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 Post subject: September 2nd Wednesday 2009 Emini ES ($ES_F) points +6.50
PostPosted: Wed Sep 02, 2009 4:10 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name wrbtrader. You can review each trade from entry to exit along with commentary and an occasional trading tip because its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=61&t=292

Poor trading today but I manage to end the day with a small profit after commissions. The poor trading was due too hesitation (not prepared to trade), chasing and impatience...all related.

Yet, as soon as I recognized early that it was going to be another low volatility tight trading range price action I relaxed, lower my position size and stuck to the trading plan to avoid overtrading within the worst type of price action to trade.

Key change in supply/demand occurred soon after 1030am est in reaction to the EIA Petroleum Status Report numbers that produced my best trade of the day.

FYI - You can ask me questions here at the forum or you can tweet me on twitter about anything related to today's trading or related to your own trading.

Image@ http://twitter.com/wrbtrader

In addition, posted below are direct links about my trade methodology or trading approach that enables me to identify key trading areas in the price action that represent changes in supply/demand along with being able to exploit the changes in supply/demand.


http://www.thestrategylab.com/WRBAnalysisTutorials.htm

http://www.thestrategylab.com/TradeStrategies.htm

Also, I strongly believe that profitable trading involves more than just trade signals and that's why most traders fail because they put all their interest in trade signals while ignoring the impact of their trading habits/routine or personal lifestyle. If you don't understand this perspective...please ask questions here at the forum for more info or you can tweet me on twitter @wrbtrader.

My Trading Performance: +6.50 Emini ES ($ES_F) points

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Jittery Day On Wall Street
Stocks end lower, after falling sharply in the previous session, as worries about the pace of an economic recovery keep investors sidelined.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: September 2, 2009: 5:52 PM ET

NEW YORK (CNNMoney.com) -- Stocks slipped Wednesday, ending a choppy session lower following the previous day's battering as nervous investors continued to worry that the market rally may have outpaced any recovery.

The Dow Jones industrial average (INDU) lost 30 points, or 0.3%. The S&P 500 (SPX) index slid 3 points, or 0.3%. The Nasdaq composite (COMP) managed a tiny gain of 2 points, or 0.2%.

Stocks seesawed throughout the session Wednesday as investors mulled a pair of unemployment reports that signaled the pace of job cuts was moderating, ahead of Friday's bigger August jobs report.

With little else on tap to provoke investors in any direction, trading remained largely rangebound.

The 2 p.m. ET release of the minutes from the last Fed meeting failed to propel markets in either direction. The minutes showed the central bankers thought the economy was stabilizing, after weakening in 2008 and early 2009, and that construction was starting to pick up, which is a good sign for the housing market.

The bankers also discussed the need to keep refining the Fed's so-called exit strategy after injecting billions into the financial system to help manage the meltdown.

"Investors have built in a lot of the numbers we've been seeing showing economic improvement," said Haag Sherman, managing director at Salient Partners. "What they want to see now is some of that improvement manifesting in topline growth for businesses, not just cost cutting."

Second-quarter earnings were generally better than expected, due to trimming costs, but revenue growth was moderate.

Thursday preview: The nation's chain stores will be releasing August sales info throughout the morning. Investors will be looking to see if the stock rally and signs of recovery in the economy have had any impact on consumer spending.

The Institute for Supply Management's services sector index for August is also due in the morning, along with the weekly jobless claims report.

Rally running out of steam: Stocks slumped on Tuesday, with the three major gauges all losing around 2% as investors bet the six-month run has gotten ahead of the economic rebound.

Since bottoming on March 9 at a 12-year low, the S&P 500 has basically been on the rise, adding 52% through Monday. Stocks saw a minor retreat in late June and early July, with the S&P 500 losing about 7% heading into the start of the second-quarter financial reporting period. But other than that small selloff, the direction has mostly been up.

Reports on Tuesday showed housing and manufacturing are recovering, but investors remain worried about the labor market and how rising joblessness will impact consumer spending. Consumer spending fuels two-thirds of economic growth, and economists say any recovery will be mild without the consumer's participation.

Jobs: Two reports on the labor market were released Wednesday morning, two days ahead of Friday's bigger non-farm payrolls report.

Payroll services firm ADP said employers in the private sector cut 298,000 jobs from their payrolls last month after cutting a revised 360,000 in July. Economists were expecting 250,000 job cuts according to a Briefing.com survey.

