, +0.63) is jumping 5.6% after the company announced it will carry ZTE's Anthem 4G smartphone—the first ZTE 4G device available in the U.S. Other telecom names are also on the rise as AT&T (T 38.50, +0.56), Sprint (S 5.70, +0.26), and Verizon (VZ 45.85, +0.36) are all up between 0.8% and 5.0%.

Meanwhile, Inteliquent (IQNT 9.50, -0.90) is sliding 8.7% after the company's President and Chief Operating Officer, Surendra Saboo announced he will resign from the company, effective October 1, 2012. In addition, IQNT's Chief Financial Officer, Robert Junkroski will also step down on October 1, 2012. Following the resignations, Raymond James downgraded shares of Inteliquent from ‘market perform' to ‘underperform.'

Shares of Indian companies are on the rise after India's Sensex index advanced 2.2% to close at its highest level in 14 months. The general strength resulted from the announcement of economic reforms in the country. As a result, The India Fund (IFN 22.77, +0.60) trades higher by 2.7%.

U.S. listings of Indian companies are making broad advances as financials ICICI Bank (IBN 40.21, +2.56) and HDFC Bank (HDB 37.26, +1.25) are advancing 6.8% and 3.5%, respectively. Elsewhere, copper producer Sterlite Industries (SLT 7.74, +0.40) is jumping 5.6% and car maker Tata Motors (TTM 25.45, +0.80) is firmer by 3.3%.

Shares of tire makers are under pressure after KeyBanc downgraded Goodyear (GT 12.75, -0.62) and Cooper Tire (CTB 19.86, -2.12) from ‘buy' to ‘hold.' The downgrade results from uncertainty over expiring Chinese tariffs, as well as declining tire prices. Goodyear is down 4.7% while Cooper Tire is slumping 9.6% in the wake of the rating cut.

Utility stocks are a notable underperformer as the group is unchanged on the day. Entergy Corporation (ETR 68.11, -0.70), Consolidated Edison (ED 59.10, -0.38), and FirstEnergy (FE 43.85, -0.34) are all down near 1.0%. Water utility stocks are outperforming the rest of the sector as American States Water (43.86, +0.85) and Aqua America (WTR 24.26, +0.09) are adding 2.0% and 0.4%, respectively.DJ30 +27.57 NASDAQ +14.77 SP500 +3.81 NASDAQ Adv/Vol/Dec 1606/1.14 bln/742 NYSE Adv/Vol/Dec 1933/609.9 mln/976

12:30 pm : The three averages are continuing their slow slide off the highs reached at the open. The S&P 500 is up 0.2%.

Shares of Indian companies are on the rise after India's Sensex index advanced 2.2% to close at its highest level in 14 months. The general strength resulted from the announcement of economic reforms in the country. As a result, the India Fund (IFN 22.78, +0.61) trades higher by 2.8%.

U.S. listings of Indian companies are making broad advances as financials ICICI Bank (IBN 40.24, +2.59) and HDFC Bank (HDB 37.29, +1.28) are adding 6.9% and 3.6%, respectively.

Meanwhile, copper producer Sterlite Industries (SLT 7.75, +0.41) is jumping 5.6% and car maker Tata Motors (TTM 25.46, +0.81) is firmer by 3.3%.DJ30 +28.57 NASDAQ +12.79 SP500 +3.55 NASDAQ Adv/Vol/Dec 1623/1.06 bln/719 NYSE Adv/Vol/Dec 1929/587.5 mln/979

12:00 pm : The key indices have recovered off session lows as they now trade near the middle of the day's range. The S&P 500 is up 0.3%.

Utility stocks are underperforming as the group is slightly lower on the day. Black Hills (BKH 35.44, -0.18), Consolidated Edison (ED 59.17, -0.31), Entergy Corporation (ETR 68.15, -0.66), and FirstEnergy (FE 43.71, -0.48) are all down between 0.5% and 1.1%.

