TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

click on the above image to view today's trading summary

Trade Performance for Today: +10.50 points or $1050.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
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.

In addition, today's #FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=91&t=878.

Also, posted below are direct links to information about my 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).

WRB Analysis Tutorials @ 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=5&t=180.

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 trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=138&t=1058

-----------------------------

Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.

CNNMoney.com - Stocks: Worst Day Of The Year For Dow, S&P 500

click on the above image to view today's price action of key markets

By Hibah Yousuf
June 1, 2011: 4:34 PM ET

NEW YORK (CNNMoney) -- A triple dose of bad news sent stocks sharply lower Wednesday afternoon, with the Dow and S&P 500 posting their steepest losses in nearly a year.

The Dow Jones industrial average (INDU) fell 280 points, or 2.2%, with all of the blue chip index's 30 components in the red. Caterpillar (CAT, Fortune 500), Alcoa (AA, Fortune 500) and Bank of America (BAC, Fortune 500) were the worst performing stocks on the blue-chip index, falling more than 4%.

The S&P 500 (SPX) lost 31 points, or 2.3%, and the Nasdaq Composite (COMP) slid 66 points, or 2.3%.

The declines were the worst since last August for the Dow and S&P, while the Nasdaq's performance was the worst in nearly four months.

Stocks were under pressure right at the open following a dismal report on private sector employment, and the selling gained momentum after the U.S. manufacturing report was released.

The Institute for Supply Management's manufacturing index for May fell to 53.5, falling short of economists forecast for a 57 reading.

"Weak economic data has started to snowball," said Michael Sheldon, chief market strategist at RDM Financial. "Initially, we just had bad news from the weekly jobless claims data, but now we're starting to see a broad-based economic slump."

Late in the trading session, the slide in stocks got steeper as concerns about Europe's debt problems resurfaced. Moody's cut Greece's bond rating by three notches to Caa1, which put the debt-ridden country's debt even further in junk territory.

* Markets' mixed signals - StockTwits

Commodities followed stocks' lead to trade lower. Oil prices slumped 2.4% to $100.29 a barrel, while copper slid 1.7% to $4.11 a pound.

Shares of Freeport McMoRan (FCX, Fortune 500), the world's largest copper producer, tumbled 4%.

The daily gyrations stem from underlying worries about where the economy is headed.

Wall Street's most widely cited measure of volatility and fear, the VIX (VIX), surged more than 18% Wednesday to 18.31. But it's still far below 30 -- the level that's thought to indicate investor fear.

The signs of a stalling recovery have been building during the last several weeks, prompting stocks to deliver their worst monthly performance in May since August 2010.

But while it's been a rough several weeks, stocks are still up about 5% for the year.

* Home prices: 'Double-dip' confirmed

Market experts say stocks will likely struggle through June, as investors prepare for the end of the Federal Reserve's $600 billion bond buying program, commonly known as QE2.

Economy: The first of this week's jobs-related economic reports showed that the pace of planned job cuts edged higher in May, according to a report from outplacement consulting firm Challenger, Gray & Christmas.

A separate report by ADP showed private-sector payrolls added only 38,000 jobs in May. The number fell well below the 170,000 private sector jobs economists were expecting, according to an estimate from Briefing.com.

Both sets of data are typically used to forecast the government's closely watched monthly jobs data due Friday.

A CNNMoney survey of 26 economists expect the government's jobs report to show a total gain of 170,000 jobs, and a private sector gain of 190,000, with the unemployment rate edging down to 8.9%.

The Commerce Department said construction spending rose 0.4% in April, following a 0.1% rise the previous month. Economists were expecting spending to drop 1%.

* 5 stocks for cloud computing

Companies: Shares of Marathon Oil (MRO, Fortune 500) slipped 2.8% after the Houston-based company said it is buying oil and natural gas fields within the state's Eagle Ford shale formation for $3.5 billion.

Telvent (TLVT)'s stock jumped more than 15% following news that the energy software company will be acquired by Schneider Electric for $1.4 billion.

Shares of JoS A. Bank Clothiers (JOSB) tumbled 13% after the men's clothing retailer's first-quarter profit failed to meet Wall Street's expectations.

