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 Post subject: August 12th Wednesday Trade Results - Profit $8775.00
PostPosted: Wed Aug 12, 2015 7:56 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)
wrbanalysis@gmail.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 @ $650.00 dollars or +6.50 points, Emini ES ($ES_F) futures @ $8125.00 dollars or +162.50 points, Light Crude Oil CL ($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 @ $8775.00 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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free 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 in ##TheStrategyLab chat room 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=146&t=2145

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

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 Advance WRB Analysis Tutorial Chapters @ 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

Analysis -----> Trade Signals

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). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=269&t=2840 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, 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


4:15 pm: [BRIEFING.COM] The stock market ended the Wednesday session on a slightly higher note despite showing considerable weakness at the start of the trading day. The S&P 500 added 0.1% while the Nasdaq Composite (+0.2%) settled just ahead.

Equity indices faced selling pressure at the start after the overnight session featured another move to devalue China's yuan. Specifically, the People's Bank of China fixed the yuan 1.6% lower and then stepped in to support the currency late in the session. Following the intervention, the USD/CNY pair ended higher by 1.0% at 6.3870 while the continued tinkering with the exchange rate by the PBoC fueled a continuation of Tuesday's risk-off move across global markets.

The selling pressure persisted until the end of the European session with major equity indices across the old continent losing between 1.4% and 3.4%. Regional markets notched their session lows not long before the close, after Germany's Bild reported that the German government views the third Greek bailout package as insufficient. This was a noteworthy shift, considering just yesterday the market had believed the bailout agreement was all but complete. The eurogroup will attempt to extinguish the latest fire during a Friday meeting in Brussels.

Once equity markets in Europe closed, U.S. indices rallied steadily off their lows with the S&P 500 swiftly returning above its 200-day moving average (2,075). Thanks to the intraday recovery, seven sectors registered gains while three groups finished in the red, but above their early lows.

Most notably, the financial sector (-0.9%) finished well behind the broader market amid growing expectations the Fed may be inclined to delay its first rate hike past September due to the recent actions undertaken by the People's Bank of China. Sector heavyweights like Bank of America (BAC 17.52, -0.27), Citigroup (C 56.91, -0.73), and JPMorgan Chase (JPM 67.24, -0.99) narrowed their losses by the close, but still surrendered between 1.3% and 1.5%.

Another clue that suggested the market may be shifting its rate-hike expectations was the weakness in the Dollar Index (96.24, -0.99), which fell 1.0%, returning to levels last seen in mid-July. On a related note, Treasuries surged overnight, but retreated throughout the day, ending with slight gains. As a result, the benchmark 10-yr yield slipped one basis point to 2.13% after testing the 2.05% level in early morning action.

Outside of financials, consumer discretionary (-0.4%) and telecom services (-0.5%) ended in the red with retailers pressuring the discretionary sector, evidenced by a 0.5% slide in SPDR S&P Retail ETF (XRT 96.35, -0.51). On the earnings front, Fossil (FOSL 60.67, -1.44) lost 2.3% after missing revenue estimates and guiding fiscal-year 2015 earnings below analyst expectations.

On the upside, the energy sector (+1.9%) led the rebound while crude oil endured a volatile session, but settled higher by 0.3% at $43.23/bbl and continued climbing during electronic trading.

Elsewhere among cyclical sectors, technology (+0.5%) was largely responsible for the intraday rebound as the sector rallied behind Apple (AAPL 115.24, +1.75). The largest stock by market cap plunged 5.5% yesterday and opened lower by 3.5% today, but climbed to settle with a gain of 1.5%. In other tech names, there was plenty of strength among high-beta chipmakers with the PHLX Semiconductor Index climbing 0.6%. Cree (CREE 26.59, +1.39) was among the leaders, spiking 5.5% despite missing earnings estimates and reporting revenue in-line with its warning from June.

