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 Post subject: September 27th Thursday 2012 Emini TF ($TF_F) points +6.90
PostPosted: Fri Sep 28, 2012 6:35 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

Price Action Trade Performance for Today: +6.90 points or $690 dollars in the Russell 2000 Emini TF ($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=1330.

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.

S&P 500 Snaps Five-Day Losing Streak

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

NEW YORK (CNNMoney) -- Investors breathed a sigh of relief Thursday after Spain released its official 2013 budget.

While the Spanish government had already promised to cut costs, several analysts and traders said that investors were happy to see something officially documenting Spain's willingness to move forward with necessary, albeit painful, cuts.

U.S. stocks spiked Thursday afternoon and ended the day higher. The S&P 500 snapped a five-day losing streak. Despite the market marching lower over much of the past two weeks, all three indexes have are still up more than 10% in 2012.

The Dow Jones industrial average, the S&P 500, and the Nasdaq closed up between 0.6% and 1.4%. Bank stocks led the broad rally, with shares of Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500) all up between 1% and 2%. Even U.S.-listed shares of Spanish banks Banco Santader (SAN) and BBVA (BBVA) rose on the news.

Gold prices hit a seven-month high Thursday, closing up $26.90 to $1,780.50 an ounce.

It's been a worrying week for Spain, as yields on 10-year Spanish bonds shot up above 6% for the first time in three weeks. Investors remain wary about whether Spain will seek a bailout.

"This is the fourth or fifth round of belt tightening that we've seen," said Nicholas Spiro, managing director of Spiro Sovereign Strategy. He said the budget was Spanish Prime Minster Mariano Rajoy's way of "firing the initial salvo" toward negotiating bailout terms.

European Central Bank president Mario Draghi unveiled a bond-buying plan earlier this month aimed at helping indebted nations like Spain and Italy. But the plan comes with strings attached: Any nation seeking ECB aid must agree to a series of reforms and oversight from the bailout funds.

Today's budget is Rajoy's way of convincing policymakers that nothing more can be done, Spiro said. "Spain is trying to climb up a down escalator."

The news out of Europe comes as investors were greeted this morning with mixed data about the U.S. economy. In one of many signs that domestic growth is lagging, second-quarter GDP growth was revised downward.

Durable good orders and pending home sales also signaled further problems for the U.S. economy. Orders for durable goods slowed more than expected in August. Pending home sales, which were expected to increase by 0.5%, actually dropped by 2.6%.

Thursday's only positive note in the barrage of U.S. economic data was the drop in jobless claims.

* Spain's precarious future

China also helped boost markets early in the day, following talk that the People's Bank of China may take further easing measures. The Shanghai Composite ended up 2.6%. The Hang Seng in Hong Kong jumped 1.1%, and Japan's Nikkei ticked up 0.5%. It's the latest sign that central banks are taking measures to keep a global slowdown at bay.

European stocks pared gains after a disappointing report on eurozone sentiment, which showed a surprise decline in September. Economists had expected the European Commission's monthly index to be unchanged.

Britain's FTSE 100 and the DAX in Germany closed up 0.2%, and France's CAC 40 rose 0.7%.

Investors are still waiting for the auditors' results of bank stress tests in Spain, due out Friday, which could give investors a better idea of just how deep Spain's banking troubles run.

* Fear & Greed Index

Companies: Shares of Sealy (ZZ) closed up 2% after rival company Tempur-Pedic (TPX) said it was buying the company for $228 million. Sealy reported zero earnings per share, falling short of expectations. The company canceled the morning's earnings call, citing the new deal. Meanwhile,Temper-Pedic shares surged 15%.

Shares of Advanced Micro Devices (AMD, Fortune 500) jumped 3% after the chip maker unveiled a new, faster chip that's expected to be 25% and come with integrated graphics.

Goodyear Tire & Rubber (GT, Fortune 500) shares rose 4% after the company revealed a new road vehicle tire, one that will meet the European Union's highest fuel efficiency standards, rules which go into effect in November.

Shares of spice and condiment maker McCormick & Company Inc (MKC) fell 2% following the company's quarterly report in which CEO Alan Wilson warned of continued "volatile material costs." The food company reported earnings per share of 78 cents, beating expectations.

Discover Financial Services (DFS, Fortune 500) moved up 7% after the company's earnings beat forecasts.