World markets: European stocks fell Wednesday. Britain's FTSE 100, France's CAC 40 and the DAX in Germany shaved more than 1%.

The United Kingdom's manufacturing sector also signaled weakness. While the sector did continue to expand, it grew at the slowest rate since September of 2009.

And while China's manufacturing sector continued to expand, the most recent data showed that it expanded at the slowest rate in 10-months.

Asian markets ended mixed. The Shanghai Composite finished the session flat, while the Hang Seng in Hong Kong lost 0.2% and Japan's Nikkei ticked up 0.3%.

* How a Greek farce could delight the dollar

Currencies and commodities: The dollar rose against the euro and the the British pound but slipped versus the Japanese yen.

Gold futures for August delivery rose $6.40 to settle at $1,543.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, with the yield dipping below 3% for the first time since December.



Yahoo! Finance - Market Update

4:15 pm : The major market averages finished near their worst levels of the session, with all three losing close to 2.3%. Equities were knocked lower following this morning's disappointing data as both the ADP Employment report and ISM Index fell short of expectations. Selling continued over the course of the session with stocks moving to their worst levels of the day following a late downgrade of Greek debt by Moody's. The rating agency announced it was dropping the rating of Greek debt to Caa1 from B1, and assigned a negative outlook.

The euro slipped to its worst levels of the day following the Greek downgrade, and ended the U.S. session down 70 pips to near 1.4325.

Treasuries were a favorite among market players as buying across the complex ran maturities to their best levels since early December. Today's rally dropped the 10-yr yield below 3.00% for the first time since December 6, and when it was all said and done the benchmark yield ended at 2.966%. As traders moved more aggressively into the longer dated paper the 2-10-yr spread flattened to 251.1.

Financial shares lagged the broader market, and were the worst performing sector within the S&P 500. As a whole the group lost 3.5% with heavyweights Wells Fargo (WFC 26.94, -1.43) and Bank of America (BAC 11.24, -0.50) under pressure all session long. Regional banks Sun Trust Banks (STI 26.32, -1.81) and Regions Financial (RF 6.54, -0.52) also saw heavy losses.

Microsoft (MSFT 24.43, -0.58) was back in the headlines today on reports that the company was set to purchase the phone business of Nokia (NOK 6.69, -0.33) for $19 billion. The report by technology blog Boy Genius was later denied by a Nokia spokesperson who said it was "100% baseless." Nonetheless, both stocks saw heavy volume on the session.

Gold miners were among the best performing stocks for most of the session as the yellow metal climbed above $1550 per ounce earlier this morning. A sell off in precious metals following the pit close pushed most of the miners into negative territory. Large miners like Barrick Gold (ABX 47.28, -0.48) and Newmont Mining (NEM 55.67, -0.90) underperformed some of the smaller ones like Agnico-Eagle Mines (AEM 64.32, -0.38) and Kinross Gold (KGC 15.75, +0.03).

Utilities outperformed the broader market, posting a loss of 1.1% for the day. None of the stocks in the S&P 500 Utilities Index closed in positive territory. Other "defensive" sectors outperformed with health care and telecom each losing 1.4%.

Data scheduled for an 8:30 a.m. ET release tomorrow includes initial and continuing claims, productivity, and unit labor costs while factory orders will be released at 10 a.m. ET.DJ30 -279.65 NASDAQ -66.11 SP500 -30.65 NASDAQ Adv/Vol/Dec 420/2.03 bln/2205 NYSE Adv/Vol/Dec 547/916.3 mln/2486

3:30 pm : July crude oil settled lower by 2.4% to $100.29 per barrel. Demand concerns following this morning's weak economic data pushed crude oil back toward the $100 level, where it found some support. July natural gas finished lower by 0.8% to 4.63 per MMBtu, giving back some of yesterday's rally.

The economic data helped August gold, which finished higher by 0.4% to $1544.70 per ounce, move in to positive territory on the session. Gold traded to its best levels in close to a month, at $1551.60 per ounce, in morning trade but pulled back from those highs throughout the day. July silver shed 1.9% to close at $37.58 per ounce. DJ30 -252.37 NASDAQ -57.33 SP500 -27.04 NASDAQ Adv/Vol/Dec 495/1.7 bln/2115 NYSE Adv/Vol/Dec 591/720.8 mln/2401

3:00 pm : The major market averages trade near their worst levels of the day with the S&P 500 off 1.8%. Today's weakness in equities has led investors to the safety of Treasuries.

