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 Post subject: September 15th Monday Trade Results - Profit $3570.00
PostPosted: Mon Sep 15, 2014 10:03 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)

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 @ $3,570.00 dollars or +35.70 points, Emini ES ($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 @ $3,570.00 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=1887

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] The stock market welcomed the new trading week with a mixed session that saw relative strength among large-cap stocks, while high-beta names underperformed. The Dow Jones Industrial Average (+0.3%) and S&P 500 (-0.1%) finished near their flat lines, while the Nasdaq Composite and Russell 2000 both lost 1.1%.

Equities began the day on a cautious note amid continued concerns regarding the strength of the global economy. Over the weekend, China reported its first decline in electricity production since 2009, while Industrial Production (6.9%; expected 8.8%) grew at its slowest pace since December 2008. Likewise, the Industrial Production report from the U.S. (-0.1%; Briefing.com consensus 0.3%) also left a bit to be desired.

In that same vein, participants have had to contend with cautious comments from the Organization for Economic Co-operation and Development (OECD), which lowered its 2014 GDP forecast for the U.S. (to 2.1% from 2.6%) and the Eurozone (to 0.8% from 1.2%).

Once the session got going, high-growth stocks weighed on the market and led to the underperformance of the Nasdaq Composite. Biotech names played a part with the iShares Nasdaq Biotechnology ETF (IBB 266.09, -3.48) sliding 1.3%. For its part, the top-weighted countercyclical sector-health care (-0.3%)-finished among the laggards.

Elsewhere, the top-weighted cyclical sector-technology (-0.6%)-suffered from noteworthy losses among social media and chipmaker names. Twitter (TWTR 49.38, -2.73), Facebook (FB 74.58, -2.90), Weibo (WB 21.05, -2.76), LinkedIn (LNKD 207.71, -17.12), and Yelp (YELP 76.62, -5.16) tumbled between 3.7% and 11.6%. Chipmakers did not fare much better with the PHLX Semiconductor Index falling 1.2%. The sector-wide weakness masked the outperformance of Apple (AAPL 101.60, -0.06), which settled little changed after confirming record orders for the upcoming iPhone.

Also of note, the energy sector (+0.7%) rebounded after ending last week well behind other sectors. The growth-sensitive sector narrowed its September loss to 4.5% with help from Dow components Chevron (CVX 124.24, +1.58) and ExxonMobil (XOM 96.29, +0.51). The two added 1.3% and 0.5%, respectively, while crude oil rose 0.7% to $92.89/bbl.

Treasuries notched their highs shortly before the start of the session and spent the remainder of the day near those levels. The 10-yr note added six ticks with its yield slipping two basis points to 2.59%.

Participation remained on the light side with fewer than 600 million shares changing hands at the NYSE.

Economic data was limited to the Empire Manufacturing Survey and Industrial Production:

The Empire Manufacturing Survey for September registered a reading of 27.5, which was above the prior month's reading of 14.7
The Briefing.com consensus expected a reading of 16.0
The industrial production report for August certainly didn't go according to script as it showed production declining 0.1% versus the Briefing.com consensus estimate, which called for a 0.3% increase
A 7.6% decline in the production of motor vehicle and parts was the big drag on total industrial production for the month. That contributed to a 4.4% drop in the output of durable consumer goods and led to a 0.4% decline in manufacturing production
The production data for July was revised down to show a 0.2% increase versus an originally reported 0.4% increase
Capacity utilization slumped to 78.8%, which was also below the Briefing.com consensus estimate of 79.3% and below a downwardly revised 79.1% (from 79.2%) reading for July

Tomorrow, The Producer Price Index (Briefing.com consensus 0.0%) will be released at 8:30 ET, while Net Long-Term TIC Flows will be reported at 16:00 ET.

