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 Post subject: September 25th Tuesday 2012 Emini TF ($TF_F) points +30.40
PostPosted: Tue Sep 25, 2012 5:21 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: +30.40 points or $3040 dollars in the Russell 2000 Emini TF ($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=1328.

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. 25 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks declined, erasing earlier gains after benchmark indexes approached five-year highs, amid concern that global stimulus measures won’t be enough to boost growth at the world’s largest economy.

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Market Update

4:15 pm : Equities began today's session slightly higher before receiving an additional boost from positive consumer confidence data. Despite the upbeat data, stocks were unable to maintain the bullish tone as the major averages slipped into negative territory around midday. Stocks then extended their slide which also coincided with weakness in crude oil and the euro. The selling was broad-based, but financials, materials, industrials, and technology were among the worst performers. As a result, the S&P 500 ended lower by 1.1%.

Broadly speaking, today's weakness may have been a reflection of some end-of-quarter profit taking as the S&P has added 6.2% over the last three months and 15.0% since the start of the year. Additionally, the inability to sustain a rally after the strong confidence number may have exposed the idea the market is probably overbought short-term, and certainly in the face of weakening fundamentals.

Health care stocks were the top performer as the risk-off trade was today's theme. Neogen (NEOG 42.83, +2.83) jumped 7.1% after reporting mixed earnings. The company beat on earnings, while revenues fell $1 million short of estimates.

A handful of health care stocks moved on news. DARA BioSciences (DARA 1.15, +0.07) closed higher by 6.5% after announcing the establishment of a vertically integrated commercial platform for specialty oncology care and support products. Meanwhile, Genetic Technologies (GENE 3.60, +0.25) spiked 7.5% after the company announced its BREVAGen has been cleared for sale in the state of Florida. Lastly, Sinovac (SVA 2.68, +0.19) surged 7.6% after being awarded tenders in Beijing and Shanghai to supply inactivated Hepatitis-A vaccine under an expanded immunization program.

The technology sector was generally weaker as its biggest component, Apple (AAPL 673.54, -17.25) settled lower by 2.5%.

Cognex (CGNX 34.70, -3.25) fell 8.6% after Piper Jaffray downgraded the shares of from ‘neutral' to ‘underweight' while also lowering the price target from $30 to $27.

Paychex (PAYX 33.41, -0.97) slipped 2.8% despite beating on earnings and reporting in-line revenues. In addition, the company reaffirmed its full-year 2013 guidance. Following the report, Citigroup and UBS downgraded the company. Citigroup cut Paychex from ‘neutral' to ‘sell' while UBS lowered its rating from ‘buy' to ‘neutral.'

German semiconductor maker, Infineon Technology (IFNNY 6.60, -0.43) slid 6.1% after the company lowered its fourth and first quarter guidance. The management also said it will define and implement measures to improve future profitability. Details regarding these measures will be announced at the company's annual press conference on November 14, 2012.

The lower guidance weighed on other semiconductor producers. Atmel (ATML 5.46, -0.45) lost 7.6%, while STMicroelectronics (STM 5.66, -0.22) and Texas Instruments (TXN 27.83, -0.85) shed between 3.0% and 3.7%.

The Dow Jones Transportation Average underperformed as the bellwether group finished lower by 0.9%. Despite weakness in the space, two names saw notable outperformance. Shipper Matson (MATX 20.73, +0.21) led the complex, up 1.0%. Meanwhile, CH Robinson (CHRW 59.04, +0.47) advanced 0.8% after announcing the planned acquisition of Phoenix International for $571.5 million in cash and $63.5 million in newly-issued CH Robinson stock.

Railroad outperformed in the early going. However, the afternoon selling pressure pushed the group lower. Norfolk Southern (NSC 65.07, -1.21) slid 1.8% while Union Pacific (UNP 120.38, -0.73), CSX (CSX 21.17, -0.19) and Kansas City Southern (KSU 76.36, -0.72) all lost between 0.6% and 0.9%.