Similar to chipmakers, the high-beta biotech group outperformed during afternoon action, which contributed to the rebound. The iShares Nasdaq Biotechnology ETF (IBB 370.16, +2.99) climbed 0.8% while the broader health care sector tacked on 0.1%.

Today's session invited the strongest trading volume of the week with more than 910 million shares changing hands at the NYSE floor.

On the economic front, the June Job Openings and Labor Turnover Survey showed a decrease in openings to 5.249 million from 5.357 million while the Treasury Budget statement for June showed a deficit of $149.20 billion (Briefing.com consensus -$149.00 billion).

Tomorrow, weekly Initial Claims (Briefing.com consensus 271K), July Retail Sales (consensus 0.5%), and July Import/Export Prices will be reported at 8:30 ET while the June Business Inventories report (expected 0.3%) will be released at 10:00 ET.
Related Stories

InPlay from Briefing.com Briefing.com
Stock Market News for July 30, 2015 - Market News Zacks
Bond Market Update from Briefing.com Briefing.com
US STOCKS-Tech leads Nasdaq, S&P 500; Disney sparks media selloff Reuters
U.S. stocks end near session highs on hint of later rate hike MarketWatch

Nasdaq Composite +6.1% YTD
S&P 500 +1.3% YTD
Russell 2000 +0.3% YTD
Dow Jones Industrial Average -2.4% YTD

3:40 pm: [BRIEFING.COM]

Grains got hammered today on the monthly USDA WASDE report. Corn lost 4.9% to $3.69/bu, wheat dropped -2.6% to $4.94/bu and soybeans tanked -6.4% to $9.10/bu
The dollar index continued to trade in negative territory, which helped keep commodities mostly propped up, such as copper, precious metals and natural gas
However, natural gas has largely been driven by weather forecasts and oil has been driven by many variables, particularly the oversupply issues.
Today, Sept nat gas rallied 3% to $2.93/MMBtu.
Sept crude oil ended the session 0.3% higher to $43.23/barrel.
In current trade, gold, silver, copper and natural gas futures are all sitting near today's highs.
The dollar index is currently -1.1%.
Dec gold rose 1.4% today to $1123.70/oz, while Sept silver gained+1.2% at $15.48/bu. Copper climbed 1%.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session. Meanwhile, the Nasdaq Composite (+0.1%) has climbed above its flat line, completing a sharp rebound off its session low that was notched just ahead of 11:00 ET.

The tech-heavy index has galloped back to unchanged behind its top-component, Apple (AAPL 115.13, +1.64), which is now up 1.4% after being down 3.5% this morning. Similar to Apple, other large cap tech names like Intel (INTC 29.43, +0.46) and Microsoft (MSFT 46.73, +0.33) also trade in the green while biotech names outperform with iShares Nasdaq Biotechnology ETF (IBB 369.35, +2.18) trading higher by 0.6%.

The rebound in equities has been congruent with Treasuries sliding from their morning highs. The 10-yr note has narrowed its gain to just five ticks with its yield down one basis point at 2.13%.

2:30 pm: [BRIEFING.COM] The major averages hover near their rebound highs with the S&P 500 testing its 200-day moving average (2,075).

Today's JOLTS report supports a September rate hike.

The number of job openings declined to 5.249 mln in June from 5.357 mln in May, which was the most job openings since data started being collected in December 2000.

Despite the pullback in openings, the data is still consistent with a labor sector that is nearing full employment.

It seems businesses are having difficulties finding suitable workers to fill the large number of open jobs. That means firms will have to start raising wages to attract talent. Higher wages brings about higher inflation, which is a necessary condition for the Fed to raise rates.

2:00 pm: [BRIEFING.COM] The S&P 500 has narrowed its loss to 0.4% while the Nasdaq (-0.1%) now trades just below its flat line.

The Treasury Budget statement for July was just released and it showed a deficit of $149.20 billion (Briefing.com consensus -$149.00 billion). The Treasury data are not seasonally adjusted so the July deficit cannot be compared to the $51.80 billion surplus recorded in June.