Nasdaq Composite +8.2% YTD
S&P 500 +7.4% YTD
Dow Jones Industrial Average +2.7% YTD
Russell 2000 -1.4% YTD

3:30 pm: [BRIEFING.COM]

Dec gold rose for the first time in six sessions, trading in a tight range between $1232.20 per ounce and $1236.90 per ounce. It eventually settled with a 0.3% gain at $1234.80 per ounce.
Dec silver touched a session low of $18.56 per ounce in morning action after pulling back from a session high of $18.69 per ounce. It managed to rise back above the unchanged line and settled at $18.62 per ounce, or 0.1% higher.
Oct crude oil lifted from its session low of $91.29 per barrel set at pit trade open and broke into positive territory by mid-morning action. The energy component continued to trend higher and settled 0.7% higher at $92.89 per barrel, just below its session high of $92.97 per barrel.
Oct natural gas rose for a second consecutive session, trading as high as $3.95 per MMBtu in morning pit trade. It brushed a session high of $3.90 per MMBtu and settled with a 1.8% gain at $3.93 per MMBt

3:00 pm: [BRIEFING.COM] The S&P 500 is flat with one hour remaining in the first session of the week. The benchmark index slumped out of the gate amid weakness in high-beta stocks, but has been able to erase its loss with help from large cap names. High-beta names, meanwhile, have not taken part in the rebound, resulting in relative weakness for the Nasdaq Composite (-1.0%) and Russell 2000 (-1.0%).

Market participants received just two data points today and tomorrow will be equally as quiet with just August PPI (Briefing.com consensus 0.0%) and July Net Long-Term TIC Flows on the schedule. However, Wednesday will feature the latest policy decision from the Federal Open Market Committee.

2:35 pm: [BRIEFING.COM] The S&P 500 has returned to its flat line with the relative strength of consumer staples (+0.4%), energy (+0.9%), financials (+0.1%), and industrials (+0.1%) outweighing the losses among chipmakers (PHLX Semiconductor Index -0.9%) and biotechnology (IBB -1.6%).

Elsewhere, the consumer discretionary space (-0.5%) remains among the laggards. Retail stocks are on the defensive with the SPDR S&P Retail ETF (XRT 88.30, -0.82) down 0.9%. Homebuilders, meanwhile, display relative strength with the iShares Dow Jones US Home Construction ETF (ITB 23.57, +0.06) up 0.3%.

2:00 pm: [BRIEFING.COM] Not much has changed since our last update as the Nasdaq (-1.3%) remains pressured by high-beta biotech, chipmaker, and social media stocks. Even though the tech-heavy index lags today, it is still trading ahead of the broader market for the quarter.

Today's loss has narrowed the Nasdaq's quarter-to-date gain to 2.3% versus an increase of 1.1% for the S&P 500.

Elsewhere, Treasuries have maintained a narrow range since the opening bell. The 10-yr yield is lower by three basis points at 2.58%. Today's retreat comes after last week's sharp rally sent the benchmark yield from 2.461% to 2.614%.

1:30 pm: [BRIEFING.COM] The Nasdaq (-1.1%) and Russell 2000 (-1.1%) continue hovering near their lowest levels of the day, while the relative strength among blue chip listings has helped the S&P 500 (-0.1%) inch back to its flat line. Meanwhile, the Dow Jones Industrial Average has pushed its advance to 0.2% with 20 components holding gains.

In part, the energy sector has contributed to the rebound after starting September on a defensive note. The growth-sensitive group is higher by 0.6% today, but remains down 4.6% for the month. Top-weighted sector components trade ahead of the broader market with Chevron (CVX 124.12, +1.46) and ExxonMobil (XOM 96.20, +0.42) up 1.2% and 0.4%, respectively.

12:55 pm: [BRIEFING.COM] The major averages are mixed at midday with the Dow Jones Industrial Average (+0.1%) and S&P 500 (-0.1%) trading ahead of the Nasdaq (-1.0%) and Russell 2000 (-1.1%).

Equities began the new trading week on a cautious note amid continued concerns regarding the strength of the global economy. On that note, China reported its first decline in electricity production since 2009, while Industrial Production (6.9%; expected 8.8%) grew at its slowest pace since December 2008. Similarly, the Industrial Production report (-0.1%; Briefing.com consensus 0.3%) from the U.S. also left a bit to be desired.

Adding insult to injury, the Organization for Economic Co-operation and Development (OECD) lowered its 2014 GDP forecast for the U.S. (to 2.1% from 2.6%) and the Eurozone (to 0.8% from 1.2%) with the latest FOMC policy decision due this week.

The tech-heavy Nasdaq has been leading the market lower since the start amid weakness in biotechnology and chipmaker listings. The iShares Nasdaq Biotechnology ETF (IBB 264.89, -4.68) is lower by 1.7%, while the health care sector (-0.3%) is among the laggards.

Elsewhere, the technology sector (-0.5%) is one of two groups that has had a worse showing than health care. The sector has suffered from broad weakness among names that made big moves in recent days like Twitter (TWTR 50.29, -1.82), Facebook (FB 75.08, -2.40), FireEye (FEYE 33.20, -1.87), Weibo (WB 21.01, -2.80), LinkedIn (LNKD 212.68, -12.15), and Yelp (YELP 76.77, -5.01). Chipmakers also lag notably with the PHLX Semiconductor Index down 1.0%. Despite the widespread losses, the top-weighted tech component-Apple (AAPL 102.30, +0.64)-outperforms after confirming record orders for its latest iPhone.

On the upside, the energy sector (+0.6%) displays relative strength amid a comparable uptick in crude oil prices (+0.4% at $92.64/bbl), while consumer staples (+0.4%), telecom services (+0.4%), and utilities (+0.1%) also trade ahead of the broader market.

Treasuries hold modest gains with the 10-yr yield down two basis points at 2.59%.

Economic data was limited to the Empire Manufacturing Survey and Industrial Production:

The Empire Manufacturing Survey for September registered a reading of 27.5, which was above the prior month's reading of 14.7
The Briefing.com consensus expected a reading of 16.0
The industrial production report for August certainly didn't go according to script as it showed production declining 0.1% versus the Briefing.com consensus estimate, which called for a 0.3% increase
A 7.6% decline in the production of motor vehicle and parts was the big drag on total industrial production for the month. That contributed to a 4.4% drop in the output of durable consumer goods and led to a 0.4% decline in manufacturing production
The production data for July was revised down to show a 0.2% increase versus an originally reported 0.4% increase
Capacity utilization slumped to 78.8%, which was also below the Briefing.com consensus estimate of 79.3% and below a downwardly revised 79.1% (from 79.2%) reading for July

12:25 pm: [BRIEFING.COM] It has been primarily a tale of two tapes so far today. The blue chip averages are holding up relatively well while the Nasdaq and the Russell 2000 are just taking it on the chin.

Losses in the latter two have been driven by a stepped-up propensity to take some money off the table in stocks that have made a big move in recent weeks. Accordingly, high-beta names like Twitter (TWTR 49.99, -2.12), Facebook (FB 75.21, -2.27), FireEye (FEYE 33.06, -2.01), Weibo (WB 20.98, -2.83), LinkedIn (LNKD 212.34, -12.39), and Yelp (YELP 76.83, -4.95) are getting hit harder than others.

The weakness in names like that could be a preparatory response to the impending IPO of Alibaba.com (BABA). The thought being that money managers may be selling some tech holdings to make room for the new issue, not unlike what transpired in the week leading up to Facebook's IPO.

Separately, quarter-end is also approaching, so there may be an inclination to protect gains that is also influencing today's tape.

12:00 pm: [BRIEFING.COM] The Nasdaq (-1.1%), S&P 500 (-0.3%), and Russell 2000 (-1.3%) remain pressured by the relative weakness in high-growth areas like biotechnology and chipmakers. However, the Dow Jones Industrial Average (+0.1%) has been able to withstand the pressure since the index is biased towards blue chip listings.

Six of ten sectors hover in the red at this juncture, while countercyclical consumer staples (+0.3%), telecom services (+0.3%), and utilities (+0.2%) outperform. Elsewhere, the energy sector (+0.2%) holds a slim gain that has narrowed its September loss to 5.1%. For its part, crude oil has returned to its flat line after climbing off its overnight low.

11:30 am: [BRIEFING.COM] Equity indices remain scattered with the Nasdaq (-1.2%) near its low, the Dow (+0.03%) close to its high, and the S&P 500 (-0.3%) hovering in the lower half of its trading range.

Interestingly, the Dow sports a modest advance thanks to gains among 19 of its 30 components. Insurer Travelers (TRV 93.53, +1.11) leads with an increase of 1.2%, while Pfizer (PFE 29.70, +0.27) follows not far behind. Outside of the two, no other index member holds an increase in the neighborhood of 1.0%.

On the downside, Boeing (BA 125.81, -1.14) and Microsoft (MSFT 46.30, -0.40) are the two weakest performers with losses close to 1.0% apiece.

Elsewhere, Treasuries have ticked down from their highs with the 10-yr note narrowing its gain to five ticks. The benchmark yield hovers at 2.59%.

11:00 am: [BRIEFING.COM] Recent action saw the S&P 500 (-0.1%) make an unsuccessful run at its flat line, while the Nasdaq Composite (-0.9%) has dropped to a fresh low for the day.

The Nasdaq has inched lower over the past hour amid continued weakness in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 265.68, -3.89) stumbled at the start of the session and has continued its retreat since then. The ETF is now lower by 1.4%, while the broader health care sector holds a loss of 0.4%.

Despite the weakness in biotech, the health care sector remains just ahead of the technology space (-0.6%), which lags amid broad weakness. Facebook (FB 75.96, -1.52), Google (GOOGL 578.65, -6.25), and Intel (INTC 34.38, -0.24) are down between 0.7% and 2.0%, while the top-weighted sector component-Apple (AAPL 102.11, +0.43)-outperforms with a gain of 0.4%.

10:35 am: [BRIEFING.COM]

The dollar index lost earlier strength and is now flat, which helped provide price support to commodities
Oct crude oil has been climbing higher today and just hit a new HoD
Crude is now +0.2% at $92.41/barrel
Oct natural gas is also strong and outperforming the energy space
Oct NG is currently +2.2% at $3.94/MMBtu
Dec gold is +0.2% at $1233.50/oz, Dec silver is -0.1% at $18.59/oz
Dec copper, meanwhile, is -0.8% at $3.08/lb
Dec corn is flat at $3.39/bushel

9:55 am: [BRIEFING.COM] The S&P 500 (-0.3%) has slipped to a new low, while the Nasdaq (-0.8%) has been pressured to a fresh low by the underperformance of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 264.66, -4.92) is lower by 1.8%, while the health care sector (-0.6%) trails the remaining countercyclical groups.

However, the health care sector is not the only source of weakness as energy (-0.4%) and technology (-0.6%) also weigh on the broader market. Energy lags even as crude oil trades little changed ($92.13/bbl), while technology has been pressured by chipmakers. The PHLX Semiconductor Index has surrendered 0.9%.

The early weakness in equities has fueled demand for volatility protection, sending the CBOE Volatility Index (VIX 14.09, +0.78) above the 14.00% mark.

9:40 am: [BRIEFING.COM] The major averages slipped out of the gate amid relative weakness in some influential sectors. The S&P 500 trades lower by 0.2% with energy (-0.2%), health care (-0.4%), financials (-0.3%), and industrials (-0.3%) weighing on the market.

On the upside, countercyclical consumer staples (+0.2%) and utilities (+0.5%) hold modest gains, while the remaining groups sit near their respective flat lines.

Treasuries have continued their steady advance and they now hover near their highs with the 10-yr yield at 2.59%.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +7.70. The stock market is on track for a subdued start to the trading week as futures on the S&P 500 trade in line with fair value. Index futures displayed losses overnight, but have climbed steadily off those levels.

The early weakness followed some disappointing data from China, which included the first decline in electricity consumption since 2009. Additionally, Industrial Production (6.9%; expected 8.8%) grew at its slowest pace since December 2008. The weakness on the economic front has given a boost to the Dollar Index, which has extended its September gain to 2.0%.

Domestically, the Empire Manufacturing Survey beat estimates (27.5; Briefing.com consensus 16.0), while Industrial production decreased 0.1% in August, which was below the 0.3% increase expected by the Briefing.com consensus. Industrial production for July was revised lower to show an increase of 0.2% versus an originally reported increase of 0.4%. Separately, capacity utilization hit 78.8%, while the Briefing.com consensus expected a reading of 79.3%.

Treasuries hover near their best levels of the morning with the 10-yr yield down two basis points at 2.59%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: +3.70. The S&P 500 futures trade one point below fair value.

Markets in Asia ended broadly lower while China's Shanghai Composite (+0.3%) outperformed despite a set of disappointing data that included the first decline in electricity consumption since 2009.

In economic news:
China's Retail sales rose 11.9% year-over-year (expected 12.1%; previous 12.2%), while Industrial Production increased 6.9% year-over-year (consensus 8.8%; prior 9.0%), and Fixed Asset Investment climbed 16.5% year-over-year (forecast 16.9%; last 17.0%)
South Korea's Import Price Index fell 9.9% year-over-year (last -8.6%), while Export Price Index declined 8.6% (last -9.4%)
India's WPI Inflation eased to 3.74% from 5.19% (expected 4.50%)
Australia's New Motor Vehicle Sales fell 1.8% month-over-month (prior -1.5%)
Singapore's Retail Sales slipped 0.2% month-over-month (expected -1.0%; last -1.1%), while the year-over-year reading jumped 5.5% (consensus 3.6%; previous 0.4%)

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Japan's Nikkei was closed for Respect-for-the-Aged-Day.
Hong Kong's Hang Seng lost 1.0%, seeing its sixth straight day of selling. Energy giant Sinopec tumbled 6.7% after unloading a $17.5 billion stake in its retail unit.
China's Shanghai Composite added 0.3%, rallying to its best level since March 2013. Coal stocks outperformed with Yanzhou Coal gaining 1.6%.
India's Sensex lost 0.9%, falling for the fourth time in five days. Energy names lagged as Oil & Natural Gas Corp and Coal India sank 1.8% and 1.6% respectively.

Major European indices trade little changed with Italy's MIB (-0.9%) struggling to keep pace. Over the weekend, a second aid convoy was sent from Russia into Ukraine without clearance from Ukraine's government.

Economic data was limited:
Eurozone trade surplus narrowed to EUR12.20 billion from EUR13.80 billion (expected surplus of EUR15.90 billion)
Swiss PPI slipped 0.2% month-over-month (expected 0.2%; previous 0.0%), while the year-over-year reading fell 1.2% (consensus -1.0%; last -0.8%)

------

Germany's DAX is higher by 0.2% with Adidas in the lead. The stock has added 2.1%. Chemical producers lag with BASF and Lanxess both down near 0.5%.
Great Britain's FTSE is flat. SABMiller is the top performer, up 10.9%, after making an offer for Heineken, which was rejected. On the downside, energy names BP and BG Group are down 0.8% and 1.6%, respectively.
In France, the CAC holds a loss of 0.2% amid weakness in energy names. Technip has given up 1.7% and Total trades down 1.0%. Software name Cap Gemini leads with a gain of 1.9%.
Italy's MIB is lower by 0.9% amid weakness in financials. Banco Popolare, BMPS, and Unicredit are down between 1.5% and 2.9%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +2.00. The S&P 500 futures trade one point below fair value.

The Empire Manufacturing Survey for September registered a reading of 27.5, which was above the prior month's reading of 14.7. It was also ahead of the Briefing.com consensus estimate, which was pegged at 16.0.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -0.50. U.S. equity futures trade near their flat lines amid cautious action overseas. The S&P 500 futures hover two points below fair value after spending the night in a steady climb off their overnight lows. Disappointing data from China contributed to cautious action in Asia, while markets in Europe currently trade near their flat lines.

Notably, the Dollar Index has continued its recent surge with the greenback showing modest gains against the euro, pound, and the yen today. Treasuries, meanwhile, hold a slim gain with the 10-yr yield down one basis point at 2.60%.