Shares of Research in Motion (RIMM) spiked more than 15% . While its sales slumped 31% from a year ago and it posted a loss, the results for the troubled BlackBerry maker weren't as bad as feared.

Shares of Nike (NKE, Fortune 500) fell in after-hours trading, even though the sneaker company beat forecasts for both revenues and profits.

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

Oil for November delivery added $1.87 to $91.85 a barrel.

Bonds: The price on the benchmark 10-year U.S. Treasury slid, pushing the yield up slightly to 1.65% from 1.62% late Wednesday.

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Market Update

4:15 pm : Equities got off to a strong start despite a string of negative economic data. The third estimate of second quarter GDP indicated growth of 1.3% which was well below the prior reading of 1.7%. Elsewhere, durable goods orders also showed notable weakness as new orders declined by 13.2% during August. Excluding transportation related items, durable goods orders decreased by 1.6%. Weekly initial claims were the sole bright spot as the reading of 359k was below the broadly-anticipated 379k. The major averages extended their gains after Spain announced its 2013 budget which included spending cuts and no tax hikes. The key averages continued rallying throughout the afternoon and the S&P 500 settled higher by 1.0%.

Technology stocks outperformed the broader market. Within the group, Apple (AAPL 681.32, +16.14) started in the red, but ended higher by 2.4%.

Among semiconductor producers, AMD (AMD 3.43, +0.11) gained 3.3% as it rebounded from recent weakness. Meanwhile, NXP Semiconductors (NXPI 25.37, +1.61) rose by 6.8% after positive comments about the company were made at JPMorgan.

Two tech stocks headed in opposite directions after reporting their earnings. Progress Software (PRGS 21.23, +2.07) spiked 10.8% after announcing an earnings beat and a revenue miss.

On the downside, Comtech (CMTL 27.43, -0.95) slid 3.4% despite beating on earnings and revenues. In addition, the company issued full-year 2013 guidance which was in-line with analyst expectations.

OCZ Technology (OCZ 3.41, +0.08) added 2.4% after reports indicated the company held talks with Seagate (STX 31.93, +0.95) regarding a possible acquisition. However, the talks fell apart after OCZ's Chief Executive Officer requested a seat on Seagate's board of directors as part of the merger.

Financials also outperformed as the SPDR Financial Select Sector ETF (XLF 15.64, +0.14) rose by 0.9%. Morgan Stanley (MS 16.84, +0.41) and Bank of America (BAC 8.97, +0.15) posted the largest advances among the majors. The two listings finished higher by 2.5% and 1.8%, respectively.

Meanwhile, Discover (DFS 39.70, +2.68) surged 7.2% after reporting earnings and revenues ahead of expectations.

The health care sector trailed the broader market as a handful of names moved on news. Peregrine Pharma (PPHM 1.11, -0.55) fell 33.1% after disclosing it received a written notice of default from one of its lenders due to the recent discovery of a major discrepancy in treatment group coding for one of its clinical trials. Peregrine complied with the request and issued full payment on September 25, 2012.

On the upside, Achillion Pharma (ACHN 10.29, +0.80) gained 8.5% after providing positive proof-of-concept data with ACH-3102.

The Dow Jones Transportation Average traded in-line with the Dow Industrials. Railroad and shipping stocks showed strength within the 20-stock group. Kansas City Southern (KSU 76.96, +1.60) was the top performing railroad as it gained 2.1%. Meanwhile, Overseas Shipholding Group (OSG 7.05, +0.34) and Expeditors International (EXPD 36.81, +0.79) advanced 5.1% and 2.2%, respectively.

Airline stocks were generally lower after United Continental (UAL 19.36, -0.80) updated its third quarter guidance. UAL slipped 4.0% after reporting that it expects third quarter capacity to be lower by 1.4%, while passenger unit revenues are expected to be down between 1.0% and 2.0%. United Continental peers traded lower on related weakness. JetBlue (JBLU 4.84, -0.06) and Southwest (LUV 8.88, -0.04) lost 1.2% and 0.5%, respectively.

