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 Post subject: September 2nd Tuesday Trade Results - Profit $5162.50
PostPosted: Tue Sep 02, 2014 2:52 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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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)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $1,100.00 dollars or +11.00 points, Emini ES ($ES_F) futures @ $4,062.50 dollars or +81.25 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $5,162.50 dollars

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
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=134&t=1878

Quote:
If any of my real-time posted trades are via key concepts discussed in the WRB Analysis free study guide or the Fading Volatility Breakout (FVB) free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the Advance WRB Analysis Tutorial Chapters 4 - 12 or the Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated only for fee-base clients or discuss the strategies with fee-base clients on my Skype contact list.

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). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=246&t=2502

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. 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, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading 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 trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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

Yahoo! Finance

4:15 pm: [BRIEFING.COM] The headlines generally favored Tuesday being another good day for the stock market. Instead, it was just a mixed day with modest point changes on either side of the unchanged mark for the major indices.

For the most part, the stock market was a sideshow. The main trading events were seen in the commodity and Treasury markets, both of which saw some decent-sized losses within their respective complex.

Dollar strength was at the heart of the weakness in the commodity arena, which saw a 4.2% drop in natural gas futures to $3.90/btu, a 3.1% decline in oil prices to $92.96/bbl, and a 1.7% slide in gold prices to $1266.10/troy ounce.

The US Dollar Index increased 0.3% to 82.99 -- a 13-month high -- as the yen hit its weakest level (105.15) against the greenback since January; meanwhile, the euro was probing the 1.31 level, which was seen in September 2013.

The drop in commodity prices, and especially oil and natural gas, are positives for the consumer if they persist and should lead to more benign inflation readings that will provide a line of defense for the Federal Reserve's policy outlook. That is a positive consideration for longer-dated Treasuries. The fact that they traded down sharply on Tuesday went to show that the impetus for Tuesday's weak showing was primarily profit taking.

The 10-yr note (-20/32) settled at its low for the day and saw its yield jump seven basis points to 2.42%. Presumably, a holiday weekend that did not feature a flare-up of geopolitical conflict also led to some unwinding of safety trades that had been established ahead of the weekend.

The latter point notwithstanding, it was not a "risk-on" trade in the stock market. It tried to run early. The S&P 500 even set a new intraday high at 2006.15 shortly after the start of trading. The follow-through was lacking, however, as participants were battling the notion that the market has gotten overextended on a short-term basis, as well as the recognition that some key, market-moving events are waiting at the back half of the week.

Specifically, the Bank of Japan, Bank of England, and ECB will all be holding policy meetings on Thursday and the US employment report for August will be released on Friday.

The specter of those items overshadowed another spate of M&A news, which featured Dollar General (DG 64.36, +0.37) raising its all-cash bid for Family Dollar (FDO 80.22, +0.39) to $80 per share, the favorable impact on the consumer of lower energy prices, and some encouraging economic data that included the highest reading in the ISM Index (59.0) since March 2011 and a report that construction spending increased 1.8% in July.

Those things didn't go entirely unnoticed, however. The financial (+0.3%), industrial (+0.2%), and consumer discretionary (+0.2%) sectors all exhibited relative strength and helped keep losses in check. Remarkably, a weak earnings report electronics and appliance retaile
Conns (CONN 31.00, -13.83) that was blamed in large part on weak credit trends did not take down the consumer discretionary sector.

The information technology sector (+0.1%) also outperformed. It got a boost from Apple (AAPL 103.30, +0.80), which shot down accusations its iCloud service got hacked, noting instead that certain celebrities were targeted in a direct attack on their user names and passwords.

Separately, there were some rumblings that there may have been a customer data breach at Home Depot (HD 91.15, -1.88) stores. That allegation sent the home improvement retailer lower and left it as one of the Dow's worst-performing components along with Chevron (CVX 127.54, -1.91), Boeing (BA 125.48, -1.32), and ExxonMobil (XOM 98.49, -0.97).

Losses in Chevron and Exxon weighed heavily on the energy sector (-1.3%), which was the worst-performing sector in the S&P 500. It was followed by the utilities sector (-1.0%), which traded lower as Treasury yields moved higher.

Volume remained on the light side with just 578 mln shares traded at the NYSE.

Wednesday's session will feature the Mortgage Applications, Factory Orders, Beige Book, and Auto Sales reports.