The latest consumer confidence reading for September came in at 70.3 when economists were expecting a reading of 63.0. Today's number followed prior month's 65.9 print.

The July Case-Shiller 20-city Home Price Index rose 1.2% when a 0.8% increase had been generally expected. This comes against a prior month's reading of 0.5%.

Separately, the latest Housing Price Index from the FHFA was also just released. For July, the Index increased by 0.2%, which follows a 0.7% increase in the prior month.

In tomorrow's economic data, the weekly MBA Mortgage Index will be reported at 7:00 ET, while new home sales will cross the wires at 10:00 ET.

The U.S. Treasury will auction off $35 billion in 5-yr notes.DJ30 -101.30 NASDAQ -43.05 SP500 -15.30 NASDAQ Adv/Vol/Dec 669/1.91 bln/1847 NYSE Adv/Vol/Dec 811/755.8 mln/2244

3:30 pm : Crude oil rose to a pit session high of $93.10 per barrel on heightened Iran tensions over new sanctions and reports of Iran firing test missiles. However, prices tumbled into the red as Philadelphia Fed President Charles Plosser stated that the latest QE3 will not cure friction in labor markets and that the easing will be ineffective. Crude sold off to a session low of $91.06 per barrel and settled at $91.37 per barrel for a 0.6% loss.

Natural gas dipped to a session low of $3.05 per MMBtu moments after pit trade opened. Despite trading in a fairly consolidative pattern near the $3.07 per MMBtu level for most of the session, a rally heading into the close pushed prices higher to $3.11 per MMBtu for a 2.3% gain.

Gold erased its early gains as a sell-off prompted by options expiration took prices back to the unchanged level. The yellow metal popped to a session high of $1770.90 per ounce in morning action but quickly fell into negative territory as it headed into afternoon floor trade. It inched slightly higher after brushing a session low of $1762.80 per ounce and managed to settle with a 0.1% gain at $1766.60 per ounce.

Silver climbed to a session high of $34.54 per ounce moments after floor trade opened but lost steam in afternoon trade. It dipped to a session low of $33.80 per ounce and eventually closed 0.1% lower at $33.94 per ounce.DJ30 -73.30 NASDAQ -31.27 SP500 -10.94 NASDAQ Adv/Vol/Dec 805/1549.0 mln/1677 NYSE Adv/Vol/Dec 917/453 mln/2089

3:00 pm : The key indices remain under pressure as we enter the final hour of trade. The S&P 500 is down 0.5%.

Following today's close, Jabil Circuit (JBL 21.29, -0.08) and Synnex (SNX 34.75, -0.02) will report their earnings. JBL is expected to earn $0.58 on revenues of $4.223 billion. Meanwhile, the consensus expects SNX earnings at $0.94 on $2.589 billion in revenues.

Tomorrow before the open, chemical producer, Fuller (FUL 33.47, -0.49) and producer of recreational vehicles, Thor (THO 34.48, -0.95) are scheduled to report. Expectations call for FUL to report earnings of $0.53 on $516 million in revenues, while THO forecast calls for $0.76 in earnings and revenues of $818 million.DJ30 -39.55 NASDAQ -21.13 SP500 -6.78 NASDAQ Adv/Vol/Dec 947/1.35 bln/1526 NYSE Adv/Vol/Dec 1097/391.7 mln/1873

2:30 pm : Stocks remain under pressure as the major averages continue sliding to fresh session lows. The S&P 500 and Nasdaq are both off by 0.4%.

For-profit education stocks are broadly lower. DeVry (DV 22.53, -0.65) is down 2.8% after Standard & Poor's announced Pentair (PNR 42.58, -1.02) will replace DV in the S&P 500, while DeVry will replace Pentair in the S&P MidCap 400.

Meanwhile, ITT Educational Services (ESI 33.99, -2.01) is slumping 5.4% after it became known that the company has been in contact with the Securities and Exchange Commission regarding disclosures in filings.

