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 Post subject: September 18th Friday Trade Results - Profit $3625.00
PostPosted: Fri Sep 18, 2015 2:31 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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3625.00 dollars or +72.50 points, Light Crude Oil CL ($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 @ $3625.00 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=147&t=2174

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=271&t=2883 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


4:10 pm: [BRIEFING.COM] The stock market ended the week on a broadly lower note. The S&P 500 lost 1.6%, surrendering 0.2% for the week, while the Nasdaq (-1.4%) outperformed, finishing the week higher by 0.1%.

Equity indices spent the entire Friday session in the red after heavy selling in the futures market ensured a lower start. The overnight weakness in futures was accompanied by a retreat in Europe as investors shied away from risk assets amid the persistent uncertainty. On one hand, Greece will vote for a new parliament on Sunday and it is unclear whether the potential transition of power will upset the bailout agreement with eurozone creditors. On the other hand, yesterday's FOMC decision to hold the policy line has re-invited the rate-hike uncertainty that had pressured equity markets going into the September meeting. The uncertainty remains in place because Fed Chair Yellen, in her press conference, maintained that FOMC members are still looking to raise rates before the year ends.

Today's retreat in stocks was accompanied by a rally in the Treasury market. The 10-yr note climbed throughout the day, pressuring its yield nine basis points to a two-week low of 2.13%.

All ten sectors ended in the red with cyclical groups leading the decline. The energy sector (-2.7%) spent the day well behind its peers as crude oil surrendered its weekly gain, ending today's pit session lower by 4.7% at $44.68/bbl.

Elsewhere, heavily-weighted financials (-1.9%) and industrials (-2.2%) also underperformed throughout the day, limiting the market's brief rebound attempt in the late morning. The likes of Citigroup (C 50.29, -1.36) and JPMorgan Chase (JPM 60.94, -1.71) both lost near 2.7%, responding to the prospect of lower rates for longer.

All things considered, the S&P 500 could have suffered a larger decline, but the top-weighted technology sector (-1.3%) showed some slight relative strength, thanks to Apple (AAPL 113.45, -0.47), which shed 0.4%. Another tech sector member, Adobe Systems (ADBE 81.25, +0.94), also fared better than the broader market, climbing 1.2% after reporting a bottom line beat and issuing cautious guidance.

With overall uncertainty running high, volatility protection was in demand, evidenced by a two-point spike in the CBOE Volatility Index (VIX 22.84, +1.70). Today's participation was well above average, largely thanks to quadruple witching. As a result, more than 2.1 billion shares changed hands at the NYSE floor.

Economic data was limited to the Leading Indicators report, which increased 0.1% in August after an upward revision made the growth rate flat (from -0.2%) in July. The Briefing.com Consensus expected the index to increase 0.2%.

On Monday, the Existing Home Sales report for August will be released at 10:00 ET (Briefing.com consensus 5.50 million).

Nasdaq Composite +1.9% YTD
Russell 2000 -3.3% YTD
S&P 500 -4.9% YTD
Dow Jones Industrial Average -8.1% YTD

Week in Review: Fed Holds Pat

The stock market began the week on a lower note with the S&P 500 surrendering 0.4% while the Nasdaq Composite (-0.3%) outperformed slightly. Overall, the Monday affair was very quiet with many investors sticking to the sidelines ahead of Thursday's FOMC policy announcement. To that point, fewer than 800 million shares changed hands at the NYSE floor versus a 20-day average of 984 million. A cautious tone was set during overnight action after China and Japan both released disappointing industrial production reports. Equity bulls attempted to turn the tide during European action, but their efforts were not successful with the selling spilling into the U.S. session. The key indices hit their lows shortly after 13:00 ET and remained near those levels until the close. Nine sectors registered losses while the utilities space (+0.3%) eked out a slim gain, which was aided by strength in Treasuries that sent the 10-yr yield lower by two basis points to 2.17%.

The market raced higher on Tuesday with the Dow Jones Industrial Average (+1.4%) pacing the advance while the S&P 500 (+1.3%) followed not far behind. Thanks to the broad-based rally, the S&P 500 erased all of its decline from Monday and then some, settling at its best level since August 28. Although the Tuesday tone differed greatly from Monday, it is worth noting that trading volume remained relatively light with 760 million shares changing hands at the NYSE floor. That total represented a notable decline from the 20-day average of more than a billion shares as some investors continued sticking to the sidelines ahead of Thursday's policy statement from the Fed and a potential fed funds rate hike. The rally began in the futures market shortly after the release of the Retail Sales report for August, which came in just below expectations (+0.2%; Briefing.com consensus +0.3%); however, core sales increased 0.5%, suggesting the presence of some underlying consumption strength. Stocks followed the report's release with a rally while Treasuries began a daylong retreat. The 10-yr note settled on its low with its yield higher by nine basis points at 2.28%.