Water utility stocks are outperforming the rest of the sector as American States Water (AWR 44.18, +1.17) and Aqua America (WTR 24.38, +0.21) are adding 2.7% and 0.9%, respectively.DJ30 +37.53 NASDAQ +14.57 SP500 +4.37 NASDAQ Adv/Vol/Dec 1641/967.8 mln/679 NYSE Adv/Vol/Dec 1983/558.9 mln/907

11:30 am : The major averages continue slipping from their opening levels. The three major indices are all trading near their session lows as the S&P 500 is up 0.3%.

Shares of tire makers are under pressure after KeyBanc downgraded Goodyear (GT 12.75, -0.63) and Cooper Tire (CTB 19.96, -2.03) from ‘buy' to ‘hold.' The downgrade results from uncertainty over expiring Chinese tariffs as well as declining tire prices. Goodyear is down 4.7% while Cooper Tire is slumping 9.2% in the wake of the rating cut.DJ30 +21.53 NASDAQ +13.04 SP500 +3.81 NASDAQ Adv/Vol/Dec 1604/875.4 mln/682 NYSE Adv/Vol/Dec 1960/532.1 mln/931

11:00 am : Stocks are maintaining their levels from the open. The S&P 500 is up 0.3%.

Telecom stocks are outperforming as the sector trades higher by 1.2%. MetroPCS (PCS 12.00, +0.81) is higher by 7.2% after the company announced it will carry ZTE's Anthem 4G smartphone—the first ZTE 4G device available in the U.S. Other telecom names are also on the rise as AT&T (T 38.43, +0.49), Sprint (S 5.60, +0.16), and Verizon (VZ 45.75, +0.26) are all up between 0.5% and 3.0%.

Meanwhile, Inteliquent (IQNT 9.81, -0.59) is sliding 5.7% after the company's President and Chief Operating Officer, Surendra Saboo announced he will resign from the company, effective October 1, 2012. In addition, IQNT's Chief Financial Officer, Robert Junkroski will also step down on October 1, 2012. Following the resignations, Raymond James downgraded shares of Inteliquent from ‘market perform' to ‘underperform.'DJ30 +22.72 NASDAQ +14.71 SP500 +3.69 NASDAQ Adv/Vol/Dec 1625/768.2 mln/638 NYSE Adv/Vol/Dec 1983/501.4 mln/863

10:35 am : The dollar index is in the red, which is helping give a boost to the commodity complex. Earlier this morning, oil, nat gas, gold and silver all rallied to new session highs on a pullback in the dollar index.

Nov crude oil traded as high as $93.82 and has been in positive territory all session. In current activity, crude oil is +1.2% at $93.53/barrel. Nov natural gas rallied 3% to its current HoD of $3.05/MMBtu earlier this morning. It remains just under that session high in current trade and is now +2.6% at $3.04/MMBtu.

Precious metals put in a nice rally earlier this morning. Gold futures were on the way up to $1800, but fell short as it touched a HoD of $1790/oz. Silver easily pushed through the $35 level earlier and ran as high as $35.22. Gold is now 1% at $1787.60/oz, while silver is showing gains of +1.4% at $35.16/oz.DJ30 +42.83 NASDAQ +18.13 SP500 +5.97 NASDAQ Adv/Vol/Dec 1671/644.5 mln/540 NYSE Adv/Vol/Dec 2130/471 mln/673

10:00 am : The major averages are holding their opening levels as the S&P trades higher by 0.4%.

Questcor (QCOR 32.44, +2.10) is higher by 6.9% as it continues to rebound from Wednesday's 49.0% drop which resulted from investor confusion regarding the insurance coverage of the company's Acthar gel. Despite the ongoing rally, the stock remains down 35.9% from its Tuesday closing price.DJ30 +35.50 NASDAQ +18.38 SP500 +5.91 NASDAQ Adv/Vol/Dec 1626/476.8 mln/498 NYSE Adv/Vol/Dec 2139/429.8 mln/581

09:45 am : Stocks are holding their gains following a higher open. The S&P 500 is up 0.4%.