Treasuries finished the day with strong gains, but off their best levels of the session as poor economic data sparked a flight-to-safety. Buying came early and often as the weak ADP Employment report got things started, and a lackluster ISM Index led to follow through buying. When it was all said and done the 10-yr yield fell to a session low of 2.952% before drifting higher into the close and finishing the day at 2.966%. Shorter dated maturities saw light buying as most preferred the higher yielding longer dated paper. As a comparison, the 2-yr gained just 0.1% on the session while the 30-yr climbed 1.2%. The 2-10-yr spread tightened more than six basis points on the day to finish at 252.1. Data due out tomorrow includes initial and continuing claims, productivity, and unit labor costs all of which are due out at 8:30 a.m. ET, as well as factory orders which will be released at 10 a.m. ET.DJ30 -220.96 NASDAQ -50.91 SP500 -23.97 NASDAQ Adv/Vol/Dec 499/1.46 bln/2087 NYSE Adv/Vol/Dec 591/640.6 mln/2384

2:30 pm : Utilities are outperforming today, trading down 0.9% as whole compared to the 1.7% drop in the S&P 500 Index. Surprisingly, none of the stocks in the S&P 500 Utilities Index are trading in positive territory. Centerpoint Energy (CNP 19.33, 0.00) is the top performing stock in the space as it hovers near the flat line. Other so called "defensive" sectors are also outperforming with health care and telecom trading down 1.0% and 1.1% respectively.DJ30 -212.18 NASDAQ -44.31 SP500 -22.59 NASDAQ Adv/Vol/Dec 522/1.32 bln/2057 NYSE Adv/Vol/Dec 608/579.9 mln/2350

1:55 pm : Stocks just recently fell to their worst levels of the session with all of the major market averages trading down by at least 1.5%. The Dow continues to lead the way lower, slipping 1.7% thus far.

The dollar index has recently climbed to its best levels of the day, touching 74.68. After racing to a session high of 1.4460 earlier this morning the euro has slipped into negative territory, trading down 10 pips at 1.4385. Support lies just underneath the market in the form of the currency's 50-day moving average. The pound trades off 90 pips near 1.6360 ahead of tomorrow's Construction PMI number. Today's sell off has cable down for a third consecutive session. A weakening dollar against the yen has erased all of yesterday's gains and sent the pair back down near 80.90. While not quite there yet, the 80.25 level represents significant support with a breach leading to little help until the March lows near 77.00.

The story of the day continues to be the Swiss franc which has strengthened to another all-time high versus the greenback. The dollar weakened to .8380 per franc earlier today before rebounding to its current .8415. After touching a session high of 1.0753 following the announcement that Australian GDP contracted 1.2% for the first quarter the Aussie has pared most of its gains, trading 1.0675. Australian trade balance and retail sales numbers will be released tonight.DJ30 -215.36 NASDAQ -42.91 SP500 -22.26 NASDAQ Adv/Vol/Dec 515/1.23 bln/2061 NYSE Adv/Vol/Dec 634/540.8 mln/2333

1:30 pm : U.S. equities continue to hover near their session lows, down 1.5% on the day. One of the few indicators in the green today is the volatility index, which is much higher on today's market weakness. This can be seen by the 10% gain in the CBOE Volatility Index (VIX), which is now at 17.04. Today's move higher in the VIX brings it back toward the mid-point of the ~15-20 range it has traded within during the past two months, and indicates an increase in near-term uncertainty, but nothing extremely alarming at this point.

