TheStrategyLab.com Price Action Trading Support Forum

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=297

Tough trading day due to the extremely low volatility or volume. In fact, I was very surprised by the lack of volatility considering today marks the return of traders from their vacations.

However, although the trading day resulted in a loss for me, I do understand the dynamics behind the lack of volatility due to the hot price action in other key markets (e.g. Gold and Oil) that most likely has captured the attention of traders returning back from vacation.

With that said, I did minimize the damage via keeping the individual trade losses small. Yet, the reason why the day resulted in a loss was the mismanagment of one profitable trade that resulted in only a +0.25 tick when the trade had been in my favor by +1.75 which was my profit target. The problem was noted in the chat room log for #FuturesTrades that I was having data problems that resulted in late entries or late exits due to a lag caused by either my ISP or the Velocity Futures. It took an entire system reboot (shutting down the network and connections) to fix things but it was too late because I missed exploiting the best price action of the trading 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.

@ 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: -8.75 Emini ES ($ES_F) points


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Nasdaq at 11-Month High
A rally in commodity prices, deal talk and an upgrade of GE give stocks a lift as investors return from the Labor Day holiday.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: September 8, 2009: 6:05 PM ET

NEW YORK (CNNMoney.com) -- The Nasdaq hit its highest point in almost a year Tuesday and the Dow and S&P 500 also climbed as commodity shares rallied, and General Electric was upgraded.

Bond prices sank, raising the corresponding yields, while the dollar fell to its lowest point in almost a year. Commodity prices surged.

The Dow Jones industrial average (INDU) gained 56 points, or 0.6%, ending close to 10-month highs. The S&P 500 (SPX) index added 9 points, or 0.9%, ending close to 11-month highs. The Nasdaq composite (COMP) advanced 19 points, or 0.9% and ended at the highest point since Oct. 1, 2008.

Last week, Wall Street ended a choppy week lower as investors hunkered down after a strong August and ahead of the long holiday weekend. All financial markets were closed Monday for Labor Day.

But Wall Streeters returned in better spirits Monday, scooping up a variety of stocks, led by the commodities sector.

A more than 4% spike in oil prices and gold prices that briefly topped $1,000 gave a lift to the influential commodities sector. Dow stocks Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were the biggest gainers on the blue-chip average. A rally in metals stocks lifted the Gold Bugs (HUI) index by 1%.

Tempering the advance was a selloff in some of the financial shares that rallied late in the summer, including Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500), Citigroup (C, Fortune 500) and AIG (AIG, Fortune 500). Dow component Travelers (TRV, Fortune 500) also retreated.

"We've had an amazingly strong summer," said Ben Halliburton, chief investment officer at Tradition Capital Management. "As the rate of decline has slowed in profits and revenues, stocks have improved."

All three major markets rose between 11% and 13% over the summer. But after such a run, "it's show-me-the-money time for the economy and profits in the third quarter," Halliburton said. "The improvements have to start or people are going to doubt the rally and back out."

September is typically a tough month for Wall Street as market pros return from their summer vacations with a cleaning-house mentality. It is the worst month on Wall Street in terms of percentage losses for the Dow, S&P 500 and Nasdaq composite, according to Stock Trader's Almanac.

Over the last few weeks, the S&P 500 seesawed across 1000, a key psychological level that traders watch. That seesawing may continue for the next few weeks, said Todd Salamone, director of trading at Schaeffer's Investment Research.

"We expect the S&P 500 to battle between around 980 and 1060," Salamone said. "There's no big commitment to accumulate stocks at this point."

He said that stocks may not move much in one way or the other until at least the middle of October, when the third-quarter profit reports start to pour in.

Company news: Hopes that a period of dealmaking could resume helped nudge the advance along Tuesday.

Kraft Foods (KFT, Fortune 500) shares slumped almost 6% after British candy maker Cadbury (CBY) spurned its $16.7 billion takeover offer. However, the company, a Dow component, said it would continue to pursue a merger. Cadbury shares jumped 38%.

General Electric (GE, Fortune 500) shares rallied 4.5% after JPMorgan upgraded the stock to "overweight" from "neutral."