1:35 pm: [BRIEFING.COM] The major U.S. indices continue their recovery as they work the way towards small losses despite being down notably earlier in the session.

A look inside the Dow Jones Industrial Average shows JP Morgan (JPM 64.57, -1.66), Nike (NKE 112.30, -2.16) and Boeing (BA 141.31, -2.74) are underperforming. JPMorgan is the worst-performing Dow component amid a decline in treasuries and the expectation a rate raise will occur this year, as it and its financial peers are having the worst sector performance on the day.

Conversely, Apple (AAPL 114.88, +1.39) is the best-performing Dow component as fear of impacts of a weaker Yuan subside.

Despite today's meaningful bounce off earlier lows, the DJIA is still down 0.49% this week and 2.28% in August.

In other developments, the $24 bln 10-year auction at the top of the hour drew a high-yield of 2.115% on a bid-to-cover of 2.4.

1:00 pm: [BRIEFING.COM] The major averages trade in the red at midday, but they have recovered nearly half of their early losses. The S&P 500 remains lower by 0.8% while the Nasdaq Composite (-0.9%) underperforms.

Equity indices have faced selling pressure since the start after the overnight session featured another move to devalue China's yuan. To that point, the People's Bank of China fixed the yuan 1.6% lower and then stepped in to support the currency late in the session, resulting in a 1.0% increase in USD/CNY that sent the pair to 6.3870.

The continued tinkering with the exchange rate by the PBoC has fueled a continuation of yesterday's risk-off move. Major equity indices across Europe lost between 1.4% and 3.4%, notching session lows after Greece-related developments added to the macroeconomic concerns. Specifically, Germany's Bild reported that the German government views the third Greek bailout package as insufficient. This represents a change from yesterday when the market had believed the bailout agreement was all but complete.

Eight of ten sectors trade in negative territory at midday while energy (+0.9%) and utilities (+1.2%) outperform. The energy sector is rebounding from recent weakness as crude oil tries to stay above its flat line. Currently, the energy component is higher by 0.2% at $43.17/bbl after sliding from an early morning high near $43.75/bbl.

For its part, the countercyclical utilities sector has benefited from strength in the Treasury market that has sent the 10-yr yield lower by three basis points to 2.11%. Furthermore, the strength in Treasuries could be indicative of slowly-shifting rate-hike expectations among market participants. That view is bolstered by the fact that financials (-1.7%) underperform with the likes of Bank of America (BAC 17.27, -0.52), Citigroup (C 56.36, -1.28), and JPMorgan Chase (JPM 66.38, -1.86) down between 2.2% and 2.9%.

Elsewhere among influential sectors, technology (-0.6%) has climbed ahead of the broader market after showing relative weakness earlier. The sector's rebound has been supported by shares of Apple (AAPL 114.31, +0.82) as the tech heavyweight reversed from an earlier to loss to its current gain of 0.6%.

Economic data released this morning was limited to the June Job Openings and Labor Turnover Survey, which showed a decrease in openings to 5.249 million from 5.357 million.

The Treasury Budget for July (Briefing.com consensus -$149.00 billion) will be reported at 14:00 ET.

12:30 pm: [BRIEFING.COM] Equity indices continue ranging in the neighborhood of their session lows with the S&P 500 (-1.0%) trading nearly 15 points below its 200-day moving average (2,075) after sliding from that level at the start of the session.

Furthermore, today's retreat puts the S&P 500 back at levels last seen at the beginning of July when the index was also battling with its 200-day moving average. These tests have become more frequent over the past six weeks after the S&P 500 had traded above its 200-day average since late October.

Elsewhere, Treasuries continue holding half of their gains with the benchmark 10-yr yield down four basis points at 2.10%.
Related Quotes

12:00 pm: [BRIEFING.COM] The major averages remain near their recent levels with the S&P 500 (-1.3%) just ahead of the Dow Jones Industrial Average (-1.4%) and Nasdaq Composite (-1.6%).

Eight sectors trade in negative territory while energy (+0.1%) and utilities (+1.1%) hover in the green. The energy sector hovers near its flat line, which is also the case with crude oil. The energy component currently sits at $43.09/bbl after sliding from its early morning high in the $43.75/bbl area.

On the downside, the telecom services sector (-2.2%) is the weakest performer, but more notably, the financial sector (-2.1%) trades well behind other groups. Bulge bracket names are among the soft spots in the financial sector, suggesting rate-hike expectations may be changing. As a result, the likes of Bank of America (BAC 17.26, -0.53), Citigroup (C 56.17, -1.47), and JPMorgan Chase (JPM 66.21, -2.02) hold losses between 2.6% and 3.0%.

11:30 am: [BRIEFING.COM] Equity indices trade above their session lows with the Nasdaq Composite (-1.2%) having spent the past 30 minutes in a steady rally off its worst level of the day, recovering about 25 points in the process.

One of the reasons behind the lively rebound is an even more lively rebound in the shares of Apple (AAPL 113.79, +0.29) with the stock now up 0.3% for the day. The tech giant surrendered 5.5% yesterday, and was down as much as 3.5% today, prior to the recent recovery. Meanwhile, S&P technology sector (-1.0%) trades just ahead of the S&P 500 (-1.1%).

Similar to technology, eight other sectors trade in the red while the rate-sensitive utilities sector (+1.0%) outperforms, drawing strength from lower Treasury yields (10-yr yield -4 bps at 2.10%).

11:05 am: [BRIEFING.COM] The major averages have added to their losses with the S&P 500 now down 1.3% while the Nasdaq Composite (-1.6%) continues showing relative weakness.

Shortly after our 10:00 ET update, German tabloid Bild reported that the German government views the 3rd Greek bailout package as insufficient. This is noteworthy because just yesterday, the market believed the bailout agreement was all but complete. The news sent Germany's DAX (-3.2%) for another leg down to early July levels, and has added another divot to an increasingly uneven macroeconomic landscape.

U.S. Treasuries have spent the past hour in a steady climb into the middle of today's range with the 10-yr yield down five basis points at 2.09%.

10:40 am: [BRIEFING.COM]

The dollar index has seen a steady sell-off all morning, following overnight headlines indicating further Chinese devaluation of the Yuan.
Continued devaluation has caused the market to focus this morning on the possibility of a delayed rate hike by the Fed, which is causing selling pressure in the USD
The index is now trading lower, which is lending additional support to positive safe-haven trading in gold.
Precious metals are currently extending their earlier currency-movement gains, with gold +1.2% to $1120.50/oz and silver +1.4% to $15.51/oz
Crude traded off a multitude of supply and demand catalysts earlier this session, most notably, expectations for EIA inventory to show a draw of ~2 mln barrels
Negative Chinese demand sentiment, and reports by OPEC and the IEA (both forecasting a near-term increase in oil demand) also contributed to early movements in WTI
Upon release of the EIA weekly storage inventory report data, which showed a draw of 1.7 mln barrels, crude fell to new lows and is now +0.1% to $43.17/barrel
Natural gas is also seeing strength on forecasts for increasingly warm near-term national weather and ahead of tomorrow's EIA inventory report release
The September contract is now +1.8% to $2.90/MMBtu
Copper is moderately positive for the session at +0.9% to $2.35/oz
In the shipping space, drybulk shipping rates, as measured by the Baltic Dry Index (BDI) fell 6% overnight, which was purely driven by a sharp decline in capesize rates
Capesize rates dropped 15% overnight to $15,266/day, which matters to commodities since capesize is one of the largest ships carrying dry commodities
The top three commodities these ships transport over the oceans is iron ore, thermal coal and grains

10:00 am: [BRIEFING.COM] Equity indices remain pressured with the Nasdaq Composite (-1.2%) trailing the S&P 500 (-1.0%).