Separately, outplacement firm Challenger, Gray & Christmas reported 76,456 job cut announcements in August, 21% fewer than in July.

Although both reports indicate the pace of job cuts has slowed, the economy is still shedding jobs.

"An abatement in job losses is a far cry from a turnaround in the labor market," Sherman said.

However, many economists were forecasting no abatement or improvement until later this year or early next.

"The reports show that the labor market is progressing toward the recovery phase ahead of schedule," said Gregory Miller, chief economist at SunTrust Banks.

He said that if the pace of the recovery in the jobs market continues - and business spending picks up - the recovery could be be stronger than current forecasts. But without those two factors, growth will remain sluggish.

Other economic news: A Labor Department report showed that non-farm productivity rose at a 6.6% annual rate during the second quarter versus the initially reported 6.4% pace. That was in line with forecasts.

Factory orders rose 1.3% in July, the Commerce Department reported. Orders rose a revised 0.9% in June. Economists thought orders would rise 2.2% in July.

Company news: Wells Fargo (WFC, Fortune 500) is set to repay the $25 billion in bailout funds it took from the U.S. government. The bank expects to pay it back from internal funds, rather than through issuing new shares.

Financial stocks as a sector retreated for the second session in a row, although the declines were fairly modest.

The KBW Bank index lost nearly 8% in Tuesday and Wednesday's sessions after rallying 20% in the three months ended Aug. 31. The financial sector rallied through the summer on a mix of speculation and momentum.

Pfizer (PFE, Fortune 500) will plead guilty to a criminal charge related to how it promoted now-defunct pain killer Bextra. The Dow component will pay $2.3 billion to settle charges it wrongly marketed 13 medicines. In January, Pfizer said it took the charge but didn't specify why.

Shares of Sepracor (SEPR) rallied 26.5% on published reports that Japan's Dainippon Sumitomo Pharma plans to make a $2.7 billion bid for the drugmaker.

Fellow Dow component Coca-Cola (KO, Fortune 500) rallied, while JPMorgan (JPM, Fortune 500), Merck (MRK, Fortune 500), Walt Disney (DIS, Fortune 500) and Home Depot (HD, Fortune 500) declined.

Diversified manufacturer Danaher (DHR, Fortune 500) said it is cutting more jobs as part of its restructuring plan -- and is buying two businesses that make scientific instruments for about $1.1 billion.

The company is buying the life sciences instrument business of Canadian MDS for $650 million in cash. That purchase includes a 50% stake in AB SCIEX, which makes instruments used by researchers. Danaher will also buy the rest of AB SCIEX for $450 million. Danaher shares gained 2%, while MCS (MDZ) shares gained 32%.

Oil: U.S. light crude oil for October delivery settled at $68.05 a barrel on the New York Mercantile Exchange after a mixed weekly inventory report from the Energy Information Administration. The settle price was unchanged from the previous session. Oil prices have been slipping since hitting a 10-month high just below $75 a barrel late last month.

In other energy sector news, BP (BP) said Wednesday that it has made a "giant" oil discovery in the Gulf of Mexico. Although the company doesn't yet know the volume of oil present, it is thought to be in excess of 3 billion barrels.

Gold: COMEX gold for December delivery rose $22 to settle at $978.50 an ounce.

That gave a boost to a variety of metal and mining companies, including Goldcorp (GG), Barrick Gold (ABX) and Yamana Gold (AUY). Yamana announced a quarterly dividend of a penny per share after the close of trade Tuesday.

World markets: The global market selloff continued, with Asian shares slumping. The Japanese Nikkei lost 2.4%. In Europe, markets tumbled as well.

Bonds and currency: Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.29% from 3.36% late Tuesday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar fell versus the euro and the Japanese yen.

Market breadth was negative. On the New York Stock Exchange, losers beat winners three to two on volume of 1.38 billion shares. On the Nasdaq, decliners narrowly edged advancers on volume of just under 2 billion shares.

Image

Yahoo! Finance

4:30 pm : Despite plenty of trading catalysts, participants kept stocks confined to a relatively narrow trading range as they allowed the previous session's sell-off to consolidate in low-volume trade.

