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)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification


Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $690.00 dollars or +6.90 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $690.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the free ##TheStrategyLab chat room. You can read today's ##TheStrategyLab trading chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=119&t=1560

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Price Action Analysis via 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=119&t=718

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=214&t=1883

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

Dow Ekes Out Another Record High


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

NEW YORK (CNNMoney)
The Dow was able to notch another record high Tuesday, but the broader market was mixed as investors weighed the latest corporate results against a weak regional manufacturing report.

The Dow Jones industrial average gained nearly 0.2%, ending at an all-time high of 15,568.

The S&P 500 fell 0.2%, after earlier touching a new record high and coming within a few points of 1,700. The Nasdaq fell 0.6%.

Stocks opened broadly higher as investors focused on solid corporate reports, but the momentum faded after an index of June manufacturing activity from the Federal Reserve Bank of Richmond plunged 11 points.

After a pullback in June, stocks have resumed their march higher this month. So far this year, the major indexes are all up about 19%.

Stocks are being underpinned by expectations that the Federal Reserve will continue to keep the market awash in liquidity, said Doug Roberts, chief market strategist at Channel Capital Research.

Fed chairman Ben Bernanke told lawmakers last week that there is no "preset course" for the central bank's $85 billion-per-month bond buying program.

"Bernanke is the 900 lb. gorilla in the room," said Roberts. "As long as he keeps pumping money, then the risk trade is still in effect."

Earnings parade: Nearly 160 companies in the S&P 500 are slated to report quarterly results this week. So far, the bulk of the reports have matched or topped analysts' low expectations.

"Earnings will continue to dominate the news the next two weeks," said David Brown, chief market strategist at Sabrient Systems. He said weak results last week from Microsoft (MSFT, Fortune 500), Google (GOOG, Fortune 500) and Intel (INTC, Fortune 500) have "put a pox on the technology sector."

Apple (AAPL, Fortune 500) bucked the trend. After the market closed, Apple said it earned $6.9 billion, or $7.47 per share, on sales of $35.3 billion in the company's third quarter. Compared with last year, earnings were down nearly 20%.

Still, Apple's results were better than expected. Analysts had predicted earnings of $7.32 and $35 billion in revenue, according to estimates from Thomson Reuters.

Apple shares gained about 0.5% in extended trading after ending the day down 1.7%.

Also after the market closed, AT&T (T, Fortune 500) reported earnings that missed estimates by one penny. Shares edged lower.

Among the companies that reported Tuesday morning, earnings were better than feared, but revenue growth was generally tepid.

UPS (UPS, Fortune 500) reported earnings in line with its preliminary expectations. The packing and shipping company said volume in the U.S. and internationally grew, even as revenue came in slightly below forecasts.

* Video -UPS' weak report no surprise

Shares of United Technologies (UTX, Fortune 500) were up after the aerospace supplier raised its earnings outlook for the year.

DuPont (DD, Fortune 500) reported earnings that beat forecasts but revenue fell short, which the company blamed on slipping chemical sales and economic headwinds in Europe and Asia.

Travelers (TRV, Fortune 500) reported a boost in quarterly profit, citing "lower catastrophe losses."

Texas Instruments (TXN, Fortune 500) shares rose after the semiconductor maker reported quarterly earnings that came in ahead of expectations.

Lockheed Martin (LMT, Fortune 500) said net income rose 10% in the second quarter, despite a 4% drop in revenue.

Wendy's (WEN) reported better-than-expected earnings and announced plans to sell 425 company-owned restaurants.

Netflix (NFLX) shares sank one day after the streaming-video service added fewer subscribers than expected in the second quarter.

Meanwhile, Cisco (CSCO, Fortune 500) announced plans to buy cybersecurity company Sourcefire (FIRE) for $2.7 billion. (Cybersecurity stocks rally)

Shares of TheStreet (TST) briefly rose above $2 after CNNMoney reported that private equity firm Spear Point is pushing for a sale of the company, and has positioned itself as a bidder.

World markets: European markets reversed course late in the day and ended lower, while Asian markets ended with gains.





4:15 pm : The major averages ended in mixed fashion as the Dow Jones added 0.1% and the S&P 500 shed 0.2%.

The Dow outperformed the broader market as the relative strength of United Technologies (UTX 105.16, +3.05) provided the price-weighted index with enough support to keep it in positive territory throughout the session. In addition, DuPont (DD 57.12, -0.05) displayed early strength, but ended in the red. Both companies reported bottom-line beats on below-consensus revenue and DuPont announced it will seek strategic alternatives for its Performance Chemical segment.

Although DuPont settled on its lows, the materials sector finished in the lead. The space received support from miners after Freeport-McMoRan (FCX 29.99, +0.84) reported an earnings beat. On a related note, copper futures added 0.9% to $3.213 per pound while gold futures climbed 0.5% to $1342.20 per troy ounce.

The materials sector was closely followed by yesterday's biggest laggard, energy. The growth-oriented space added 0.2% as crude oil rose 0.2% to $107.14 per barrel.

Elsewhere, utilities and telecom services settled with respective gains of 0.3% and 0.4% while the remaining sectors ended in the red.

Financials and technology spent most of the day in negative territory. In the financial sector, major banks displayed little change and insurer Travelers (TRV 82.21, -3.22) fell 3.8% despite beating on earnings.

Tech shares displayed broad weakness, with the largest sector component, Apple (AAPL 418.99, -7.32), sliding 1.7% ahead of its after-hours earnings report. Meanwhile, chipmakers underperformed even after Texas Instruments (TXN 38.93, +1.51) reported a slight earnings beat on an 8.6% year-over-year decline in revenue.

The underperformance of tech names weighed on the Nasdaq, which settled lower by 0.6%. In addition, the index was also pressured by Netflix (NFLX 250.26, -11.70) after the discretionary component reported in-line results, which did not justify the stock's July gain of 24.1%.

Also of note, biotechnology weighed on the Nasdaq and the health care sector. The iShares Nasdaq Biotechnology (IBB 192.35, -3.34) settled lower by 1.7%.

Similar to stocks, Treasuries were confined to a narrow range. The benchmark 10-yr yield ended higher by two basis points at 2.51%.

Today's economic data was limited to the May FHFA Housing Price Index, which increased 0.7% to follow a 0.5% uptick observed during the prior month.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and June new home sales will be announced at 10:00 ET. On the earnings front, AmerisourceBergen (ABC 57.63, -1.36), Boeing (BA 107.79, +0.93), and Ford Motor (F 16.94, -0.10) will report their results before the opening bell.

The U.S. Treasury will auction $35 billion in 5-yr notes.DJ30 +22.19 NASDAQ -21.11 SP500 -3.14 NASDAQ Adv/Vol/Dec 1149/1.55 bln/1324 NYSE Adv/Vol/Dec 1711/623.7 mln/1298

3:30 pm :

Sep crude oil erased earlier losses as it rose into positive territory in late morning action. The energy component lifted from its session low of $105.92 per barrel and touched a session high of $107.34 per barrel. It eventually booked a 0.4% gain as it closed at $107.23 per barrel.
Aug natural gas rallied off its session low of $3.68 per MMBtu set in early morning floor trade. It then traded in a tight range between $3.73 and $3.76 per MMBtu and settled with a 1.6% gain at $3.74 per MMBtu.
Aug gold chopped around in negative territory today, falling as low as $1327.90 per ounce in morning action. However, the yellow metal inched higher as the dollar index weakened and erased most of its earlier losses. It settled just 70 cents lower at $1335.20 per ounce.
Silver also traded in the red but was unable to gain much momentum. It brushed a session high of $20.33 per ounce and eventually settled 1.2% lower at $20.26 per ounce.

DJ30 +45.60 NASDAQ -12.79 SP500 -0.40 NASDAQ Adv/Vol/Dec 1212/1292.2 mln/1244 NYSE Adv/Vol/Dec 1763/430 mln/1228

3:00 pm : The S&P 500 holds its flat line as today's session enters its final hour.

In the foreign exchange market, the Dollar Index displayed some strength before the U.S. session got underway. Since the open, the greenback has retreated steadily and the Index now trades near its lows just below 82.00. The dollar has surrendered some ground to the euro and the Canadian dollar.

Euro/dollar is higher by 0.4% at 1.3235 as trade tests near-term resistance in the area. The single currency jumped to its best levels of the session shortly ahead of news indicating the next payment of Greek aid will be delayed until July 29 when the Troika report is released.