The Empire Manufacturing Index for September (Briefing.com consensus 16.0) will be released at 8:30 ET, while August Industrial Production (consensus 0.3%) and Capacity Utilization (expected 79.3%) will be reported at 9:15 ET.

In U.S. corporate news of note:

Cree (CREE 41.30, -1.37): -3.2% after Goldman Sachs downgraded the stock to 'Neutral' from 'Buy.'
Mylan (MYL 48.23, +1.17): +2.5% after signing an agreement with Gilead Sciences (GILD 102.93, -0.73) to accelerate access to hepatitis C treatment in developing countries.

Reviewing overnight developments:

Asian markets ended mostly lower. Hong Kong's Hang Seng -1.0%, China's Shanghai Composite +0.3%, and Japan's Nikkei was closed for a Day of Respect for the Aged
In economic data:
China's Retail sales rose 11.9% year-over-year (expected 12.1%; previous 12.2%), while Industrial Production increased 6.9% year-over-year (consensus 8.8%; prior 9.0%), and Fixed Asset Investment climbed 16.5% year-over-year (forecast 16.9%; last 17.0%)
South Korea's Import Price Index fell 9.9% year-over-year (last -8.6%), while Export Price Index declined 8.6% (last -9.4%)
India's WPI Inflation eased to 3.74% from 5.19% (expected 4.50%)
Australia's New Motor Vehicle Sales fell 1.8% month-over-month (prior -1.5%)
Singapore's Retail Sales slipped 0.2% month-over-month (expected -1.0%; last -1.1%), while the year-over-year reading jumped 5.5% (consensus 3.6%; previous 0.4%)
In news:
The slowdown in China's Industrial Production represented the lowest level of output since December 2008. Also of note, electricity production declined for the first time in five years.

Major European indices trade little changed. France's CAC -0.2%, Great Britain's FTSE -0.1%, and Germany's DAX +0.1%. Elsewhere, Spain's IBEX -0.3% and Italy's MIB -0.9%
Economic data was limited:
Eurozone trade surplus narrowed to EUR12.20 billion from EUR13.80 billion (expected surplus of EUR15.90 billion)
Swiss PPI slipped 0.2% month-over-month (expected 0.2%; previous 0.0%), while the year-over-year reading fell 1.2% (consensus -1.0%; last -0.8%)
Among news of note:
A second aid convoy sent by Russia crossed into Ukraine over the weekend without receiving clearance from Ukraine's government.

6:58 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -4.00.

6:58 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...24,356.99...-238.30...-1.00%.

6:58 am: [BRIEFING.COM] FTSE...6791.08...-15.50...-0.20%. DAX...9660.57...+9.60...+0.10%.

Nasdaq Drops to 1-Month Low as Internet Shares Tumble

By Oliver Renick and Joseph Ciolli Sep 15, 2014 4:48 PM ET

Internet stocks and small-cap shares tumbled, sending the Nasdaq Composite Index near a one-month low, as investors sold some of the bull market’s best performing shares.

Tesla Motors Inc. (TSLA) fell 9.1 percent after a Morgan Stanley analyst said gains in the shares may slow. Facebook Inc., TripAdvisor Inc. and Twitter Inc. lost at least 3.5 percent. All 41 stocks in the Dow Jones Internet Composite Index dropped, with the gauge sliding 2.3 percent, the biggest retreat since July. The Standard & Poor’s 500 Index was little changed, helped by a rally in Molson Coors Brewing Co. on takeover speculation.

“A lot of these companies have had good runs and this is part of a healthy correction,” Mike Balkin, portfolio manager of the $535 million William Blair Small Cap Growth Fund (WBSNX), said by phone from Chicago.

The Nasdaq Composite sank 1.1 percent to 4,518.90 as of 4 p.m. in New York, the lowest level since Aug. 18. The Russell 2000 Index lost 1.2 percent. Shares of larger companies fared better, with the Dow Jones Industrial Average adding 0.3 percent. The S&P 500 slipped less than 0.1 percent.