Today's selloff was sparked by weaker-than-expected ADP data in the pre-market, followed by a disappointing ISM report after the market opened. The weaker tone of today's data represents a continuation of softer economic data that has recently been reported. The weaker ADP reading also lowers the bar for Friday's May Employment Report from the government, which is expected to show a 185K increase in nonfarm payrolls (vs. +244K in April) and a 9.0% Unemployment Rate (unchanged from April). Last month, we saw a smaller disappointment in ADP (+179K vs. +200K Briefing.com consensus) followed by an upside surprise in nonfarm payrolls (+244K vs. +185K Briefing.com consensus). An upside nonfarm payrolls report this Friday would certainly be a positive surprise in the context of today's market action, but it will also remove some of the expectations for further monetary accommodation, which have been fueled by the weaker data seen recently.DJ30 -211.35 NASDAQ -42.35 SP500 -22.29 NASDAQ Adv/Vol/Dec 573/1.10 bln/1987 NYSE Adv/Vol/Dec 648/477.9 mln/2296

1:00 pm : Disappointing economic data in the form of the ADP Employment report and the ISM Index are the culprits for today's sharp sell off on Wall Street. The major averages trade just off session lows with the Dow leading the decline with 1.4% loss.

The latest ADP Employment report showed private payrolls added just 38,000 jobs in April when economists were expecting a print of 170,000. That disappointing news was followed by an ISM Index that came out at 53.5, well below the expected 57.6.

The poor economic data boosted Treasuries as maturities across the complex rallied to their best levels in six months. Buying pushed the 10-yr yield to a session low of 2.95%, its lowest level since December 6. Flattening continues along the yield curve with the 2-10-yr spread tightening to 252.2.

Gold stocks are outperforming today as the yellow metal crossed $1550 per ounce. While some of the larger miners like Newmont Mining (NEM 56.27, -0.30) trade in negative territory, smaller miners such as Agnico-Eagle Mines (AEM 65.25, +0.55) and Kinross Gold (KGC 15.91, +0.19) are seeing gains.

Microsoft (MSFT 24.54, -0.47) is back in the headlines after technology blog Boy Genius reported the tech giant was set to purchase Nokia's (NOK 6.68, -0.34) phone business for $19 billion. The report has since been denied by a spokesman for Nokia, calling it "100% baseless." Regardless, both stocks are seeing heavy volume on the session.

Financial shares have been the worst performers all session long with the S&P 500 Financial Index off close to 2.5%. Among the heavyweights, Wells Fargo (WFC 27.26, -1.11) and Bank of America (BAC 11.34, -0.40) are the laggards, while Sun Trust Banks (STI 26.74, -1.39) and Regions Financial (RF 6.67, -0.39) are among the worst performing regional banks.DJ30 -181.45 NASDAQ -34.08 SP500 -18.58 NASDAQ Adv/Vol/Dec 578/1.01 bln/1952 NYSE Adv/Vol/Dec 666/436.1 mln/2272

12:30 pm : U.S. equities have slipped to their lowest levels of the day with the Dow trading down 1.5% to lead the major averages lower.

Gold miners are one of the few positives today, responding to the yellow metal's move above $1550 per ounce. Despite the underlying strength in gold some of the large cap gold miners such as Barrick Gold (ABX 47.68, -0.08) and Newmont Mining (NEM 56.11, -0.46) have recently slipped into negative territory. However, smaller miners such as Agnico-Eagle Mines (AEM 65.02, +0.32) and Kinross Gold (KGC 15.86, +0.14) continue to hold modest gains.DJ30 -189.55 NASDAQ -36.33 SP500 -19.46 NASDAQ Adv/Vol/Dec 624/897.0 mln/1902 NYSE Adv/Vol/Dec 702/386.5 mln/2220

12:00 pm : The major market averages continue to hover near their worst levels of the day with the Dow holding losses of close to 1.2%.

Shares of Microsoft (MSFT 24.58, -0.43) and Nokia (NOK 6.68, -0.34) are in focus today after technology blog Boy Genius reported that Microsoft was set to purchase Nokia's phone business for $19 billion. A Nokia spokesman has denied the reports, calling them "100% baseless." Nonetheless both stocks are seeing heavy volume.DJ30 -153.07 NASDAQ -27.04 SP500 -15.46 NASDAQ Adv/Vol/Dec 641/778.9 mln/1843 NYSE Adv/Vol/Dec 739/339.7 mln/2164

11:30 am : The major market averages have climbed off their worst levels of the session, but still trade sharply lower. The Dow leads the way lower with a loss of 1.1% and is followed by the S&P (-1.0%), and Nasdaq (-0.9%). Selling in equities has pushed Treasuries to six-month highs.