Looking at the early sector alignment, materials, telecoms, and energy stocks are all adding close to 0.6%. Meanwhile, utilities and consumer staples are essentially unchanged as they underperform.

MetroPCS (PCS 12.00, +0.81) is higher by 7.2% as it leads all S&P 500 listings. The strength comes after the company announced it will carry ZTE's Anthem 4G smartphone—the first ZTE 4G smartphone available in the U.S.DJ30 +24.62 NASDAQ +16.20 SP500 +5.26 NASDAQ Adv/Vol/Dec 1565/401.1 mln/518 NYSE Adv/Vol/Dec 2100/412.7 mln/581

09:15 am : S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +13.30. As the start of the U.S. session nears, equity futures are pointing to a higher open.

With quadruple witching taking place today, stock index futures, stock index options, stock options, and single stock futures are all set to expire. Because of this, volatility may be elevated throughout the session as traders adjust their positioning.

Oracle (ORCL 33.19, +0.93) is higher by 2.9% after delivering a mixed earnings report. The software maker reported in-line earnings, but missed their revenue expectations by about $200 million.

09:00 am : S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +11.50. U.S. equity futures are up 0.4% as they continue to trade near their pre-market highs.

European indices are generally higher amid relatively quiet Friday trade. The region's economic data was limited to UK's public sector net borrowing. That number was reported at $12.4 billion, which was ahead of the expected reading of $13.3 billion. Elsewhere, a Financial Times article suggested Spain was close to revealing a rescue plan which could be released next week. Meanwhile, Germany's Finance Ministry projected slower growth in the back half of the year while Greece is said to be considering raising the retirement age to 67.

In Germany, the DAX is higher by 0.7%. Financial stocks are generally higher as Allianz, Muenchener Rueckversicherungs, and Deutsche Bank are all up near 1.5%. In addition, Deutsche Bank announced further job cuts in Germany as it continues to improve its capital position. Consumer stocks are underperforming as Adidas and Metro are both down close to 1.0%.

France's CAC is up 0.3%. Similar to Germany, financials are showing broad strength. AXA, BNP Paribas, and Credit Agricole are all up near 1.5%. Industrials and utilities are lagging as Vallourec and GDP Suez are down 1.2% and 0.9%, respectively.

In the UK, the FTSE is lower by 0.2%. Publisher Pearson is advancing 2.7% after Exane BNP Paribas upgraded the shares of the publishing company. Consumer stocks are weaker as British American Tobacco and Imperial Tobacco are shedding between 1.0% and 2.0%.

Asian equity markets were mostly higher as the night was light on both macroeconomic data points and commentary. The Shanghai opened lower, but managed to rally and close in the positive territory. An article out of the Securities Journal highlighted low valuations in the index, so perhaps traders went bargain hunting. Another article suggested the People's Bank of China may refrain from further monetary easing. Meanwhile, Barclays warned that China's third quarter GDP growth could slow from 7.6% to 7.3%. Elsewhere, the International Monetary Fund lowered its 2012 GDP growth target for South Korea from 3.25% to 3.0%. The Sensex was the outperformer of the night on hopes that the government would step up its reform efforts. Additionally, India's Finance Minister reduced withholding tax to 5.0% from 20.0%. This will affects the borrowing of Indian companies from July 2012 to June 2015. The move is likely to encourage debt refinancing via the European Central Bank and is aimed at increasing foreign inflows.

Japan's Nikkei added 0.3%. Sharp gained 5.0% when reports surfaced that they were in talks with Intel on a capital alliance potentially offering a lifeline now that talks have stalled with Hon Hai Precision.

In Hong Kong, the Hang Seng closed up 0.7%. Property stocks bucked the trend of recent selling as Wharf Holdings Henderson Land both saw solid gains. The two names added 3.1% and 2.1%, respectively. The Red Chip Index settled higher by 0.6% while H-shares advanced 0.9%.