In tomorrow's economic data, personal income, personal spending, and core PCE prices will be released at 8:30 ET. In addition, Chicago PMI will be reported at 9:45 ET while the Final Michigan Sentiment will cross the wires at 9:55 ET.DJ30 +72.46 NASDAQ +42.90 SP500 +13.83 NASDAQ Adv/Vol/Dec 1796/1.64 bln/663 NYSE Adv/Vol/Dec 2285/634.1 mln/748

3:30 pm : Crude oil trended higher in positive territory and rose as high as $92.32 per barrel on speculation that China will put forward another stimulus plan. The energy component eventually settled the floor session 2.2% higher at $91.89 per barrel.

Natural gas fell to its session low of $3.21 per MMBtu following weaker-than-anticipated inventory data that showed a build of 80 bcf when a build of 75 bcf was expected. However, buyers stepped in and pushed prices up higher. Natural gas touched a session high of $3.32 per MMBtu in afternoon action and closed with a 2.2% gain at $3.29 per MMBtu.

Precious metals climbed higher during today's pit trade as investors reacted to Spain's government news conference where the country announced its 2013 budget. Gains also came on China speculation.

Gold brushed a session low of $1764.00 per ounce moments after floor trade began in response to durable orders and initial claims data, but prices rebounded quickly and the yellow metal trended higher. It hit a session high of $1782.90 per ounce in afternoon action and settled with a 1.6% gain at $1780.40 per ounce.

Silver came off its session low of $34.20 per ounce and touched a session high of $34.81 per ounce before closing 2.1% higher at $34.66 per ounce.DJ30 +84.52 NASDAQ +42.98 SP500 +14.27 NASDAQ Adv/Vol/Dec 1816/1332.7 mln/623 NYSE Adv/Vol/Dec 2282/403 mln/742

3:00 pm : The major averages are holding their levels as the S&P 500 is up 1.1%.

A handful of notable companies are scheduled to report their quarterly results between today's close and tomorrow's open. Nike (NKE 96.15, +0.66) and Research In Motion (RIMM 6.85, -0.14) will report after today's close. Analysts expect Nike to earn $1.12 on revenues of $6.417 billion. The company's earnings will be closely watched as the company serves as a bellwether for other consumer discretionary stocks. Meanwhile, Research In Motion is expected to report a loss of $0.46 per share on revenues of $2.504 billion.

Before tomorrow's open, Walgreen (WAG 36.59, +0.77) is expected to report earnings of $0.56 on $17.199 billion in revenues.DJ30 +85.97 NASDAQ +43.66 SP500 +14.99 NASDAQ Adv/Vol/Dec 1821/1.19 bln/623 NYSE Adv/Vol/Dec 2293/363.1 mln/717

2:30 pm : The key averages continue to trade just beneath their session highs as the S&P 500 is up 1.1%.

The volatility index, or VIX, is down nearly 11.0%. The index is hovering around 15.02 after rising steadily since the beginning of this week. Yesterday, VIX peaked at a three-week high of 16.81 before heading back to the 14-16 range, which has been maintained for the majority of the past two months. During the past year, VIX has ranged between 13.30 and 46.88.DJ30 +103.96 NASDAQ +43.94 SP500 +16.06 NASDAQ Adv/Vol/Dec 1821/1.09 bln/616 NYSE Adv/Vol/Dec 2296/335.3 mln/711

2:00 pm : The major averages continue to mark fresh session highs as the S&P 500 is up 1.1%.

Financials are outperforming as the SPDR Financial Select Sector ETF (XLF 15.68, +0.19) is rising by 1.2%. Morgan Stanley (MS 16.86, +0.43) and Bank of America (BAC 9.02, +0.20) are posting the largest advances among the majors, up 2.7% and 2.4%, respectively.

Meanwhile, Discover (DFS 39.30, +2.28) is spiking 6.2% after reporting earnings and revenues ahead of expectations.DJ30 +95.17 NASDAQ +42.75 SP500 +15.21 NASDAQ Adv/Vol/Dec 1811/1.01 bln/597 NYSE Adv/Vol/Dec 2276/308.9 mln/711

1:30 pm : After rallying to their respective session highs, the major averages are holding steady. The S&P 500 is up 0.9%.