Lastly, Bridgepoint Education (BPI 10.27, -0.45) is sliding 4.2% after announcing that roughly 450 positions focused on admissions at Ashford University have been eliminated.DJ30 -35.71 NASDAQ -13.16 SP500 -5.27 NASDAQ Adv/Vol/Dec 1016/1.25 bln/1437 NYSE Adv/Vol/Dec 1158/357.1 mln/1803

2:00 pm : The major indices continue to hold near their respective session lows. The S&P 500 is off by 0.2%.

The technology sector is generally weaker as its biggest component, Apple (AAPL 686.56, -4.23) trades lower by 0.6%.

Cognex (CGNX 33.67, -4.29) is falling 11.4% after Piper Jaffray downgraded the shares of CGNX from ‘neutral' to ‘underweight' while also lowering the price target from $30 to $27.

TiVo (TIVO 10.11, +0.17) is rising by 1.8% after being upgraded from ‘neutral' to ‘buy' at Lazard.

Paychex (PAYX 33.52, -0.86) is down 2.5% despite beating on earnings and reporting in-line revenues. In addition, the company reaffirmed its full-year 2013 guidance. Following the report, Citigroup and UBS downgraded the company. Citigroup cut PAYX from ‘neutral' to ‘sell' while UBS lowered its rating from ‘buy' to ‘neutral.'

AMD (AMD 3.31, -0.15), Dell (DELL 10.07, -0.09), and OCZ (OCZ 3.56, -0.39) are all trading at their 52-week lows while Google (GOOG 761.01, +11.63) marked its all-time best at $764.89 earlier in the session.DJ30 -22.16 NASDAQ -7.90 SP500 -2.90 NASDAQ Adv/Vol/Dec 1079/1.14 bln/1361 NYSE Adv/Vol/Dec 1269/322.5 mln/1671

1:30 pm : After dropping to their session lows, stocks continue to hold those levels. The S&P 500 is down 0.2%.

The Dow Jones Transportation Average is continuing its recent streak of outperformance as the bellwether group adds 0.3%. Shipper Matson (MATX 21.41, +0.89) is leading the complex, up 4.3%. Other names are showing more modest gains.

CH Robinson (CHRW 59.41, +0.84) is firmer by 1.4% after announcing the planned acquisition of Phoenix International for $571.5 million in cash and $63.5 million in newly-issued CH Robinson stock.

Railroad stocks are mixed after yesterday's brief rally. Norfolk Southern (NSC 65.71, -0.57) is down 0.9%, while Union Pacific (UNP 121.31, +0.20), CSX (CSX 21.39, +0.03), and Kansas City Southern (KSU 77.06, -0.02) are all showing little change.DJ30 -17.66 NASDAQ -6.89 SP500 -2.33 NASDAQ Adv/Vol/Dec 1084/1.06 bln/1354 NYSE Adv/Vol/Dec 1303/298.2 mln/1625

1:00 pm : Equities began the session slightly higher before receiving a boost from consumer confidence data which was reported well ahead of expectations. Despite the positive data, stocks were unable to maintain the bullish tone as the major averages have given up their early gains and turned negative. The weakness was driven by crude oil losing over a point in the matter of minutes. In response, energy stocks dragged all other sectors lower. At midday, the three major averages are all off by 0.1%.

Health care stocks are outperforming the broader market as biotechnology names lead the complex higher. The iShares Nasdaq Biotechnology ETF (IBB 143.40, +0.40) is advancing 0.3% as it nears its all-time best at $145.23. Elsewhere in health care, Neogen (NEOG 42.90, +2.90) is jumping 7.3% after reporting mixed earnings. The company beat on earnings, while revenues fell $1 million short of estimates.