Fed policy makers begin a two-day meeting tomorrow as they wind down a bond-buying program and consider the timing of an increase in interest rates. Economic data today showed U.S. industrial production unexpectedly declined in August for the first time in seven months as automakers slowed assembly lines.

In the Nasdaq 100 Index, the stocks with today’s 10 biggest declines were up an average of more than 220 percent since the end of 2012 through last week, according to data compiled by Bloomberg. Tesla had the biggest gain, rising 724 percent, followed by Netflix, which surged 414 percent over the 20-month stretch.

IPO Stocks

Stocks that recently went public were also among the hardest hit. The Bloomberg Initial Public Offering Index of 198 companies dropped 1.5 percent, the most since July. Twitter Inc. lost 5.2 percent to $49.38.

Alibaba Group Holding Ltd. plans to boost the price of its initial public offering amid strong investor demand, people with knowledge of the matter said. The company plans to increase the top end of a marketed price range to just below $70, from $66 previously, said one of the people, asking not to be identified discussing private information.

“Growth is being sold today with both hands, whether it’s nervousness over the Fed, or in order to raise funds for the Alibaba allocation,” Michael James, a Los Angeles-based managing director of equity trading at Wedbush Securities Inc., said by phone. “If I’m going to get a million shares of Alibaba, I need to have money to buy that. If I need to sell five other stocks to raise that money, I will.”

Tesla, Microsoft

Tesla fell 9.1 percent to $253.86. Morgan Stanley analyst Adam Jones said the shares are unlikely to appreciate “so consistently and one-directionally from here.” SolarCity Corp. (SCTY), the energy company that lists Elon Musk as its chairman, fell 9 percent, the biggest decline since May.

Microsoft Corp. lost 1 percent to $46.24 after agreeing to buy Mojang AB, the software company behind the popular game Minecraft, for $2.5 billion, in a bid to boost its Xbox and mobile business.

Molson Coors jumped 5.9 percent to $76. Credit Suisse Group AG said the company would be the best fit for an acquisition by SABMiller after its attempted purchase of Heineken was rebuffed by the company.

Relatively Attractive

Equities remain “relatively attractive” to bonds, according to Thomas Lee, the former JPMorgan Chase & Co. chief equity strategist. The S&P 500 will probably climb 5.9 percent to end the year at 2,100 while earnings for companies in the index will reach $118 per share, Lee wrote in his first note at Fundstrat Global Advisors, a new boutique research firm.

Pent-up investor demand and strengthened corporate and consumer balance sheets will fuel multi-year gains in U.S. stocks as investment spending and corporate profits expand, according to Lee.

The S&P 500 has closed at new highs 33 times in 2014 and less than 6 percent of companies in the index are in bear markets, data compiled by Bloomberg show. That contrasts with smaller companies in the Russell 2000, where more than 40 percent of stocks have fallen at least 20 percent from their peak in the last 12 months.

Economic data today showed output at factories, mines and utilities fell 0.1 percent after a 0.2 percent gain the prior month that was smaller than previously reported, figures from the Fed showed. The median forecast in a Bloomberg survey of 79 economists called for a 0.3 percent rise.

Fed Meeting

Federal Reserve members on Wednesday will announce rate policy in addition to a speech by Chair Janet Yellen. The central bank has said that its benchmark rate will stay low for a “considerable time” after it completes the monthly bond purchases.

Signs that China’s economy is slowing also contributed to losses among U.S. shares. The nation’s industrial output rose 6.9 percent from a year earlier in August, the statistics bureau said on Sept. 13, the slowest pace outside the Lunar New Year holiday period of January and February since December 2008, based on previously reported figures compiled by Bloomberg.

“The tail end of last week and then the start today has been primarily focused on weak industrial production numbers out of China that translated to weaker Europe and U.S.,” David Lyon, global investment specialist at JP Morgan Private Bank, which oversees nearly $1 trillion, said by phone from San Francisco.

To contact the reporters on this story: Oliver Renick in New York at orenick2@bloomberg.net; Joseph Ciolli in New York at jciolli@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

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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