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 Post subject: October 2nd Tuesday 6E & TF Futures $595.00
PostPosted: Tue Oct 02, 2012 7:54 pm 
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Joined: Sat Jan 10, 2009 2:06 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: Emini TF ($TF_F) futures @ $1170.00 dollars or +11.70 points and EuroFX 6E ($6E_F) futures @ ($575.00) dollars or -46 ticks. Total Profit @ $595.00 dollars.

Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures - 1 tick or 0.01 = $10 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures - 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
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=109&t=1335

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=192&t=1618

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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

Oct. 2 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. The Standard & Poor’s 500 Index rose, erasing losses in the final hour of trading, as a rebound in Apple Inc. overshadowed disappointment after Spanish Prime Minister Mariano Rajoy said a bailout request is not imminent.

Spain Keeps Investors Sidelined

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

NEW YORK (CNNMoney) -- U.S. stocks finished the day mixed Tuesday as fears about Spain kept investors sidelined.

The Dow Jones industrial average edged slightly lower, while the S&P 500 was flat and the Nasdaq added 0.2%.

"There's a battle of contrasting concerns, some that the market is able to overcome, and some that are certainly potential issues," said Timothy Ghriskey, chief investment officer at Solaris Asset Management.

Chief among them: Spain's persistent banking woes. Investors have been awaiting a formal bailout request from Spain, and many are hopeful that the wait might soon be over.

"The global stock market believes that there's going to be progress here and that we've seen the worst," Ghriskey said.

Moody's said late Monday that Spain's banks may face a greater capital shortfall than the government estimated last week. France's CAC 40, the FTSE 100 in England and DAX in Germany closed in the red Tuesday.

Greece was also in the spotlight, as leaders struggle to meet the conditions of that nation's bailout agreement.

Australia's central bank cut its interest rate to 3.25% to combat fears of a slowdown in China, giving investors hope that the intervention could jumpstart the lagging economy. Markets in Shanghai and Hong Kong were closed for a holiday, but Japan's Nikkei ended down 0.1%.

* Fear & Greed Index

In the United States, automakers released September sales figures. Chrysler reported a 12% year-over-year increase in U.S. sales last month. It was also the best September sales since 2007. Toyota Motor also beat expectations, reporting a sales increase of 41.5% from year-ago levels. General Motors (GM, Fortune 500) reported only a 1.5% increase from a year earlier, while Ford (F, Fortune 500) sales slipped 0.1%.

Analysts say that while a major piece of economic news, such as Friday's employment report from the Labor Department, or progress in Europe, could bring investors back into the market, even those events might not be enough.

"We've had unprecedented monetary expansion and stimulus from every corner of the world and we're still stuck in this range," said Jack Ablin chief investment officer at Harris Private Bank. "If that didn't get investors back, I don't know what will."

* Economists say fiscal cliff a serious threat, but unlikely

Companies: Shares of MetroPCS's (PCS, Fortune 500) surged nearly 18% after Deutsche Telekom confirmed it was in talks with the struggling wireless carrier about possibly merging with its T-Mobile USA unit.

Zillow's (Z) stock sank after the Securities and Exchange Commission released a letter that questioned why the real estate site didn't disclose certain sales data and updated information about its accounting methods

Shares of clothing retailer Express (EXPR) sank more than 22% after the company lowered its fiscal third-quarter expectations. CEO Michael Weiss blamed "an abrupt change in traffic" of shoppers in September.

A judge ruled Monday that Samsung should be allowed to sell its Galaxy Tab 10.1 tablet computer in the United States, the latest development in a long-running patent dispute between the electronics maker and Apple (AAPL, Fortune 500).

Shares of Yahoo (YHOO, Fortune 500) rose nearly 1%, a day after CEO Marissa Mayer gave birth to a baby boy. She previously said she planned to return to work within a few weeks of giving birth.

* Einhorn: Short Chipotle, go long GM

Chipotle (CMG)sold off after influential hedge fund manager David Einhorn told investors to short the stock, saying the company faces headwinds from Yum Brands (YUM, Fortune 500)-owned Taco Bell. Einhorn said GM (GM, Fortune 500)is a buy, as is Cigna, but he reiterated is dislike of Green Mountain Coffee (GMCR).

General Growth Properties' (GGP) stock edged lower after influential hedge fund manager Bill Ackman turned up the heat on the mall operator to sell itself to Simon Property Group (SPG).

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

Oil for November delivery fell 59 cents to $91.89 a barrel.

Gold futures for December delivery lost $7.70 to $1,775.60 an ounce.

Bonds: The yield on the benchmark 10-year U.S. Treasury held steady at 1.62%.

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Market Update

4:15 pm : The major averages got off to a strong start, but the bullish bias faded shortly after the open. Headlines out of Europe provided another risk-off signal as reports suggested that a Spanish aid request is not imminent. After marking their session highs during the first five minutes of trade, the key indices spent most of the session trending lower. However, a rally in the final hour of trading lifted the S&P 500 and Nasdaq into positive territory while the Dow closed with a small loss of 0.2%.

The health care sector was the day's top performer. Within the space, biotech stocks showed strength which was reflected by the iShares Nasdaq Biotechnology ETF (IBB 145.18, +1.54) adding 1.1%. Looking at individual names, Amgen (AMGN 86.35, +1.27) traded at its all-time high before closing higher by 1.5%. Meanwhile, Gilead (GILD 69.17, +1.73) also marked a fresh all-time best as the shares gained 2.5%.

On the downside, ArQule (ARQL 2.18, -2.81) fell 56.3%. The weakness followed the company's announcement regarding the discontinuation of Phase 3 MARQUEE clinical trial in non-small cell lung cancer after determination that study would not meet its primary endpoint. As a result of the announcement, Needham downgraded ArQule from ‘buy' to ‘hold.'

Telecom stocks also outperformed as buyout speculation lifted one name to its best level since July 2011. MetroPCS (PCS 13.57, +2.05) spiked 17.8% after a Bloomberg TV report suggested the company may be nearing a deal with Deutsche Telecom/T-Mobile. Peer, Leap Wireless (LEAP 7.59, +0.59) surged 8.4% while Sprint (S 4.90, -0.28) slipped 5.4%.

The materials sector was the weakest performer as steel and aluminum producers were under pressure. AK Steel (AKS 4.79, -0.09), Cliffs Natural Resources (CLF 38.55, -0.33), and United States Steel (X 18.99, -0.32) all posted losses between 0.8% and 1.8%.

Elsewhere in the sector, Mosaic (MOS 55.76, -2.25) slid 3.9% after missing on both earnings and revenues. The company's earnings per share were reported $0.15 below consensus estimates, while revenues fell $180 million short of estimates. In its defense, the company cited longer annual maintenance shut-downs and challenges posed by hurricanes, noting demand for products outpaced Mosaic's ability to produce and deliver.

Wassau Paper (WPP 8.67, -0.49) slid 5.4% after lowering its full-year guidance due to lower profitability at its facility in Brainerd, Minnesota. Other paper names were mixed as Neenah Paper (NP 27.91, -0.67) shed 2.3% while Louisiana-Pacific (LPX 13.00, +0.32) gained 2.5%.

The Dow Jones Transportation Average edged up as it outperformed the remaining industrials. Airline stocks enjoyed their second consecutive day of gains as Delta Airlines (DAL 9.77, +0.30) and JetBlue Airways (JBLU 4.98, +0.11) rose by 3.2% and 2.4%, respectively.

Meanwhile, shipping stocks led the transportation complex. Overseas Shipholding Group (OSG 7.08, +0.59) jumped 9.1% after its joint venture with Euronav secured a new charter deal. Peer, Matson (MATX 20.50, +0.34) added 1.7% on related strength.

Financial stocks showed some relative outperformance. Citigroup (C 33.26, +0.51) was the top performer among the majors. The financial giant gained 1.6% after Keefe Bruyette upgraded shares of Citigroup from ‘market perform' to ‘outperform.' Elsewhere in the sector, JPMorgan Chase (JPM 40.92, -0.05) shed 0.1% after New York Attorney General, Eric Schneiderman announced he would file a lawsuit against the bank over mortgage-backed securities sold by Bear Stearns.

In tomorrow's economic data, the MBA Mortgage Index will be reported at 7:00 ET. In addition, the ADP Employment Change and ISM Services will be released at 8:15 ET and 10:00 ET, respectively.DJ30 -32.75 NASDAQ +6.51 SP500 +1.26 NASDAQ Adv/Vol/Dec 1258/1.57 bln/1192 NYSE Adv/Vol/Dec 1589/596.3 mln/1406

3:30 pm : Crude oil oscillated between positive and negative territory despite a weaker dollar. It touched a pit session high of $92.78 per barrel in afternoon action, but slid back into negative territory as it headed into the close. The energy component settled 0.6% lower at $91.89 per barrel, or just above its session low of $91.82 per barrel.

Natural gas climbed into the black after trading as low as $3.40 per MMBtu in early morning pit action. It inched higher for most of its session and settled with a 1.4% gain at $3.53 per MMBtu.

Precious metals struggled in negative territory without much help from the weak dollar. Gold fell off its overnight session high of $1786.60 per ounce and tumbled as low as $1772.30 per ounce in morning pit action. It settled the choppy session at $1775.80 per ounce, or 0.4% lower. Silver also tumbled to a session low of $34.42 per ounce after trading as high as $35.12 per ounce in overnight action. It eventually settled with a 0.8% loss at $34.67 per ounce.DJ30 -53.33 NASDAQ -1.12 SP500 -1.91 NASDAQ Adv/Vol/Dec 1161/1336.2 mln/1282 NYSE Adv/Vol/Dec 1410/414 mln/1551

3:00 pm : The key indices remain near their session lows as the S&P 500 is down 0.3%.

Three notable names will report their earnings before tomorrow's open. Family Dollar (FDO 65.84, +0.46) is expected to earn $0.75 on revenues of $2.364 billion. Over the past three months, shares of the retailer have slipped 3.3%.

Meanwhile, analysts expect Monsanto (MON 90.50, +0.11) to report a $0.43 loss on $2.230 billion in revenues. Shares of the chemical producer have gained over 8.0% since the start of the third quarter.

Lastly, forecasts call for RPM (RPM 26.44, -1.55) to earn $0.64 on $1.089 billion in revenues. Since July, the chemical manufacturer is off by 2.0%.DJ30 -75.33 NASDAQ -10.52 SP500 -5.05 NASDAQ Adv/Vol/Dec 1074/1.21 bln/1362 NYSE Adv/Vol/Dec 1302/370.2 mln/1666

2:30 pm : The key indices continue to hover near session lows as the S&P 500 trades lower by 0.3%.

Auto and truck makers have been reporting their September sales over the course of the day. Ford (F 9.74, -0.19) is down 1.9% after reporting total September sales at 174,976 vehicles. This number is unchanged from a year ago.

Toyota (TM 76.92, -0.15) is off by 0.2% after announcing last month's sales rose by 41.5%, to 171,910 units.

General Motors (GM 23.83, +0.74) is up 3.2% after its September sales increased by 1.5% as compared to the same period last year. It should be noted that the stock rallied after David Einhorn said he believes the company's valuation is cheap.DJ30 -76.75 NASDAQ -8.91 SP500 -4.49 NASDAQ Adv/Vol/Dec 1076/1.11 bln/1347 NYSE Adv/Vol/Dec 1315/342.1 mln/1627

2:00 pm : Equities continue holding near their session lows as the S&P 500 is off by 0.2%.

Financial stocks are outperforming slightly as the sector attempts to stay in positive territory. Citigroup (C 33.11, +0.36) and Morgan Stanley (MS 16.95, +0.16) are the top performers among the majors. The two names are both up near 1.0%. Earlier, Keefe Bruyette upgraded shares of Citigroup from ‘market perform' to ‘outperform.'

Elsewhere in the sector, JPMorgan Chase (JPM 40.88, -0.09) is little changed after New York Attorney General, Eric Schneiderman announced he would file a lawsuit against the bank over mortgage-backed securities sold by Bear Stearns.DJ30 -60.62 NASDAQ -3.01 SP500 -2.37 NASDAQ Adv/Vol/Dec 1154/1.02 bln/1258 NYSE Adv/Vol/Dec 1390/316.1 mln/1534

1:30 pm : The major averages are holding their recent levels as the Dow trades lower by 0.5%.

The Dow Jones Transportation Average is unchanged on the day as it outperforms the remaining industrials. Airline stocks are enjoying their second consecutive day of gains as Delta (DAL 9.63, +0.16) and JetBlue (JBLU 4.94, +0.07) are both up near 1.5%.

Meanwhile, shipping stocks are the top performers within the complex. Overseas Shipholding Group (OSG 6.90, +0.41) is jumping 6.3% after its joint venture with Euronav secured a new charter deal. Peer, Matson (MATX 20.78, +0.62) is adding 3.1%DJ30 -63.28 NASDAQ -3.54 SP500 -2.40 NASDAQ Adv/Vol/Dec 1152/920.2 mln/1237 NYSE Adv/Vol/Dec 1361/287.3 mln/1541

1:00 pm : The major averages marked their session highs during the first minutes of trade, and have trended lower since. Headlines out of Europe suggesting Spain will not be imminently asking for a bail out added to the risk-off sentiment which has kept the key indices in the red. At midday, the Dow is lower by 0.4%, while the S&P 500 is off by 0.1%.

The health care sector is one of the top performers. Within the space, biotech stocks are showing strength which is reflected by the iShares Nasdaq Biotechnology ETF (IBB 144.85, +1.21) as it adds 0.9%. Looking at individual names, Amgen (AMGN 86.21, +1.13) is rising by 1.3% as the stock trades at its all-time high. Meanwhile, Gilead (GILD 69.11, +1.67) is also at its all-time best as the shares trade up 2.5%.

On the downside, ArQule (ARQL 2.30, -2.69) is down 53.9%. The weakness follows the company's announcement regarding the discontinuation of Phase 3 MARQUEE clinical trial in non-small cell lung cancer after determination that study would not meet its primary endpoint.

Telecom stocks are trading mostly in-line with the broader market. However, buyout speculation has lifted one name to its best level since July 2011. MetroPCS (PCS 13.66, +2.14) is spiking 18.6% after Bloomberg TV reports suggested the company may be nearing a deal with Deutsche Telecom/T-Mobile. Peer, Leap Wireless (LEAP 8.04, +1.04) is surging 14.7% while Sprint (S 4.92, -0.26) is off by 5.0%.

The materials sector is the day's worst performer as steel and aluminum producers show broad weakness. AK Steel (AKS 4.81, -0.07), Cliffs Natural Resources (CLF 38.21, -0.67), and United States Steel (X 19.15, -0.16) are all down between 0.8% and 1.7%.

Elsewhere in the sector, Mosaic (MOS 55.74, -2.28) is down 3.9% after missing on both earnings and revenues. The company's earnings per share were reported $0.15 below consensus estimates, while revenues fell $180 million short of estimates. In its defense, the company cited longer annual maintenance shut-downs and challenges posed by hurricanes, noting demand for products outpaced Mosaic's ability to produce and deliver.

Wassau Paper (WPP 8.76, -0.40) is sliding 4.4% after lowering its full-year guidance due to lower profitability at its facility in Brainerd, Minnesota. Other paper names are mixed as Neenah Paper (NP 28.07, -0.50) is slipping 1.8% while Louisiana-Pacific (LPX 13.07, +0.39) is up 3.1%.

Restaurant and fast food stocks are showing general weakness. Jack in the Box (JACK 27.52, -0.77) trades lower by 2.7% after Credit Suisse downgraded the stock from ‘neutral' to ‘underperform.' The downgrade was announced after the stock has enjoyed a strong run against its peers.

Other restaurant stocks are also weaker with Chipotle (CMG 302.82, -13.31) and Yum! Brands (YUM 66.71, -0.71) down 4.2% and 1.1%, respectively. It is worth noting that Chipotle suffered a sharp 5.0% drop after activist investor, David Einhorn voiced concern over the company's valuation during his remarks at the Value Investing Congress.DJ30 -60.20 NASDAQ -1.84 SP500 -1.86 NASDAQ Adv/Vol/Dec 1115/859.6 mln/1257 NYSE Adv/Vol/Dec 1368/269.4 mln/1519

12:30 pm : Stocks are holding their recent levels as the S&P 500 is off by 0.1%.

The materials sector is the day's worst performer as steel and aluminum producers show broad weakness. AK Steel (AKS 4.81, -0.07), Cliffs Natural Resources (CLF 38.26, -0.62), and United States Steel (X 19.16, -0.15) are all down between 0.9% and 1.7%.

Elsewhere in the sector, Mosaic (MOS 55.67, -2.34) is down 4.0% after missing on both earnings and revenues. The company's earnings per share were reported $0.15 below consensus estimates, while revenues fell $180 million short of estimates. In its defense, the company cited longer annual maintenance shut-downs and challenges posed by hurricanes, noting demand for products outpaced Mosaic's ability to produce and deliver.