Shares of Apple (AAPL 110.92, -2.57) have done some damage to the tech-heavy Nasdaq as the top-weighted component trades lower by 2.2% after falling 5.5% yesterday. As a result, the stock is now back to levels seen in late January as concerns about the company's growth prospects in China take hold.

Elsewhere, high-beta chipmakers also underperform (PHLX Semiconductor Index -1.8%) while biotechnology has held up relatively well with iShares Nasdaq Biotechnology ETF (IBB 366.19, -0.98) trading lower by 0.3%.

9:45 am: [BRIEFING.COM] The stock market began the trading day under broad selling pressure with the S&P 500 (-0.9%) sliding below its 200-day moving average (2075) with eight sectors taking part in the retreat while energy (+0.6%) and utilities (+0.3%) outperform.

On the downside, four of the eight decliners show losses of 1.0% or more with top-weighted technology (-1.1%), financials (-1.4%), and consumer discretionary (-1.4%) leading the retreat. Those sectors deserve close attention as the morning continues, considering they account for nearly 50.0% of the entire market.

The early selling interest has been far-reaching with declining issues outpacing advancers by a 3:1 margin.

Elsewhere, Treasuries have been dripping lower from their early morning highs with the 10-yr yield now down two basis points at 2.12%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -16.30. Nasdaq futures vs fair value: -31.20. The stock market is on track for a lower open as S&P 500 futures trade 16 points below fair value after an overnight session that featured another sharp move in China's yuan, which sent the currency lower by 1.0% against the dollar to 6.3870.

With the yuan back to levels last seen in October 2012, global investors have employed caution. As a result, key markets across Europe are down between 1.2% (UK) and 2.5% (France) on top of yesterday's losses.

Domestically, S&P 500 futures have erased roughly half of their initial decline while Treasuries have backed away from their highs, but the 10-yr note continues trading in the green with its yield down three basis points at 2.11%.

Also of note, the Dollar Index (96.36, -0.88) has marched lower as currency traders show increasing doubt that the Federal Reserve will be ready to raise rates in September given the implications of the yuan devaluation.

On the corporate front, Alibaba Group (BABA 72.70, -4.64) is on track to open lower by 6.1% in reaction to a one-cent beat on below-consensus revenue. That said, the company announced a $4 billion share buyback. Meanwhile, Fossil (FOSL 57.02, -5.09) is down 8.2% in pre-market after missing revenue estimates and guiding fiscal-year 2015 earnings below analyst expectations.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: -13.40. Nasdaq futures vs fair value: -28.30. The S&P 500 futures trade 13 points below fair value.

It was a sea of red across the Asia-Pacific region as equity markets remained on the defensive following another big jolt of weakness in the yuan that perpetuated Tuesday's concerns about competitive devaluation. A batch of weaker than expected data out of China didn't help matters globally as that perpetuated concerns about the country's economic slowdown and end demand in general.

In economic data:
China's July Industrial Production +6.0% year-over-year (expected +6.6%; prior +6.8%), July Fixed Asset Investment +11.2% year-over-year (expected +11.5%; prior +11.4%), and July Retail Sales +10.5% year-over-year (expected +10.6%; prior +10.6%)
Japan's June Industrial Production +1.1% month-over-month (expected +0.8%; prior +0.8%), June Capacity Utilization +0.7% month-over-month (prior -3.0%), and Tertiary Industry Activity Index +0.3% month-over-month (expected +0.1%; prior -0.7%). Separately, July CGPI -0.2% month-over-month (expected -0.1%; prior -0.2%); -3.0% year-over-year (expected -2.9%; prior -2.4%)
South Korea's July Unemployment Rate 3.7% (expected 3.9%; prior 3.9%) and August M2 Money Supply +9.7% (prior +9.5%)
Australia's August Westpac Consumer Sentiment 7.8% (prior -3.2%) while Q2 Wage Price Index +0.6% quarter-over-quarter (expected +0.6%; prior +0.5%); +2.3% year-over-year (expected +2.3%; prior +2.3%)