A handful of stocks are moving on news, DARA BioSciences (DARA 1.15, +0.07) is higher by 6.5% after announcing the establishment of a vertically integrated commercial platform for specialty oncology care and support products. Meanwhile, Genetic Technologies (GENE 3.91, +0.56) is surging 16.7% after the company announced its BREVAGen has been cleared for sale in the state of Florida. Lastly, Sinovac (SVA 2.74, +0.25) is up 10.4% after being awarded tenders in Beijing and Shanghai to supply inactivated Hepatitis-A vaccine under an expanded immunization program.

The industrial sector is trailing the broader market. Two names are moving lower following guidance cuts. Caterpillar (CAT 88.26, -2.61) is off by 2.9% after lowering its 2015 guidance due to slumping demand for mining equipment as well as sluggish global economic recovery. Meanwhile, Forward Air (FWRD 31.84, -2.97) is sliding 8.5% after lowering its third quarter guidance due to inconsistent volumes being transported by the air freight company.

On the upside, Volvo (VOLVY 14.45, +0.45) is advancing 3.2% after announcing new truck strategy to achieve targeted profitability improvement. The strategy is comprised of 20 individual objectives.

CH Robinson (CHRW 59.54, +0.97) is firmer by 1.7% after announcing the planned acquisition of Phoenix International for $571.5 million in cash and $63.5 million in newly-issued CH Robinson stock.

German semiconductor maker, Infineon Technology (IFNNY 6.63, -0.40) is sliding 5.7% after the company lowered its fourth and first quarter guidance. The management also said it will define and implement measures to improve future profitability. Details regarding these measures will be announced at the company's annual press conference on November 14, 2012. The lower guidance is weighing on other semiconductor producers. Atmel (ATML 5.52, -0.39) is down 6.6%, while STMicroelectronics (STM 5.72, -0.16) is lower by 2.7%. Meanwhile, Texas Instruments (TXN 28.16, -0.52) is off by 1.8% on related weakness.

The latest consumer confidence reading for September came in at 70.3 while economists expected a reading of 63.0. This follows prior month's 65.9 print.

The July Case-Shiller 20-city Home Price Index rose 1.2% when a 0.8% increase had been generally expected. This comes against a prior month's reading of 0.5%.

Separately, the latest Housing Price Index from the FHFA was also just released. For July, the Index increased by 0.2%, which follows a 0.7% increase in the prior month.DJ30 -19.81 NASDAQ -5.27 SP500 -1.74 NASDAQ Adv/Vol/Dec 1107/978.2 mln/1308 NYSE Adv/Vol/Dec 1348/275.6 mln/1574

12:30 pm : The major averages continue slipping off their highs as the S&P 500 and Dow mark fresh session low, up 0.1%.

The industrial sector is underperforming the broader market. Two names are moving lower following guidance cuts. Caterpillar (CAT 88.54, -2.34) is off by 2.6% after lowering its 2015 guidance due to slumping demand for mining equipment as well as sluggish global economic recovery. Meanwhile, Forward Air (FWRD 31.87, -2.94) is sliding 8.5% after lowering its third quarter guidance due to inconsistent volumes being transported by the air freight company.

On the upside, Volvo (VOLVY 14.40, +0.40) is advancing 2.9% after announcing new truck strategy to achieve targeted profitability improvement. The strategy is comprised of 20 individual objectives.

CH Robinson (CHRW 60.13, +1.56) is firmer by 2.7% after announcing the planned acquisition of Phoenix International for $571.5 million in cash and $63.5 million in newly-issued CH Robinson stock.DJ30 +8.61 NASDAQ +4.20 SP500 +1.24 NASDAQ Adv/Vol/Dec 1376/859.4 mln/1026 NYSE Adv/Vol/Dec 1581/240.1 mln/1329

12:00 pm : The major averages have slipped off their highs but they remain in the black. The S&P 500 is up 0.3%.

Health care stocks are outperforming the broader market as biotechnology names lead the complex higher. The iShares Nasdaq Biotechnology ETF (IBB 144.18, +1.18) is advancing 0.8% as it nears its all-time best at $145.23.

