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 Post subject: September 24th Monday 2012 Emini TF ($TF_F) points +10.10
PostPosted: Mon Sep 24, 2012 10:12 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: +10.10 points or $1010 dollars in the Russell 2000 Emini TF ($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=1327.

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. 24 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. The Standard & Poor’s 500 Index fell a third day, its longest decline in seven weeks, as European leaders clashed on ways to stem the debt crisis and data from China and Germany signaled the slowdown is deepening.

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Market Update

4:15 pm : Stocks began the week on a down note after Germany's Ifo Business Climate Index missed expectations. The major averages marked their session lows during the opening minutes before setting on a day-long climb towards the unchanged line. Due to weakness in Apple, the tech-heavy Nasdaq underperformed with a loss of 0.6%. Meanwhile, the S&P 500 shed 0.2%.

The Nasdaq trailed other indices after Apple (AAPL 690.79, -9.30) reported selling just five million iPhone 5s over the weekend, while some expected sales to reach as much as 10 million units. As a result, Apple ended lower by 1.3%.

Utility stocks were the top performer as the risk-off trade took hold. Natural gas producer Questar (STR 20.10, +0.73) added 3.8% after shares of the company were upgraded from ‘neutral' to ‘buy' at UBS. Other utility names which benefited from rotation into safer sectors included AES Corporation (AES 11.24, +0.12), Exelon (EXC 35.87, +0.49), and Pinnacle West (PNW 53.40, +0.84). The three stocks all gained between 1.0% and 1.6%.

The Dow Jones Transportation Average rose by 1.0% as it broke its recent streak of underperformance. Within the group, railroad stocks rebounded after Norfolk Southern (NSC 66.28, +1.28) cut its guidance last week. Norfolk Southern ended higher by 2.0% while other railroad names also advanced. CSX (CSX 21.36, +0.23), Kansas City Southern (KSU 77.08, +1.08), and Union Pacific (UNP 121.11, +1.74) all posted gains between 1.0% and 1.5%.

In the materials sector, steel stocks were under pressure after Citigroup downgraded a pair of steelmakers. United States Steel (X 19.59, -0.35) shed 1.8% after being downgraded from ‘buy' to ‘neutral,' while AK Steel (AKS 5.01, -0.24) settled lower by 4.6% after its rating was cut from ‘neutral' to ‘sell.' The weakness spilled over to other steel names as AM Castle (CAS 12.20, -0.25) and Cliffs Natural Resources (CLF 40.77, -0.16) lost 0.4% and 2.0%, respectively.

Paper and packaging stocks traded higher after Credit Suisse raised their targets on select stocks within the group. The firm raised their target on International Paper (IP 36.78, +1.27) from $40 to $44, Packaging Corp of America (PKG 34.95, +1.20) from $36 to $41, and Rock-Tenn (RKT 73.75, +5.03) from $73 to $82. The three stocks all gained between 3.5% and 7.3% following the positive commentary. Elsewhere, KapStone (KS 21.80, +1.19) advanced 5.8% after Stephens upgraded the shares from ‘equal weight' to ‘overweight.'

Questcor (QCOR 19.08, -11.05) slumped 36.7% after disclosing that the U.S. government is investigating the company for its promotional practices. In addition, Leerink Swank downgraded the shares of the company from ‘outperform' to ‘market perform. Note that Questcor fell 40.0% last week amid concerns around insurance coverage for the company's Acthar gel.

Peregrine Pharma (PPHM 1.16, -4.23) plunged 78.5% after announcing discrepancies in its data from its Phase IIb trial of bavituximab in patients with second-line non-small cell lung cancer. The company said that investors should not rely on clinical data that was disclosed on or before September 7, 2012. Since September 7, Peregrine has rallied more than 75.0% on what was previously thought to be encouraging trial data.

The Case-Shiller 20-city Index will be reported at 9:00 ET, while consumer confidence and the FHFA Housing Price Index will be released at 10:00 ET.

The U.S. Treasury will auction off 2-yr notes.DJ30 -20.55 NASDAQ -19.18 SP500 -3.26 NASDAQ Adv/Vol/Dec 1112/1.66 bln/1371 NYSE Adv/Vol/Dec 1214/625.6 mln/1800

3:30 pm : A stronger dollar put pressure on crude oil in today's floor trade. The energy component dropped as low as $91.06 per barrel and spent most of afternoon action trading near that level. A slight rally heading into the close pushed prices higher but still left crude to settle with a 1.1% loss at $91.88 per barrel.

Natural gas traded lower in choppy fashion, dipping to a session low of $3.00 per MMBtu. It later popped to a session high of $3.07 per MMBtu and ultimately closed 1.3% lower at $3.04 per MMBtu. Precious metals struggled in negative territory for their entire pit sessions as a stronger dollar put pressure on prices.

Despite inching slightly higher after coming off their respective session lows of $1760.10 and $33.69 per ounce, both gold and silver were unable to erase losses. Gold settled 0.8% lower at $1764.60 per ounce while silver closed with a 1.9% loss at $33.99 per ounce.DJ30 +3.45 NASDAQ -18.28 SP500 -1.38 NASDAQ Adv/Vol/Dec 1150/1376.0 mln/1319 NYSE Adv/Vol/Dec 1292/398 mln/1696

2:55 pm : The major averages have turned higher as the S&P 500 and Dow are now in positive territory. The Nasdaq remains off by 0.4%.

Two biotech names are falling following troubling comments from each company's management.

Questcor (QCOR 19.76, -10.37) is down 34.5% after disclosing that the U.S. government is investigating the company for its promotional practices. In addition, Leerink Swank downgraded the shares of the company from ‘outperform' to ‘market perform. Note that Questcor fell 40% last week amid concerns around insurance coverage for the company's Acthar gel.

Peregrine Pharma (PPHM 1.27, -4.12) is plunging 76.4% after announcing discrepancies in its data from its Phase IIb trial of bavituximab in patients with second-line non-small cell lung cancer. The company said that investors should not rely on clinical data that was disclosed on or before September 7, 2012. Since September 7, Peregrine has rallied more than 75.0% on what was previously thought to be encouraging trial data.DJ30 +19.54 NASDAQ -13.27 SP500 +0.18 NASDAQ Adv/Vol/Dec 1262/1.22 bln/1205 NYSE Adv/Vol/Dec 1442/346.8 mln/1541

2:30 pm : The major averages are approaching their session highs as they attempt to break out of their afternoon ranges. The S&P 500 is off by 0.2%.

Paper and packaging stocks are trading higher after Credit Suisse raised their targets on select stocks within the group. The firm raised their target on International Paper (IP 36.79, +1.28) from $40 to $44, Packaging Corp of America (PKG 34.94, +1.19) from $36 to $41, and Rock-Tenn (RKT 73.31, +4.59) from $73 to $82. The three stocks are all up between 3.5% and 6.8% following the positive commentary.

Elsewhere, KapStone (KS 21.98, +1.37) is firmer by 6.7% after Stephens upgraded the shares from ‘equal weight' to ‘overweight.'DJ30 -0.87 NASDAQ -17.50 SP500 -2.14 NASDAQ Adv/Vol/Dec 1206/1.15 bln/1248 NYSE Adv/Vol/Dec 1364/323.2 mln/1602

2:00 pm : The major averages are holding their levels while the Nasdaq is marking fresh session lows, down 0.9%.

Steel stocks are under pressure after Citigroup downgraded a pair of steelmakers. United States Steel (X 19.51, -0.43) is shedding 2.2% after being downgraded from ‘buy' to ‘neutral,' while AK Steel (AKS 4.98, -0.27) is lower by 5.1% after its rating was cut from ‘neutral' to ‘sell.' Other steel names are also showing weakness as AM Castle (CAS 12.13, -0.32) and Cliffs Natural Resources (CLF 39.93, -0.99) are down 2.6% and 2.4%, respectively.DJ30 -32.11 NASDAQ -27.85 SP500 -5.42 NASDAQ Adv/Vol/Dec 1021/1.05 bln/1426 NYSE Adv/Vol/Dec 1183/294.8 mln/1769

1:30 pm : The major averages are holding their afternoon levels as the S&P 500 remains lower by 0.3%.

The Dow Jones Transportation Average is adding 0.7% as it appears poised to break its recent streak of underperformance. Within the group, railroad stocks are rebounding after Norfolk Southern (NSC 66.37, +1.37) cut its guidance last week. Norfolk Southern is firmer by 2.1% while other railroad names are also advancing. CSX (CSX 21.34, +0.21), Kansas City Southern (KSU 76.93, +0.93), and Union Pacific (UNP 120.98, +1.61) are all adding between 1.0% and 1.5%.

Airline stocks are weighing on the transportation average as four of the five carriers listed in the group trade lower. Alaska Air (ALK 33.33, -0.38) is down 1.2% while Delta (DAL 9.04, -0.02), JetBlue (JBLU 4.93, -0.04), and Southwest (LUV 8.81, -0.02), are all down between 0.2% and 0.6%.DJ30 -27.81 NASDAQ -23.32 SP500 -4.49 NASDAQ Adv/Vol/Dec 1030/969.5 mln/1406 NYSE Adv/Vol/Dec 1218/270.8 mln/1718

1:00 pm : Equities began today's session on a negative note after disappointing German economic data put a damper on investor confidence. After opening at their lows, stocks spent the first half of the session climbing towards the unchanged line. At midday, the major averages remain in the red with the S&P 500 off by 0.3%. The Nasdaq is underperforming, down 0.7%.

Utility stocks are the top performer as the risk-off trade takes hold. Natural gas producer Questar (STR 19.98, +0.61) is adding 3.2% after shares of the company were upgraded from ‘neutral' to ‘buy' at UBS. Other utility names which are benefiting from rotation into safer sectors include AES Corporation (AES 11.29, +0.17), Exelon (EXC 35.77, +0.39), and Pinnacle West (PNW 53.42, +0.86). The three names are all up between 1.0% and 1.7%.

Shares of homebuilders are showing relative weakness as the SPDR S&P Homebuilders ETF (XHB 25.60, -0.32) is lower by 1.3%. Lennar (LEN 36.73, -0.78) is slipping 2.1% despite beating on earnings and revenues. Shares of the homebuilder traded higher at the open, but the stock has been pressured by the broader market since. Other homebuilder names like KB Homes (KBH 14.78, -0.48), Ryland Group (RYL 32.22, -0.60), and Standard Pacific (SPF 7.42, -0.25) are all down between 1.5% and 3.3%.

Technology stocks are underperforming the broader market. The initial weakness in the Nasdaq resulted from Apple (AAPL 686.00, -14.09) selling only five million new iPhones over the weekend, while some expected the sales to reach as much as 10 million units.

Elsewhere in the tech sector, GT Advanced Technologies (GTAT 6.00, -0.48) is sliding 7.5% after announcing it will offer up to $175 million convertible senior notes due 2017 in an underwritten public offering.

A handful of stocks are on the move following analyst comments. Veeco (VECO 31.20, -3.76) is down 10.7% after Goldman downgraded the shares from ‘neutral' to ‘sell.' Meanwhile, Atmel (ATML 5.91, -0.43) is falling 6.8% after a UBS downgrade from ‘buy' to ‘neutral.'

Producers of semiconductors are showing relative weakness. On the research front, JMP Securities lowered its price target on AMD (AMD 3.49, -0.10) to $2.00 due to slowing industry trends. Shares of AMD are lower by 2.9% in the wake of the downgrade.

Micron (MU 6.15, -0.21) is shedding 3.3% despite having its price target raised to $10.00 at Stifel Nicolaus. In addition to raising the price target, Stifel said that August quarter earnings may fall below estimates, but the longer-term outlook remains positive.

Other semiconductor stocks which are trading lower include Intel (INTC 22.75, -0.37) and QUALCOMM (QCOM 63.58, -0.68). The two names are down 1.6% and 1.1%, respectively.DJ30 -28.22 NASDAQ -23.78 SP500 -4.83 NASDAQ Adv/Vol/Dec 1061/909.9 mln/1366 NYSE Adv/Vol/Dec 1217/255.2 mln/1712

12:30 pm : The major averages continue to trade in negative territory. The S&P 500 is down 0.3% while Nasdaq underperforms, down 0.7%.

Among tech stocks, producers of semiconductors are showing relative weakness. Micron (MU 6.12, -0.24) is down 3.9% despite having its price target raised to $10.00 at Stifel Nicolaus. In addition to raising the price target, Stifel said that August quarter earnings may fall below estimates, but the longer-term outlook remains positive.

Elsewhere, JMP Securities lowered its price target on AMD (AMD 3.51, -0.09) to $2.00 due to slowing industry trends. Shares of AMD are lower by 2.8% in the wake of the downgrade. Other semiconductor stocks which are trading lower include Intel (INTC 22.70, -0.42) and QUALCOMM (QCOM 63.65, -0.61). The two names are down 1.8% and 1.0%, respectively.DJ30 -26.79 NASDAQ -22.92 SP500 -4.80 NASDAQ Adv/Vol/Dec 1088/815.1 mln/1322 NYSE Adv/Vol/Dec 1230/231.3 mln/1680

12:00 pm : The major averages are maintaining their recent levels as the S&P 500 is down 0.3%.

Retail stocks are generally weaker as the SPDR S&P Retail ETF (XRT 63.63, -0.39) is off by 0.6%. As most names within the group trade lower, few notable decliners include Cabela's (CAB 53.99, -0.87), Urban Outfitters (URBN 38.30, -0.45), and Gap (GPS 35.83, -0.36). The three names are all down between 1.0% and 1.5%. The weakness does not appear to be news driven. Instead, the day's risk-off sentiment is the likely driving force behind the declines.DJ30 -23.52 NASDAQ -20.57 SP500 -4.09 NASDAQ Adv/Vol/Dec 1106/733.3 mln/1293 NYSE Adv/Vol/Dec 1291/210.2 mln/1598

11:30 am : The major averages are holding steady after recovering a portion of their opening losses. The S&P 500 is off by 0.3%.

Homebuilder stocks are showing relative weakness as the SPDR S&P Homebuilders ETF (XHB 25.69, -0.23) is down 0.9%. Lennar (LEN 37.22, -0.29) is down 0.8% despite beating on earnings and revenues. Shares of the homebuilder traded higher at the open, but the stock has been pressured by the broader market since. Other homebuilder names like KB Homes (KBH 14.84, -0.42), Ryland Group (RYL 32.45, -0.37), and Standard Pacific (SPF 7.48, -0.19) are all down between 1.0% and 3.0%.DJ30 -25.19 NASDAQ -18.81 SP500 -3.54 NASDAQ Adv/Vol/Dec 1156/644.0 mln/1214 NYSE Adv/Vol/Dec 1351/189.1 mln/1526

11:00 am : The major averages are lifting off session lows reached at the start. The S&P 500 is down 0.2%.

Utility stocks are outperforming the broader market as natural gas producer Questar (STR 19.88, +0.51) is adding 2.7% after shares of the company were upgraded from ‘neutral' to ‘buy' at UBS.

Other utility names which are benefiting from sector rotation into safer stocks include AES Corporation (AES 11.32, +0.20), Exelon (EXC 35.69, +0.31), and Pinnacle West (PNW 53.51, +0.95). The three names are all up between 0.9% and 2.0%.DJ30 -19.89 NASDAQ -14.64 SP500 -2.14 NASDAQ Adv/Vol/Dec 1171/531.4 mln/1156 NYSE Adv/Vol/Dec 1409/158.9 mln/1439

10:35 am : Commodities are trading lower this morning, while the dollar index remains near its session high. Nov crude has been in the red all session and fell as low as $91.20/barrel. In current action,

Nov natural gas was almost flat early in the overnight session, but lost steam and has been selling off since the middle of the overnight shift. Nat gas has since pulled back to the $3 level and is now -2.1% at $3.01/MMBtu.

In the precious metals space, gold and silver were treading just above their session lows earlier this morning, but have been ticking higher since pit trading opened. Dec gold is currently trading -0.5% at $1768.50 and Dec silver is -1.5% at $34.11/oz. Dec copper is now -1.3% at $3.74/lb.DJ30 -32.00 NASDAQ -20.81 SP500 -4.43 NASDAQ Adv/Vol/Dec 985/441.1 mln/1300 NYSE Adv/Vol/Dec 1235/136 mln/1586

10:00 am : Equities continue to trade near their opening levels. The S&P 500 is off by 0.3%.

Technology stocks are underperforming the broader market. The initial weakness in the Nasdaq resulted from Apple (AAPL 692.84, -7.25) selling only 5 million new iPhones over the weekend while some expectations called for sales to reach as much as 10 million units. AAPL was down as much as 2.0% in pre-market but has recovered some of those losses since.

Elsewhere in the tech sector, GT Advanced Technologies (GTAT 6.11, -0.38) is down 5.9% after announcing it will offer up to $175 million convertible senior notes due 2017 in an underwritten public offering.

A handful of stocks are on the move following analyst comments. Veeco (VECO 31.92, -3.04) is down 8.7% after Goldman downgraded the shares from ‘neutral' to ‘sell.' Meanwhile, Atmel (ATML 5.99, -0.35) is sliding 5.5% after a UBS downgrade from ‘buy' to ‘neutral.'DJ30 -39.25 NASDAQ -17.76 SP500 -4.87 NASDAQ Adv/Vol/Dec 789/279.2 mln/1451 NYSE Adv/Vol/Dec 970/92.2 mln/1766

09:45 am : Stocks are trading near their opening levels as the S&P 500 is down 0.4%.

Looking at the early sector alignment, safety stocks in the utility and telecom space are outperforming. Health care and consumer staples are essentially flat, while all other sectors are showing losses.

Technology is the most notable underperformer as the sector is down 0.8%. The weakness in tech stocks is likely related to Apple (AAPL 691.65, -8.44) selling less new iPhones during the first weekend than what was originally expected.DJ30 -38.75 NASDAQ -19.48 SP500 -5.75 NASDAQ Adv/Vol/Dec 710/189.3 mln/1495 NYSE Adv/Vol/Dec 893/71.9 mln/1796

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -20.00. Heading into the open, equity futures are down 0.4% as they pointing to a lower start to the session.

Apple (AAPL 685.80, -14.29) is down 2.0% after announcing its first weekend sales of iPhone 5 exceeded 5 million, but that was below expectations. As such, AAPL is weighing disproportionately on the Nasdaq.

Homebuilder stocks bear watching today after Lennar (LEN 38.30, +0.79) beat on earnings and revenues. Some peers which may benefit from LEN's upbeat earnings include, Hovanian Enterprises (HOV 3.98, +0.07), PulteGroup (PHM 17.01, +0.03), and KB Homes (KBH 15.11, -0.15).

In addition, a handful of names within the materials sector are trading lower in pre-market. AK Steel (AKS 4.98, -0.27), Cliffs Natural Resources (CLF 39.81, -1.12), and United States Steel (X 19.31, -0.63) are all down between 2.5% and 3.0%.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -22.00. U.S. equity futures remain near their pre-market lows, down 0.4%.

In Europe, a meeting over the weekend between Germany's Chancellor Angela Merkel and France's Francois Hollande stirred up debate regarding the implementation of the banking union process. Chancellor Merkel wants to take a cautious approach, while President Hollande prefers to move forward aggressively. On the periphery, Greece denied a report out of Der Spiegel that suggested the budget has a EUR20 billion shortfall, which would be roughly twice the size of the official deficit. In economic news, a series of disappointing data points out of Germany is putting pressure on the European markets. The Ifo Business Climate Index was reported at 101.4, while a reading of 102.5 was expected.

In the UK, the FTSE is down 0.5% with miners under pressure. Eurasian Natural Resources and Evraz are posting widest respective losses of 4.6% and 4.0%. Pharmaceutical companies are broadly higher as Smith & Nephew, Shire, and GlaxoSmithKline are all up near 1.0%.

Germany's DAX is lower by 0.7% with most names in the red. Commerzbank and ThyssenKrupp are the worst performers, down 4.3% and 3.5%, respectively. Only a handful of pharmaceutical and consumer stocks are able to stay positive. Fresenius SE is up 1.0% while Bayer is adding 0.7%.

France's CAC is sliding 1.1% as all but two index components trade lower. Industrial names are showing relative weakness as Lafarge is down 2.5% and Vallourec trades lower by 3.8%. Energy producer Total is higher by 0.8% while beverage maker Pernod-Ricard is adding 0.1%.

The major Asian bourses saw a mixed close as ongoing concerns over Europe's debt burden weighed on shares. Attention remains fixated on the East China Sea as tensions between China and Japan remain on edge. On the mainland, a People's Bank of China advisor warned the Chinese economy was still slowing with no end in sight, and a housing official suggested property controls would remain in place. Data from the region was light as Taiwan's industrial production jumped 1.9% year-over-year.

Japan's Nikkei slipped 0.5% as names with heavy exposure to Europe and China were under pressure. Office-equipment and camera maker Ricoh fell 2.2% as traders remain cautious on names with heavy exposure to Europe. Meanwhile, the spat in the East China Sea has caused selling of names with strong relations to China. Komatsu lost 1.6% and Fanuc gave back 1.3%.

In Hong Kong, the Hang Seng finished lower by 0.2% as weakness in financials was offset by strength in construction names. Megabank HSBC was among the worst performers in the sector, giving up 0.9%. Meanwhile, cement maker Anhui Conch rallied 4.8% to lead the index higher.

China's Shanghai Composite added 0.3% as cyclical names outperformed. Jinagxi Wannianqing Cement climbed 6.1% and Yanzhou Coal Mining gained 2.3% as growth sensitive names paced the advance.

08:29 am : [BRIEFING.COM] S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -11.30. U.S. equity futures are off their pre-market lows but they remain down 0.4%.

Peregrine Pharma (PPHM 0.82, -4.57) is plunging 84.8% in pre-market after announcing discrepancies in its data from its Phase IIb trial of bavituximab in patients with second-line non-small cell lung cancer. The company said that investors should not rely on clinical data that was disclosed on or before September 7, 2012. Since September 7, PPHM has rallied more than 75.0% on what was previously thought to be encouraging trial data.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -7.10. Nasdaq futures vs fair value: -10.30. U.S. equity futures are modestly lower amid downbeat European trade.

Overnight, the global equity markets were generally lower. For the second day in a row, the Shanghai opened lower, but managed to rally into the afternoon session to finish in positive territory. A Chinese state researcher suggested that policy loosening will be moderate. Meanwhile, a Chinese think-tank sees the economy growing 7.8% in 2012 and over 8.0% next year. Elsewhere, Japan's Noda warned that the recent dispute with China may weaken its economy further. Looking at the regional indices, China's Shanghai Composite added 0.3%, while Japan's Nikkei and Hong Kong's Hang Seng slipped 0.5% and 0.2%, respectively.

In Europe, a meeting over the weekend between Germany's Chancellor Angela Merkel and France's Francois Hollande stirred up debate regarding the implementation of the banking union process. Chancellor Merkel wants to take a cautious approach, while President Hollande prefers to move forward aggressively. On the periphery, Greece denied a report out of Der Spiegel that suggested the budget has a EUR20 billion shortfall, which would be roughly twice the size of the official deficit. In economic news, a series of disappointing data points out of Germany is putting pressure on the European markets. The Ifo Business Climate Index was reported at 101.4, while a reading of 102.5 was expected. Nearing midday, UK's FTSE is off by 0.6%, while Germany's DAX is down 0.7% and France's CAC is lower by 1.2%.

In U.S. corporate news, Lennar (LEN 38.70, +1.29) is higher by 3.4% after beating on earnings and revenues.

Questcor (QCOR 21.50, -8.63) is down 28.6% after disclosing that the U.S. government is investigating the company for its promotional practices. In addition, Leerink Swank downgraded the shares of the company from ‘outperform' to ‘market perform. Note that QCOR fell 40% last week amid concerns around insurance coverage for the company's Acthar gel.

Facebook (FB 21.86, -1.00) is sliding 4.4% following a report in Barron's which questioned the valuation of the social network company.

There is no notable economic data on today's calendar.

06:27 am : [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -11.00.

06:26 am : Nikkei...9069.29...-40.70...-0.50%. Hang Seng...20694.70...-40.20...-0.20%.

06:26 am : FTSE...5819.87...-32.80...-0.60%. DAX...7402.22...-49.40...-0.70%.

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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