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Japan's Nikkei declined 1.6%, led lower by the industrials (-2.0%), materials (-2.0%), technology (-2.0%), and consumer staples (-1.9%) sectors. The biggest laggards were JFE Holdings (-7.1%), SCREEN Holdings (-6.5%), and Kobe Steel (-6.1%). Unitika (+7.7%), Pioneer Corp (+5.3%), and Furukawa (+2.9%) topped the list of winners. Out of the 225 index members, 33 ended higher, 189 finished lower, and 3 were unchanged.
Hong Kong's Hang Seng declined 2.4% in a trend-down day. Property stocks comprised a notable point of weakness. China Overseas Land & Investment (-8.3%), China Resources Land (-8.0%), and BOC Hong Kong Holdings (-7.8%) were the worst-performing issues. Li & Fung (+2.8%) and CLP Holdings (+1.3%) were the only stocks to gain in excess of 1.0%. Out of the 50 index members, 5 ended higher, 42 finished lower, and 3 were unchanged.
China's Shanghai Composite declined 1.1% after succumbing to a bout of selling interest in the last hour of trading. The weakness followed weaker than expected results for the July industrial production, fixed asset investment, and retail sales reports that fed concerns about the economic slowdown in China. Losses were held in check most likely by the assumption that the soft data increase the likelihood of additional policy stimulus.

Major European indices trade lower across the board with France's CAC (-2.5%) leading the slide. Elsewhere, Germany's government is reportedly looking at ways that would enable the eurozone to guarantee Greece's obligations to the International Monetary Fund, thus eliminating the need for debt relief that has been requested by the IMF.

Economic data was limited:
Eurozone June Industrial Production -0.4% month-over-month (expected -0.2%; prior -0.4%); +1.2% year-over-year (consensus 1.5%; last 1.6%)
UK's June Average Earnings Index + Bonus +2.4% year-over-year (consensus 2.8%; prior 3.2%) while July Claimant Count -4,900 (expected +1,500; prior +200). Separately, the Unemployment Rate held at 5.6%, as expected
France's June Current Account surplus expanded to EUR1.00 billion from EUR200 million, as expected
Italy's June trade surplus narrowed to EUR2.81 billion from EUR4.14 billion (expected surplus of EUR3.98 billion)
Swiss August ZEW Expectations increased to 5.9 from -5.4

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UK's FTSE is lower by 1.2% with more than 90% of its components trading in the red. Miner Glencore is the weakest performer, down 5.8%, while consumer names also lag with Unilever, Burberry, Tesco, Morrison Supermarkets, and J Sainsbury showing losses between 2.0% and 4.1%. On the upside, BP has climbed 0.4%.
Germany's DAX trades down 2.4% amid broad weakness. Exporters paced yesterday's tumble and the same names are back among today's laggards with BMW, Daimler, and Volkswagen down between 2.6% and 4.0%.
In France, the CAC has given up 2.5% amid losses in all 40 components. Similar to Germany, exporters underperform with Airbus, Peugeot, Louis Vuitton, and L'Oreal down between 3.7% and 4.0%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -13.60. Nasdaq futures vs fair value: -32.10. U.S. equity futures remain under pressure, but they have been climbing off their lows throughout the morning. The S&P 500 futures notched their lows around 5:00 ET and hovered near those levels for about an hour before recovering 12 points over the past two hours.

Similarly, U.S. Treasuries also marked their highs during early morning action before slipping from their highs. Still, the 10-yr note continues holding a solid gain with its yield down four basis points at 2.10% after dipping below 2.05% earlier this morning.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -14.10. Nasdaq futures vs fair value: -31.80. U.S. equity futures have faced overnight selling pressure after the People's Bank of China devalued the yuan for the second consecutive day, sending the USD/CNY pair higher by 1.0% to 6.3870. Just like yesterday, the news has weighed on global equity markets with S&P 500 futures trading 14 points below fair value at this juncture.

Treasuries have rallied, but they trade a bit below their highs with the 10-yr yield down three basis points at 2.11%.

The weekly MBA Mortgage Index ticked up 0.1% to follow last week's 4.7% spike.

A couple more data points will be reported today with the June Job Openings and Labor Turnover Survey set to be released at 10:00 ET while the Treasury Budget for July (Briefing.com consensus -$149.00 billion) will be reported at 14:00 ET.

In U.S. corporate news of note:

Alibaba Group (BABA 73.51, -3.83): -5.0% in reaction to a one-cent beat on below-consensus revenue. In addition, the company announced a $4 billion share buyback.
Fossil (FOSL 56.80, -5.31): -8.6% after missing revenue estimates and guiding fiscal-year 2015 earnings below analyst expectations.

Reviewing overnight developments:

Asian markets ended lower. Hong Kong's Hang Seng -2.4%, China's Shanghai Composite -1.1%, and Japan's Nikkei -1.6%
In economic data:
China's July Industrial Production +6.0% year-over-year (expected +6.6%; prior +6.8%), July Fixed Asset Investment +11.2% year-over-year (expected +11.5%; prior +11.4%), and July Retail Sales +10.5% year-over-year (expected +10.6%; prior +10.6%)
Japan's June Industrial Production +1.1% month-over-month (expected +0.8%; prior +0.8%), June Capacity Utilization +0.7% month-over-month (prior -3.0%), and Tertiary Industry Activity Index +0.3% month-over-month (expected +0.1%; prior -0.7%). Separately, July CGPI -0.2% month-over-month (expected -0.1%; prior -0.2%); -3.0% year-over-year (expected -2.9%; prior -2.4%)
South Korea's July Unemployment Rate 3.7% (expected 3.9%; prior 3.9%) and August M2 Money Supply +9.7% (prior +9.5%)
Australia's August Westpac Consumer Sentiment 7.8% (prior -3.2%) while Q2 Wage Price Index +0.6% quarter-over-quarter (expected +0.6%; prior +0.5%); +2.3% year-over-year (expected +2.3%; prior +2.3%)
In news:
China's second consecutive devaluation of the yuan represented the lowest fix since October 2012 and took place shortly before the release of aforementioned economic data that missed expectations

Major European indices trade lower across the board. UK's FTSE -1.2%, Germany's DAX -2.3%, and France's CAC -2.5%. Elsewhere, Italy's MIB -2.2% and Spain's IBEX -1.7%
Economic data was limited:
Eurozone June Industrial Production -0.4% month-over-month (expected -0.2%; prior -0.4%); +1.2% year-over-year (consensus 1.5%; last 1.6%)
UK's June Average Earnings Index + Bonus +2.4% year-over-year (consensus 2.8%; prior 3.2%) while July Claimant Count -4,900 (expected +1,500; prior +200). Separately, the Unemployment Rate held at 5.6%, as expected
France's June Current Account surplus expanded to EUR1.00 billion from EUR200 million, as expected
Italy's June trade surplus narrowed to EUR2.81 billion from EUR4.14 billion (expected surplus of EUR3.98 billion)
Swiss August ZEW Expectations increased to 5.9 from -5.4
Among news of note:
The German government is reportedly looking at ways that would enable the eurozone to guarantee Greece's obligations to the International Monetary Fund, thus eliminating the need for debt relief that has been requested by the IMF

5:48 am: [BRIEFING.COM] S&P futures vs fair value: -21.90. Nasdaq futures vs fair value: -47.10.

5:48 am: [BRIEFING.COM] Nikkei...20392.77...-328.00...-1.60%. Hang Seng...23916.02...-582.20...-2.40%.

5:48 am: [BRIEFING.COM] FTSE...6568.51...-95.90...-1.40%. DAX...11026.58...-267.10...-2.40%.

Special thanks to Bloomberg, Briefing, 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
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