Elsewhere in health care, Neogen (NEOG 43.11, +3.11) is jumping 7.8% after reporting mixed earnings. The company beat on earnings, while revenues fell $1 million short of estimates.

A handful of stocks are moving on news, DARA BioSciences (DARA 1.16, +0.08) is higher by 8.2% after announcing the establishment of a vertically integrated commercial platform for specialty oncology care and support products.

Meanwhile, Genetic Technologies (GENE 4.05, +0.70) is surging 20.9% after the company announced its BREVAGen has been cleared for sale in the state of Florida.

Lastly, Sinovac (SVA 2.76, +0.27) is up 10.8% after being awarded tenders in Beijing and Shanghai to supply inactivated Hepatitis-A vaccine under an expanded immunization program.DJ30 +34.92 NASDAQ +9.51 SP500 +3.65 NASDAQ Adv/Vol/Dec 1486/748.9 mln/902 NYSE Adv/Vol/Dec 1720/212.6 mln/1169

11:30 am : The major averages continue to hold near the top of the day's range. The S&P 500 is up 0.4%.

Cruise operator Carnival (CCL 38.04, +1.04) is adding 2.8% after beating on earnings and reporting in-line revenues. In addition, the company issued downside guidance for the fourth quarter, while maintaining an in-line outlook for full-year 2012. Peer Royal Caribbean (RCL 31.41, +0.99) is higher by 3.3% on related strength.

Vail Resorts (MTN 57.84, +5.11) is surging 9.5% after beating on earnings and revenues. The company commented on its full-year outlook by saying it anticipates a return to more normal weather conditions, as well as a challenging, but stable economic environment. Today's buying has put the shares of MTN at levels last seen in early November 2007.DJ30 +45.16 NASDAQ +13.34 SP500 +4.89 NASDAQ Adv/Vol/Dec 1545/656.1 mln/800 NYSE Adv/Vol/Dec 1804/188.5 mln/1057

11:00 am : Equities continue to trade near their session highs as all three averages are higher by 0.3%.

German semiconductor maker, Infineon Technology (IFNNY 6.56, -0.47) is sliding 6.7% after the company lowered its fourth and first quarter guidance. The management also said it will define and implement measures to improve future profitability. Details regarding these measures will be announced at the company's annual press conference on November 14, 2012.

The lower guidance is weighing on other semiconductor producers. Atmel (ATML 5.67, -0.24) is down 4.1%, while STMicroelectronics (STM 5.79, -0.09) is lower by 1.7%. Meanwhile, Texas Instruments (TXN 28.54, -0.14) is off by 0.5% on related weakness.DJ30 +46.21 NASDAQ +10.39 SP500 +4.88 NASDAQ Adv/Vol/Dec 1480/530.5 mln/800 NYSE Adv/Vol/Dec 1818/158.4 mln/986

10:35 am : Commodities area showing solid gains this morning as the dollar index remains in the red and near its session low.

Nov crude oil futures have been in positive territory all morning and ran as high as $93.20/Barrel. In current trade, oil is +0.9% at $92.79/barrel.

Nov natural gas has been in positive territory all day, so far, and is showing a current HoD at $3.09/MMBtu. Around the open, nat gas rapidly dropped and almost gave back all of its gains. Currently, nat gas is +1.2% at $3.07/MMBtu.

Precious metals were also soaring this morning and hit new session highs just after the open of floor trading (Gold $1777.5, Silver $34.54). Dec gold is now +0.6% at $1774.30/oz and silver is +0.9% at $34.28/oz. Dec copper is now +0.7% at $3.76/lb.DJ30 +37.82 NASDAQ +9.12 SP500 +3.71 NASDAQ Adv/Vol/Dec 1492/419.2 mln/757 NYSE Adv/Vol/Dec 1824/131 mln/952

10:00 am : Stocks have marked fresh session highs following the release of the latest consumer confidence data. The S&P 500 is up 0.3%.