Elsewhere, U.S. dollar/Canadian dollar is lower by 0.5% at 1.0281 with trade under pressure following this morning's better-than-expected Canadian retail sales data. Today's loss puts the pair on track to close at a one-month low.DJ30 +47.11 NASDAQ -11.10 SP500 -0.02 NASDAQ Adv/Vol/Dec 1217/1.19 bln/1227 NYSE Adv/Vol/Dec 1772/395.9 mln/1205

2:35 pm : The major averages continue to hold their recent levels with the S&P 500 lower by 0.1%. Meanwhile, the Dow holds a modest gain of 0.3%.

Similar to the major averages, individual sectors are little changed since our last update. However, the commodity market has seen some movement. Crude oil trades higher by 0.3% after opening the session in negative territory. Elsewhere, gold futures have also climbed out of the red. The yellow metal is higher by 0.5% at $1342.90 per troy ounce. Silver futures saw a concurrent uptick, but the metal remains lower by 0.4% at $20.43 per troy ounce.DJ30 +43.42 NASDAQ -12.42 SP500 -0.84 NASDAQ Adv/Vol/Dec 1200/1.09 bln/1221 NYSE Adv/Vol/Dec 1740/363.3 mln/1231

2:00 pm : Recent action saw the Dow Jones return to its opening highs while the S&P 500 regained its flat line. Elsewhere, the Nasdaq has narrowed its loss to 0.3%.

Similar to the major averages, the ten economic sectors continue to trade within relatively narrow ranges. Energy and materials lead with gains near 0.3% while consumer staples and health care underperform with losses close to 0.2%.

Elsewhere, the CBOE Volatility Index (VIX 12.42, +0.13) is slightly higher today, but the near-term volatility measure has retreated steadily over the course of the past few sessions, and it now sits at levels not seen since mid-April.DJ30 +40.74 NASDAQ -10.61 SP500 -1.02 NASDAQ Adv/Vol/Dec 1157/1.01 bln/1250 NYSE Adv/Vol/Dec 1716/334.4 mln/1242

1:25 pm : The mixed standing of the major indices persists without any strong sector leadership to speak of on either the downside or the upside.

One notable laggard today (in a relative sense) is the Dow Jones Transportation Average, which is off 0.8%. Ryder System (R 61.58, -1.45), which reported its June quarter results this morning, topping the Capital IQ consensus EPS estimate by three cents and providing in-line guidance for the third quarter, is the biggest laggard today. UPS (UPS 87.76, +0.15) also reported results that were in-line with lowered estimates following the company's recent earnings warning.

We'll call it some general profit taking among the transports, which have comprised one of the market's best-performing areas this month (+6.6% entering today) and all year (+24.0% entering today).

Separately, the $35 bln 2-yr note auction went off reasonably well, drawing 0.336% and a 3.08 bid-to-cover that was slightly above the 12-month auction average of 3.05x. There was a solid indirect bid (30.4%) that offset a somewhat weak direct bid (16.4%). The Treasury market pretty much took the auction results in stride.DJ30 +37.01 NASDAQ -9.86 SP500 -0.88 NASDAQ Adv/Vol/Dec 1201/909 mln/1193 NYSE Adv/Vol/Dec 1699/302 mln/1244

1:00 pm : The major averages are mixed as the Dow Jones adds 0.1% while the S&P 500 sheds 0.2%. For its part, the Nasdaq is lower by 0.4%.

Equities began the session with modest gains before the underperformance of health care, technology, and discretionary sectors overshadowed the relative strength of energy and materials.

Of the three major indices, the Dow has been able to hold a slim gain as DuPont (DD 57.63, +0.46) and United Technologies (UTX 104.80, +2.69) provide the price-weighted index with a measure of support. Both names reported bottom-line beats on below-consensus revenue and DuPont also announced it plans to seek strategic alternatives for its Performance Chemical segment.

In addition, the materials sector has also benefitted from DuPont's relative strength. However, the sector has trimmed its advance to 0.3% after being up as much as 1.0% at the open.

Elsewhere, the energy space has also displayed strength. The sector trades higher by 0.2% while crude oil is little changed at $106.88 per barrel.

On the downside, the health care sector (-0.3%) has shown the most weakness. Biotechnology names have pressured the defensively-oriented group as the iShares Nasdaq Biotechnology ETF (IBB 193.55, -2.14) trades lower by 1.1%.

In addition, the technology sector is off by 0.2%, which has contributed to the underperformance of the Nasdaq. The largest tech stock, Apple (AAPL 422.73, -3.58), is lower by 0.9% ahead of its earnings report scheduled for an after-hours release.