The major averages strung together their second consecutive advance on Wednesday with the S&P 500 climbing 0.9%. The benchmark index extended its weekly gain to 1.7% while the Nasdaq Composite (+0.6%) underperformed, but still brought its week-to-date advance up to 1.4%. Equities spent the first hour of the day near their flat lines before racing higher alongside the energy sector (+2.8%), which had shown relative strength from the start. That strength was closely linked to the buying surge in crude oil futures that sent the energy component higher by 5.8% to $47.15/bbl. A significant portion of the rally developed after the release of the weekly EIA inventory report, which showed a draw of 2.104 million barrels.

Thursday ended on a lower note after the Federal Reserve made no changes to its policy stance. The S&P 500 shed 0.3% while the Nasdaq Composite (+0.1%) outperformed throughout the day. FOMC days are known for afternoon volatility and the Thursday affair lived up to that billing even though the policy statement from the Federal Reserve was virtually a carbon copy of the previous directive. The FOMC acknowledged positive labor market conditions in the U.S., but indicated that concerns related to an economic slowdown in China have outweighed the domestic positives. Ms. Yellen stressed that these developments have weighed on the inflation outlook, contributing to the decision to maintain status quo.

3:15 pm: [BRIEFING.COM]

The dollar index was pressed to session lows (near 94.1) in early trade, following the Fed's decision to delay a hike in the Fed Funds rate.
However, the dollar gradually reversed that early trend and saw a strong rally going into the afternoon- which put notable selling pressure on both WTI and copper.
The index is now +0.5% to 95.16
Crude got pummeled all session, initially selling off on bearish global commentary by the Fed and headlines implying that Kuwaiti officials are supportive of current OPEC policies
The initial sell-off was exacerbated by the dollar's reversal (not seeing much move on a BHI rig count decline of 6 to 842) and closed -4.8% to $44.69/barrel
Natural gas meanwhile, saw an extension of the morning's sell-off and closed near its LoD at -1.5% to $2.61/MMBtu
Precious metals held strong morning gains all day, with gold closing up 1.9% to $1137.70/oz and silver closing at +1.1% to $15.16/oz
Copper was beaten up overnight and throughout the day, largely on a stronger dollar and the waning of under-supply concern (associated with the resumption of production by Chilean copper giant Codelco). Copper closed at -2.8% to $2.39/lb

2:55 pm:

[BRIEFING.COM] The S&P 500 trades lower by 1.5% with one hour remaining in the Friday session. Because of today's decline, the index has returned to unchanged for the week.

All ten sectors enter the final hour with losses. The energy sector (-2.7%) remains well behind other groups. Crude oil has kept the commodity-sensitive sector under pressure, ending the pit session lower by 4.7% at $44.68/bbl.

Today's selling has invited demand for volatility protection, evidenced by the CBOE Volatility Index (VIX 22.86, +1.72) which has climbed nearly two points.

2:25 pm:

[BRIEFING.COM] The major averages are back near their opening levels with the S&P 500 trading lower by 1.2%. Equity indices tried to stage a rebound during morning action, but that effort has been met with renewed selling pressure in the afternoon.

Yesterday, the Federal Reserve held the fed funds target rate at 0-0.25% in order to avoid upsetting capital markets, but during her press conference, Fed Chair Yellen insisted that FOMC members are still looking to raise rates before the year ends. As a result, market participants are once again left guessing about the timing of the first rate hike in nine years.

Treasuries have climbed to new highs not long ago with the 10-yr yield now down eight basis points at 2.14%.

2:00 pm:

[BRIEFING.COM] The major averages have slid to new session lows.

The leading economic indicators continued their run positive prints in August.

The Conference Board's Leading Economic Index increased 0.1% in August after an upward revision made the growth rate flat (from -0.2%) in July. The Briefing.com Consensus expected the index to increase 0.2%.

Since 8 of the 10 components of the index are known prior to the release, the difference between the consensus forecast and the actual result is typically minor.

In this case, a small expected decline in manufacturer orders of nondefense capital goods excluding aircraft was the likely cause for the discrepancy.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have taken another leg down since our last update as traders further interpret yesterday's Fed decision and commentary.