The latest consumer confidence reading for September came in at 70.3 while economists expected a reading of 63.0. This follows prior month's 65.9 print.

Separately, the latest Housing Price Index from the FHFA was also just released. For July, the Index increased by 0.2%, which follows a 0.7% increase in the prior month.DJ30 +34.42 NASDAQ +6.04 SP500 +4.07 NASDAQ Adv/Vol/Dec 1378/235.2 mln/800 NYSE Adv/Vol/Dec 1850/87.4 mln/856

09:45 am : Equities are maintaining their opening levels as the S&P 500 trades higher by 0.2%.

Looking at the early sector distribution, telecoms, financials, and consumer discretionary stocks are showing relative outperformance. Meanwhile, utilities, industrials, and consumer staples are generally weaker.

Safeway (SWY 16.66, +0.72) is advancing 4.5% after BMO Capital upgraded the stock from ‘market perform' to ‘outperform.'DJ30 +23.04 NASDAQ +7.47 SP500 +3.24 NASDAQ Adv/Vol/Dec 1395/139.3 mln/717 NYSE Adv/Vol/Dec 1899/62.2 mln/765

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +12.00. With the start of the U.S. session approaching, equity futures are up 0.2% as they point to a slightly higher open.

The financial sector bears watching today as a handful of names trade higher in pre-market. Bank of America (BAC 9.19, +0.09) is higher by 1.0%, while JPMorgan Chase (JPM 41.50, +0.27) and Citigroup (C 33.68, +0.19) are adding close to 0.6% each.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +13.00. U.S. equity futures are little changed following the release of the latest Case-Shiller Index. The S&P 500 futures remain higher by 0.3%.

The July Case-Shiller 20-city Home Price Index rose 1.2% when a 0.8% increase had been generally expected. This comes against a prior month's reading of 0.5%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +11.30. U.S. equity futures are up 0.2% as they near their pre-market highs.

European markets opened slightly lower, but took another small step down following a weak Spanish T-bill auction. This was the first auction in some time that indicated sluggish demand as yields were higher than prior and the bid to cover ratio was lighter than the previous auction. Following the auction, the German-Spanish 10-yr spread widened by 10-12 basis points. Additionally, press reports indicated the European Central Bank and Germany's Bundesbank are seeking out lawyers to verify the legality of ECB's new bond buying program. According to an ING analyst, yesterday's German Ifo results indicate Bavarian companies are skeptical of the impact of the ECB bond buying program. Meanwhile, Chancellor Angela Merkel reiterated her stance against Eurobonds.

UK's FTSE is unchanged as financials and industrials lead. Weir Group and Old Mutual are advancing 2.2% and 1.7%, respectively. Miners are broadly weaker as Evraz, Eurasian Natural Resources, and Xstrata are all down between 1.8% and 3.2%.

In Germany, the DAX is lower by 0.2% as carmakers weigh on the index. BMW, Daimler, and Volkswagen are all shedding between 2.3% and 3.3%. Consumer and health care stocks are generally higher. Adidas, Fresenius SE, and Bayer are all adding close to 1.0%.

France's CAC is off by 0.2%. Carmaker Renault is the biggest decliner in the index, down 1.9%. On the upside, communication stocks are advancing as Vivendi and France Telecom are both up near 1.5%.

The major Asian bourses finished mixed as traders remained wary over the impact on the real economy of the European Central Bank's bond-buying program. Overnight news flow from the region was mainly focused on China as JP Morgan suggested Beijing has more room to cut rates. However, the China Securities Journal pushed back, saying the current monetary stance is prudent. Elsewhere, China's Sichuan province announced a $579 billion plan to improve infrastructure in the region. The latest Reserve Bank of Australia semi-annual Financial Stability Review indicated the country's banks are safeguarded from external shocks while warning the European debt crisis remains a threat to the global economy. Data out overnight showed South Korean consumer confidence hold at 99 and the Philippines' trade deficit narrow to $236 million.

