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 Post subject: September 12th Friday Trade Results - Profit $5030.00
PostPosted: Fri Sep 12, 2014 5:44 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3202
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)

Attachment:
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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 @ $5,030.00 dollars or +50.30 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $5,030.00 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=1886

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

4:10 pm: [BRIEFING.COM] Equity indices extended this week's losses with a broad-based retreat. The S&P 500 fell 0.6% to end the week lower by 1.1%, while the Russell 2000 (-1.1%) finished with a 0.9% decline since last Friday.

Staying true to the theme observed throughout the week, the energy sector (-1.5%) tumbled out of the gate, thus dragging the broader market down with it. Once again, dollar strength and crude oil weakness contributed to sector's underperformance, but the growth-sensitive group did not see any respite in the afternoon when the Dollar Index (-0.1%) edged lower, while oil made a short-lived appearance in the green. Late-afternoon weakness sent crude oil (-0.6%; $92.26/bbl) to its lowest level in almost a year, while the energy sector widened its September loss to 5.2%.

Meanwhile, the remaining sectors opened closer to their respective flat lines, but could not climb off those levels as the underperformance of small caps and the big loss in the energy sector kept dip-buyers sidelined. Furthermore, the recognition that next week will include an avalanche of global macro data and the latest FOMC policy decision also factored into the cautious approach.

Interestingly, the energy sector was the only cyclical group that ended behind the broader market. The top-weighted sector-technology-shed 0.4% with the relative strength of Apple (AAPL 101.66, +0.23) masking the losses among high-beta chipmaker stocks. The PHLX Semiconductor Index lost 1.3%.

Elsewhere, the financial sector (-0.1%) lurked near its flat line throughout the session with Dow component Goldman Sachs (GS 183.17, +2.17) contributing to the relative strength. The stock added 1.2%, while the sector ended the week lower by 0.4%.

Things did not look much better on the countercyclical side where all four sectors settled behind the broader market. Consumer staples (-0.7%) and health care (-0.7%) registered comparable losses with the health care sector pressured by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 269.57, -3.78) lost 1.4%.

The other two-telecom services (-1.2%) and utilities (-1.8%)-were hampered by higher interest rates. Staying on that point, the 10-yr note retreated throughout the session to register a half-point loss. The benchmark yield rose six basis points to 2.61% after starting the week at 2.46%.

Also of note, the U.S. Treasury has announced a new set of sanctions on Russian banks, energy, and defense companies. The move followed a similar announcement from the European Union.

Today's session saw relatively strong participation with more than 675 million shares changing hands at the NYSE floor.

Economic data included Retail Sales, Import/Export Prices, Michigan Sentiment Survey, and Business Inventories:

Retail sales increased 0.6% in August following an upwardly revised 0.3% (from 0.0%), which matched the Briefing.com consensus
After missing expectations last month, sales rebounded in August and upward revisions were reported for the prior month (to 0.3% from 0.0%); concerns that consumption could weigh down GDP growth were somewhat alleviated.
Excluding motor vehicles, retail sales increased a respectable 0.3% for a second consecutive month and met the consensus expectations
Export prices, excluding agriculture, decreased 0.3% in August after increasing 0.3% in the prior reading
Excluding oil, import prices ticked up 0.1%, which followed last month's unchanged reading
The University of Michigan Consumer Sentiment Index increased to 84.6 in the preliminary September reading from 82.5 in August, while the Briefing.com consensus expected the index to increase to 83.5
That was the highest reading in the Sentiment Index since July 2013
The Present Conditions Index deteriorated in September, dropping from 99.8 in August to 98.5
The Expectations Index rose to 75.6 in September from 71.3 in August
Business inventories increased an in-line 0.4% in July after increasing by the same amount in June
Inventories for manufacturers (0.1%) and merchant wholesalers (0.1%) were known prior to the release. The only bit of new information was that retailer inventories increased 1.0% in July after increasing 0.7% in June

On Monday, the Empire Manufacturing Index for September will be released at 8:30 ET, while August Industrial Production and Capacity Utilization will be reported at 9:15 ET.

Nasdaq Composite +9.4% YTD
S&P 500 +7.4% YTD
Dow Jones Industrial Average +2.5% YTD
Russell 2000 -0.1% YTD

Week in Review: Backtracking From Record Highs

The stock market started the first full week of September on a cautious note. The S&P 500 lost 0.3%, but the relative strength of small-cap stocks helped the Russell 2000 (+0.2%) and Nasdaq Composite (+0.2%) finish ahead of the benchmark index. Equity indices struggled from the get-go with the overall risk sentiment dampened by continued dollar strength that sent the US Dollar Index (+0.54, 84.28) near its best level of the year. The greenback surged on the back of yen weakness following a downward revision to Japan's Q2 GDP (to -7.1% from -6.8%), while also drawing strength from weakness in the British pound. The pound fell to 1.6110 from 1.6330 against the greenback after a weekend YouGov poll revealed majority support for Scottish independence with the referendum coming up on September 18. Conversely, the dollar strength weighed on commodities.

Equities ended the Tuesday session on their lows with the S&P 500 sliding 0.7%. After outperforming on Monday, the Russell 2000 erased that uptick with a 1.2% decline the following day. Indices spent the entire session in the red with the early pressure coming from the financial sector (-1.0%). The second-largest group by market cap slumped out of the gate amid broad weakness in top-weighted components. Meanwhile, the consumer discretionary space (-1.0%) also weighed with the quick-service restaurant space adding pressure. McDonald's (MCD) fell 1.5% after reporting a 3.7% decline in comparable store sales during August, which was paced by a 14.5% slump in Asia following the recent food safety scandal.