Treasuries continue to rally to their best levels of the session, propelled by this morning's weak ADP Employment and ISM Index. Shorter dated maturities are seeing the smallest buying as the higher yields of the longer dated maturities attract buyers. The flight-to-safety has yields down as much as 10 basis points with the benchmark 10-yr sitting at 2.97%, its lowest level since December 6. Short-term support lies near 2.95%. Flattening of the 2-10-yr spread continues with the spread tightening to 253.DJ30 -137.25 NASDAQ -25.23 SP500 -13.94 NASDAQ Adv/Vol/Dec 658/654.7/1803 NYSE Adv/Vol/Dec 728/288.2 mln/2138

11:00 am : The major market averages trade at their worst levels of the session with the Dow down 1.3% to pace the decline. The S&P 500 trails just behind with a loss of 1.2% while the Nasdaq is weaker by 0.9%.

Financials are the worst performing sector this morning, trading down close to 2.3%. Heavyweights Wells Fargo (WFC 27.32, -1.05) and JP Morgan Chase (JPM 42.03, -1.21) are among the worst performers in the S&P 500 Financials Index, trading down 3.7% and 3.0% respectively. Today's selling has dropped Wells Fargo to its lowest level since December 1. Meanwhile, Discover Financial Services (DFS 23.90, +0.06) and Marsh & McLennan (MMC 30.72, +0.05) are the only stocks in the sector currently trading in positive territory.DJ30 -158.59 NASDAQ -24.74 SP500 -16.08 NASDAQ Adv/Vol/Dec 645/510.4 mln/1771 NYSE Adv/Vol/Dec 724/218.2 mln/2123

10:35 am : Commodities lost steam this morning following key econ data, which missed expectations, such as the jobs numbers and ISM Manufacturing data.

Crude oil futures pulled back between ~9:30 am EST to 10:15 am EST, falling from near the unchanged line to new session lows of $101.58/barrel. Crude began to recover, moving back above the $102.00/barrel level, but is now back near session lows, currently at $101.80, down 0.9%

Natural gas futures sold off earlier this morning, falling into the red and to new session lows of $4.61/MMBtu. The energy component erased most of its losses in earlier trade, but lost steam and is now 0.9% lower at $4.63/MMBtu.

Precious metals are mixed is current trade with silver showing notable losses. Following this morning's ISM data, silver dropped sharply to around the $37.60 area. It's currently down 1.4% at $37.77/oz., while gold is back in positive territory now at $1537.30/oz. up $0.50.DJ30 -126.28 NASDAQ -17.12 SP500 -12.48 NASDAQ Adv/Vol/Dec 626/373.9 mln/1752 NYSE Adv/Vol/Dec 704/166.3 mln/2084

10:05 am : U.S. equities moved to their worst levels of the session following the recent data. The Dow and S&P lead the way lower with losses of 0.7% while the Nasdaq outperforms with a 0.5% loss.

The ISM Manufacturing Index for May came in at 53.5, which is less than the 57.6 that had been expected, on average, among economists polled by Briefing.com. However, the latest Index is down from the 60.4 that was posted for the prior month. Construction spending during April increased by 0.4%, which is surprisingly strong given that the consensus among economists surveyed on behalf of Briefing.com had called for a decrease of 0.5%.

The weak data sent Treasuries to their best levels with the 10-yr yield slipping to 2.98%.

DJ30 -82.04 NASDAQ -11.53 SP500 -8.98 NASDAQ Adv/Vol/Dec 836/167.4 mln/1376 NYSE Adv/Vol/Dec 1031/85.7 mln/1644

09:45 am : The major market averages are holding losses of close to 0.3% in early trade as every sector trades in the red. Financials are leading the way lower, trading down 1.1% while energy and technology are outperforming, posting gains of 0.1%. The ISM Index and construction spending are due out at 10 a.m. ET.DJ30 -39.85 NASDAQ -2.62 SP500 -3.89