DJIA +3.0% YTD
Nasdaq Composite +10.1% YTD
S&P 500 +8.3% YTD
Russell 2000 +1.4% YTD

3:30 pm: [BRIEFING.COM]

A stronger dollar index weighted on the commodities space today.
Dec gold and Dec silver fell deeper into negative territory, trading as low as $1263.10 per ounce and $19.11 per ounce, respectively.
Unable to gain momentum, both metals settled with 1.7% losses, with gold closing at $1264.90 per ounce and silver closing at $19.16 per ounce.
Oct crude oil fell below the $93 per barrel level. It trended lower after pulling back from a session high of $94.99 per barrel set at pit trade open. The energy component brushed a session low of $92.68 per barrel moments before settling with a 3.1% loss at $92.91 per barrel.
Oct natural gas also slipped further into the red after touching a session high of $3.98 per MMBtu in early morning action. It settled 4.4% lower at $3.89 per MMBtu, just above its session low of $3.88 per MMBtu.

3:00 pm: [BRIEFING.COM] The stock market has languished today, yet it's a stretch to say that sellers have been in total control of the proceedings.

The A/D line at the NYSE favors decliners by a slim 8-to-7 margin; meanwhile, advancers are actually ahead of decliners at the Nasdaq by nearly an 8-to-5 margin.

Those A/D lines pretty much sum things up in the sense that they convey some mixed trading action, which has persisted for most of the day.

Notably, the Russell 2000 is making a bid to finish on a strong note. It was up 0.6%, down 0.1%, and now it is up 0.4%.

The Treasury market for its part is going out on its lows for the day (10-yr note -20/32 at 2.42%).

2:30 pm: [BRIEFING.COM] The stock market continues to struggle to find direction. The major indices are mixed with the Nasdaq drawing its main sponsorship from Apple (AAPL 103.16, +0.66), which is trading right through reports its iCloud service was hacked.

Otherwise, today's prominent price action has been reserved for the commodity and Treasury markets, both of which have looked weak since the get go and neither of which have shown any effort to reverse the negative pricing tide today.

Crude futures are getting walloped, currently down 3.1% at $93.01/bbl. The downtick in oil prices, should it persist, will ultimately translate into lower gas prices for consumers and presumably more benign inflation readings that will provide a line of defense for the Federal Reserve's policy outlook.

That is a positive consideration for longer-dated Treasuries. The fact that they are down big today goes to show the impetus for today's weak price action is primarily profit taking.

1:55 pm: [BRIEFING.COM] The stock market is fighting an uphill battle right now given that it lacks any real leadership.

The consumer discretionary sector (-0.3%), which was a winning standout earlier, is now on the defensive and has recently slid to its worst levels of the day following a report that Home Depot (HD 90.35, -2.68) may have experienced a customer data breach at its stores.

Home Depot has joined with Chevron (CVX 127.17, -2.28), Boeing (BA 124.75, -2.05), and ExxonMobil (XOM 97.94, -1.52) to lead today's decline in the Dow Jones Industrial Average.

1:25 pm: [BRIEFING.COM] The afternoon session wears on and there hasn't been a lot of change in today's tone. Things are mixed with blue-chip averages underperforming, although the small-cap Russell 2000 (-0.1%) has been unable to hold an earlier gain that had it up as much as 0.6%.

Every sector is in the red at the moment, implying that relative strength at this point is couched more in terms of which sectors are down the least rather than which sectors are up the most.

The "best-performing" at this juncture are the financial, industrial, and consumer discretionary sectors, all of which are down 0.1%.

1:00 pm: [BRIEFING.COM] The stock market hasn't lacked bullish catalysts today, yet buyers nonetheless have been a reluctant bunch.

There were no major geopolitical flare ups over the weekend
M&A activity continued afoot
Dollar General (DG 64.38, +0.39) raised its all-cash offer for Family Dollar Stores (FDO 80.27, +0.44) to $80 per share
Compuware (CPWR 10.51, +1.16) agreed to be acquired by Thoma Bravo for approximately $2.5 billion or $10.92 per share
Select Income REIT (SIR 26.35, -1.55) is buying Cole Corporate Income Trust for roughly $3 billion
Economic data out of the US was encouraging
ISM Index for August reached 59.0 (Briefing.com consensus 57.0) versus 57.1 in July and hit its highest level since march 2011
Construction spending increased 1.8% in July (Briefing.com consensus +1.0%) following an upwardly revised 0.9% decline (from -1.8%) in June
Today is the first trading day of a new month, which often attracts new inflows

The lackluster response to a spate of bullish catalysts has presumably engendered a sense that the good news was priced in following a 4.0% gain for the S&P 500 over the last month. Accordingly, some profit taking has ensued that has kept the market from pressing further into record-high territory.

At the same time, there is an increased awareness that the back half of the week will produce some market-moving action (for better or for worse) with policy meetings by the Bank of Japan, the Bank of England, and the ECB on Thursday, and the August employment report on Friday.

There isn't any real leadership to speak of at this point as every sector is trading down, none more so than the energy sector (-1.5%), which is getting hit hard along with energy prices.

Crude is currently down 2.7% at $93.34/bbl and is leading an otherwise weak commodity complex lower. Gold (-1.7% at $1265.30/troy ounce), cotton (-2.1% at $0.65/lb), and silver (-1.6% at $19.19/troy ounce) are some of the other notable laggards.

Dollar strength has been a key drag on the dollar-denominated commodities. The US Dollar Index is up 0.3% to 82.98, paced by interest rate differentials and a burgeoning sense that the Federal Reserve looks likely to be on a divergent policy path from the ECB and Bank of Japan.

The yen, at 105.14, is at its weakest level versus the dollar since January; meanwhile, the euro, at 1.3124, is testing levels last seen a year ago.

Another notable pocket of weakness today has been seen in sovereign bond markets. They are succumbing to some profit taking after a big run of late and have also seen some of the safe-haven premium enjoyed ahead of the weekend being unwound on the other side of the weekend. The benchmark 10-yr note is down 18 ticks and its yield has risen six basis points to 2.41%.

The Dow and S&P 500 are trading near their lows for the day while the Nasdaq, aided by Apple's (AAPL 103.35, +0.85) outperformance, is holding close to unchanged.

12:35 pm: [BRIEFING.COM] The major indices continue to trade in mixed fashion. Not surprisingly, volume has picked up with more participants back from vacation.

Even so, today's session has been governed thus far by a sense of hesitancy to commit too strongly to the buy side or the sell side. Important happenings at the back end of the week have probably kept conviction in check.

Apple (AAPL 103.46, +0.96) has been an influential source of support for the broader market today despite the embarrassing report over the weekend that iCloud was hacked, creating an opening for hackers to steal celebrity photos that has a very private nature. The stock continues to run ahead of its September 9 "special event" where new product announcements, namely the iPhone 6, are expected.

11:55 am: [BRIEFING.COM] And just like that, the Russell 2000 coughed up just about everything it gained earlier. To that end, the small-cap average had been up as much as 0.6% and now it is up just 0.1%.

There wasn't a specific catalyst for the retreat, yet there may have been a sense that the Russell 200 was getting a little overheated with a 6.0% gain over the last month alone.

Strikingly, oil prices (-1.95 at $94.01/bbl) continue to slide as the dollar remains strong. Consequently, the energy sector (-1.2%) continues to sag and is fighting it out with the utilities sector (-1.2%) as the worst-performing sector today.

The upshot of lower oil prices is that it is beneficial for other companies using it as a key input for production; moreover, it will help consumers via lower energy costs.

The Dow and S&P 500 are at their lows for the session.

11:30 am: [BRIEFING.COM] The S&P 500 ran into a wall of resistance shortly after the top of the hour and dipped back to its lows of the morning (which weren't all that low). The pullback was emblematic of today's session where there simply hasn't been much conviction.

The latter is raising a few eyebrows since there was enough good news this morning (eg., no escalation of geopolitical problems, M&A activity, ISM Index at highest level since March 2011) to power up the market, and yet it has failed to respond in enthusiastic fashion. That understanding could give way to increased selling interest predicated on the view that the market has gotten ahead of itself.

Elsewhere, the small-cap stocks have been a pocket of relative strength so far, evidenced by the Russell 2000 (+0.5%), so it will be interesting to see if they can continue to diverge from the lackluster showing so far from the large caps.

11:00 am: [BRIEFING.COM] The major indices are sporting modest gains as the morning session continues. All in all, there hasn't been any sense of urgency in today's trading. That could be owed to the realization that there are some key events at the back end of the week (i.e., central bank meetings and August employment report) and/or the need for participants to re-acclimate to things after being out on vacation.

The influential sources of sector support in the early going include the industrial (+0.5%), financial (+0.4%), and consumer discretionary (+0.3%) sectors.

Their strength makes sense in light of the encouraging economic data this morning in the form of the ISM Index and Construction Spending reports. The strength in those reports has kept the Treasury market pinned to the mat.

The yield on the 10-yr note has jumped seven basis points to 2.41%. That bump in yield appears to be weighing on the utilities sector (-0.7%), which is the worst-performing sector at this juncture.

10:35 am: [BRIEFING.COM]

In current trade, gold, silver, WTI crude oil and natural gas are all sitting just above lows for the day
Energy is lower this morning, metals are mostly lower, agriculture is mixed
Overnight on the LME, aluminum futures rose 2.2%
Dec gold is currently -1.8% at $1264.90/oz
Dec silver is -1.5% at $19.20/oz
Oct WTI crude oil is -1.4% at $94.64/barrel
Oct natural gas -3.1% at $3.94/MMBtu
Dec copper +0.1% at $3.16/lb
Coffee futures are +2.6% at $2.06/lb
Corn -0.4% at $3.63/bushel

10:00 am: [BRIEFING.COM] Coming off the three-day weekend, it was a groggy start for the equity market with neither buyers nor sellers showing much conviction.

The energy sector (-0.6%) has been a key drag in the early-going as it is following crude prices (-$1.28 to $94.68/bbl) lower. Meanwhile, the consumer discretionary sector (+0.3%) has helped act as an offset.

Moments ago, it was reported that the ISM Index for August jumped to 59.0 (Briefing.com consensus 57.0) from 57.1 in July. That is the best reading since March 2011. A reading above 50 denotes expansion in the manufacturing sector. Separately, construction spending increased 1.8% in July (Briefing.com consensus +1.0%) after a 0.9% decline in June.

Both reports can -- and should be -- regarded as encouraging news.

(Note:prior version indicated ISM was highest reading since July 2004).

9:45 am: [BRIEFING.COM] The stock market pretty much followed form with the S&P futures market and opened slightly higher. Thus far, however, there hasn't been any real follow through as traders are playing things close to the vest in front of the ISM Index and Construction Spending reports at the top of the hour.

Despite a disappointing earnings report from Conns (CONN 32.44, -12.39) that was blamed in large part on negative credit trends, the consumer discretionary sector (+0.3%) has taken an early leadership role along with the financial sector (+0.1%).

The apparel and auto parts industry groups are helping to underpin the consumer discretionary sector. On a related note, AutoZone (AZO 539.08, +0.24) said it is going to purchase InterAmerican Motor Corporation.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +7.30. As the opening bell draws closer, the S&P futures market is attempting to cling to a small gain that would keep the cash market on course for a slightly higher open.

There might be some wait-and-see action in the stock market as traders returning from vacation aim to get a feel for things by watching the tape for a bit. That point notwithstanding, there is plenty of activity already in the currency, bond, and commodity markets.

The dollar is flying right now against the yen, with USD/JPY up to 104.90 (+0.6%). That is the weakest level for the yen against the greenback since January.

Strength in the dollar is applying some added pressure to oil and precious metals prices, which are down more than 1.0% at the moment.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +6.20. The S&P 500 futures trade 1.6 points above fair value.

Asian markets ended the Tuesday session on a broadly higher note with stimulus chatter supporting the advance.

Economic data was limited:
South Korea's CPI ticked up 0.2% month-over-month (expected 0.3%)
Japan's Average Cash Earnings rose 2.6% year-over-year (expected 0.9%; prior 1.0%)
Australia's Current Account deficit widened to AUD13.70 billion from AUD7.80 billion (expected deficit of AUD14.00 billion)

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Japan's Nikkei jumped 1.2% with support coming from the weaker yen. TDK and Pioneer surged 7.5% and 4.1%, respectively. Japan Steel Works lagged, falling 1.1%.
Hong Kong's Hang Seng settled flat. China Unicom Holdings was the top performer, climbing 4.1%. Energy names lagged with CNOOC and China Petroleum & Chemical down 1.2% and 0.9%.
China's Shanghai Composite advanced 1.4% amid broad strength. TangShan Port Group and Yingkou Port Liability both surged the limit, 10.0%.

Major European indices trade mostly higher. Among news of note, European economies are reportedly exploring alternatives in event Russia cuts off gas supplies.

Economic data was plentiful:
Eurozone Manufacturing PMI slipped to 50.7 from 50.8 (expected 50.8). Separately, PPI decreased 0.1% month-over-month (expected -0.1%; prior 0.2%)
Germany's Q2 GDP was left unrevised at -0.2% quarter-over-quarter, as expected. Separately, Manufacturing PMI decreased to 51.4 from 52.0 (consensus 52.0)
Great Britain's Manufacturing PMI fell to 52.5 from 54.8 (expected 55.0)
French Manufacturing PMI climbed to 46.9 from 46.5 (consensus 46.5)
Italy's Manufacturing PMI fell to 49.8 from 51.9 (expected 50.8)
Spain's Manufacturing PMI declined to 52.8 from 53.9 (consensus 53.1). Separately, Claimant Count increased by 8,100 (expected 26,000; prior -29,800)
Swiss SVME PMI fell to 52.9 from 54.3 (expected 53.3)

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Great Britain's FTSE is flat. Barratt Developments is the weakest performer, down 2.2%. Industrials and mining shares outperform with Anglo American, BHP Billiton, and Weir Group up between 1.3% and 2.8%.
In France, the CAC trades up 0.2% with Legrand in the lead. The stock has jumped 4.6% after receiving an upgrade at Bank of America/Merrill Lynch. Orange lags, down 1.2%.
Germany's DAX is higher by 0.4%. Producers of basic materials lead with BASF, ThyssenKrupp, and K+S holding gains between 0.8% and 1.1%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +7.50. A bit of seesaw action in S&P futures trading over the past hour or so, yet the current move is to the upside and is contributing to expectations for a higher start for the cash market. At the moment, the S&P futures are trading approximately 0.1% above fair value.

Most of the early selling pressure is being seen in the Treasury market and in the commodity complex. The former is down as some of the safe-haven premium is being drained while the latter is getting pinched by a stronger dollar. The US Dollar Index is currently up 0.3% to 82.96.

8:10 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +6.30. U.S. equity futures are pointing to a slightly higher open, but have slipped from their morning highs in the wake of a disappointing report from electronics and appliance retailer Conns (CONN), which was attributed in large part to credit quality issues across "all credit quality levels, customer groups, product categories, geographic regions, and years of origination."

Longer-dated Treasuries are on the defensive as some of the safe-haven premium attached to them ahead of the holiday weekend has been drained in the absence of any major geopolitical flare-up over the weekend.

Economic data will be limited to the ISM Index for August and the July Construction Spending report. Both data points will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Conns (CONN 34.75, -10.08): getting hit hard after a disappointing earnings report
Dollar General (DG 65.38, +1.39): moving higher after raising its bid for Family Dollar (FDO) to $80/share
Apple (AAPL 103.17, +0.67): trading up on news it may partner with with Visa (V) and Mastercard (MA) for payment applications
Compuware (CPWR 1086, +1.51): up 16% following reports it may be involved in sale talks
Groupon (GRPN 7.09, +0.29): early percentage gainer after RBC Capital upgraded to Sector Perform from Underperform

Reviewing overnight developments:

Asian markets traded mostly higher. Japan's Nikkei +1.2%; China's Shanghai Composite +1.4%; Hong Kong's Hang Seng -0.01%
In economic data:
China's Manufacturing PMI fell to 51.1 from 51.7 (expected 51.2), while HSBC Manufacturing PMI decreased to 50.2 from 50.3 (consensus 50.3)
Japan's Manufacturing PMI slipped to 52.2 from 52.4 (forecast 52.4)
India's HSBC Markit Manufacturing PMI fell to 52.4 from 53.0 (expected 52.9)
South Korea's trade surplus widened to $3.40 billion from $2.40 billion, while CPI rose 0.2% month-over-month (expected 0.3%; last 0.1%)
Australia's Current Account deficit widened to AUD13.7 billion from AUD7.80 billion (expected deficit of AUD14.00 billion) and Building Approvals rose 2.5% month-over-month (consensus 1.5%; previous -5.0%)
In news:
Reserve Bank of Australia left its monetary policy unchanged
Survey data shows home prices fell in China fell for fifth straight month
Major European indices are mixed. Germany's DAX Index +0.2%; France's CAC-40 Index -0.1%; England's FTSE 100 -0.1%.
Economic data was plentiful:
Eurozone Manufacturing PMI slipped to 50.7 from 50.8 (expected 50.8). Separately, PPI decreased 0.1% month-over-month (expected -0.1%; prior 0.2%)
Germany's Q2 GDP was left unrevised at -0.2% quarter-over-quarter, as expected. Separately, Manufacturing PMI decreased to 51.4 from 52.0 (consensus 52.0)
Great Britain's Manufacturing PMI fell to 52.5 from 54.8 (expected 55.0)
French Manufacturing PMI climbed to 46.9 from 46.5 (consensus 46.5)
Italy's Manufacturing PMI fell to 49.8 from 51.9 (expected 50.8)
Spain's Manufacturing PMI declined to 52.8 from 53.9 (consensus 53.1). Separately, Claimant Count increased by 8,100 (expected 26,000; prior -29,800)
Swiss SVME PMI fell to 52.9 from 54.3 (expected 53.3)
In news:
Europe reportedly looking at alternatives in event Russia cuts off gas supplies

6:22 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +12.00.

6:22 am: [BRIEFING.COM] Nikkei...15,668.60...+192.00...+1.20%. Hang Seng...24,749.02...-3.10...0.00.

6:22 am: [BRIEFING.COM] FTSE...6,840.79...+16.40...+0.20%. DAX...9,566.80...+88.20...+0.90%.

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 Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
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