A look inside the Dow Jones Industrial Average shows that Goldman Sachs (GS 180.66, -5.79), Merck & Co (MRK 52.45, -1.51), and JPMorgan (JPM 60.94, -1.71) are underperforming. Goldman and JPMorgan are weak amid financial peers as treasury yields decline following yesterday's Fed decision to maintain interest rates at current levels.

Conversely, Apple (AAPL 113.66, -0.26) is the best-performing Dow component. A WSJ article this morning reported that the tech giant was nearing a launch of its Apple Pay service in China.

As we near the end of the trading session, the DJIA is now sporting losses for the week and the month, declining 0.03% and 0.6% respectively.

12:55 pm:

[BRIEFING.COM] The major averages hold broad-based losses at midday with the S&P 500 trading lower by 1.2% while the Nasdaq (-0.9%) outperforms.

Equities began the Friday session on a lower note after risk aversion set in during European trading hours. There was no convenient explanation for the notable decline, which was likely the result of continued uncertainty surrounding the markets. Over the weekend, Greece will elect a new government with polls suggesting dead heat between ruling Syriza and New Democracy. Meanwhile, yesterday's FOMC decision to hold the policy line has reintroduced the rate-hike uncertainty that had weighed on the market going into the September meeting.

Today's retreat in stocks has coincided with a rally in the Treasury market, sending the 10-yr yield lower by seven basis points to 2.15%. The 10-yr note has been on a tear since yesterday's FOMC policy announcement, erasing its losses from Tuesday and Wednesday. As a result, the benchmark yield is on course to shed four basis points for the week.

All ten sectors display midday losses with utilities (-0.3%) showing the slimmest loss while the remaining groups are down between 0.7% (consumer staples) and 2.1% (energy). The energy sector has surrendered the bulk of its gain from this week while crude oil has done the same. Currently, WTI crude trades down 3.5% at $45.24/bbl, narrowing this week's gain to 1.4%.

Elsewhere, heavily-weighted financials (-1.7%) and industrials (-1.6%) have been pressured by their largest components with the likes of Citigroup (C 50.40, -1.25), JPMorgan Chase (JPM 61.02, -1.63), and General Electric (GE 24.81, -0.55) down between 2.2% and 2.6%.

On the earnings front, Adobe Systems (ADBE 81.13, +0.82) has bucked the general market trend, trading higher by 1.0% after reporting a bottom-line beat and issuing cautious guidance.

Economic data was limited to the Leading Indicators report, which increased 0.1% in August after an upward revision made the growth rate flat (from -0.2%) in July. The Briefing.com Consensus expected the index to increase 0.2%.

12:25 pm:

[BRIEFING.COM] Recent action saw the major averages slide from their rebound highs with the S&P 500 (-1.2%) returning near its opening mark.
Related Quotes

With the benchmark index back near its session low, all ten sectors are now in the red, including the utilities space (-0.1%), which has turned lower after showing relative strength at the start of the session. The utilities sector remains ahead of the other nine groups while energy (-1.9%) brings up the rear.

11:55 am:

[BRIEFING.COM] The stock market has continued its laborious rebound off session lows with the Nasdaq Composite (-0.4%) trading ahead of the Dow Jones Industrial Average (-0.8%) as large cap technology names display slimmer losses than the broader market.

Despite their current losses, the major averages remain on course to end the week with gains with the Nasdaq Composite tracking a 1.1% gain for the week while the S&P 500 has added 0.8% since last Friday.

Elsewhere, Treasuries were down for the week through Wednesday, but a rally that began following yesterday's FOMC statement has the benchmark yield down six points at 2.16% today, which represents a three-basis point decline for the week.

11:25 am:

[BRIEFING.COM] The key indices have ticked up off their lows with nine sectors trimming their early losses. That being said, the move off session lows has not been particularly strong with cyclical sectors showing relative weakness.

The top-weighted technology sector (-0.6%) has stayed ahead of the S&P 500 (-0.9%), but other influential groups like financials (-1.3%) and industrials (-1.3%) have kept the market under pressure since the early going.

Elsewhere, crude oil has slipped from its recent levels, widening its decline to 3.0% at $45.50/bbl.

10:50 am:

[BRIEFING.COM] Equity indices have ticked up off their lows, but they continue holding the bulk of their losses. The S&P 500 is lower by 1.0% with the energy sector (-1.6%) trading behind other groups amid weakness in crude oil.

At this juncture, the energy component remains lower by 2.2% at $45.84/bbl after testing the $45.15/bbl area earlier this morning.

Elsewhere, the industrial sector (-1.5%) has suffered from weakness among transport stocks with the Dow Jones Transportation Average down 1.6%.

10:35 am: [BRIEFING.COM]

The Fed's decision yesterday to not raise the Fed Funds rates, and Janet Yellen's commentary thereafter, has been a primary driver of commodities so far today
The dollar trended sharply lower in early trade, but has reversed course currently and now stands modestly positive at +0.2% to 94.78 -following a bounce from session lows near the 94.1 level
Precious metals have been strong all morning, trading independent from movement's in the dollar, with both gold and silver seeing recent extensions of their rally
As risk-off trades continue to fuel gains in precious metals (amidst market uncertainty regarding monetary policy) gold is +1.8% to $1137.10/oz and silver is +1.6% to $15.22/oz
Crude has sold off from near flat overnight, driven by bearish global demand sentiment (emanating from Fed commentary yesterday) and headlines that indicate Kuwait sees a natural path to oil market balance-somewhat justifying OPEC's current price-pressing initiatives.
Also noteworthy for Brent: Russia issued commentary overnight that it may be willing to be proactive in supporting prices (through output cuts) near $40/barrel
WTI is snow holding solid losses for the session, at -2.3% to $45.84/barrel
Nat gas is solidly lower at -0.6% to $2.64/MMBtu following yesterday's inventory data and calls for cooler prevailing weather trends
Copper is pulling back from yesterday's modest gains, driven peripherally by the re-commencement of operations by the Chilean producer Codelco
December copper is now -2.4% to $2.39/lb

10:00 am:

[BRIEFING.COM] The major averages remain near their opening lows with the S&P 500 down 1.3% while the Dow Jones Industrial Average (-1.6%) underperforms.

Cyclical sectors display relative weakness with energy (-2.2%), financials (-1.8%), and industrials (-1.6%) trading behind their peers.

Just released, the Leading Indicators report for August was up 0.1% while the Briefing.com consensus expected an increase of 0.2%.

9:45 am:

[BRIEFING.COM] The stock market has stumbled out of the gate with the Dow Jones Industrial Average (-1.3%) pacing the early slide while the Nasdaq (-1.0%) and S&P 500 (-1.0%) trade a bit ahead.

The early selling has been far-reaching with nine sectors down between 0.5% (consumer staples) and 1.8% (energy) while the utilities space hovers just above its flat line. Furthermore, more than six NYSE listings trade in the red for each advancer.

Treasuries continue hovering near their highs with the 10-yr yield down six basis points at 2.16%.

The Leading Indicators report for August (Briefing.com consensus 0.2%) will be released at 10:00 ET.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -30.50. Nasdaq futures vs fair value: -60.50.

The stock market is on track for a sharply lower open with S&P 500 futures trading 31 points below fair value.

Index futures held their ground through the Asian session, but slid to lows after European markets opened for the day. Since then, it has been a struggle for the futures market to find an area of support.

The retreat in futures has been accompanied by strength in the Treasury market, sending the 10-yr yield lower by six basis points to 2.16%. The benchmark note has made a quick turnaround during the past two days and its yield is now on track to end the week lower by three basis points.

This morning has been very quiet on the corporate front, but it is worth noting that Adobe Systems (ADBE 78.45, -1.86) is on course to open lower by 2.3% after cautious guidance overshadowed its bottom-line beat.

Today's economic data will be limited to the 10:00 ET release of the Leading Indicators report for August (Briefing.com consensus 0.2%).

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -22.50. Nasdaq futures vs fair value: -45.50.

The S&P 500 futures trade 23 points below fair value.

Markets in the Asia-Pacific region were mostly higher on Friday, getting a bump from the Federal Reserve's decision to leave the target range for the federal funds rate unchanged and word that home prices in China increased for the fourth straight month. Japan (-2.0%) was the notable exception, as it fell sharply with a stronger yen pressuring its performance.

In economic data:
China's August House Prices +0.3% month-over-month (prior +0.3%); -2.3% year-over-year (prior -3.7%)
South Korea's August PPI -0.5% month-over-month (prior -0.4%); -4.4% year-over-year (prior -4.0%)