The Dow Jones Transportation Average is trading in-line with the Dow, up 0.5%. Railroad and shipping stocks are showing strength within the 20-stock group. Kansas City Southern (KSU 76.40, +1.04) is the top performing railroad, up 1.4%. Meanwhile, Overseas Shipholding Group (OSG 7.11, +0.40) and Expeditors International (EXPD 36.62, +0.59) are adding 5.7% and 1.7%, respectively.DJ30 +80.84 NASDAQ +37.33 SP500 +13.28 NASDAQ Adv/Vol/Dec 1737/922.1 mln/647 NYSE Adv/Vol/Dec 2207/281.5 mln/746

1:00 pm : Equities have managed to stay positive despite a string of negative economic data reported this morning. The third estimate of second quarter GDP indicated growth of 1.3% which was well below the prior reading of 1.7%. Durable goods orders also showed notable weakness as new orders declined by 13.2% during August. Excluding transportation related items, durable goods orders decreased by 1.6%. Weekly initial claims were the sole bright spot as the reading of 359k was below the broadly-anticipated 379k. The major averages then doubled their gains after Spain announced its 2013 budget. At midday, the S&P 500 is higher by 0.9%.

Technology stocks are outperforming the broader market. Within the group, Apple (AAPL 677.42, +12.24) started in the red, but has reversed since. Shares of the tech giant are adding 1.8%.

Among semiconductor producers, AMD (AMD 3.43, +0.11) is higher by 3.6% as it rebounds from recent weakness. Meanwhile, NXP Semiconductors (NXPI 25.29, +1.53) is rising by 6.4% after positive comments about the company were made at JPMorgan.

Two tech stocks are headed in opposite directions after reporting their earnings. Progress Software (PRGS 21.17, +2.01) is spiking 10.4% after reporting an earnings beat and a revenue miss.

On the downside, Comtech (CMTL 27.38, -1.00) is sliding 3.5% despite beating on earnings and revenues. In addition, the company issued full-year 2013 guidance which was in-line with analyst expectations.

OCZ (OCZ 3.65, +0.32) is jumping 9.6% after reports indicated that the company held talks with Seagate (STX 31.45, +0.47) regarding a possible acquisition. However, the talks fell apart after OCZ's Chief Executive Officer requested a seat on Seagate's board of directors as part of the merger.

The health care sector is trailing the broader market as a handful of names move on news. Peregrine Pharma (PPHM 1.05, -0.61) is down 36.2% after disclosing that it received a written notice of default from one of its lenders due to the recent discovery of a major discrepancy in treatment group coding for one of its clinical trials. Peregrine complied with the request and issued full payment on September 25, 2012.

On the upside, Achillion Pharma (ACHN 10.37, +0.88) is higher by 9.3% after providing positive proof-of-concept data with ACH-3102.

Cepheid (CPHD 36.04, -3.11) is down 7.9% after the company issued downside third quarter and full-year 2012 guidance.

Airline stocks are generally lower after United Continental (UAL 19.50, -0.65) updated its third quarter guidance. UAL is down 3.3% after reporting that it expects third quarter capacity to be lower by 1.4%, while passenger unit revenues are expected to be down between 1.0% and 2.0%. United Continental peers are trading lower on related weakness. JetBlue (JBLU 4.82, -0.08) is down 1.6%, while Southwest (LUV 8.87, -0.05) and US Airways (LCC 10.45, -0.05) are both down near 0.5%.DJ30 +73.65 NASDAQ +35.70 SP500 +12.66 NASDAQ Adv/Vol/Dec 1724/854.3 mln/655 NYSE Adv/Vol/Dec 2194/261.2 mln/760

12:30 pm : The major averages are all pushing to new highs as additional headlines from the Spanish press conference cross the wires. The S&P 500 is up 1.0%

Airline stocks are generally lower after United Continental (UAL 19.59, -0.56) updated its third quarter guidance. UAL is down 2.8% after reporting that it expects third quarter capacity to be lower by 1.4%, while passenger unit revenues are expected to be down between 1.0% and 2.0%. United Continental peers are trading lower on related weakness. JetBlue (JBLU 4.80, -0.10) is down 2.0%, while Southwest (LUV 8.86, -0.6) and US Airways (LCC 10.46, -0.04) are both down near 0.5%.DJ30 +82.96 NASDAQ +37.75 SP500 +13.70 NASDAQ Adv/Vol/Dec 1718/764.8 mln/634 NYSE Adv/Vol/Dec 2215/236.8 mln/740

12:00 pm : After a brief downtick, the S&P 500 and Nasdaq have risen to fresh session highs. The two indices are up 0.6% and 0.8%, respectively.

The health care sector is trailing the broader market as a handful of names move on news. Peregrine Pharma (PPHM 1.09, -0.57) is down 34.3% after disclosing that it received a written notice of default from one of its lenders due to the recent discovery of a major discrepancy in treatment group coding for one of its clinical trials. Peregrine complied with the request and issued full payment on September 25, 2012.

On the upside, Achillion Pharma (ACHN 0.28, +0.79) is higher by 8.3% after providing positive proof-of-concept data with ACH-3102.

Cepheid (CPHD 35.65, -3.50) is down 8.9% after the company issued downside third quarter and full-year 2012 guidance.DJ30 +39.05 NASDAQ +25.69 SP500 +8.48 NASDAQ Adv/Vol/Dec 1597/660.9 mln/715 NYSE Adv/Vol/Dec 2045/205.8 mln/878

11:30 am : The major averages have ticked down after Spanish officials announced that they will tap into Social Security funds in order to strengthen the overall budget.

The energy sector is the top performer as it rebound from recent weakness. With crude oil trading higher by 1.4%, major energy names are moving higher. Anadarko Petroleum (APC 69.77, +1.01), Apache (APA 86.23, +0.99), EOG Resources (EOG 112.45, +1.85), and National Oilwell Varco (NOV 79.37, +0.98) are all up near 1.0%.DJ30 +10.94 NASDAQ +15.27 SP500 +4.39 NASDAQ Adv/Vol/Dec 1384/579.7 mln/909 NYSE Adv/Vol/Dec 1808/182.4 mln/1083

11:00 am : The major averages are showing some divergence as the Dow trades near its session low, while the S&P 500 and Nasdaq are near their session highs.

Technology stocks are trading in-line with the broader market. Within the group, Apple (AAPL 670.83, +5.63) started in the red, but has reversed since. Shares of the tech giant are adding 0.8%.

Among semiconductor producers, AMD (AMD 3.45, +0.13) is higher by 3.6% as it rebounds from recent weakness. Meanwhile, NXP Semiconductors (NXPI 24.95, +1.19) is rising by 5.0% after positive comments about the company were made at JPMorgan.

Two tech stocks are headed in opposite directions after reporting their earnings. Progress Software (PRGS 21.11, +1.95) is advancing 10.1% after reporting an earnings beat and a revenue miss.

On the downside, Comtech (CMTL 27.72, -0.66) is sliding 2.3% despite beating on earnings and revenues. In addition, the company issued full-year 2013 guidance which was in-line with analyst expectations.

OCZ (OCZ 3.56, +0.23) is jumping 6.9% after reports indicated that the company held talks with Seagate (STX 30.98, 0.00) regarding a possible acquisition. However, the talks fell apart after OCZ's Chief Executive Officer requested a seat on Seagate's board of directors as part of the merger.DJ30 +32.37 NASDAQ +17.69 SP500 +6.41 NASDAQ Adv/Vol/Dec 1446/462.4 mln/811 NYSE Adv/Vol/Dec 1869/152.4 mln/983

10:35 am : Commodities are higher this morning, while the dollar index sits in the red. Natural gas was about 1.5% higher ahead of inventory data. When the data was released, which showed a build of 80 bcf vs expectations of a build of 75 bcf, nat gas chopped around down one cent, then up one cent, but after 5-6 min of that, nat gas dropped sharply and is now back at the flat line. Currently, nat gas is +0.3% at $3.23/MMBtu.

Nov crude oil has been in positive territory all session and rose as high as $91.80/barrel. In current action, crude oil is +1.3% at $91.15/barrel.

Precious metals have also been in positive territory all session, hitting new session highs about 10 min before floor trading began (Gold $1771.00, Silver $34.47). Gold is now +0.8% at $1767.90/oz and silver is now +1.2% at $34.36/oz.DJ30 +25.61 NASDAQ +15.91 SP500 +4.91 NASDAQ Adv/Vol/Dec 1362/355.2 mln/843 NYSE Adv/Vol/Dec 1719/125 mln/1085

10:05 am : The key indices have ticked down following the most recent pending home sales data. The S&P 500 is up 0.2%.