Chipmakers, however, have shown some relative strength. The PHLX Semiconductor Index is higher by 0.2% after Texas Instruments (TXN 38.98, +1.56) reported a slim earnings beat on a 8.6% year-over-year decline in revenue.

Also of note, the discretionary sector has been pressured by Netflix (NFLX 250.40, -11.56). The stock trades down 4.4% after the company's in-line report was not enough to justify a 24.1% July advance.

Today's economic data was limited to the May FHFA Housing Price Index, which increased 0.7% to follow a 0.5% uptick observed during the prior month.DJ30 +21.19 NASDAQ -14.04 SP500 -1.36 NASDAQ Adv/Vol/Dec 1185/839.4 mln/1230 NYSE Adv/Vol/Dec 1614/281.1 mln/1298

12:35 pm : The major averages continue to hold their recent levels amid mixed sector leadership. Energy and materials are the only two cyclical sectors trading in positive territory while financials and technology lag.

With regards to countercyclical groups, telecom services and utilities are both up near 0.2% while health care and consumer staples display respective losses of 0.3% and 0.2%.

The equity market has been relatively quiet today and that has been mirrored by the Treasury complex. The benchmark 10-yr note saw some early morning selling and it currently trades near the middle of its range with its yield higher by two basis points at 2.51%.DJ30 +23.34 NASDAQ -13.74 SP500 -2.26 NASDAQ Adv/Vol/Dec 1149/781.4 mln/1237 NYSE Adv/Vol/Dec 1646/264.2 mln/1276

12:00 pm : The Dow Jones trades higher by 0.1% while the S&P 500 holds a loss of 0.1% after climbing off its session lows. The benchmark average remains pressured by the underperformance of consumer staples, health care, and discretionary shares as the three sectors display losses between 0.2% and 0.3%.

On the upside, the energy sector is higher by 0.3% and the materials sector sports a gain of 0.2% after being up as much as 1.0% at the start of today's session.

Also of note, recent reports from Europe indicate the next tranche of Greek aid has been delayed as the country has yet to confirm five of 22 planned reform measures. Eurozone officials will discuss the progress of Greek reforms at a meeting scheduled for tomorrow.DJ30 +17.93 NASDAQ -12.07 SP500 -2.16 NASDAQ Adv/Vol/Dec 1144/700.1 mln/1226 NYSE Adv/Vol/Dec 1637/239.2 mln/1269

11:30 am : The major averages remain mixed with the Dow Jones as the lone advancer. The price-weighted index has been able to keep its head above water due to the relative strength of DuPont (DD 57.52, +0.35) and United Technologies (UTX 104.65, +2.54). Meanwhile, another Dow component, Travelers (TRV 82.37, -3.07), trades lower by 3.6% after reporting a bottom-line beat.

In addition, the underperformance of Travelers has weighed on the financial sector, which holds a modest loss of 0.3%, and is the weakest performing sector.

Also of note, two defensively-oriented sectors have weighed on the broader market. Consumer staples and health care are both down near 0.2%.DJ30 +19.89 NASDAQ -10.95 SP500 -2.00 NASDAQ Adv/Vol/Dec 1088/611.4 mln/1246 NYSE Adv/Vol/Dec 1577/210.9 mln/1320

10:55 am : Recent action saw the S&P 500 slip into the red while the Dow continues to hold a slim gain of 0.1% thanks to the relative strength of DuPont (DD 57.53, +0.36) and United Technologies (UTX 104.92, +2.81).

Elsewhere, the Nasdaq trades lower by 0.5% as major components pressure the index. Apple (AAPL 423.00, -3.31) trades down 0.8% ahead of its quarterly report scheduled for an after-hours release. In addition, Google (GOOG 906.36, -4.34) and Microsoft (MSFT 31.82, -0.19) trade with losses near 0.6%.

Also of note, biotechnology has shown early weakness as the iShares Nasdaq Biotechnology (IBB 193.29, -2.40) holds a loss of 1.2%. In turn, this has weighed on the health care sector, which sports a loss of 0.4%.DJ30 +22.14 NASDAQ -15.52 SP500 -2.74 NASDAQ Adv/Vol/Dec 1020/489.3 mln/1280 NYSE Adv/Vol/Dec 1587/176.1 mln/1274

10:30 am : Commodities are mixed this morning. Energy (crude oil and natural gas) rebounded off morning lows, pushing both crude oil and natural gas notably higher. Crude is almost back to the unchanged line, while natural gas futures (Aug) just hit a new HoD of $3.76/MMBtu.