Wassau Paper (WPP 8.75, -0.41) is down 4.5% after lowering its full-year guidance due to lower profitability at its facility in Brainerd, Minnesota. Other paper names are mixed as Neenah Paper (NP 28.15, -0.43) is down 1.5% while Louisiana-Pacific (LPX 13.03, +0.35) is up 2.8%.DJ30 -59.71 NASDAQ -0.53 SP500 -1.76 NASDAQ Adv/Vol/Dec 1133/790.2 mln/1234 NYSE Adv/Vol/Dec 1422/248.2 mln/1459

12:00 pm : The major averages have all slipped to their respective lows as the S&P 500 is off by 0.2%.

Restaurant and fast food stocks are showing general weakness. Jack in the Box (JACK 27.63, -0.66) is down 2.3% after Credit Suisse downgraded the stock from ‘neutral' to ‘underperform.' The downgrade was announced after the stock has enjoyed a strong run against its peers.

Other restaurant stocks are also weaker with Chipotle (CMG 296.81, -19.18) and Yum! Brands (YUM 66.38, -1.04) down 6.0% and 1.6%, respectively. It is worth noting that Chipotle suffered a sharp 5.0% drop after activist investor David Einhorn voiced concern over the company's valuation during his remarks at the Value Investing Congress.DJ30 -75.91 NASDAQ -2.51 SP500 -3.43 NASDAQ Adv/Vol/Dec 1071/707.8 mln/1247 NYSE Adv/Vol/Dec 1338/223.1 mln/1526

11:30 am : After dropping to the unchanged line, the S&P 500 has held in that territory. Meanwhile, the Dow is off by 0.3%.

Telecom stocks are trading mostly in-line with the broader market. However, buyout speculation has lifted one name to its best level since July 2011. MetroPCS (PCS 13.87, +2.35) is spiking 20.4% after Bloomberg TV reports suggested the company may be nearing a deal with Deutsche Telecom/T-Mobile. Peer, Leap Wireless (LEAP 7.94, +0.94) is trading higher by 13.4% while Sprint (S 4.92, -0.26) is off by 5.0%.DJ30 -38.24 NASDAQ +4.63 SP500 +0.00 NASDAQ Adv/Vol/Dec 1224/598.9 mln/1090 NYSE Adv/Vol/Dec 1495/186.6 mln/1342

11:00 am : Following a brief bounce, the S&P 500 has slipped back to its unchanged line. The index is now unchanged.

Consumer discretionary stocks are showing little change as the sector underperforms the broader market. A handful of names within the group are on the move after reporting guidance.

Stage Stores (SSI 21.82, +0.56) is up 2.6% after reporting an 11.1% increase in comparable store sales during the month of September. Meanwhile, apparel retailer, Zumiez (ZUMZ 27.56, +0.07) reported a 5.6% increase in comparable store sales over the last month. The stock showed strength early, but has given up the bulk of the gains since.

Two apparel retailers have adjusted their third quarter earnings expectations. PVH (PVH 94.11, +1.16) is adding 1.3% after issuing upside guidance for the third quarter as well as the full-year 2013.

Express (EXPR 11.93, -3.07) is sliding 20.5% after lowering its third quarter guidance. The announcement was a result of steep decline in store traffic during September. The company is scheduled to report its earnings during the week of November 26, 2012 when it will also update its fourth quarter and full-year outlook.DJ30 -43.76 NASDAQ +6.30 SP500 -0.19 NASDAQ Adv/Vol/Dec 1212/508.4 mln/1040 NYSE Adv/Vol/Dec 1446/161.5 mln/1359

10:35 am : The dollar index has been in the red all morning and has basically been in a downtrend since the middle of the overnight session. However, this has not given a boost to the commodity space like you would think.

Nov crude oil rose as high as $92.97/barrel earlier this morning, almost an hour ahead of floor trading. It has since pulled back and is now +0.06% at $92.54/barrel. Nov natural gas has just tanked from its session high of $3.55/MMBtu seen overnight. In fact, nat gas pulled back as much as 4.3% to $3.40. In current action, nat gas is -1.1% at $3.44/MMBtu.

Precious metals sold off earlier this morning, following a quick rally higher to new session lows. Dec gold is now trading -0.1% at $1780.70/oz and Dec silver is trading -0.6% at $34.75. Dec copper is +0.4% at $3.80/lb.DJ30 +0.35 NASDAQ +17.11 SP500 +4.80 NASDAQ Adv/Vol/Dec 1790/747.3 mln/1038 NYSE Adv/Vol/Dec 1784/132 mln/996

10:00 am : The major averages are at their session lows as they drift back towards the unchanged line.