09:13 am : [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -8.00. U.S. equity futures are trading near their lowest levels of the morning, knocked down by the disappointing ADP Employment report. The report suggests that private payrolls increased by 38,000 in April. That pales in comparison with the expected increase of 170,000 private payrolls, as estimated by economists surveyed by Briefing.com. The weak report sent the dollar index down to 74.40 before regaining the flat line at 74.50. Buyers rushed to the safety of Treasuries, and by doing so dropped the 10-yr yield to 3.00% for the first time since early December. The ISM Index and Construction Spending will be released at 10 a.m. ET, and Auto/Truck Sales are due out at 3 p.m. ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -9.20. Asian markets closed mixed (Hang Seng -0.2%, Nikkei +0.3%, Shanghai Composite UNCH) during a somewhat uneventful session. Chinese Manufacturing PMI eased to a nine-month low of 52.0 from its previous reading of 52.9 while HSBC Final Manufacturing PMI ticked up to 51.6 from 51.1. Australian GDP contracted 1.2% (-1.1% expected) in the first quarter, posting its largest contraction in 20 years. Although Australian equities closed unchanged, the Aussie dollar spiked to 1.0750 on the report as the Reserve Bank of Australia expects a sharp rebound in the second half of 2011. The Bank of Thailand hiked its benchmark interest rate 25 basis points to 3.00%, as expected. The move represented the fourth interest rate hike of 2011 for the Thai central bank. CPI in the region came in cooler-than-expected with Indonesia (5.98%), South Korea (4.1% YoY) and Thailand (4.2% YoY) releasing numbers. India's trade deficit widened to $9.0 billion from its previous deficit of $5.6 billion. Japanese shares with exposure to China led the way with heavy machinery maker Komatsu adding 1.1% on the heels of the PMI data. Agriculture-related stocks surged in China as worries of inflation persist. Hunan Jinjian Cereals gained 3.4%.

European equities moved to their lowest levels of the session (FTSE -0.4%, CAC -0.3%, DAX -0.5%) following the disappointing ADP Employment data in the U.S. PMI manufacturing data across the region was weaker-than-expected with Britain (52.1), France (54.9), and Germany (57.7) all reporting. Financials across the region are under pressure with Societe Generale off 1.2% in France while German automakers are among the biggest decliners as BMW trades down 1.3%.

08:30 am : S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -8.80. Stock futures weakened to their session lows following the latest ADP Employment Change, which suggests that private payrolls increased by 38,000 in April. That pales in comparison with the expected increase of 170,000 private payrolls, as estimated by economists surveyed by Briefing.com. As an aside, the ADP report for April was revised downward to reflect the addition of 177,000 private payrolls. Along with the sell off in equity futures, the dollar has descended into negative territory so that it now trails a basket of competing currencies by 0.2%. Buyers rushed into Treasuries following the data release, pushing the 10-yr yield down to 3.008%, its lowest level since early December.

08:23 am : Nikkei...9719.61...+25.90...+0.30%. Hang Seng...23626.43...-57.70...-0.20%.

08:23 am : FTSE...5978.10...-11.90...-0.20%. DAX...7283.67...-10.00...-0.10%.

08:00 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -1.45. Futures are pointing to a somewhat flat open following a muted overseas session. Overnight trade in Asia was mixed (Hang Seng -0.2%, Nikkei +0.3%, Shanghai Composite UNCH) following Chinese Manufacturing PMI easing to 52.0, a nine-month low. While the number topped estimates of 51.6, it showed the world's second largest economy is slowing. Also out was HSBC Final Manufacturing PMI which ticked up to 51.6 from 51.1. Australian GDP contracted 1.2% QoQ (-1.1% QoQ expected), its steepest decline in 20 years, as the Queensland flooding wrecked havoc on the nation's economy. The Bank of Thailand raised its benchmark interest rate for the fourth time this year, hiking 25 basis points to 3.00%. CPI data in the region came in cooler-than-expected in South Korea (4.1% YoY) and Thailand (4.2% YoY). European markets are holding slight losses at midday (FTSE -0.3%, CAC -0.2%, DAX -0.2%) following PMI manufacturing misses in Britain, France, and Germany. U.S. data already released showed the MBA Mortgage Index fell 4.0%, and Challenger Job Cuts slipped 4.3%. Data still due out includes ADP Employment Change, ISM Index, Construction Spending, and Auto/Truck Sales.

06:39 am : [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: -6.00.

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

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1.708.572.4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage