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 Post subject: March 3rd Wednesday 2010 Emini TF ($TF_F) points +14.90
PostPosted: Wed Mar 03, 2010 9:21 pm 
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Written By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

Trade journals are crucial in preventing us traders from becoming complacent or content with our trading plan or the markets because without having the ability to review archives of past trading days in a forever changing market...we won't know it's time to adapt when change occurs in the markets because broker statements alone doesn't help us keep that edge in comparison to a trade journal. In addition, although this journal contains advertisements involving my trade methods, it does contain useful trading tips a few times per week. Thus, if you're looking for trading tips that can improve your trading and understand that profitable trading involves more than just entry signals...consistently read this trade journal and the #FuturesTrades chat room logs where I post my trades in real-time from entry to exit (see link below) via my IRC user name wrbtrader that's the same as my user name on twitter.

Today's #FuturesTrades chat room logs is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=72&t=461.

Quote:
Today's results are 7 wins : 3 losses : 1 breakeven. Today felt like yesterday with the low volatility only until the late afternoon trading session (rising volatility) thanks to the FED Beige Book report. Key price actions today that represent key changes in supply/demand was @ 1209pm est and 1418pm est via the 3min chart and they should be useful tomorrow if the price action reaches those particular key areas.

Trading Tip: Reliability of the Japanese Candlestick tweezer top pattern can be increased when such occurs as a dual pattern signal as shown @ http://chart.ly/ek6sfv


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 and volatility along with being able to exploit these changes via WRB Analysis (wide range body analysis).


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

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

Also, if you're interested in having free access to one of my profitable trade strategies along with earning extra income with little effort...join my referral program @ http://www.thestrategylab.com/ReferralProgram.htm

My Trading Performance: +14.90 points in the ICE Russell 2000 Emini TF ($TF_F) Futures
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Stocks Give Up Gains
By Alexandra Twin, senior writer
March 3, 2010: 5:57 PM ET

NEW YORK (CNNMoney.com) -- Wall Street erased gains by the close Wednesday, as relief about the day's economic news gave way to concerns about the job and manufacturing reports due out over the next two days.

Also in play: An announcement from Greece about the steps it will take to cut its deficit.

The Dow Jones industrial average (INDU) lost almost 10 points or 0.1%. The S&P 500 index (SPX) and the Nasdaq composite (COMP) ended little changed.

Stocks had posted slim gains through the early afternoon following reports showing some stability in the job market and a pick up in the services sector. But the gains petered out in the afternoon as investors hesitated ahead of a series of telling economic reports due Thursday and Friday.

On Thursday, the government releases monthly factory order and weekly jobless claims information, while the nation's retailers reveal February sales.

Stocks have drifted higher over the past three sessions, pushing the S&P 500 and the Nasdaq into positive territory for 2010. The Dow briefly moved into positive territory during Wednesday's session, before retreating.

After a strong rally in 2009, stocks have been volatile this year as investors look for evidence that an economic recovery is taking hold, above and beyond the considerable government stimulus that has been put into play.

"As we move forward, there's a lot of concern about whether the economy can stand on its own two feet without all the stimulus," said Tyler Vernon, chief investment officer at Biltmore Capital.

He said that so far this year, when the market moves up for a few days, investors question whether the move is sustainable and end up pulling back.

"Today we had a rally going, but then with unemployment reports due Thursday and Friday, people decided they didn't want to hold stocks ahead of that," he said.

Market participants have also been reluctant to move much in the aftermath of a big rally last year. Between the lows of last March and the highs of January 2010, the S&P 500 jumped 70%.

Jobs: A pair of economic reports showed that the pace of job cuts is slowing as the labor market slowly begins to stabilize.

Payroll services firm ADP said employers in the private sector cut 20,000 jobs from their payrolls in February, meeting the expectations of economists surveyed by Briefing.com. The drop was the smallest decline in two years. In January, employers cut a revised 60,000 jobs.

Outplacement firm Challenger, Gray & Christmas said that 42,090 job cuts were announced in February, down from 71,482 in January. It was the smallest number of announced job cuts since July 2006, when 37,178 cuts were announced.

Separately, the Senate voted late Tuesday to extend the deadline for unemployed Americans to apply for benefits, after previous attempts to do so failed. President Obama signed the measure shortly thereafter.

Over 200,000 people would have stopped receiving unemployment checks this week.

Beige Book: Investors had a mild reaction to the Fed's periodic "Beige Book" reading on the economy, released in the afternoon. The Beige Book showed that economic activity picked up somewhat in 9 of the Fed's 12 districts. Consumer spending also improved modestly.

Services sector grows: In other economic news, the Institute for Supply Management's services sector index rose to 53 in February from 50.5 in January, hitting the highest point since December 2007, at the start of the recession. Economists surveyed by Briefing.com thought it would rise to 51.

Greece: The debt-strapped nation announced a $6.5 billion plan Wednesday to help it cut its ballooning deficit. The plan includes $3.3 billion in new revenues such as taxes and another almost $3.3 billion in spending cuts, including pension freezes and cuts in civil servants' salaries.

Worries that Greece might default on its debt have pummeled the euro and unnerved world markets over the last two months, as investors have wondered if the problems are indicative of a bigger euro zone crisis.

The European Union said Wednesday that it will more closely regulate the economies of its 27 members so as to avoid a repeat of the Greece crisis. The new system will issue warnings if a country is heading for trouble, something that might have alerted officials to Greece's problems at an earlier date.
Bulls are back. Send in the bears?

On the move: Hedge fund Elliott Associates made an unsolicited all-cash offer for Novell (NOVL) that values the business software maker at around $2 billion.

Elliott Associates offered to buy the remaining 91.5% of the company it doesn't already own for around $5.75 per share, or $1.83 billion. The price is a 21% premium over Novell's closing stock price from Tuesday.

Novell jumped 28% and was the Nasdaq's most-actively traded issue.

On the downside, biotech Medivation (MDVN) lost two-thirds of its value after the company said that its experimental Alzheimer drug Dimebon failed to produce desired results in a late-stage clinical study. Dow component Pfizer (PFE, Fortune 500), which co-develops the drug, lost 1.6%.

Among other Dow movers, Caterpillar (CAT, Fortune 500), Home Depot (HD, Fortune 500), General Electric (GE, Fortune 500), Coca-Cola (KO, Fortune 500) and Boeing (BA, Fortune 500) all gained.

Market breadth was positive. On the New York Stock Exchange, winners topped losers eight to seven on volume of 950 million shares. On the Nasdaq, advancers topped decliners seven to six on volume of 2.55 billion shares.
The fight to fix Wall Street

World Markets: In overseas trading, European markets rallied, with the London FTSE rising 0.9%, the French CAC 40 gaining 0.8% and the German DAX advancing 0.7%. Most Asian markets ended lower, although the Japanese Nikkei rose 0.3%.

The dollar and commodities: The dollar gained versus the euro and fell versus the yen.

U.S. light crude oil for April delivery rose $1.19 to settle at $80.87 a barrel on the New York Mercantile Exchange.

COMEX gold for May delivery gained $5.90 to settle at $1,143.30 per ounce.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.61% from 3.60% late Tuesday. Treasury prices and yields move in opposite directions.

Image

Yahoo! Finance

4:30 pm : Greece's long-awaited austerity plan wasn't enough for participants to forget about the fiscal troubles that still face the likes of Spain and Portugal. That left the stock market unable to sustain solid, broad-based gains.

Led by the materials sector, stocks made their way to fresh one-month highs. The materials sector had been up as much as 2.0% before it saw that gain cut in half. Still, materials saw the best gain of any major sector as a combination of momentum and a weaker dollar provided it with support.

Weakness in the greenback came as the euro and British pound rebounded from recent losses, which were frequently attributed to the fiscal woes that face the likes of Greece, Portugal, and Spain.

Greece attempted to quell concern over its fiscal health with the release of a new austerity plan that includes civil service salary cuts and a sales tax increase. Despite such plans, problems persist for Portugal and Spain. That reality caused Europe's major bourses to show little initial reaction to Greece's plans, but the continent's major averages gradually pushed higher to log strong gains.

U.S. equities were unable to mimic the move. The Dow, Nasdaq Composite, and S&P 500 each added modestly to the previous session's gains, but eventually rolled over. That left the stock market to finish flat after three straight advances.

The afternoon slide left the S&P 500 below the 1125 line, which many traders believe could act as a springboard for further gains if the stock market closes above it.

Economic data received little attention this session. That's essentially because participants remain cautious ahead of the official nonfarm payrolls number on Friday. Cautious trade also led to light trading volume, which failed to surpass 1 billion shares on the NYSE.

A glimpse into the payrolls report was given with the February ADP Employment Change Report, which indicated that 20,000 private payrolls were shed last month. The number was in-line with expectations and the smallest decline in one year.

Meanwhile, the ISM Services Index for February came in at 53.0, which was above the reading of 51.0 that had been widely expected and marked the highest reading since October 2007.

The Fed's Beige Book, which is largely full of anecdotal economic news, came with little surprise. It indicated that nine of the 12 Fed districts reported modest improvement in economic activity during February, while consumer spending improved slightly in many districts.

Commodities had a strong session that pushed the CRB Commodity Index back above its 50-day moving average. Oil futures prices closed 1.5% higher at $80.87 per barrel, despite a larger-than-expected weekly inventory build of 4.03 million barrels. Silver had another strong session and closed with a 1.6% gain at $17.33 per ounce.

Advancing Sectors: Materials (+1.0%), Energy (+0.2%), Industrials (+0.2%), Consumer Staples (+0.1%), Tech (+0.1%), Financials (+0.1%)
Declining Sectors: Health Care (-0.5%), Telecom (-0.2%), Utilities (-0.1%)
Unchanged: Consumer DiscretionaryDJ30 -9.22 NASDAQ -0.11 NQ100 +0.00% R2K +0.2% SP400 +0.2% SP500 +0.48 NASDAQ Adv/Vol/Dec 1412/2.54 bln/1245 NYSE Adv/Vol/Dec 1641/936 mln/1368

3:35 pm : Equity markets are essentially unchanged.

Commodities finished higher this session as the dollar lost ground.

After an initial move lower in reaction to a higher-than-expected inventory build, April crude oil futures closed 1.5% higher at $80.87 per barrel. April natural gas futures traded between $4.70 and $4.80 for most of the session and closed 1.1% higher at $4.76 per MMBtu.

Precious metals slowly rose throughout the session after the dollar sold off in the morning. April gold futures closed 0.5% higher at $1143.30 per ounce and May silver closed 1.6% higher at $17.33 per ounce. DJ30 -4.16 NASDAQ -1.11 SP500 +0.65 NASDAQ Adv/Vol/Dec 1379/2.16 bln/1281 NYSE Adv/Vol/Dec 1611/686 mln/1391

3:00 pm : The stock market recently extended its decline into negative territory as sellers moved broadly to cut reverse this session's gains. However, support has since surfaced so that overall losses remain been moderate.

Despite the broader market's recent pullback, materials stocks continue to sport handsome gains. The sector is up 1.1% at the moment. Energy (+0.2%), industrials (+0.1%), and consumer staples (+0.1%) make up the only other sectors to trade in positive territory.

Treasuries have clipped some of their losses amid the stock market's recent downturn. The benchmark 10-year Note remains a few ticks into the red, though. DJ30 -8.92 NASDAQ -5.44 SP500 -0.37 NASDAQ Adv/Vol/Dec 1312/2.00 bln/1349 NYSE Adv/Vol/Dec 1575/625 mln/1414

2:30 pm : Stocks have rolled over since trading in a relatively narrow range. The drop has put the major indices back near neutral territory.

There hasn't been any specific headline to account for the pullback. Rather, the move has been broad based, such that nearly half of the major sectors are now in negative territory -- health care (-0.5%) remains the worst off. DJ30 +1.81 NASDAQ +1.79 SP500 +1.47 NASDAQ Adv/Vol/Dec 1483/1.80 bln/1167 NYSE Adv/Vol/Dec 1788/558 mln/1195

2:00 pm : Stocks have entered into a rather narrow trading range since descending from session highs, which were set late in the morning. The pullback has left the S&P 500 just a few points below the 1125 line, which many traders believe could act as a springboard for further gains if the stock market closes above it.

Nonetheless, stocks have made their way to a year-to-date gain of 0.7%. The line between a year-to-date gain and a year-to-date loss had created upside resistance for stocks earlier in the week.