There weren't any widely-held companies making announcements this morning, so economic data dominated headlines. The ADP Employment Change Report for August topped the calendar, but its suggestion that 298,000 private jobs were lost last month proved disappointing since economists were expecting 250,000 job losses. Given the magnitude of the miss, many are wondering whether the current consensus forecast for 225,000 job losses in the government's official nonfarm payrolls report is too conservative. The official jobs report for August will be released Friday.

Concerns about job losses and the weakness of labor markets were expressed in the minutes from the FOMC's latest meeting, which concluded on Aug. 15.

The FOMC minutes also indicated that some of the committee members disagreed about whether slack in the economy will keep inflation low. At least for now, though, inflationary pressures remain in check. That was made evident by news that unit labor costs for the second quarter were down a sharp 5.9%, which was slightly steeper than what had been expected, while second quarter productivity spiked 6.6% in its sharpest percentage increase since 2003. The increase in productivity was slightly better than the 6.4% increase that was widely expected.

Factory orders made for July made their sharpest increase since June 2008 by climbing 1.3%, but that was still short of the 2.2% increase that had been generally expected. Despite the less-than-stellar batch of economic data, stocks spent nearly the entire session trading just a few points to either side of the neutral line before sliding a bit into the close.

Aside a rather weak close, the overall temperament of participants contrasted that of the previous session, when stocks were sent sharply lower following a bevy of generally upbeat reports. Trading volume wasn't what it was in the previous session, either. Some 1.6 billion shares traded hands in the NYSE on Wednesday, but 1.3 billion shares were exchanged this time around.

Action was largely listless this session, though materials stocks managed to sport solid gains for most of the session. Aside from a 0.2% advance by the consumer staples sector, materials stocks made up the only major sector in the S&P 500 to log a gain. They advanced 0.6% as metals and mining stocks followed a surge in gold prices.

Gold prices settled pit trading 2.3% higher at $978.50 per ounce, near its best level since June.

Oil prices weren't quite so fortunate. Early in the session oil prices pushed higher as they shrugged off weekly inventory data that showed a smaller-than-expected draw of 372,000 barrels. Oil actually made its way to roughly $68.70 per barrel, but finished flat at $68.05 per barrel.

Treasuries had a strong session. Helped by a subdued mood among equity traders and the FOMC minutes, the benchmark 10-year Note added 18 ticks, which pushed its yield below 3.3% for the first time since May.

There aren't any widely-held companies scheduled to make quarterly announcements tomorrow, but several retailers will be out with their latest same-store sales results. Still, most of the session's focus will be on the latest batch of economic data, which includes the latest jobless claims numbers and the August ISM Service Index. DJ30 -29.93 NASDAQ -1.82 NQ100 -0.1% R2K -0.4% SP400 -0.5% SP500 -3.29 NASDAQ Adv/Vol/Dec 1266/2.00 bln/1386 NYSE Adv/Vol/Dec 1159/1.38 bln/1836

3:30 pm : Materials stocks are holding on to the largest gains of any sector this session. A weak dollar is providing support, allowing it to outperform the broader market with a 0.5% gain.

As such, precious metals performed well this session, up 2.2%, collectively. Both December gold and silver futures prices appreciated as the dollar dipped. December gold futures closed 2.3% higher at $978.50 per ounce. Gold futures are now up almost 13% from mid-April lows and almost 8% from early-July lows. December silver futures closed 2.1% higher at $15.37 per ounce.

A smaller-than-expected draw in crude oil inventories this morning sent crude oil futures into positive territory after opening the pit trade in negative territory. Crude oil futures then returned back to negative territory and traded in relatively tame fashion for the rest of the pit trade. The October futures closed flat on the session at $68.05 per barrel.

Natural gas futures extended their recent downward trend this session. The October futures closed down 3.5% at $2.72 per contract. Natural gas futures are now down almost 80% since registering a peak in early July of 2008. They are down just over 50% year-to-date.DJ30 +0.00 NASDAQ +4.91 SP500 -0.18 NASDAQ Adv/Vol/Dec 1351/1.61 bln/1282 NYSE Adv/Vol/Dec 1239/989 mln/1746

3:00 pm : Stocks are largely unchanged from recent levels as they head into this session's final hour of trading.

Trading volume hasn't been what it was in the previous session, when roughly 1.6 billion shares traded hands on the NYSE. While trading volume in the NYSE is likely to break the 1 billion mark this session, the current pace suggests that total volume will remain below longer term averages.DJ30 +3.70 NASDAQ +4.16 SP500 +0.67 NASDAQ Adv/Vol/Dec 1316/1.47 bln/1303 NYSE Adv/Vol/Dec 1216/898 mln/1748

2:30 pm : Action remains sluggish as stocks continue to drift sideways in a narrow range. The listless trading has made for a rather anticlimactic follow up to the previous session's sell-off.

Treasuries are garnering support, however. They had been sporting modest gains for most of the session, but made a strong jump after the minutes from the latest FOMC meeting were released at 2:00 PM ET. The benchmark 10-year Note is now up 18 ticks, which has pushed its yield below 3.3% for the first time since May.DJ30 -4.01 NASDAQ +2.19 SP500 -0.36 NASDAQ Adv/Vol/Dec 1290/1.36 bln/1317 NYSE Adv/Vol/Dec 1220/834 mln/1740

2:05 pm : Stocks have shown little reaction to the wording included in the minutes from the latest FOMC meeting.

CNBC reported that Fed officials said the pace of recovery is expected to pick up in 2010, but there was some disagreement among committee members regarding the strength of the recovery. There was also disagreement regarding whether economic slack will keep inflation low.

The FOMC remains particularly concerned about the jobs picture, which will get its latest update with Friday's release of the government's official nonfarm payrolls report. DJ30 -4.39 NASDAQ +1.58 SP500 -1.11 NASDAQ Adv/Vol/Dec 1310/1.28 bln/1284 NYSE Adv/Vol/Dec 1222/790 mln/1731

1:30 pm : Stocks continue to oscillate along the neutral line. The rather quiet, range bound action comes as participants consolidate the steep losses registered in the previous session.

One of the market's main concerns, however, is whether this session's sideways drift will hold into the close and whether the previous session's slump was just a temporary setback that will ultimately give way to continued buying, as has been the case so often in recent months. DJ30 +9.75 NASDAQ +3.23 SP500 +0.70 NASDAQ Adv/Vol/Dec 1305/1.19 bln/1263 NYSE Adv/Vol/Dec 1244/743 mln/1695

1:05 pm : Listless trading in the wake of another batch of economic data has left stocks to spend the entire session chopping along within a relatively narrow range.

There haven't been many market-moving corporate news items today, so participants were largely focused on the latest ADP Employment Change Report, which acts as a sort of preview for Friday's widely-watched official nonfarm jobs report. Given that the August ADP Report showed a higher-than-expected 298,000 lost jobs, some now believe expectations for the government's official job loss tally may be too low.

With job conditions still weak, labor costs remain subdued. As such, unit labor costs for the second quarter were down 5.9%. Second quarter productivity increased 6.6%, which is the largest percentage increase since 2003. However, productivity could fall in coming quarters as labor hours hold steady amid companies' reluctance to hire.

Meanwhile, factory orders increased 1.3% in July, but still fell short of the 2.2% increase that was widely expected. Excluding transportation, orders fell 0.7%.

Some knee-jerk selling followed the factory orders report, but that downward move was short lived as participants have been content to let stocks trade within a relatively narrow range following the steep losses seen in the previous session.

Materials stocks have managed to make solid gains, however. The sector is up 0.6% as precious metals stocks respond to a spike in gold prices, which are currently up 2.2% to $976.00 per ounce. A moderately weaker dollar is providing subtle support to the move.

Oil prices had followed gold and were helped by a smaller-than-expected weekly inventory draw, but they are now fractionally lower at $67.95 per barrel.DJ30 +0.15 NASDAQ +2.68 SP500 +0.10 NASDAQ Adv/Vol/Dec 1266/1.12 bln/1314 NYSE Adv/Vol/Dec 1166/709 mln/1754

12:30 pm : By spiking 2.1% to $975.20 per ounce, gold prices are putting together their best single-session percentage advance since April. The run up by the yellow metal has shares of Newmont Mining (NEM 42.71, +2.52) making their best percentage gain since April and shares of Yamana Gold (AUY 9.62, +0.59) making their best percentage gain since May.

Strength among precious metals players has helped the materials sector hold on to a 0.4% gain.DJ30 +6.27 NASDAQ +4.16 SP500 +0.56 NASDAQ Adv/Vol/Dec 1293/1.01 bln/1255 NYSE Adv/Vol/Dec 1221/637 mln/1683

12:00 pm : The stock market is chopping along the unchanged mark. Action has largely been listless this session.