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Japan's Nikkei declined 2.0% and closed on its lows for the session. A stronger yen reportedly contributed to the selling pressure as export-oriented stocks were on the defensive. Pacing the retreat were the financials (-3.4%), industrials (-2.8%), and materials (-2.8%) sectors. Sompo Japan Nipponkoa Holdings (-6.4%), Dia-ichi Life Insurance Co (-6.2%), and JFE Holdings (-5.4%) were the worst-performing issues. KDDI Corp (+4.4%), Pioneer Corp (+3.7%), and Seven & I Holdings (+1.8%) led a small group of winners. Out of the 225 index members, 11 ended higher, 213 finished lower, and 1 was unchanged. For the week the Nikkei declined 1.1%.
Hong Kong's Hang Seng increased 0.3%, following form with the mainland market. Friday's top-performing issues were Sands China (+5.8%), Cheung Kong Property Holdings (+4.7%), and Galaxy Entertainment Group (+4.1%). Downside leaders were China Resources Enterprise (-48.3%), Lenovo Group (-2.4%), and HSBC Holdings (-1.3%). Out of the 50 index members, 33 ended higher, 13 finished lower, and 4 were unchanged. For the week the Hang Seng increased 1.9%.
China's Shanghai Composite increased 0.4%, aided by a report showing the fourth straight monthly gain in home prices and a deceleration in the pace of decline on a year-over-year basis. For the week the Shanghai Composite declined 3.2%.

Major European indices trade sharply lower across the board with Germany's DAX (-2.9%) showing relative weakness.

Economic data was limited:
Eurozone July Current Account surplus narrowed to EUR22.60 billion from EUR24.90 billion (expected surplus of EUR21.30 billion)

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UK's FTSE is lower by 1.6% with financials showing relative weakness. Royal Bank of Scotland, Standard Chartered, Standard Life, and Barclays show losses between 2.6% and 3.0%. Meanwhile, miners outperform with Fresnillo and Randgold Resources up 3.6% and 2.7%, respectively.
In France, the CAC has given up 2.7% amid broad weakness. Exporters and financials have paced the decline with Renault, Peugeot, BNP Paribas, and Societe Generale down between 3.4% and 4.1%.
Germany's DAX trades down 2.9% with all but one component in the red. Heavyweights Daimler, BMW, Volkswagen, and Deutsche Bank are down between 3.0% and 4.4% while Adidas has added 1.0%.

8:25 am: [BRIEFING.COM] S&P futures vs fair value: -23.70. Nasdaq futures vs fair value: -48.00.

U.S. equity futures remain near their recently-established lows with S&P 500 futures trading 24 points below fair value.

The Federal Reserve did not rock the policy boat yesterday, but that has not stopped the futures market from retreating this morning. The slide has taken place amid selling in Europe with the key indices there showing losses between 1.3% and 2.7%.

Meanwhile, Treasuries have continued yesterday's advance, climbing to new highs for the week with the 10-yr yield down six basis points at 2.16% at this juncture.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: -23.00. Nasdaq futures vs fair value: -46.70.

U.S. equity futures trade sharply lower after sliding to these levels alongside European indices. The S&P 500 futures hover 23 points below fair value after hitting their lows within the past hour.

Meanwhile, Treasuries hold solid gains with the 10-yr yield down six basis points at 2.16%.

Today's economic data will be limited to the 10:00 ET release of the Leading Indicators report for August (Briefing.com consensus 0.2%).

In U.S. corporate news of note:

Adobe Systems (ADBE 78.51, -1.80): -2.2% after cautious guidance overshadowed its bottom-line beat.
La Quinta Holdings (LQ 16.98, -1.99): -10.5% after the company lowered its guidance and announced the departure of Chief Executive Officer Wayne Goldberg

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -2.0%, China's Shanghai Composite +0.4%, and Hong Kong's Hang Seng +0.3%.
In economic data:
China's August House Prices +0.3% month-over-month (prior +0.3%); -2.3% year-over-year (prior -3.7%)
South Korea's August PPI -0.5% month-over-month (prior -0.4%); -4.4% year-over-year (prior -4.0%)
In news:
The increase in China's house prices represented the third consecutive monthly increase for the top 70 cities

Major European indices trade lower. Germany's DAX -2.8%, France's CAC -2.4%, and UK's FTSE -1.3%. Elsewhere, Italy's MIB -2.0% and Spain's IBEX -2.1%
Economic data was limited:
Eurozone July Current Account surplus narrowed to EUR22.60 billion from EUR24.90 billion (expected surplus of EUR21.30 billion)
Among news of note:
The euro/dollar exchange rate has held its ground despite the weakness in European markets. Currently, the currency pair trades near 1.1430

5:53 am: [BRIEFING.COM] S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -13.50.

5:53 am: [BRIEFING.COM] Nikkei...18070.21...-362.10...-2.00%. Hang Seng...21920.83...+66.20...+0.30%.

5:53 am: [BRIEFING.COM] FTSE...6160.59...-26.40...-0.40%. DAX...10025.93...-202.10...-2.00%.

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
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com
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