China's Shanghai Composite added 0.1%. Basic Materials closed up 0.9% while Industrials lost 0.5%. China Cosco jumped 6.0% as it lifted off recent lows after being upgraded by Bank of Communications.

In India, the Sensex led the region, closing up 2.2%. All the sectoral indices, except BSE IT Index, ended in the positive territory. The BSE Capital Goods Index gained 4.3%, BSE Power Index advanced 4.2%, while the BSE Metal Index the BSE Bankex both surged 4%

08:30 am : S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +9.30.

U.S. equity futures remain near their pre-market highs, up 0.4%.

The Dollar Index hovered around the 79.30 level until the European open when steady selling pushed the index down to 79.05. However, after reaching its session low, the index climbed steadily to return to the same levels it held before the markets in Europe got started. Global economic data was almost non-existent as traders position themselves into the weekend.

The euro is slightly higher on the session as it hovers near 1.2990. The single currency slipped from 1.2990 to 1.2964 at the European open, but buyers took hold shortly thereafter and ran the pair back up to 1.3040. This move coincided with the release of UK's public sector net borrowing. This number came in at $12.4 billion, which was ahead of expectations. The resulting rally was short lived as the entire move faded and returned the euro to the 1.2980 area.

The pound has followed the same pattern as the euro. The public sector borrowing data lifted the pound from 1.6248 to 1.6302, but the majority of the move has already been retraced. A steady stream of selling pressured the sterling back into the middle of the day's range, near 1.6265.

The yen continues to strengthen, albeit mildly. After starting the session near 78.360, the yen traded in choppy fashion while maintaining a downward bias. Despite the Bank of Japan's best efforts to weaken the currency, it continues to trend down as it trades near 78.150. Compared to the euro, the yen is unchanged on the session.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +6.30. U.S. equity futures are slightly higher amid quiet pre-market action.

Overnight, the global equity markets drifted higher in a night that was light on both macro data points and commentary. The Shanghai opened lower, but managed to rally and close in positive territory. An article out of the Securities Journal highlighted low valuations in the index, so perhaps traders went bargain hunting. Another article suggested the People's Bank of China will refrain from further monetary easing. In addition, Barclays warned that China's third quarter GDP growth could slow from 7.6% to 7.3%. Elsewhere, the International Monetary Fund lowered its 2012 GDP growth target for South Korea to 3.0%, down from the prior estimate of 3.25%. Asian indices finished mostly higher as Hong Kong's Hang Seng advanced 0.7%, while Japan's Nikkei and China's Shanghai Composite added 0.3% and 0.1%, respectively.

In Europe, markets are generally higher as well. A Financial Times article suggested Spain was close to revealing a rescue plan which could be released next week. Germany's Finance Ministry projected slower growth in the back half of the year while Greece is said to be considering raising the retirement age to 67. The region's economic data was limited to just one release. UK's public sector net borrowing was reported at $12.4 billion, which was better than the expected number of $13.3 billion. Nearing midday, Germany's DAX is up 0.8%, while France's CAC is adding 0.3%, and UK's FTSE is flat.

In U.S. pre-market, only a handful of stocks are moving on earnings or guidance.

Michael Kors (KORS 54.40, +1.91) is higher by 3.6% after raising its second quarter and full-year 2013 earnings guidance.

KB Home (KBH 12.80, -0.31) is down 2.4% despite beating on earnings and reporting in-line revenues.

There is no notable data on today's economic calendar. However, it is worth noting that quadruple witching will occur. This means that stock index futures, stock index options, stock options, and single stock futures are all set to expire.

06:31 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +3.00.

06:31 am : Nikkei...9110.00...+23.00...+0.30%. Hang Seng...20734.94...+144.00...+0.70%.

06:31 am : FTSE...5847.74...-6.90...-0.10%. DAX...7418.63...+29.10...+0.40%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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