However, strength among large-cap tech issues like Apple (AAPL 166.29, +0.99), Cisco (CSCO 21.52, +0.35), and Dell (DELL 15.39, +0.18) has helped the Nasdaq keep a modest lead over its counterparts. Still, the gains by the Nasdaq have been limited due to relative weakness in the broader market.DJ30 +4.38 NASDAQ +1.35 SP500 -0.85 NASDAQ Adv/Vol/Dec 1240/932 mln/1293 NYSE Adv/Vol/Dec 1155/591 mln/1757

11:30 am : The major indices continue to sport modest gains. Materials stocks and energy stocks are the best performers thus far; they are up 0.5% and 0.4%, respectively, after a rebound in energy and basic commodities prices.

Meanwhile, utilties stocks are contending with sellers. Pressure against the sector has taken it to a 0.6% loss. Dynegy (DYN 1.73, -0.09) is a primary laggard among utilities. The stock has fallen by more than 2% in each session this week, so that it is now down more than 10% week-to-date.DJ30 +18.81 NASDAQ +5.34 SP500 +2.11 NASDAQ Adv/Vol/Dec 1291/810 mln/1199 NYSE Adv/Vol/Dec 1297/525 mln/1581

11:00 am : Stocks have been trading in whipsaw fashion for the entire morning. The latest swing has taken the major indices from session lows to session highs. Though stocks are back in positive territory and at their best levels of the morning, their gains are only modest.

Commodities are also benefiting from a sudden flurry of support, which has lifted oil prices to a 0.5% gain at $68.40 per barrel. Meanwhile, gold prices are now up a sharp 1.7% to $971.70 per ounce, which marks a near two month high.DJ30 +13.00 NASDAQ +4.76 SP500 +1.27 NASDAQ Adv/Vol/Dec 1255/694 mln/1168 NYSE Adv/Vol/Dec 1242/449 mln/1596

10:35 am : October crude oil traded above $68 overnight, but fell to a session low of $67.21 per barrel at the open of pit trading. Crude was trading 0.4% lower at $67.75 per barrel ahead of inventory data this morning. Following the data, which showed a draw of 372K vs. consensus of a draw of 900K, crude remained below the $68 level, currently 0.5% lower at $67.69 per barrel.

October natural gas traded round $2.85 per MMBtu overnight, but fell sharply ahead of the open of pit trade to session lows of $2.785 per MMBtu. Natural gas quickly reversed and pushed to highs of $2.892, erasing its morning losses. Currently, natural gas is 1.2% higher at $2.855 per MMBtu.

The dollar was choppy this morning and is currently lower, providing modest price strength in precious metals.

December gold was flat overnight, but spiked over $12 per ounce just after the open of pit trading and is currently 0.1% higher at $965.6 per ounce. December silver traded lower overnight and also spiked at the open, pushing the precious metal into positive territory. Silver is currently 0.7% lower at $14.95 per ounce.DJ30 -20.79 NASDAQ -1.34 SP500 -3.08 NASDAQ Adv/Vol/Dec 1013/520.5 mln/1346 NYSE Adv/Vol/Dec 923/346.7 mln/1856

10:00 am : Stocks recently made their way to a modest gain, but they have slipped in the wake of a disappointing factory orders report. Still, overall losses remain contained.

Factor orders for July increased 1.3%, which is below the 2.2% increase that had been widely expected, but up from the 0.9% increase that was registered in June. The June reading was actually revised lower from the 0.4% increase that had been reported initially.DJ30 -27.59 NASDAQ -3.65 SP500 -1.82 NASDAQ Adv/Vol/Dec 992/349 mln/1282 NYSE Adv/Vol/Dec 856/247 mln/1863

09:45 am : The major indices are chopping along in quick action during the first few minutes of the session. The lack of direction has left stocks to trade between modest losses and fractional gains.

Health care stocks are looking relatively strong, however. The sector is up 0.4% as managed care providers like UnitedHealth (UNH 28.79, +1.46) and Wellpoint (WLP 53.75, +2.22) spike higher.

Energy (+0.1%) and tech (+0.1%) stocks are also trading higher, but the broader market is still looking a bit weak.DJ30 -1.82 NASDAQ +1.55 SP500 -1.75 NASDAQ Adv/Vol/Dec 1062/226 mln/1116 NYSE Adv/Vol/Dec 913/179 mln/1734

09:15 am : S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -4.80. The previous session was underscored by a sharp drop in stock prices amid high trading volume, but the current indication of stock futures is that buyers aren't yet ready to step in and support a rebound. Their hesitance comes amid continued weakness overseas and follows an ADP Employment Change Report that showed more jobs were lost in August than had been expected. The disappointing reading suggests that expectations for Friday's jobs report could be overly optimistic. The consensus forecast for the government's official nonfarm jobs report for August is pegged at 225,000 job losses. A spike in second quarter productivity and a precipitous drop in second quarter unit labor costs haven't had much of an influence on participants this morning, though the data provide a signal that inflationary pressures remain in check. Without any major corporate news items out today, participants remain focused on economic data as they look ahead to factory orders data for July (10:00 AM ET) and the minutes from the latest FOMC meeting (2:00 PM ET).

09:00 am : S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -6.00. After initially showing signs that selling pressure from the previous session had eased a bit, U.S. stocks are now under a bit more pressure in the wake of a disappointing ADP Employment Report. European stocks are also contending with some more selling, which has extended the losses registered in the previous session. As such, Germany's DAX is down 1.0% after dropping 2.5% Tuesday. This session's losses are primarily being driven by Allianz (AZ) and BASF. Daimler (DAI) is also contending with considerable weakness, but competitor Volkswagen is showing strength. In France, the CAC is down 1.1% after falling 1.9% on Tuesday. Declining issues outnumber advancers by 7-to-1 in the French Index. Societe Generale is a primarry laggard for the second straight session; the stock is now down roughly 8.5% week-to-date. Meanwhile, Britain's FTSE is off by 0.6% after surrendering 1.8% in the prior session. Weakness is most considerable among banks and materials stocks. In turn, Barclays (BCS), Lloyds (LYG) and BHP Billiton (BBL) are creating a drag on action. However, energy outfit BP PLC (BP) is providing support to the British index after reporting that it made a giant oil discovery. Asian stocks were also smacked with selling pressure on Wednesday. The MSCI Asia Pacific Index shed 1.5% and Japan's Nikkei fell 2.4%. Japan's Elpida Memory plunged after it announced plans to issue shares to raise funds. Toyota Motor (TM) slipped, despite plans to increase production of select models. Japan's financial stocks were also pressured. In Hong Kong, the Hang Seng surrendured 1.8%, which made for a six week closing low. Financials underpinned weakness. However, increased retail fuel prices boosted refiner Sinopec (SNP). Mainland China's Shanghai Composite bucked the negative trend by putting together a 1.2% advance. That came on the back of slightly better-than-expected bank lending data for August.

08:30 am : S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -6.00. Stock futures have come under pressure following the latest ADP Employment Change Report, which was released at 8:15 AM ET to show that 298,000 jobs were lost in August. The consensus forecast had called for 250,000 job losses. Still, the number of job losses in August weren't as bad as the downwardly-revised 360,000 job losses that were logged in July. Separately, the final reading for second quarter productivity showed a 6.6% increase, which topped the 6.4% increase that had been widely expected. Meanwhile, unit labor costs for the second quarter were down 5.9%. They were expected to fall 5.8%. The productivity and unit cost labor data, which was just released, have done little to help improve the tone among premarket participants.

08:00 am : S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -3.50. News flow is slow this morning, so participants are looking ahead to the latest economic releases, which feature the ADP Employment Change Report for August (8:15 AM ET). Though the report hasn't always been a precise gauge for the government's official nonfarm payrolls report (due Friday), it has often proven directionally accurate relative to expectations. The final reading for second quarter nonfarm productivity is also due this morning (8:30 AM ET), followed by July factory orders data (10:00 AM ET), then the release of the minutes from the most recent FOMC meeting (2:00 PM ET). For now, though, stock futures point to a modestly lower start.

06:32 am : S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -5.50.

06:32 am : Nikkei...10280.46...-249.60...-2.40%. Hang Seng...19522.00...-350.30...-1.80%.

06:32 am : FTSE...4803.35...-16.40...-0.30%. DAX...5294.05...-33.50...-0.60%.

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