In Japan, the Nikkei added 0.3% as consumer names outperformed. Sony tacked on 0.2% ahead of S&P downgrading the company's debt rating to BBB as it expects growth to remain slow. Meanwhile, Japan Airlines plunged 8.7% as flight cancellations to China due to the escalation in the East China Sea have raised concerns.

Hong Kong's Hang Seng finished unchanged as traders took a breather. Hong Kong Exchange slipped 2.6% after announcing a $500 million convertible bond offering. Elsewhere, luxury retailer Prada shed 3.5% after announcing in-line results.

In China, the Shanghai Composite settled lower by 0.2% as metal and coal stocks underperformed. Zhongjin gold fell 4.5% and Yanzhou Coal Mining gave up 1.1%.

08:00 am : S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +6.00. U.S. equity futures are slightly higher amid quiet pre-market trade.

Overnight, the global equity markets have shown little change in a night which lacked significant economic data points. Asian markets were mixed but settled within points of the flat-line. In China, JP Morgan sees additional room for rate cuts while the People's Bank of China reiterated its prudent monetary policy stance. The Central Bank sees prices as relatively stable, but needs to monitor the impact of policy of the US and Europe. Elsewhere, China Securities Journal believes September CPI may rise to 2.2%. At the semi-annual Financial Stability Review in Australia, the Reserve Bank of Australia officials stated they view their banks as able to cope with any shocks from other regions, but took a cautious stance against taking outsized risks to obtain unrealistic goals. Looking at the regional indicies, Japan's Nikkei gained 0.3%, China's Shanghai Composite shed 0.2%, while Hong Kong's Hang Seng finished unchanged.

In Europe, markets opened slightly lower, but took another small step down following a weak Spanish T-bill auction. This was the first auction in some time that indicated sluggish demand as yields were higher than prior and the bid to cover ratio was lighter than the previous auction. Following the auction, the German-Spanish 10-yr spread widened by 10-12 basis points. Additionally, press reports indicated the European Central Bank and Germany's Bundesbank are seeking out lawyers to verify the legality of ECB's new bond buying program. According to an ING analyst, yesterday's German Ifo results indicate Bavarian companies are skeptical of the impact of the ECB bond buying program. Meanwhile, Chancellor Angela Merkel reiterated her stance against Eurobonds. Nearing midday, UK's FTSE is adding 0.1%, Germany's DAX is lower by 0.1%, and France's CAC is off by 0.2%.

In U.S. corporate news, Caterpillar (CAT 89.20, -1.67) is down 1.8% after lowering its 2015 guidance due to slumping demand for mining equipment and sluggish global economic recovery.

Union Drilling (UDRL 7.00, +0.87) is higher by 14.2% after announcing that the company will be acquired by Sidewinder Drilling in a transaction valued at $242 million. Sidewinder's acquisition subsidiary, Fastball Acquisition, will purchase all of the outstanding shares of UDRL for $6.50 per share, which represents a 6.0% premium to UDRL's Monday closing price.

Tesla Motors (TSLA 26.25, -4.41) is sliding 14.4% after the company lowered its third quarter and full-year 2012 guidance due to slower-than-anticipated production.

Paychex (PAYX 32.55, -1.83) is down 5.3% despite beating on earnings and reporting in-line revenues. In addition, the company reaffirmed its full-year 2013 guidance. Following the report, Citigroup and UBS downgraded the company. Citigroup cut PAYX from ‘neutral' to ‘sell' while UBS lowered its rating from ‘buy' to ‘neutral.'

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.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +4.00.

06:28 am : Nikkei...9091.54...+22.30...+0.30%. Hang Seng...20698.68...+4.00...0.00.

06:28 am : FTSE...5833.40...-5.40...-0.10%. DAX...7383.03...-30.10...-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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