Pending home sales for August declined by 2.6%, which is worse than the 0.5% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's 2.4% increase.

The SPDR S&P Homebuilders ETF (XHB 24.62, +0.03) has slipped off session highs after the release of the data.DJ30 +29.41 NASDAQ +8.30 SP500 +2.89 NASDAQ Adv/Vol/Dec 1294/203.8 mln/828 NYSE Adv/Vol/Dec 1736/84.8 mln/995

09:45 am : Equities have maintained their positive sentiment in the early going. The S&P 500 is up 0.4%.

Looking at the early sector performance, high-beta stocks are in the lead. Financials and energy are outperforming, while utilities, telecoms, and consumer staples are lagging. Technology stocks are also underperforming as Apple (AAPL 661.66, -3.52) trades lower by 0.5%.

August pending home sales will be reported at 10:00 ET.DJ30 +42.35 NASDAQ +8.61 SP500 +4.72 NASDAQ Adv/Vol/Dec 1382/120.1 mln/651 NYSE Adv/Vol/Dec 1888/61.9 mln/770

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +7.10. Nasdaq futures vs fair value: +8.50. Heading into the open, equity futures are firmer by 0.5% as they point to a higher start to the session.

The materials sector bears watching today as steel stocks are on the move in pre-market. Arch Coal (ACI 6.60, +0.20), Alpha Natural Resources (ANR 6.79, +0.20), and Cliffs Natural Resources (CLF 40.10, +1.01) are all up between 2.5% and 3.0%.

The financial sector is also poised for a higher open. Bank of America (BAC 8.91, +0.10), Citigroup (C 32.80, +0.29), and Morgan Stanley (MS 16.66, +0.23) are all adding near 1.0%.

Discover (DFS 38.11, +1.09) is higher by 2.9% after reporting earnings and revenues ahead of expectations.

August pending home sales will be reported at 10:00 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +9.50. U.S. equity futures have rebounded following the release of disappointing economic data. The S&P 500 futures are higher by 0.5%.

It was a sea of green across Asia as all of the major averages, with the exception of India's Sensex (-0.3%) finished the day in positive territory. The buying was sparked by word the People's Bank of China initiated a record CNY365 billion of reverse repo operations over the past week. That news had markets hopeful Beijing will announce more stimulus to help spark growth in the slowing Chinese economy. Data in the region was quiet as China's industrial profits sank 3.1% after the prior month's 2.7% decrease.

Japan's Nikkei advanced 0.5% as firms with heavy exposure to China saw solid gains. Robotics maker Fanuc added 0.4% and construction machinery maker Komatsu climbed 2.3% after erasing early losses. Meanwhile, social gaming company Gree tumbled 12.3% on reports mobile operator NTT DoCoMo was launching a rival gaming network.

In Hong Kong, the Hang Seng finished higher by 1.1%, buoyed by blue chip names. Internet gaming company Tencent Holdings rose 2.4% while other megacaps such as Cnooc and ICBC rallied 2.1% and 1.8% respectively. European retailer Esprit fell 5.7% as the fallout following Wednesday's disappointing earnings continued.

China's Shanghai Composite jumped 2.6% to see its biggest gain in three weeks. Growth sensitive names led the advance as coal-based China Shenhua Energy jumped 3.7% and Anhui Conch Cement rallied 3.2%.

In Europe, protests continue in Spain and Greece. Germany's unemployment rate was reported at 8.6%, which was in-line with expectations. The UK's second quarter Final GDP was revised upward to reflect a contraction of 0.4%. Eurozone consumer confidence was reported in-line, at -26.0. Additionally, the business and consumer survey for the region fell short of expectations as the actual reading of 85.0 was slightly below the 86.1 forecast. Germany's 10-yr yield hit a three-week low of 1.45% as the flight to bunds has resumed with the Spanish debt crisis back in focus.

France's CAC is higher by 0.6% as financials and industrials rebound from yesterday's sell-off. Credit Agricole and Societe Generale are adding between 1.7% and 3.0%, while industrials Lafarge and Schneider Electric are both up near 2.5%.

In Germany, the DAX is advancing 0.2% as health care and utility stocks lead. Bayer, Merck, and electric utility company, RWE are all adding close to 1.0%. Car makers are showing weakness as Volkswagen and Daimler are down 2.4% and 0.7%, respectively.