The Fed's Beige Book has just been released. It indicated that nine of the 12 Fed districts reported modest improvement in economic activity during February, while consumer spending improved slightly in many districts. DJ30 +29.25 NASDAQ +6.83 SP500 +4.57 NASDAQ Adv/Vol/Dec 1540/1.66 bln/1075 NYSE Adv/Vol/Dec 1969/509 mln/1008

1:30 pm : Stocks have steadied their recent descent amid broad-based support, which has nine of the 10 major sectors in positive territory -- health care (-0.3%)continues to lag, while materials (+1.6%) continue to lead.

Small-cap and mid-cap stocks are up modestly as the Russell 2000 makes its way to a 0.5% gain and the S&P 400 advances 0.4%. The two stock classes outperformed the broader market with relative ease during the prior session. DJ30 +30.53 NASDAQ +5.43 SP500 +4.46 NASDAQ Adv/Vol/Dec 1506/1.54 bln/1104 NYSE Adv/Vol/Dec 1933/465 mln/1017

1:00 pm : Broad-based support has put stocks on track for their fourth straight gain, but the major indices have started to drift off of their session highs.

A positive mood among participants sent the stock market to a fresh one month high earlier in the session. Materials stocks have provided leadership; they are presently up 1.5% after sporting a 2.0% gain in the early going.

Materials stocks have benefited from both momentum and a weaker dollar, which is currently down 0.8% against competing currencies. The euro and British pound have displayed exceptional strength as they rebound from their recent slide following a long-awaited plan from Greece to cut its fiscal deficit.

Greece's new austerity plan includes cuts to civil service salaries and an increase in sales tax. Though the plan addresses some of the concern related to Greece's fiscal health, problems persist for Spain and Portugal. Such consideration seems to have contained the reaction of global participants to Greece's announcement.

The latest batch of U.S. economic data was also met with an underwhelming response. The ADP Employment Report indicated that 20,000 private payrolls were shed during February. That was in-line with expectations and the smallest decline in one year, but the ADP still hasn't reported an increase in private payrolls since January 2008.

The ISM Services Index for February came in at 53.0, which was above the reading of 51.0 that had been widely expected and marked the highest reading since October 2007.

The Fed's Beige Book is due at 2:00 PM ET.

In other data, weekly oil inventories had a larger-than-expected build, but after an initial pullback, oil prices rallied to a one-month high. They are currently up 1.3% to $80.71 per barrel.

Corporate news flow has been relatively light this session, but an announcement from Medivation (MDVN 13.07, -27.18) and Pfizer (PFE 17.37, -0.23) regarding the failure of their Alzheimer's drug to meet primary or secondary endpoints has health care stocks down 0.3%. They make up the only sector to trade with a loss. DJ30 +27.05 NASDAQ +5.13 SP500 +3.96 NASDAQ Adv/Vol/Dec 1468/1.40 bln/1115 NYSE Adv/Vol/Dec 1914/430 mln/1028

12:30 pm : Health care stocks have retreated into the red. The sector is down 0.2% as pharmaceutical stocks (-0.4%) come under pressure as Medivation (MDVN 13.07, -27.18) and Pfizer (PFE 17.42, -0.18) announce that their Dimebon drug for Alzheimer's disease did not meet primary or secondary endpoints.

However, health care facilities stocks have managed to provide the sector with support. The group is up 1.0%, collectively. DJ30 +32.34 NASDAQ +7.59 SP500 +5.14 NASDAQ Adv/Vol/Dec 1543/1.32 bln/1016 NYSE Adv/Vol/Dec 2002/390 mln/929

12:00 pm : The stock market has eased back a bit from its session highs, but broad-based gains remain. Meanwhile, the Dollar Index continues to drift lower; it now trades with a 0.8% loss.

The dollar's decline has helped prop up the CRB Commodity Index, which now trades at a fresh session high with a gain of 0.9%.

Oil prices have been a primary source of support for the CRB. Oil prices had actually retreated in the early going to the flat line after the latest weekly inventory report, which showed a larger-than-expected build, but they have since rebounded to trade with a 1.8% gain at $81.10 per barrel. That marks a fresh one-month high for crude oil prices.

Such strength has helped energy stocks make their way to a collective gain of 0.8%. Oil and gas refiners (+3.3%) are among the best performers in the group. DJ30 +45.04 NASDAQ +10.56 SP500 +6.15 NASDAQ Adv/Vol/Dec 1588/1.20 bln/964 NYSE Adv/Vol/Dec 2084/354 mln/844

11:30 am : The stock market has made its way to a fresh monthly high amid broad-based support. Stocks are now just about 2% off of their 52-week highs, which were set in mid-January, and up almost 70% from their 52-week lows, which were reached in March 2009.

At its 52-week low, the S&P 500 traded at a price-to-earnings ratio of just 10.0 The ratio has since expanded to 18.0 as participants price in improved earnings and an economic recovery.

Though prospects for economic growth have certainly improved from the pits of the past year, hurdles for a full-scale turnaround remain. For instance, job conditions remain weak, as evidenced by news from ADP that 20,000 private payrolls were shed during February. That was in-line with expectations and the smallest decline in one year, but the ADP still hasn't reported an increase in private payrolls since January 2008. Many pundits continue to posit that a sustainable economic recovery will come hand-in-hand with an improved employment picture. DJ30 +54.19 NASDAQ +12.05 SP500 +6.78 NASDAQ Adv/Vol/Dec 1644/1.06 bln/876 NYSE Adv/Vol/Dec 2135/310 mln/775

11:00 am : Stocks recently pushed to fresh session highs amid a pullback by the greenback, which is now down 0.6% and at a fresh session low against competing currencies. The dollar's decline has been especially helpful to materials stocks, which are now up to a session high with a 2.0% gain -- that's at least double the gain of any other major sector. Despite the materials sector's strength this week, it is still slightly lower for the year.

Defensive-oriented stocks have been laggards this session. As such, the telecom sector (+0.3%), consumer staples sector (+0.2%), and health care sector (+0.1%) trade with moderate gains. DJ30 +52.52 NASDAQ +10.35 SP500 +6.29 NASDAQ Adv/Vol/Dec 1571/890 mln/909 NYSE Adv/Vol/Dec 2070/252 mln/762

10:30 am : Weakness in the US Dollar Index in current trade is keeping most commodities near session highs.

April crude oil has risen rather steadily since hitting overnight lows of $79.44 per barrel. After trending higher, crude hit session highs of $80.42 per barrel about 30 minutes ago. Ahead of inventory data, crude was sitting just under those highs at $80.11 per barrel, up 0.5%. Following the data, which showed a build of 4034K versus consensus of a build of 1275K, crude quickly fell back near the flat line, now off $0.03 at $79.65 per barrel.

April natural gas traded modestly higher for most of the overnight session before losing steam and falling into the red to morning lows of $4.68 per MMBtu. Lows were hit near the open of pit trading, but that was short-lived as the energy component spiked to fresh session highs of $4.771 per MMBtu immediately after. Currently, natural gas is trading 0.6% higher at $4.734 per MMBtu.

Despite a weak dollar, gold is sitting near the unchanged line after trading only modestly higher over the last four hours. Currently, gold is $1.20 higher at $1138.60 per ounce. May silver moved into positive territory six hours ago and trended to session high of $17.30 per ounce earlier this morning. Currently silver is 1% higher at $17.24 per ounce.DJ30 +36.65 NASDAQ +5.70 SP500 +4.36 NASDAQ Adv/Vol/Dec 1354/639.6 mln/1037 NYSE Adv/Vol/Dec 1832/179.4 mln/935

10:00 am : The ISM Services Index for February came in at 53.0, which is above the reading of 51.0 that had been widely expected and up from the 50.5 that had been posted in January. The announcement has helped stocks lock in solid gains after they had made a tepid start to trade.

Materials stocks continue to outperform. The sector is now up 1.4%, which is double the gain of the next best performing sector (industrials, +0.7%).

Early movers: Trading up -- SWWC +49.4%, NOVL +25.3%, AMCF +24.8%, UFPT +22.6%, ETH +18.2%, HSNI +14.5%, MSN +13.2%, LSCC +12%, CPE +10%, INAP +8.8%; Trading down -- MDVN -68.1%, VISN -32.8%, RHB -10.2%, PAP -7.6%, CMED -6.6%, MSSR -6.6%, HUSA -5.6%, JAKK -4.9%

Advancing Sectors: Materials (+1.4%), Industrials (+0.7%), Financials (+0.6%), Energy (+0.5%), Utilities (+0.4%), Tech (+0.4%), Consumer Discretionary (+0.3%), Health Care (+0.3%), Telecom (+0.1%), Consumer Staples (+0.1%)
Declining Sectors: (None)DJ30 +40.36 NASDAQ +8.63 SP500 +4.84 NASDAQ Adv/Vol/Dec 1395/405 mln/913 NYSE Adv/Vol/Dec 1883/120 mln/802

09:45 am : The broader stock market is up fractionally in the first few minutes of trade, but materials stocks have jumped out to a 0.9% gain, which puts them up more than 3% week-to-date. For comparison, the S&P 500 is up slightly more than 1% since the start of this week.

Momentum has helped materials stocks in recent action, but so has underlying strength among commodities -- the CRB Commodity Index is currently up 0.4% after it advanced 0.9% in the prior session. DJ30 +18.44 NASDAQ +1.44 SP500 +1.56 NASDAQ Adv/Vol/Dec 1240/239 mln/966 NYSE Adv/Vol/Dec 1605/74 mln/980

09:15 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +3.80. Stock futures have garnered modest support in recent action, such that a mildly higher start looks to be in order for the major equity averages. Though such an advance would be moderate, it would nonetheless put the stock market on track for its fourth straight gain. The slightly improved mood of premarket participants comes as Europe's major bourses make a move into positive ground after they spent the first part of their session mixed in the wake of Greece's long-awaited plan to cut its deficit. An in-line ADP Employment Change Report did little for premarket participants, but the February ISM Service Index (10:00 AM ET) is still to come, followed by the Fed's Beige Book (2:00 PM ET).

09:05 am : S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +4.30. Stock futures have made a modest move to morning highs, but the overall tone to premarket trade remains moderate. Meanwhile, overseas participants haven't shown much reaction to Greece's long-awaited plan to slash its deficit. That has left many of the major foreign markets to trade in mixed fashion. Germany's DAX is currently flat after gradually pulling up from a modest loss. Siemens (SI) is showing strength for the third straight session. In economic news, reports indicated that monthly German retail sales held steady in January, but were down 3.4% year-over-year. Meanwhile, France's CAC is down just 0.1%, while Britain's FTSE is up 0.1%. According to Financial Times, Britain's services sector bounced back in February so that the Purchasing Managers' Index for the services sector hit 58.4, up from 54.5 in January. The latest reading marked the highest level since January 2007. On a broader scale, the euro zone's services sector expanded more slowly in February than previously expected as an index fell to 51.8 in February from 52.5 in January. In Asia, the MSCI Asia Pacific Index closed 0.5% higher, while Japan's Nikkei finished 0.3% higher in thin trade. Toyota Motor (TM) was a primary leader. Hong Kong's Hang Seng slipped 0.1%, while the Shanghai Composite closed 0.8% higher.

08:30 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +1.50. Stock futures continue to trade along the neutral line as participants show little response to the ADP Employment Change Report for February. According to the report, 20,000 jobs were slashed from private payrolls last month, as expected. However, job losses for January were revised higher to 60,000 from 22,000. Still to come this morning is the February ISM Service Index (10:00 AM ET), then the Fed's Beige Book this afternoon (2:00 PM ET).

08:00 am : S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -1.00. Stocks finished the prior session in weak fashion as solid, broad-based gains faded into the close, but that downward drift has steadied in this morning's premarket action. In turn, stock futures are flat. The tepid tone is, in part, attributable to the upcoming ADP February Employment Report, which is due at 8:15 AM ET. The report is considered a precursor for the government's official nonfarm payrolls numbers, which are due this coming Friday. The February ISM Service Index is also due this morning (10:00 AM ET), while this afternoon brings the latest collection of anecdotal economic information in the form of the Fed's Beige Book (2:00 AM ET). In currency trade, the dollar is down modestly this morning as the euro and British pound attempt to reclaim some of their losses from the previous two sessions amid news that Greece has unveiled a long-awaited plan to reduce its budget deficit. However, that plan hasn't done much for European markets.

06:29 am : S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +1.30.

06:29 am : Nikkei...10253.14...+31.30...+0.30%. Hang Seng...20876.79...-29.30...-0.10%.

06:29 am : FTSE...5481.85...-2.20...0.00. DAX...5769.06...-7.50...-0.10%.

Special thanks to Yahoo! Finance and CNNMoney for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
Image@ http://twitter.com/wrbtrader

Phone: +1 708 572-4885
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