The health care sector is the top performer in the early going. Within the space, biotech stocks are off to a sound start. The group strength is reflected by the iShares Nasdaq Biotechnology ETF (IBB 145.03, +1.40) which is up 1.0%.

Looking at individual names, Amgen (AMGN 86.48, +1.40) is adding 1.7% as the stock trades at its all-time high. Meanwhile, Gilead (GILD 68.65, +1.21) is also at its all-time best as the shares trade higher by 1.8%.

On the downside, ArQule (ARQL 2.24, -2.75) is down 55.7%. The weakness follows the company's announcement regarding the discontinuation of Phase 3 MARQUEE clinical trial in non-small cell lung cancer after determination that study would not meet its primary endpoint.DJ30 -3.65 NASDAQ +9.29 SP500 +2.65 NASDAQ Adv/Vol/Dec 1323/225.9 mln/807 NYSE Adv/Vol/Dec 1633/84.4 mln/1104

09:45 am : Equities have slipped off their early session highs as the S&P 500 is up 0.2%.

Looking at the broad market, most sectors have traded in-sync during the first few minutes of trade. Utilities, health care, financials, and consumer staples are outperforming slightly. Meanwhile, materials, energy, and consumer discretionary stocks are showing relative weakness.

Elsewhere, Google (GOOG 759.00, -2.78) is down 0.4% after marking its all-time high at $765.99.DJ30 +21.74 NASDAQ +12.38 SP500 +4.62 NASDAQ Adv/Vol/Dec 1420/142.3 mln/663 NYSE Adv/Vol/Dec 1818/62.5 mln/832

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +11.00. As the start of the U.S. session nears, futures continue pointing to a higher start to the trading day. The S&P 500 futures are up 0.4%.

High-beta stocks are poised for a higher open as materials and financials show strength in pre-market.

Arch Coal (ACI 6.42, +0.14), AK Steel (AKS 4.96, +0.08), and United States Steel (X 19.50, +0.19) are all adding between 1.0% and 2.2%.

A handful of major financials are also trading higher in pre-market. Bank of America (BAC 9.07, +0.11), Citigroup (C 33.14, +0.39), and Morgan Stanley (MS 16.99, +0.20) are all up 1.2%.

Auto and truck sales will be reported throughout the day.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +11.50. Equity futures have slipped off their highs but they remain firmly in the black, up 0.5%.

A handful of changes to the array of S&P indices took place after yesterday's close. Kraft Foods Group (KRFT 44.10, 0.00) replaced Alpha Natural Resources (ANR 6.58, 0.00) in the S&P 500.

Alpha Natural Resources replaced Korn/Ferry International (KFY 15.06, +0.04) and Genesee & Wyoming (GWR 67.75, 0.00) replaced Collective Brands (PSS 21.73, 0.00) in the S&P MidCap 400.

Lastly, Korn/Ferry replaced Pulse Electronics (PULS 0.72, 0.00) in the S&P SmallCap 600.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.00. U.S. equity futures continue to hover near their pre-market highs, up 0.5%.

The major Asian bourses saw a mixed session following the Reserve Bank of Australia's surprise rate cut. The central bank lowered its key interest rate 25 basis points to 3.25%, attributing the move to a softening of the global economy and the slowing growth in China. It marked the central bank's first action since June, and lowered the key rate to a level last seen in 2009. Markets across much of the region remained shuttered in observance of the Golden Week holiday. Data out overnight saw Japan's average cash earnings post a better than expected 0.2% year-over-year increase (-0.9% expected), and South Korean CPI climb to 2.0% year-over-year (1.2% previous).

In Japan, the Nikkei slipped 0.1% despite numerous firms cutting their forecasts. Shipper Mitsui O.S.K. rallied 4.5% despite lowering its first-half forecast to an operating loss of JPY3.5 billion from a JPY 1 billion profit. Elsewhere, heavyweight Softbank added 2.9% after announcing a deal to acquire rival eAccess for $1.84 billion.

Hong Kong's Hang Seng and China's Shanghai Composite were closed.

European markets are continuing to climb higher as reports suggested Spain is close to asking for a bailout. However, Spain's Prime Minister Mariano Rajoy later pledged not to request aid this weekend. Meanwhile, European Central Bank's Jorg Asmussen has doubts that the central bank can take over banking supervisions by the beginning of next year. Germany's Der Spiegel also weighed in on the issue, saying concerns are mounting that the ECB bond purchase plan may be illegal. Elsewhere in the region, the UK's construction PMI was reported at 49.5 while a reading of 49.8 was generally expected. In addition, the Nationwide Home Price Index decreased by 0.4%. Lastly, the Eurozone PPI reading of 0.9% was ahead of the expected 0.5% increase. Also of note, Spain's benchmark 10-yr yield is down 14 basis points, to 5.747%.

In France, the CAC is adding 0.1% with defensive names pacing the index. France Telecom is up 2.7% and food retailer, Carrefour is gaining 1.8% as the two names lead their sectors. Alstom is down 5.3% after selling EUR350 million in stock to finance a 2009 acquisition.

Germany's DAX is higher by 0.5% as Lufthansa leads the index, up 2.3%. Financials are also showing strength. Commerzbank and Deutsche Bank are both up near 2.0%. Meanwhile, chemical producer, Lanxess is the worst performer of the session, down 1.5%.

In the United Kingdom, the FTSE is up 0.2% as consumer stocks lead. Babcock and International Consolidated Airlines Group are up between 3.0% and 3.7%. Financials are showing relative weakness as Lloyds Banking Group and Royal Bank of Scotland trade lower by 2.5% and 2.3%, respectively.

08:00 am : S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +13.00. U.S. equity futures are up 0.5% as they trade near their pre-market highs.

Overnight, Asian markets were quiet while Europe is extending yesterday's gains. Markets in China and Hong Kong remained closed in observance of Golden Week while Japan's Nikkei closed just below the flat line. The Japanese press believes the Bank of Japan will not introduce policy changes when it meets later this week. Meanwhile, S&P sees Japan's 2012 GDP around +2% and it expects growth in 2013 declining to 1.6% as reconstruction slows down. Elsewhere, the Reserve Bank of Australia cut its key interest rate by 25 basis points to 3.25% as it sees global growth slowing. The central bank also displayed concern over a 10% decline in trade which could fall further this year. The Australian dollar sold off quickly in response. Australia's ASX gained 1.0% while Japan's Nikkei shed 0.1%.

In Europe, reports suggested Spain is close to asking for a bailout. However, Spain's Prime Minister Mariano Rajoy later pledged not to request aid this weekend. Meanwhile, European Central Bank's Jorg Asmussen has doubts that the central bank can take over banking supervisions by the beginning of next year. Germany's Der Spiegel also weighed in on the issue, saying concerns are mounting that the ECB bond purchase plan may be illegal. Elsewhere in the region, the UK's construction PMI was reported at 49.5 while a reading of 49.8 was generally expected. Lastly, the Eurozone PPI reading of 0.9% was ahead of the expected 0.5% increase. Nearing midday, key regional indices are modestly higher. France's CAC is up 0.1%, Germany's DAX is higher by 0.4%, and UK's FTSE is adding 0.2%.

In U.S. corporate news, Mosaic (MOS 57.00, -1.01) is down 1.7% after missing on both earnings and revenues. The company's earnings per share were reported $0.15 below consensus estimates, while revenues fell $180 million short of estimates. The company cited longer annual maintenance shut-downs and challenges posed by hurricanes, noting demand for products outpaced Mosaic's ability to produce and deliver.

Express (EXPR 12.75, -2.26) is sliding 15.1% after lowering its third quarter guidance. The announcement was a result of steep decline in store traffic during September. The company is scheduled to report its earnings during the week of November 26, 2012 when it will also update its fourth quarter and full-year outlook.

Zumiez (ZUMZ 28.95, +1.46) is adding 5.3% after reporting a 5.6% increase in comparable store sales during the month of September.

ArQule (ARQL 4.99, 0.00) is halted after announcing the discontinuation of Phase 3 MARQUEE clinical trial in non-small cell lung cancer after determination that study would not meet its primary endpoint.

Auto and truck sales will be reported throughout the day.

06:20 am : [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +14.50.

06:20 am : Nikkei...8786.05...-10.50...-0.10%. Hang Seng...Holiday.........

06:20 am : FTSE...58279.49...+7.00...+0.10%. DAX...7347.81...+21.10...+0.30%.

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

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

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