The stock market ended the midweek session on an upbeat note with the Nasdaq Composite providing leadership. The tech-heavy index advanced 0.8%, while the S&P 500 added 0.4% with seven sectors posting gains. Equities were driven into the red shortly after the open due to notable weakness in the energy sector. The growth-sensitive group was down in excess of 1.0% during the first hour of action, but narrowed its loss to 0.3% by the close. For its part, crude oil fell 1.1% to $91.71/bbl, ending the pit session at its lowest level since early January. The Dollar Index (84.22, -0.06) climbed to its best level in 14 months before slipping in the early afternoon. The greenback retreated against the British pound after latest poll results from Scotland indicated majority support for staying in the UK (weekend YouGov poll gave a slight edge to the pro-independence movement). The pound/dollar pair climbed to 1.6210 after trading at 1.6070 in the early morning.

The Dow Jones Industrial Average (-0.1%), Nasdaq (+0.1%), and S&P 500 (+0.1%) ended the Thursday affair on a flat note, while the relative strength among small caps sent the Russell 2000 higher by 0.7%. The trading day began on a cautious note following Wednesday's remarks from President Obama who announced increased support for Syrian rebels and a U.S.-led coalition effort targeting ISIS militants in Syria and Iraq. The address led to some risk aversion overnight, but that sentiment faded during the day. Treasuries climbed overnight, but wiped out all of their gains over the course of the session. The 10-yr yield ended at 2.55% after marking a low at 2.51% shortly before the opening bell.

3:30 pm: [BRIEFING.COM]

Dec gold declined for a fifth consecutive session, falling as low as $1228.60 per ounce, its lowest level since January. The yellow metal pulled back from its session high of $1239.10 per ounce and settled 0.6% lower at $1231.20 per ounce, brining losses for the week to 2.8%.
Dec silver chopped around between positive and negative territory, with prices dipping as low as $18.51 per ounce in late morning action. It eventually settled 0.1% higher at $18.61 per ounce, booking a loss of 2.9% for the week.
Oct crude oil touched a session high of $93.45 per barrel in early afternoon action but retreated back into negative territory. It settled 0.8% lower at $92.18 per barrel, just above its session low of $92.15 per barrel. Today's weakness brought losses for the week to 1.2%.
Oct natural gas broke into positive territory after lifting from its session low of $3.79 per MMBtu set in early morning pit action. It settled 0.8% higher at its session high of $3.86 per MMBtu, booking a weekly gain of 1.8%.

3:00 pm: [BRIEFING.COM] Equity indices have dropped to fresh lows with one hour remaining in the session. The S&P 500 is now down 0.8%, while the Russell 2000 has extended its loss to 1.3%. For its part, the Dow Jones Industrial Average (-0.6%) trades a bit ahead of the other indices.

In large part, the relative strength of the Dow stems from the outperformance of the third-largest index component. Goldman Sachs (GS 182.83, +1.83) is higher by 1.0%, while the broader financial sector (-0.3%) trades ahead of the remaining nine groups.

Additionally, the Dow has also received a measure of support from McDonald's (MCD 93.57, +0.61). The fast food giant has added 0.7% today.

2:25 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-0.7%) inch up off its lowest level of the session, but the index still has ways to go before putting a notable dent in today's decline.

This week was relatively quiet on the economic front, but investors will receive a few noteworthy data points next week. Monday's data will be limited to the Empire Manufacturing Survey and Industrial Production/Capacity Utilization, while the rest of the week will feature the Producer Price Index, Consumer Price Index, Housing Starts/Building Permits, and the latest policy decision from the Federal Open Market Committee.

On a separate note, Treasuries have slid to new lows, pushing the 10-yr yield higher by five basis points to 2.61%.

1:55 pm: [BRIEFING.COM] Equity indices remain pressured with the S&P 500 (-0.7%) trading just north of its recently-established session low. Considering its current level, the benchmark index is now on track to end the week lower by 1.2%. The Dow Jones Industrial Average (-1.0%) and Russell 2000 (-1.0%) display comparable losses for the week, while the Nasdaq has shed just 0.4%.

All ten sectors currently trade with week-to-date losses. The energy sector has been a clear laggard throughout the week and is now down 3.6% since last Friday. Not far behind is the utilities sector, which is lower by 3.1% for the week following the recent rise in Treasury rates. The 10-yr yield has climbed from 2.39% to 2.61% over the course of the week.

Elsewhere, the technology sector has had the best showing in recent days and is on track to end the week unchanged.

1:30 pm: [BRIEFING.COM] The technical battle line for the S&P 500 has been drawn in recent sessions around the 1990 level. It has closed on either side of that mark this week, yet follow through has been lacking on both the upside and the downside.

The S&P 500 is currently under that mark and is struggling to maintain a positive disposition with all ten economic sectors trading in negative territory.

The utilities sector (-1.7%) is the biggest laggard as it continues to get beat up on the back of rising long-term interest rates.

The 10-yr note yield stands at 2.60%, which is up 21 basis points since last Thursday when the ECB announced more policy stimulus. Some say the uptick, though, reflects underlying concerns about the market being behind the Fed in terms of the timing of the first rate hike.

1:00 pm: [BRIEFING.COM] The major averages hover near their lows at midday with the S&P 500 trading lower by 0.6%. The key indices have spent the entire first half of action in the red with the Russell 2000 (-1.2%) leading the retreat.