The United Kingdom's FTSE is adding 0.2% on the strength of miners and financials. Rio Tinto, Anglo American, and Glencore are all up near 2.0%. Meanwhile, Barclays and Lloyds are higher by 1.9% and 1.6%, respectively. Consumer stocks are weighing on the index. Compass Group and Aggreko are both down near 1.2%.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +7.30. Equity futures have slipped off their pre-market highs after the release of economic data. The S&P 500 futures are higher by 0.4%.

The latest weekly initial jobless claims count totaled 359,000, which is lower than the 379,000 that had been expected. The tally is below the revised prior week count of 385,000. As for continuing claims, they fell to about 3.271 million from 3.275 million.

Separately, durable goods orders decreased in August by 13.2%, which is worse than the 5.0% decrease that had been expected, on average, among economists polled by Briefing.com. This comes after the prior month's reading was left unrevised at 4.1%.

Excluding transportation related items, durable goods orders decreased in August by 1.6%, which is worse than the 0.2% decrease that had been broadly anticipated. Prior month's reading was revised from -0.6% to -1.3%

Lastly, the third estimate of second quarter GDP showed growth of 1.3%, which is worse than the 1.7% forecast. However, the second quarter GDP Deflator was left unrevised at 1.6%.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +10.50. U.S. equity futures are higher by 0.5% this morning amid strength in overseas markets. The early bounce follows an approximate 2% slide over the past three days.

Overnight, the global equity markets rebounded from yesterday's broad-based sell off. In China, disappointing data continued to roll in as August industrial profits fell 3.1%. Meanwhile, PIMCO sees China's GDP growth of 6.5-7.0%. The Shanghai Composite caught a late session bid when the China Securities Regulatory Commission called a press conference for after the close. Markets took this as an indication the commission would announce market reforms and potential stimulus. The speculation caused the Shanghai to rally over 3.0% on the day, and close higher by 2.6%. However, the press conference was simply to issue information on new rules pertaining to securities and futures markets. However, a boost for Chinese stocks did come from the People's Bank of China when the Central Bank announced that it has completed reverse repurchase operations in the amount of CNY365 billion this week. Key regional indices finished higher as China's Shanghai Composite advanced 2.6%, Hong Kong's Hang Seng gained 1.1%, and Japan's Nikkei added 0.5%.

In Europe, protests continue in Spain and Greece. Germany's unemployment rate was reported at 8.6%, which was in-line with expectations. The UK's second quarter final GDP was revised upward to reflect a contraction of 0.4%. Eurozone consumer confidence was reported in-line, at -26.0. Additionally, the business and consumer survey for the region fell short of expectations as the actual reading of 85.0 was slightly below the 86.1 forecast. Germany's 10-yr yield hit 1.45%, which is the lowest level in three weeks. The flight to bunds has resumed as the Spanish debt crisis is now back in focus. Regional indices are generally higher as markets near midday. France's CAC is up 0.8%, Germany's DAX is adding 0.5%, and UK's FTSE is firmer by 0.3%.

In U.S. corporate news, Sealy (ZZ 2.30, +0.16) is adding 7.5% after announcing that the company will be acquired by Tempur-Pedic (TPX 28.10, +0.53) in a transaction valued at $1.3 billion. Tempur-Pedic will pay $2.20 per share of ZZ, which represents a premium of 2.8% to Sealy's Friday closing price. In addition, Sealy delivered a mixed quarterly report. The company missed on earnings, but beat on revenues.

Goodyear Tire (GT 12.58, +0.41) is higher by 3.4% after Goldman upgraded shares of the tire maker from ‘neutral' to ‘buy.'

Today's economic calendar contains a full slate of releases. Weekly initial and continuing unemployment claims will be reported at 8:30 ET. Durable orders, durable orders ex-transportation, and GDP-third estimate will also be released at 8:30 ET. Lastly, pending home sales will cross the wires at 10:00 ET.

The U.S. Treasury will auction off 7-yr notes.

06:26 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +10.00.

06:26 am : Nikkei...8949.87...+43.20...+0.50%. Hang Seng...20762.29...+234.60...+1.10%.

06:26 am : FTSE...5787.55...+19.50...+0.30%. DAX...7311.37...+34.80...+0.50%.

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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