Precious metals remain to be in negative territory with Aug gold now -0.4% at $1331.60/oz

Back to the energy space, Sept crude oil is now -0.12% at $106.81/barrel and Aug natural gas is +1.9% at $3.75/MMBtu.DJ30 +26.41 NASDAQ -13.20 SP500 -1.89 NASDAQ Adv/Vol/Dec 1047/375.1 mln/1180 NYSE Adv/Vol/Dec 1601/143 mln/1196

10:00 am : The S&P 500 trades higher by 0.1% while the Dow outperforms with a gain of 0.3%.

Growth-oriented sectors have shown some early strength with energy (+0.5%) and materials (+0.7%) in the lead. The materials sector sports a solid gain after DuPont (DD 58.90, +1.73) reported a slim earnings beat while the energy sector outperforms after finishing yesterday's session among the laggards.

On the downside, the consumer staples sector is off by 0.2%. Shares of Altria (MO 36.02, -0.86) have pressured the defensively-oriented group after the tobacco company reported a bottom-line miss on below-consensus revenue.DJ30 +52.14 NASDAQ -0.51 SP500 +1.89 NASDAQ Adv/Vol/Dec 1156/215.9 mln/992 NYSE Adv/Vol/Dec 1771/97.4 mln/941

09:45 am : The major averages began the session on a positive note with the price-weighted Dow Jones Industrial Average providing the early leadership after two components, DuPont (DD 59.40, +2.23) and United Technologies (UTX 104.38, +2.27) reported bottom-line beats on below-consensus revenue.

In addition, DuPont announced it will seek strategic alternatives for its Performance Chemical unit. In addition to boosting the Dow, DuPont has provided support to the materials sector, which leads all sectors with a gain of 0.9%. Meanwhile, another commodity-related sector, energy trades higher by 0.9%.DJ30 +49.95 NASDAQ +5.18 SP500 +2.53 NASDAQ Adv/Vol/Dec 1223/139.5 mln/811 NYSE Adv/Vol/Dec 1825/70.8 mln/839

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +2.70. The S&P 500 futures trade higher by 0.2%, signaling an upbeat start to today's session. Although this morning's economic data was limited to the May FHFA Housing Price Index (+0.7% actual, +0.5% prior), investors did receive a heavy dose of earnings.

The technology sector is likely to receive some extra attention after Netflix (NFLX 254.41, -7.55), STMicroelectronics (STM 9.20, -0.59), Texas Instruments (TXN 38.80, +1.38), and United Technologies (UTX 103.13, +1.02) reported their quarterly results. Of the four names, only STMicroelectronics came up short on earnings while top line results were more of a mixed bag. Netflix reported in-line revenue and United Technologies saw a 15.9% increase, which fell short of analyst estimates. Meanwhile, STMicroelectronics and Texas Instruments reported year-over-year declines in revenue.

Also of note, UPS (UPS 87.50, -0.11) reported results in line with its July 12 warning.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +2.20. The S&P 500 futures hold a gain of 0.2%.

May Housing Price Index from the FHFA increased 0.7%, which follows a 0.5% uptick observed during the prior month.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +2.00. The S&P 500 futures trade higher by 0.1%.

It was a sea of green across Asia as all of the major bourses ended in the green. The region was propelled by comments from Chinese Premier Li Keqiang, who suggested China would not tolerate growth of less than 7%. Hong Kong's Hang Seng (+2.3%) and China's Shanghai Composite (+2.0%) were among the leaders with Thailand's SET (+2.1%) also seeing a boost as traders returned from their holiday weekend. Elsewhere, Japan's Nikkei (+0.8%) rallied after the Office of the Cabinet upgraded its economic assessment and suggested the economic recovery is self-sustaining. Data out overnight was limited to Singapore's inflation rate (1.8% year-over-year actual versus 1.7% expected) and Taiwan's industrial production (-0.4% year-over-year actual versus 2.3% expected).

In Japan, the Nikkei closed higher by 0.8% as shares gained for the eighth time in ten sessions. Steelmakers were firm after reports suggested sheet steel prices will jump approximately 10% later this year. Nippon Steel added 3.3% on the news. Elsewhere, exporters gained thanks to the weaker yen as cannon added 1.2% and Panasonic gained 1.8%.
Hong Kong's Hang Seng advanced 2.3% as shares saw their biggest gain since the first trading day of the year. Financials saw robust gains as ICBC and China Construction Bank climbed nearly 5.0% apiece.
In China, the Shanghai Composite rose 2.0% as economically sensitive shares saw the biggest gains. Anhui Conch Cement gained 2.7% and Jiangxi Copper jumped 3.1%.

Major European indices have spent the first half of the session in positive territory. Spain's IBEX leads the way (+1.8%) after the Bank of Spain upgraded its second quarter GDP growth expectations. However, at -0.1%, the central bank still expects the economy to post its eight consecutive quarterly contraction. Also of note, Prime Minister Mariano Rajoy will discuss the kickback scandal in an address to parliament on Thursday, August 1. Regional economic data was limited. Great Britain's BBA Mortgage Approvals came in at 37.3K (38.5K consensus, 36.3K prior) and the French Business Survey increased to 95 from 93 (94 expected).

France's CAC is higher by 0.3% with Bouygues (+6.8%) in the lead following reports the company has discussed a partnership with Vivendi. On the downside, STMicroelectronics is lower by 6.8% after reporting disappointing earnings and revenue.
In Great Britain, the FTSE trades with a gain of 0.3%. Miners are among the leaders as Antofagasta, Fresnillo, Glencore Xstrata, and Rio Tinto add between 2.7% and 4.9%. On the downside, Tullow Oil holds a loss of 6.1% after the company was unable to find resources at two offshore wells.
Germany's DAX trades up 0.3%. Exporters are among the leaders with BMW and Volkswagen both up near 1.2%. On the downside, Deutsche Lufthansa trades lower by 2.1%.

07:57 am : [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +6.00. U.S. equity futures hold modest gains with the S&P 500 futures up 0.2%.

Reviewing overnight developments:

Asian markets ended with gains across the board. Japan's Nikkei +0.8%, China's Shanghai Composite +2.0%, and Hong Kong's Hang Seng +2.3%.
The session was devoid of notable economic data.
In news:
China's Premier Li Keqiang commented on the country's economy, saying the bottom line for GDP growth is 7.0%, and the Middle Kingdom must not slip below this level.
In Japan, Prime Minister Shinzo Abe's cabinet has upgraded its economic assessment for the third consecutive month. In addition, economy minister Akira Amari said the consumption tax increase should be finalized in the fall.

Major European indices have spent the first half of the session in positive territory. France's CAC +0.2%, Germany's DAX +0.2%, Great Britain's FTSE +0.2%. On the periphery, Italy's MIB +0.9% and Spain's IBEX +1.6%.
Economic data was limited:
Great Britain's BBA Mortgage Approvals came in at 37.3K (38.5K consensus, 36.3K prior).
French Business Survey increased to 95 from 93 (94 expected).
Reviewing news of note:
The Bank of Spain has raised its expectations for second quarter GDP to -0.1% from -0.5%. In addition, Prime Minister Mariano Rajoy will discuss the kickback scandal in an address to parliament on Thursday, August 1.

In U.S. corporate news:

Altria (MO 36.28, -0.60) is -1.6% after missing on earnings and revenue. However, the company has raised the low end of its full-year 2013 earnings guidance.
DuPont (DD 58.73, +1.56) is +2.7% after reporting a bottom line beat on below-consensus revenue. Additionally, the company announced it will seek strategic alternatives for its Performance Chemical segment.
Netflix (NFLX 254.90, -7.06) is -2.7% following its quarterly report. Although the video streaming provider beat on earnings, its user growth was perceived as a disappointment.
STMicroelectronics (STM 9.20, -0.59) is -6.0% after missing on earnings and revenue.
Texas Instruments (TXN 38.49, +1.07) is +2.9% after the company beat earnings expectations by one cent.
Travelers (TRV 85.25, -0.18) is -0.2% after reporting a bottom line beat.
United Technologies (UTX 102.11, 0.00) reported an earnings beat on below-consensus revenue.

FHFA Housing Price Index for May will be released at 9:00 ET.

The U.S. Treasury will auction $35 billion in 2-yr notes.

06:34 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: flat.

06:34 am : Nikkei...14778.51...+120.50...+0.80%. Hang Seng...21915.42...+498.90...+2.30%.

06:34 am : FTSE...6645.26...+22.10...+0.30%. DAX...8344.94...+13.90...+0.20%.

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

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

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