For its part, the S&P 500 opened amid notable losses in the energy sector (-1.2%). The growth-sensitive group has continued its recent pattern of showing relative weakness with a higher dollar and lower oil adding to the pressure. Interestingly, the Dollar Index has surrendered its early gain (-0.2% at 84.10) and oil has climbed into the green (+0.6% at $93.37/bbl), but the energy space has recently notched a fresh low for the day to widen its September loss to 4.9%.

Other cyclical sectors look a bit better, but they have yet to climb out of the red. The financial sector (-0.1%) held a slim gain in the early going, but has been pulled into negative territory by the overall weakness.

Elsewhere, the top-weighted group-technology (-0.3%)-has been pressured by chipmakers (PHLX Semiconductor Index -0.8%), but shares of Apple (AAPL 102.16, +0.73) have picked up some of the slack, leaving the sector just a bit ahead of the broader market.

On the countercyclical side, health care (-0.7%) has had to contend with weakness in the biotech space as evidenced by a 1.2% slide for the iShares Nasdaq Biotechnology ETF (IBB 270.40, -2.95). Despite today's underperformance, the high-beta ETF remains on course to finish the week little changed, while the S&P 500 has surrendered 1.1% since last Friday.

Treasuries slumped in the morning and they continue trading in the bottom half of their ranges. The 10-yr yield is higher by three basis points at 2.59%.

Also of note, the U.S. Treasury has announced a new set of sanctions on Russian banks, energy, and defense companies. The move followed a similar announcement from the European Union.

Economic data included Retail Sales, Import/Export Prices, Michigan Sentiment Survey, and Business Inventories:

Retail sales increased 0.6% in August following an upwardly revised 0.3% (from 0.0%), which matched the Briefing.com consensus
After missing expectations last month, sales rebounded in August and upward revisions were reported for the prior month (to 0.3% from 0.0%); concerns that consumption could weigh down GDP growth were somewhat alleviated.
Excluding motor vehicles, retail sales increased a respectable 0.3% for a second consecutive month and met the consensus expectations
Export prices, excluding agriculture, decreased 0.3% in August after increasing 0.3% in the prior reading
Excluding oil, import prices ticked up 0.1%, which followed last month's unchanged reading
The University of Michigan Consumer Sentiment Index increased to 84.6 in the preliminary September reading from 82.5 in August, while the Briefing.com consensus expected the index to increase to 83.5
That was the highest reading in the Sentiment Index since July 2013
The Present Conditions Index deteriorated in September, dropping from 99.8 in August to 98.5
The Expectations Index rose to 75.6 in September from 71.3 in August
Business inventories increased an in-line 0.4% in July after increasing by the same amount in June
Inventories for manufacturers (0.1%) and merchant wholesalers (0.1%) were known prior to the release. The only bit of new information was that retailer inventories increased 1.0% in July after increasing 0.7% in June

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-0.5%) return to its opening low as dip-buyer remain reluctant to step into the fray. In all likelihood, that reluctance stems from the fact that most sectors hold losses, while small-cap stocks have been dealt an even weaker hand.

On that note, the Russell 2000 has widened its loss to 1.1%, while the iShares Nasdaq Biotechnology ETF (IBB 270.69, -2.66) and the PHLX Semiconductor Index are down 1.0% and 0.7%, respectively. Normally, this combination would lead to relative weakness for the Nasdaq Composite (-0.4%), but the index has been able to keep pace with the S&P 500 thanks to the relative strength of Apple (AAPL 101.80, +0.37), which has added 0.4%.

11:55 am: [BRIEFING.COM] Range-bound action continues with the S&P 500 (-0.4%) trading within a point of its session low, which coincides with the market's best levels from July.

This morning, the energy sector (-1.1%) continued its recent trend of slumping to the bottom of the leaderboard within the opening minutes of action amid dollar strength and weakness is crude oil. Interestingly, the sector has not moved away from its low even though oil has strengthened a bit (+0.3% at $93.09/bbl), while the Dollar Index (-0.1% at 84.20) has dipped into the red.

Also of note, the financial sector has surrendered its slim gain and now sits right on its flat line.

11:30 am: [BRIEFING.COM] The S&P 500 (-0.3%) remains inside a narrow range, while the Russell 2000 (-1.0%) has recently dropped to a fresh low for the day.

In addition to pressuring the Russell 2000, the underperformance of high-growth names has weighed on health care and technology. The health care sector (-0.4%) trades a bit behind the broader market with the iShares Nasdaq Biotechnology ETF (IBB 270.79, -2.56) down 0.9%. Despite today's weakness, the biotech ETF has shown relative strength in recent days with today's loss narrowing its week-to-date advance to 0.1% versus a 0.9% loss for the S&P 500.

High-beta chipmakers also lag with the PHLX Semiconductor Index down 0.7%. For its part, the tech sector trades in line with the S&P 500. The top-weighted component-Apple (AAPL 101.86, +0.43)-has picked up some slack and currently hovers near its high.

10:55 am: [BRIEFING.COM] Equity indices continue drifting near their opening levels. The S&P 500 is lower by 0.2% with nine sectors holding losses.

Energy (-0.9%) and utilities (-0.9%) slumped out of the gate and the two sectors remain at the bottom of the leaderboard. Furthermore, the pair represents the two weakest groups of the quarter with energy down 6.2% in Q3, while the utilities sector has surrendered 4.3% since the end of June.

On the upside, the financial sector (+0.2%) continues holding a slim gain, which puts the growth-sensitive group on track to end the week with a slim loss of 0.1% versus a 0.8% decline for the S&P 500. Despite the strength in financials, other influential groups like industrials (-0.2%), technology (-0.3%) and health care (-0.4%) trade in-line with or behind the broader market.

Elsewhere, Treasuries remain near their lows with the 10-yr yield up five basis points at 2.60%.

10:30 am: [BRIEFING.COM]

The dollar index has pulled back in recent trade, which has helped provide some price support in commodities this morning
However, gold remains in the red after sliding a little lower this morning, while silver is basically flat
Dec gold is now -0.5% at $1233.10/oz, Dec silver is -0.1% at $18.59/oz
Oct crude oil has been sliding lower, rather steadily, off of its overnight high of $93.66/barrel. Crude is now -0.1% at $92.71/barrel
Oct natural gas prices sold off this morning and hit a new low for the day and is now -0.03% at $3.82/MMBtu
Dec copper is up modestly and is currently near its HoD. Copper is currently +0.2% at $3.10/lb
Dec corn is -0.5% at $3.39/bu

10:00 am: [BRIEFING.COM] The S&P 500 (-0.3%) remains near its opening low amid losses in nine sectors. The lone advancer--financials--hovers right above its flat line.

Just released, the preliminary reading for the University of Michigan Consumer Sentiment survey for September rose to 84.6 from the reading of 82.5 that was reported in August. The Briefing.com consensus expected the index to improve to 83.5.

Separately, July Business Inventories rose 0.4%, which matched the Briefing.com consensus. This followed the prior month's unrevised increase of 0.4%.

9:45 am: [BRIEFING.COM] As expected, the stock market began the trading day on a lower note. The S&P 500 holds an early loss of 0.3% with all ten sectors trading in the red. Once again, energy (-0.7%) has tumbled out of the gate, while the second-weakest cyclical sector-technology-is lower by 0.4%.

Over the course of the week, the energy sector has been weighed down by a stronger dollar and lower oil prices. That dynamic has continued today with the Dollar Index (84.39, +0.09) holding a modest gain of 0.1%, while crude oil trades down 0.2% at $92.66/bbl.

Elsewhere, the technology sector trades in line with other influential groups like health care (-0.4%) and industrials (-0.4%); however, the second-largest sector by weight-financials-sits on its flat line.

Treasuries are on their lows with the 10-yr yield up five basis points at 2.60%.

The Michigan Sentiment Survey (consensus 83.5) will cross the wires at 9:55 ET and the Business Inventories report for July (expected 0.4%) will follow at 10:00 ET.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -3.00. The stock market is on track for a cautious start to the final session of the week with futures on the S&P 500 trading within two points of fair value. Index futures respected a three-point range throughout the night, but recently slipped out of that range to fresh lows.

Overnight action has not provided much sense of direction as markets in Asia ended mixed, while European indices hover near their unchanged levels at this juncture.

On the economic front, the Retail Sales report for August pointed to an increase of 0.6%, which matched the Briefing.com consensus. Overall, the retail sales data were strong. After missing expectations last month, sales rebounded in August and upward revisions were reported for the prior month (to 0.3% from 0.0%). Concerns that consumption could weigh down GDP growth were somewhat alleviated.

Two more data points remain with the Michigan Sentiment Survey (consensus 83.5) set to cross the wires at 9:55 ET, while the Business Inventories report for July (expected 0.4%) will follow at 10:00 ET.

Treasuries are on their lows with the 10-yr yield up three basis points at 2.58%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -0.80. The S&P 500 futures trade one point below far value.

The major Asian bourses endured a mixed session to finish the week. In Japan, Bank of Japan Governor Haruhiko Kuroda indicated the central bank will not hesitate to act if the economic recovery wanes. Elsewhere, Bank of Korea held its key rate steady at 2.25%, as expected.

In economic data:
China's M2 Money Stock grew 12.8% year-over-year (expected 13.4%; prior 13.5%), while New Loans increased by CNY703 billion (consensus CNY700 billion; previous CNY385 billion)
Japan's Industrial Production rose 0.4% month-over-month (expected 0.2%; previous 0.2%), while Capacity Utilization fell 0.8% month-over-month (previous -3.3%)
South Korea's Unemployment Rate ticked up to 3.5% from 3.4% (expected 3.4%)
New Zealand's Business NZ PMI rose to 56.5 from 53.5, while FPI ticked up 0.3% month-over-month (last -0.7%)

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Japan's Nikkei added 0.3% to finish at an eight-month high. The weak yen aided exporters as Nikon gained 2.2% and Toyota Motor rose 1.5%.
Hong Kong's Hang Seng shed 0.3%, seeing its fifth straight day of selling as trade pressed to a one-month low. Energy names were weak with CNOOC losing 2.3% and PetroChina giving up 1.3%.
China's Shanghai Composite added 0.9%, climbing to a 19-month high. Air China rose 3.4% and China Eastern Airlines jumped 1.4% on hopes of a Golden Week holiday.
India's Sensex ticked up 0.2%, advancing for the first time in four days. Heavyweight Bharti Airtel provided support, up 2.0%.

Major European indices trade little changed with Great Britain's FTSE (+0.2%) in the lead. The Scottish independence movement remains a close contest with the latest polls suggesting the 'No' camp has reclaimed the lead. Last evening's YouGov poll indicated 52% support for the 'No' vote.

Participants received several data points:
Eurozone Industrial Production rose 1.0% month-over-month (expected 0.5%; last -0.3%), while the year-over-year reading increased 2.2% (consensus 1.3%; previous 0.2%). Separately, Employment Change came in at 0.2% quarter-over-quarter (expected 0.1%; last 0.1%)
Germany's Wholesale Price Index ticked down 0.2% month-over-month, as expected
French Current Account deficit narrowed to EUR2.20 billion from EUR7.20 billion (expected deficit of EUR4.60 billion)
Italy's Industrial Production fell 1.0% month-over-month (consensus -0.1%; last 0.8%), while the year-over-year reading declined 1.8% (forecast 0.5%; prior 0.3%). Separately, CPI ticked up 0.2% month-over-month, as expected
Spain's CPI increased 0.2% month-over-month (consensus 0.1%; previous -0.9%)

------

Germany's DAX is lower by 0.2% with Deutsche Lufthansa showing the largest loss. The stock holds a loss of 1.0%. On the upside, producers of basic materials outperform with BASF and Lanxess both up near 0.4%.
In France, the CAC is lower by 0.1%. Michelin and Electricite de France lag with losses close to 2.0% each. Software names outperform with Cap Gemini and Gemalto up 1.9% and 1.1%, respectively.
Great Britain's FTSE has added 0.2%. Homebuilders are among the leaders with Barratt Developments and Persimmon up 2.5% and 1.0%, respectively. Energy names lag with Royal Dutch Shell and Petrofac both down near 0.5%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -0.80. The S&P 500 futures trade within a point of fair value.

August retail sales rose 0.6%, which matched the Briefing.com consensus. The prior month's reading was revised up to 0.3% (from 0.0%). Excluding autos, retail sales ticked up 0.3%, which also matched the Briefing.com consensus.

Export prices, excluding agriculture, decreased 0.3% in August after increasing 0.3% in the prior reading. Excluding oil, import prices ticked up 0.1%, which followed last month's unchanged reading.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +1.50. U.S. equity futures trade near their flat lines amid subdued action overseas. The S&P 500 futures hover within a point of fair value after spending the night inside a three-point range.

The benchmark index will enter the final session of the week down 0.5% since last Friday. The Nasdaq, however, has shown relative strength and will look to maintain its week-to-date gain of 0.2%. The tech-heavy index also sports a slim month-to-date advance (0.3%), while the S&P 500 is lower by 0.3% so far in September.

This week has been very quiet on the economic front, but today will be relatively busy. The Retail Sales report for August (Briefing.com consensus 0.6%) and August Import/Export Prices will be released at 8:30 ET, while the preliminary reading of the Michigan Sentiment Survey (consensus 83.5) will cross the wires at 9:55 ET. The day's data will be topped off with the 10:00 ET release of the Business Inventories report for July (expected 0.4%).

Treasuries hold modest losses with the 10-yr yield up one basis point at 2.57%.

In U.S. corporate news of note:

Darden Restaurants (DRI 49.95, +1.66): +3.4% after reporting in-line with its warning and guiding higher.
Hertz (HTZ 29.00, +1.25): +4.5% after reaching an agreement with Carl Icahn to add three directors to the company's board.
Ulta Salon (ULTA 114.00, +16.52): +17.0% following its better than expected results and upbeat guidance.

Reviewing overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei +0.3%, China's Shanghai Composite +0.9%, and Hong Kong's Hang Seng -0.3%
In economic data:
China's M2 Money Stock grew 12.8% year-over-year (expected 13.4%; prior 13.5%), while New Loans increased by CNY703 billion (consensus CNY700 billion; previous CNY385 billion)
Japan's Industrial Production rose 0.4% month-over-month (expected 0.2%; previous 0.2%), while Capacity Utilization fell 0.8% month-over-month (previous -3.3%)
South Korea's Unemployment Rate ticked up to 3.5% from 3.4% (expected 3.4%)
New Zealand's Business NZ PMI rose to 56.5 from 53.5, while FPI ticked up 0.3% month-over-month (last -0.7%)
In news:
The Bank of Korea made no changes to its policy stance, keeping its interest rate at 2.25%.
Japan's Economy Minister Akira Amari said Prime Minister Shinzo Abe remains neutral with regards to the next sales tax hike. Mr. Amari did not comment on the yen exchange rate.

Major European indices trade little changed. Germany's DAX -0.1%, France's CAC +0.1%, and Great Britain's FTSE +0.3%. Elsewhere, Italy's MIB +0.2% and Spain's IBEX +0.3%
Participants received several data points:
Eurozone Industrial Production rose 1.0% month-over-month (expected 0.5%; last -0.3%), while the year-over-year reading increased 2.2% (consensus 1.3%; previous 0.2%). Separately, Employment Change came in at 0.2% quarter-over-quarter (expected 0.1%; last 0.1%)
Germany's Wholesale Price Index ticked down 0.2% month-over-month, as expected
French Current Account deficit narrowed to EUR2.20 billion from EUR7.20 billion (expected deficit of EUR4.60 billion)
Italy's Industrial Production fell 1.0% month-over-month (consensus -0.1%; last 0.8%), while the year-over-year reading declined 1.8% (forecast 0.5%; prior 0.3%). Separately, CPI ticked up 0.2% month-over-month, as expected
Spain's CPI increased 0.2% month-over-month (consensus 0.1%; previous -0.9%)
Among news of note:
The Scottish independence movement remains a close contest with the latest polls suggesting the 'No' camp has edged into the lead. Last evening's YouGov poll indicated 52% support for a 'No' vote.

6:33 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: flat.

6:33 am: [BRIEFING.COM] Nikkei...15,948.29...+39.10...+0.30%. Hang Seng...24,595.32...-67.30...-0.30%.

6:33 am: [BRIEFING.COM] FTSE...6,810.16...+10.50...+0.20%. DAX...9,668.21...-23.10...-0.20%.

Dollar Climbs Most in 10 Months Before Fed Meets; Sterling Falls

By Rachel Evans Sep 13, 2014 12:00 AM ET

The dollar had the biggest weekly gain in 10 months amid speculation the Federal Reserve will signal after a meeting next week it’s moving closer to raising interest rates for the first time since 2006.

The U.S. currency reached a six-year high versus the yen after a research paper from the San Francisco Fed said investors may be underestimating the pace of rate increases. Treasury (USGG2YR) two-year note yields jumped, burnishing the appeal of dollar-denominated assets. The pound touched a 10-month low as Scotland prepared to vote on independence, and currency-market volatility rose to the highest since February.

“The markets have shifted to expecting a more hawkish Fed statement,” Daniel Katzive, head of foreign-exchange strategy for North America, at BNP Paribas SA in New York. “That’s boosted U.S. front-end yields, and that should be supporting the dollar versus the euro and yen.”

The Bloomberg Dollar Spot Index rose 1.2 percent, the most since the five days ended Nov. 1, in New York this week. The gauge touched 1,051.77 yesterday, the highest since July 2013.

The yen dropped for a fifth week, the longest stretch this year, losing 2.1 percent to 107.34 per dollar. It touched 107.39 yen, the weakest since Sept. 22, 2008. The euro was little changed at $1.2963, after falling for the previous eight weeks. It reached $1.2860, a 14-month low, on Sept. 9. The shared currency rose 2.2 percent to 139.15 yen.

Volatility Climbs

A gauge of price swings among Group of Seven currencies reach the highest level since Feb. 7. The JPMorgan Chase & Co. G-7 Volatility Index climbed to as high as 8.08 percent, after touching a record intraday low of 5.11 percent on July 3. The average over the past year is 7.17 percent.

Currency volatility in emerging markets also increased, with a JPMorgan gauge rising to 7.27 percent, the highest on a closing basis since May 15.

There’s been “a significant lift in volatility, and levels have moved up substantially,” Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London, said Sept. 10. “The dollar continues to look well-bid across the piece, and people are scrambling to profit from that.”

The Brazilian real and Australian dollar were the biggest losers among the greenback’s 31 major peers this week. The real slid 4.2 percent, the most since August 2013, after a poll showed increased support for President Dilma Rousseff as the nation faces a recession and above-target inflation. The Aussie sank 3.6 percent, also the most in more than a year.

Russia’s ruble sank to a record 37.97 per dollar as the European Union and U.S. widened sanctions on the nation amid conflict in Ukraine with pro-Russian rebels.

Scotland Vote

Sterling fell for a second week against the dollar and euro as opinion polls showed Scotland’s vote on whether to leave the U.K. is too close to call. An ICM survey published yesterday put the nationalists narrowly behind, with the “yes” vote on independence at 49 percent and the “no” vote at 51 percent, after excluding undecided voters.

One-month implied volatility, a measure of future price swings, jumped to the highest in almost three years before the referendum on Sept. 18. A victory for the “yes” campaign would mean a 5 percent to 10 percent slide by the pound against the dollar within a month, according to 61 percent of the 31 respondents surveyed by Bloomberg between Sept. 5-11.

The currency declined 0.4 percent to $1.6268 and touched $1.6052, the weakest since Nov. 15. Sterling depreciated 0.5 percent to 79.69 pence per euro.

Fed Meeting

The Fed’s policy-setting Federal Open Market Committee, which meets Sept. 16-17, is considering the timing of rate increases and whether to revamp its public guidance on the path of rates. The central bank has said since March interest rates would stay low for a “considerable time” after it completes a bond-buying stimulus program that’s on track to end this year.

Researchers from the San Francisco Fed wrote in a Sept. 8 paper that surveys and model estimates show “the public seems to expect a more accommodative policy” than Fed officials do. Investors may be less uncertain about their projections than Fed policy makers are about theirs, the researchers wrote.

The Fed has held the benchmark interest-rate target in a range of zero to 0.25 percent since 2008 to support the economy.

“There was enormous confidence that whatever the Fed did would be very slow and very gentle,” Steven Englander, the New York-based head of Group of 10 currency strategy at Citigroup Inc., said by phone on Sept. 9. “This is the first time that this assumption is beginning to be questioned.”

Treasury Yields

U.S. two-year note yields rose five basis points, or 0.05 percentage point, the most since the five days ended Aug. 22, to 0.56 percent this week. It was the highest since July 30.

The Bloomberg Dollar Spot Index reached a 14-month high yesterday after the Commerce Department reported retail sales rose the most in four months in August and an index of U.S. consumer confidence climbed to the highest in more than a year.

The dollar and the euro were the biggest gainers of the week in a basket of 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The shared currency rose 1.3 percent, and the greenback gained 1.2 percent. The yen dropped 1.2 percent.

“We are seeing dollar strength coming through,” said Jane Foley, a senior currency strategist in London at Rabobank International. “Even though the Fed hasn’t done anything yet, on a relative basis it makes the dollar more attractive.”

To contact the reporter on this story: Rachel Evans in New York at revans43@bloomberg.net

To contact the editors responsible for this story: Dave Liedtka at dliedtka@bloomberg.net Greg Storey

S&P 500 Ends Five-Week Rally on Rate Concern, Oil Slump

By Oliver Renick and Callie Bost Sep 13, 2014 12:00 AM ET

The Standard & Poor’s 500 Index dropped for the week, ending the longest streak of advances this year, as speculation grew that the economy is recovering enough to justify higher interest rates sooner than anticipated.

Energy companies slumped 3.7 percent as Brent crude reached the lowest level in more than two years amid concern global demand is slowing. Caterpillar Inc. dropped 3.2 percent to pace losses among industrial shares. Apple Inc. (AAPL) climbed 2.7 percent after introducing new products including smartphones, a watch and an online payments processor. Yahoo! Inc. jumped 8.3 percent as Alibaba Group Holding Ltd. prepared for an initial offering.

The S&P 500 slid 1.1 percent to 1,985.54 for the five days, after rallying for five straight weeks to a record. The Dow Jones Industrial Average retreated 149.85 points, or 0.9 percent, to 16,987.51. The Stoxx Europe 600 slid 1 percent and emerging markets lost the most in more than a year as geopolitical tensions weighed on equity markets. The VIX jumped 10 percent, its largest gain in six weeks.

“The data we saw is a suggestion that the economy is performing well and when the economy performs well, you run the risk of inflation,” Peter Jankovskis, who helps oversee about $2 billion as co-chief investment officer of Lisle, Illinois-based OakBrook Investments LLC, said by phone. “That’s something that the Fed is tasked with keeping a lid on. We’re in this mode right now where some people think of that as something that could make the Fed raise rates sooner rather than later.”

Economic Data

The S&P 500 ended the previous week at an all-time high after weaker-than-estimated payrolls data fueled speculation the uneven recovery wouldn’t force the Fed to withdraw stimulus. That optimism gave way to increasing concern about higher interest rates as reports showed retail sales climbed at the fastest pace in four months and consumer confidence rose to the highest level in more than a year.

The Fed, which meets Sept. 16-17, is gauging the strength of the economy as it winds down a bond-buying program that’s on track to end this year. The central bank has said since March that interest rates would stay low for a “considerable time” after it completes the asset purchases. Three rounds of stimulus have spurred economic growth and helped the S&P 500 almost triple from its low in March 2009.

More Substance

While the latest week had relatively little news for investors to cling to, the coming week may offer more substance on the state of the economy and potential geopolitical risks. In addition to the Fed policy decision, the calendar includes reports on factory output, producer prices, labor and housing, as well as Alibaba’s IPO and a vote on Scottish independence.

“The 800-pound gorilla in the room is of course the Fed meeting,” Jim Russell, who helps oversee $120 billion as a senior equity strategist at U.S. Bank Wealth Management in Cincinnati, said by phone. “This is a pivotal meeting with important language on the road map for quantitative easing strategy.”

The Stoxx 600 slid 1 percent and the MSCI Emerging Markets Index lost 3.2 percent, the biggest weekly drop since June 2013, as tension in Ukraine escalated and investors weighed opinion polls before the referendum Sept. 18 on Scotland. The run-in to the vote was too close to call after nationalists drew closer in the latest poll on independence.

Russia Sanctions

The EU added 15 companies, including Gazprom Neft and OAO Rosneft, and 24 people to the list of those affected by its sanctions against Russia, while the U.S. also expanded its penalties. Russia is locked in a standoff with its former Cold War adversaries over the fighting in eastern Ukraine that has claimed more than 3,000 lives.

The MSCI Asia Pacific Index dropped 1.8 percent for the week, extending a string of declines to seven days, the most in more than four years. Chinese lending data added to signs the region’s biggest economy is weakening. Japan’s Topix index jumped 1.6 percent to a six-year high.

“It seems that geopolitics are weighing a little heavier,” said Hayes Miller, the Boston-based head of multi-asset allocation who helps oversee $57 billion for Baring Asset Management Inc. “The U.S. market has been a little bit weak. Nothing tremendous, but most of it has to do with digesting gains at this point.”

Equity Valuations

The S&P 500 is trading at 16.6 times the projected earnings of its members, near the 16.8 multiple reached on Sept. 5 that was the highest valuation since the end of 2009, according to data compiled by Bloomberg. The gauge hasn’t had a decline of more than 10 percent in three years ago.

The Chicago Board Options Exchange Volatility Index, a gauge of S&P 500 derivatives prices known as the VIX (VIX), jumped 10 percent to 13.31 for its third straight week of gains.

Nine of the 10 main S&P groups declined in the week, with utilities and energy stocks losing the most.

Energy companies tumbled 3.7 percent, dropping for the second straight week amid falling oil prices. Brent has tumbled more than 15 percent since June 19 as economies from Europe to Asia show signs of slowing while oil output climbs.

Valero Energy Corp. and Newfield Exploration Co. lost at least 8.6 percent, while Tesoro Corp. slid 7.7 percent. Chevron Corp. tumbled 3.7 percent.

Apple, Alibaba

Caterpillar slumped 3.2 percent as Bank of America lowered its rating on the shares to neutral from buy.

RadioShack Corp. plunged 24 percent. The struggling electronics retailer said it’s working with creditors and other parties to get more capital and avoid bankruptcy after posting another quarter of mounting losses and plunging sales.

Technology shares had the best performance, ending little changed for the week.

Apple advanced 2.7 percent as it unveiled a fresh ecosystem of products and services in the biggest new lineup so far under Chief Executive Officer Tim Cook. The shares tumbled following the Sept. 9 presentation, wiping out a 4.8 percent rally, only to rebound over the next three days. Apple is up 27 percent so far this year, exceeding the 7.4 percent gain for the S&P 500.

Yahoo! Inc. climbed 8.3 percent on the week, reaching the highest since 2006, as Alibaba held a roadshow in anticipation of its $21.1 billion initial public offering on Sept. 18.

Alibaba and shareholders are offering 320.1 million American depositary shares, valuing the Chinese e-commerce giant at as much as $162.7 billion, bigger than 95 percent of the S&P 500. Yahoo, which holds a 22 percent stake in Alibaba, plans to sell 121.7 million shares in the offering.

Airline shares gained as oil prices fell, with Southwest Airlines Co. climbing 3.2 percent.

To contact the reporters on this story: Oliver Renick in New York at orenick2@bloomberg.net; Callie Bost in New York at cbost2@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net Jeff Sutherland, Jeremy Herron

Global Bonds Post Biggest Decline Since 2013 on Fed View

By Susanne Walker Sep 13, 2014 1:33 AM ET

Global government bonds posted the biggest two-week drop in 14 months on concern the Federal Reserve will alter the language of next week’s policy statement to indicate officials are closer to lifting interest rates.

The Bloomberg Global Developed Sovereign Bond Index (BGSV) has fallen 2.2 percent since Aug. 29, the worst 10-day performance since June 2013. There’s a 61 percent chance the central bank will increase its benchmark rate by July 2015, up from 53 percent a month ago, federal fund futures showed. The rates outlook and a strengthening economy pushed the yield gap between U.S. 10-year Treasuries and Group of Seven peers to the highest in more than seven years. The Fed meets on policy Sept. 16-17.

“The market’s focus is turning to the Fed meeting next week in anticipation of the change in language regarding the forward guidance,” said Gary Pollack, who manages $12 billion as head of fixed-income trading at Deutsche Bank AG’s Private Wealth Management unit in New York. “The economy looks a little bit better. It’s possible for yields to move higher next week.”

Yields on Treasury 10-year notes, the benchmark for corporate and lending rates worldwide, rose 15 basis points, or 0.15 percentage point, to 2.61 percent on the week in New York, the biggest gain since the five days ended Aug. 16, 2013, according to Bloomberg Bond Trader data. The yield touched 2.61 percent yesterday, the highest level since July 31. The 2.375 percent note due in August 2024 dropped 1 10/32, or $13.13 per $1,000 face amount, to 97 30/32.

Yield Curve

The difference between yields on two-year notes and 10-year debt, known as the yield curve, increased to 2.05 percentage points, the most since Aug. 1. A steepening yield curve suggests investors are demanding higher compensation against the risk of inflation as economic growth improves.

U.S. 10-year notes yielded 89 basis points more than Group of Seven counterparts, the widest since June 2007.

Bonds have dropped globally over the past two weeks, with German 10-year bund yields increasing 19 basis points to 1.08 percent, Japan’s 10-year yield adding eight basis points to 0.58 percent and the equivalent Australian (GACGB10) yield rising 32 basis points to 3.61 percent.

The yield premium offered by U.S. debt bolstered demand at Treasury auctions this week, drawing the strongest buying since February from a class of investors that includes foreign central banks.

Auction Demand

Indirect bidders purchased 42.5 percent of the $61 billion of three-, 10- and 30-year securities sold, according to Treasury Department data compiled by Bloomberg. Investors bid $2.91 for every $1 of debt offered, the most since June. The sales took place as benchmark 10-year note yielded the most versus its Group of Seven counterparts since 2007.

The U.S. is scheduled to sell $13 billion in 10-year inflation-indexed securities on Sept. 18. It sold $15 billion of the securities in July at a yield of 0.249 percent, the least since May 2013.

Hedge-fund managers and other large speculators increased futures bets on Treasury five-year notes in the week ending Sept. 9 to a 86,122 net-long position, the most since July 2013, according to U.S. Commodity Futures Trading Commission data. The figure compares with net longs, or bets prices will rise, of 85,202 contracts a week earlier.

‘Modestly Hawkish’

Expect a “modestly hawkish outcome” at the Federal Open Market Committee meeting primarily on expectation of a move higher in “dovish dots” and “subtle shifts” in the tone of a press conference, Barclays Plc strategists led by Rajiv Setia wrote in report dated Sept. 11.

The Fed is likely to retain the “considerable language period,” however if it is dropped, the “front end should get hurt,” he wrote.

The yield gap between two- and three-year securities expanded to 52 basis points yesterday, the most since April 2011. The spread has averaged 30 basis points over the past five years.

“The market is pricing in more consistent hikes, but still at very low levels, which is why three-year notes are seeing more weakness than two-year notes,” said Thomas Simons, a government-debt economist in New York at Jefferies LLC, one of 22 primary dealers that trade with the Fed. “It’s a more universal view that the Fed is getting closer to normalizing policy. And we are seeing that reflected in the front end.”

‘Accommodative Policy’

The U.S. economy is forecast to have grown 4.6 percent in the second quarter, according to a Bloomberg survey before the reading is released Sept. 26, up from a 4.2 percent estimate in August. The economy contracted 2.1 percent in the first three months of the year.

Researchers at the Fed Bank of San Francisco warned in a report this week that investors may be underestimating how quickly the Fed will raise interest rates,

“The public seems to expect a more accommodative policy than Federal Open Market Committee participants,” they wrote.

The Fed is reducing the monthly bond purchases it has used to support the economy, cutting the amount at its previous meeting in July by $10 billion to $25 billion. Policy makers are on track to end the program this year.

The central bank reiterated it will probably keep the target for its benchmark interest rate in a range of zero to 0.25 percent for a “considerable time” after the asset purchases end.

To contact the reporter on this story: Susanne Walker in New York at swalker33@bloomberg.net

To contact the editors responsible for this story: Dave Liedtka at dliedtka@bloomberg.net Kenneth Pringle

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

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