Among other movers, Opexa Therapeutics (OPXA) surged 270% after a mid-stage study showed that at least 83% of patients taking its multiple sclerosis drug had not relapsed one year later.

Economy: Leaders from the world's 20 biggest economies, meeting over the weekend, agreed to continue to provide stimulus to support the global recovery.

Consumers cut their borrowing in July by $21.6 billion, the most on records dating back to 1943. Economists thought credit would fall by $4 billion. Credit fell by a revised $15.5 billion in June.

World markets: Global markets gained after gold topped $1,000 an ounce. In Europe, London's FTSE 100, France's CAC 40 and the German DAX all gained modestly.

In Asia, the Japanese Nikkei gained 0.7% and the Hong Kong Hang Seng added 2.1%.

Oil and gold: U.S. light crude oil for October delivery rose $3.08 to settle at $71.10 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $3.10 to settle at $999.80 an ounce after surpassing $1,000 earlier in the session.

Bonds and currency: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.46%, from 3.44% late Friday. Treasury prices and yields move in opposite directions.

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

Market breadth was positive. On the New York Stock Exchange, winners topped losers three to one on volume of 1.32 billion shares. On the Nasdaq, advancers beat decliners eight to five on volume of 2.04 billion shares.



Yahoo! Finance

4:30 pm : Thanks to broad-based buying, the S&P 500 made solid gains in its first trading session of the week, but the broad market benchmark encountered resistance as it approached last week's highs. Still, stocks settled near their best levels of the session.

Energy stocks and materials stocks led gains for the entire session. They settled 2.6% and 1.5% higher, respectively. Their gains were largely underpinned by strong moves among basic commodities and natural resources as the International Monetary Fund fed economic hopes by saying that the global recovery may begin early next year, sooner than it had previously expected. Commodity prices were also helped by a weaker U.S. dollar, which fell 1.0% against a basket of major foreign currencies to hit an 11-month low after the U.N. said that the greenback should be replaced by a new global reserve currency.

The confluence of positive factors drove gold prices to fresh 18-month highs above $1,008 per ounce, but prices eventually reversed course to settle with a fractional gain at $999.50 per ounce. Oil prices made one of their best single-session percentage gains in more than one month by jumping 3.1% to $71.19 per barrel. That move came ahead of tomorrow's OPEC meeting.

Though energy and materials stocks performed well throughout the session, the broader market fell into a few fits of choppy trading. The more dramatic moves to the downside came as stocks approached last week's highs. However, buyers did show some resolve by bidding stocks back toward session highs ahead of the closing bell.

Health care was the only sector unable to participate in the day's gains. The sector settled 0.4% lower amid ongoing health care reform efforts, including a public option, which New York Times reported is being weighed by the White House. Separate articles suggested nonprofit cooperatives could be proposed as a compromise. Both types of plans have already been part of the contentious debate regarding plans to provide affordable health care to Americans.

There weren't any widely-held companies out with their latest earnings results this morning, so corporate headlines were dominated by news that Cadbury PLC (CBY 51.88, +14.42) refused a $16.7 billion merger offer from Dow component Kraft (KFT 26.45, -1.65). Investors responded by handing shares of CBY one of their best single-session percentage advances on record, while sending KFT markedly lower.DJ30 +56.07 NASDAQ +18.99 NQ100 +1.0% R2K +1.0% SP400 +1.3% SP500 +8.99 NASDAQ Adv/Vol/Dec 1606/2.03 bln/1017 NYSE Adv/Vol/Dec 2280/1.32 bln/746

3:30 pm : Stocks continue to trade in a tight range with modest gains.

A weak dollar has boosted commodity prices this session. The dollar index is currently down just under 1.0%, the worst single-session percentage decline in the index for over one month. The dollar index is trading near one-year lows.

As such, names which benefit from a weak dollar, namely energy and materials, have been the strongest sectors this session. They are currently up 2.7% and 1.6%, respectively.

For example, crude oil futures made some of their best single session gains in over one month. The October futures pulled off session highs but were still able to net a 3.1% gain as they closed at $71.19 per barrel. Natural gas futures also saw healthy gains. They rose 2.9% this session and closed at $2.81 per contract, still at historically low levels.

Precious metals sported more modest gains this session. After the December gold futures recorded an 18-month high passing $1,009 per ounce, they pulled back below the heralded $1,000 level. December gold futures closed up fractionally at $999.50 per ounce. More impressive gains were sported by silver futures. Although December silver futures also pulled back from pit-trade highs at $16.80 per ounce, they managed to close up 1.4% at $16.52 per ounce. DJ30 +53.28 NASDAQ +14.55 SP500 +8.29 NASDAQ Adv/Vol/Dec 1549/1.64 bln/1086 NYSE Adv/Vol/Dec 2211/895 mln/783

3:00 pm : The major indices have managed to break free from their recent trading range and push up to fresh afternoon highs. Stocks are still off of their best levels of the session, though. The day's highs were made in the first few minutes of trading, when the S&P 500 was up nearly 1%.

Gains remain broad-based, but health care stocks have spent the entire session in the red. They are currently down 0.4%. Utilities stocks are also underperforming as they trade with a modest 0.2% gain. Financials have also been relative laggards; they are up just 0.5% after having slipped into the red midsession.DJ30 +52.60 NASDAQ +15.42 SP500 +8.94 NASDAQ Adv/Vol/Dec 1488/1.52 bln/1118 NYSE Adv/Vol/Dec 2154/827 mln/825

2:30 pm : Though action is still relatively choppy, trading has generally been range bound for the last few hours. Since approximately 11:30 AM ET the S&P 500 has remained within a three-point range.

Trading volume also remains relatively limited. Though many trading desks are presumed to be staffed more fully now that the days of summer have expired and Labor Day has passed, volume on the NYSE doesn't yet appear to be on track to break above recent averages.DJ30 +43.00 NASDAQ +11.92 SP500 +7.55 NASDAQ Adv/Vol/Dec 1454/1.39 bln/1121 NYSE Adv/Vol/Dec 2143/757 mln/835

2:00 pm : Action remains bit choppy, but gains are still broad-based as nine of the 10 major sectors trade in positive territory. Health care remains the only sector to trade with a loss -- it is off by 0.6%.

Transporation stocks are also off this session. In turn, the Dow Jones Transportation Index is down 0.1%, even though more than half of its 20 components are in higher ground. Still, a consequence of higher oil prices, which are up 4.8% to $71.30 per barrel, has been weakness among such widely-held names as FedEx (FDX 70.35, -0.40) and Con-Way (CNW 40.83, -1.51). DJ30 +27.50 NASDAQ +8.64 SP500 +5.89 NASDAQ Adv/Vol/Dec 1433/1.30 bln/1155 NYSE Adv/Vol/Dec 2093/708 mln/855

1:30 pm : The major indices remain in positive territory, but they continue to chop lower from their morning highs.

Treasuries are garnering some additional support following a $38 billion auction of 3-year Notes that garnered a high yield of roughly 1.49% and a bid-to-cover ratio of 3.0, which is above average and highlights the strong overall results. The benchmark 10-year Note has responded by climbing 5 ticks into the green after being moderately lower for most of the session. The yield on the 10-year Note is now at 3.43%.DJ30 +29.47 NASDAQ +9.41 SP500 +5.92 NASDAQ Adv/Vol/Dec 1412/1.20 bln/1147 NYSE Adv/Vol/Dec 2056/657 mln/879

1:05 pm : The mood among market participants has been largely positive since the start of today's trading. That has helped bolster both stocks and commodities.

Stocks started the session nearly 1% higher, but quickly gave back a chunk of those gains amid relatively choppy trading. That has left stocks moderately higher, but after being closed for holiday observance on Monday, it has helped the U.S. indices catch up with several major European bourses and Asian markets that have gained nearly 2% during the past two sessions.

Energy (+2.6%) and materials stocks (+1.5%) have been primary leaders for the equity market this session. Their gains come as oil prices and gold prices garner support.

Crude oil futures prices are up 5.1% to $71.50 per barrel ahead of tomorrow's OPEC meeting, while gold prices are up 0.5% to $999.90 per ounce. Gold prices already broke above the $1000 per ounce level earlier this morning when they set fresh 18-month highs above $1,008 per ounce.

The rally by oil and gold prices comes partly due to expectations that the global recovery is taking hold, which were most recently supported by statements from the International Monetary Fund that said the global economy may begin to recover in early next year. That's sooner than the IMF had previously expected.

Commodity prices have also been helped by a sharp drop in the dollar, which has occurred in the wake of calls from the U.N. that the greenback should be replaced by a new reserve currency. The Dollar Index is now making its worst single-session percentage decline in more than one month.

The only major corporate headline of broad appeal this session was the refusal by confectioner Cadbury PLC (CBY 51.76, +14.30) for a $16.7 billion merger offer from prepared food maker and Dow component Kraft (KFT 26.65, -1.46). According to The Wall Street Journal, Hershey (HSY 39.21, +0.57) is likely to make a response.

Health care has been the only sector that hasn't benefited from this session's buying interest. It is currently down 0.5% amid ongoing health care reform efforts, which are weighing on providers (-2.4%).DJ30 +31.36 NASDAQ +10.37 SP500 +6.67 NASDAQ Adv/Vol/Dec 1475/1.11 bln/1091 NYSE Adv/Vol/Dec 2077/614 mln/837

12:30 pm : After running up above $1000 per ounce, gold prices have reversed course so that they now trade with a fractional gain at $996.50 per ounce. While that caused the SPDR Gold Trust (GLD 97.88, +0.4%) to pull back, the broader materials sector continues to trade with even more impressive gains. As such, the materials sector is currently up 1.5%, though it was up more than 2.0% earlier.

Though gold prices have surrendered most of their gains, oil prices are still able to garner support. Oil prices are off of their highs, but are still up 4.9% to $71.40 per barrel, which has helped keep energy stocks in the leadership position. The energy sector is currently up 2.7%.DJ30 +33.93 NASDAQ +11.31 SP500 +6.52 NASDAQ Adv/Vol/Dec 1486/1.01 bln/1067 NYSE Adv/Vol/Dec 2063/573 mln/839

12:00 pm : Stocks have given back most of their midmorning rebound, but they have managed to hold above their session lows. Gains remain broad-based as advancing issues outnumber decliners by 2-to-1 in the S&P 500.

Within the capitalization-weighted S&P 500, shares of motorcycle manufacturer Harley-Davidson (HOG 24.84, +1.55) are providing the most leadership. The stock received an upgrade from analysts at Citigroup. Meanwhile, analysts at JPMorgan have upgraded bellwether General Electric (GE 14.46, +0.59), which is also providing support to the broader market.DJ30 +25.84 NASDAQ +9.06 SP500 +5.86 NASDAQ Adv/Vol/Dec 1469/922 mln/1051 NYSE Adv/Vol/Dec 2050/517 mln/824

11:30 am : Oil prices are now up 5.3% to $71.60 per barrel. Such a gain puts oil prices on track to log their best single-session percentage gain in more than one month.

With oil prices pushing higher, shares of oil and gas exploration companies are up 3.6%, shares of oil and gas drillers are up 3.5%, and oil and gas equipment stocks are up 3.3%. That has helped take the broader energy sector to a 2.8% gain, its best since the end of July.DJ30 +53.12 NASDAQ +14.56 SP500 +8.84 NASDAQ Adv/Vol/Dec 1579/802 mln/906 NYSE Adv/Vol/Dec 2169/447 mln/692

11:00 am : After sliding off of their opening levels, stocks have managed to maked a solid rebound. The move has been broad-based, but energy stocks (+2.8%) and materials stocks (+2.1%) continue to sport the best gains. Health care stocks (-0.4%) remain laggards.

Financial stocks are performing rather well, but they haven't done anything to stand out this session. The sector is currently up 0.8%, which is essentially in-line with the broader market. The sector's strength comes amid gains by investment banks and brokerages, which are up 2.1%, and life and health insurers, which are up 1.6%. However, AIG (AIG 36.78, -3.27) is down considerably as investors push back after watching the stock surge in recent sessions. Shares of AIG were also hit by a downgrade from analysts at Credit Suisse.DJ30 +56.54 NASDAQ +14.79 SP500 +8.92 NASDAQ Adv/Vol/Dec 1558/978 mln/896 NYSE Adv/Vol/Dec 2123/390 mln/701

10:30 am : Gold prices have pulled back a bit after registering fresh 18-month highs just above $1,008 per ounce, but they continue to sport solid gains. Contracts are currently pricing the yellow metal at $1001.30 per ounce, up 0.6%.

Silver prices are also faring quite well. The stuff was recently priced at $16.73 per ounce, up 2.7%.

Precious metals have been faring quite well during recent sessions. During the last five sessions, gold prices have gained more than 5%, while silver prices have climbed nearly 12%. Most of that comes amid hopes that the global economy is recovering, but the advance has also been helped by a drooping U.S. dollar -- the Dollar Index is currently down 0.9% to nearly its lowest point in one year amid calls from the U.N. to replace the U.S. dollar as the global reserve currency.

The interest among commodities and the weaker greenback have also extended into the energy pits, where crude oil prices are being bid 4.2% higher at $70.90 per barrel ahead of tomorrow's OPEC meeting.

Natural gas prices are also garnering support. Contracts for the stuff are being priced at $2.79 each, up 2.2%.DJ30 +48.89 NASDAQ +11.08 SP500 +7.32 NASDAQ Adv/Vol/Dec 1474/514 mln/934 NYSE Adv/Vol/Dec 2008/313 mln/741

10:00 am : Stocks have steadied their early descent so that the broader market now sports a relatively modest gain. Health care stocks and utilities stocks have failed to participate in this morning's broad buying effort, however.

Health care stocks are down 0.6%, as a group. Their weakness comes amid ongoing efforts to reform health care. According to New York Times, the White House is weighing a public option. Meanwhile, an Associated Press report indicated that a Republican senator is trying to fashion a compromise that might use nonprofit cooperatives. The reports have weighed heavily on managed care stocks in particular; they are down 2.1%.

As for utilities, the defensive-oriented sector is contending with a 0.2% loss amid weakness in electric utilities (-0.3%) and multi-utilities holdings (-0.3%).DJ30 +25.60 NASDAQ +9.01 SP500 +5.72 NASDAQ Adv/Vol/Dec 1408/306 mln/891 NYSE Adv/Vol/Dec 1920/205 mln/762

09:45 am : The broader equity market has pulled back a bit from its opening level, but energy stocks and materials stocks are still making strong gains. They are up a respective 1.9% and 1.3%, more than any other major sector. Sharply higher oil and gold prices underpin their strength.

Ahead of tomorrow's OPEC meeting, crude oil futures prices are up 2.9% to $70.00 per barrel. Oil prices were up more than 4% in the first few minutes of pit trade.

Meanwhile, gold prices are up 1.0% to $1,005.50 per ounce. Earlier, gold prices were up above $1,008 per ounce, which marked a fresh 18-month high.

The rally by oil and gold prices comes partly due to expectations that the global recovery is taking hold. Accordingly, the International Monetary Fund made it known that the global economy may begin to recover in early next year, sooner than it had previously expected. Meanwhile, a weaker U.S. dollar is also lending support to commodities prices; the greenback's decline comes amid calls from the UN that suggest the dollar should be replaced by a new reserve currency.DJ30 +28.56 NASDAQ +10.09 SP500 +5.48 NASDAQ Adv/Vol/Dec 1449/187 mln/771 NYSE Adv/Vol/Dec 1973/145 mln/658

09:15 am : S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +14.00. The mood is positive among traders that are back at their desks following a Labor Day vacation. That has both stocks and commodities showing strength. Premarket gains by the broader equity market come as foreign markets continue to advance, despite the decision by the G-20 to raise capital standards at banks, and U.S. stocks try to make up for foregone gains following a holiday weekend. Cadbury PLC (CBY) is surging following its rejection of a $16.7 billion merger proposal from Dow component Kraft (KFT). Shares of CBY are up more than 40% to $52.70 per share ahead of the opening bell. Meanwhile, KFT is down nearly 6% to $26.49 per share prior to the bell. Gold prices are spiking past the $1,000 per ounce mark as they make their way to $1,006.50 per ounce, an 18-month high. That comes with help from a weaker U.S. dollar, which is down amid calls from the UN to replace it as a global reserve currency.

09:00 am : S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +12.50. Stock futures continue to trade with strength, but commodities are also attracting interest and pushing prices of the underlying contracts higher. In turn, gold prices are up 1.1% to $1,006.50 per ounce, marking the first time since February that prices for the yellow metal have eclipsed $1,000 per ounce. Gold prices have gained more than 5% during the course of the past five sessions. Oil prices are also up sharply. In the first few minutes of pit trade, crude oil futures prices are up 4.4% to $71.00 per barrel. That move comes just ahead of the OPEC meeting on Wednesday. Bounding commodity prices have been partly helped by expectations for a global economic recovery, but also by a sharply lower U.S. dollar, which has come under pressure amid comments from the United Nations that a global currency should replace the dollar, according to Daily Telegraph. The greenback is currently down 1.0% against a major basket of foreign currencies. That puts the dollar on course for its worst single-session percentage decline in more than one month.

08:35 am : S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +41.90. After being closed on Monday for holiday observance, U.S. stock futures are showing strength as they catch up with foreign markets, which are faring well for the second straight session. This round's advance comes amid news from AFP that the head of the International Monetary Fund said that a recovery by the world economy might occur at the beginning of next year. However, there has also been news that financial regulators from the G-20 have settled on tougher capital rules at banks, which means many companies in Europe will have to come up with fresh capital in coming months. In turn, banking giant Deutsche Bank (DB) is trading as a laggard in Germany's DAX, which is up 0.5%. The German bourse is receiving primary support from Deutsche Telekom, which announced that it will merge its mobile phone operations with France Telecom. According to the latest German economic statistics, the country's industrial production eased unexpectedly in July, but strong orders will boost production in coming months. Britain's FTSE is sporting a gain of 0.4% this session. Vodafone is a primary leader, followed by metals and mining outfits Rio Tinto (RTP) and BHP Billiton (BHP). Cadbury (CBY) is making more gains after surging nearly 40% in the previous session amid news that Kraft (KFT) wanted to merge with the confectionary company. Meanwhile, global banking giant HSBC (HBC) is under pressure. Financial outfits are also showing weakness in France. As such, BNP Paribas, Societe Generale, and Credit Agricole are trading as laggards in the CAC, which is up 0.3%. France Telecom is a primary leader. In Asia, the MSCI Asia Pacific Index advanced 1.5% and Japan's Nikkei closed 0.7% higher. Advantest (ATE) gained amid news that saw a some better than expected orders for the last few months. However, banking shares, including Mizuho Financial (MFG), retreated. Mitsubishi UFJ (MTU) was hit with a downgrade by analysts at Morgan Stanley. In Hong Kong, the Hang Seng closed 2.1% higher. In mainland China, the Shanghai Composite closed 1.7% higher, led by gold mining shares as US gold prices surpassed $1,000 per ounce for the first time since February.

08:05 am : S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +13.00. Participants are bidding stock futures markedly higher as they return from a holiday weekend to see that several major foreign markets have already logged two consecutive sessions of gains. The latest round of overseas buying was particularly beneficial to Hong Kong's Hang Seng, which advanced more than 2% Tuesday. There aren't many corporate headlines out this morning, but news that Cadbury (CBY) has rejected a merger proposal from Dow component Kraft (KFT) has attracted some attention. There isn't any economic data out this morning, but the latest in consumer credit information will be released this afternoon (3:00 PM ET).

06:40 am : S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +14.00.

06:40 am : Nikkei...10393.23...+72.30...+0.70%. Hang Seng...21069.81...+440.50...+2.10%.

06:40 am : FTSE...4958.69...+25.50...+0.50%. DAX...5486.09...+22.40...+0.40%.

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