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 @ $6,470.00 dollars or +64.70 points, Emini ES ($ES_F) futures @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $6,470.00 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 timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=132&t=1838


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.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=242&t=2402

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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/BOE/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. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Dow Falls Just Short Of Record Close


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

NEW YORK (CNNMoney)
Stocks shook off last week's Portuguese bank scare on Monday. The Dow finished the day back above 17,000 and just barely missed a record-high close.

The Dow finished 112 points higher at 17,055 after hitting a new intraday peak of 17,085 at earlier in the session.

The S&P 500 and Nasdaq were both up around 0.5%.

The rally comes as Goldman Sachs released an upgraded target for the S&P 500. Analysts there now think the blue chip index will hit 2050 by year's-end instead of 1900.

The S&P 500 closed at 1,977.
dow close

Here are some highlights from today's trading:

1. Bank bump: Citigroup (C) reported earnings that beat expectations despite a $7 billion settlement with the federal government over mortgages it sold during the financial crisis. The stock was up about 3%.

Shares of the other big banks -- JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) -- also finished higher. JPMorgan and Goldman will report their second-quarter earnings on Tuesday while BofA and Morgan Stanley are on tap for later this week. \

Wells Fargo (WFC) sat out the bank stock rally though. Shares were slightly lower even though it reported on Friday earnings and revenue largely in line with Wall Street expectations.

Related: Read more about Citi's settlement here

2. Tech movers: Several well-known tech stocks were up big Monday. Netflix (NFLX, Tech30) rose about 3% while Amazon (AMZN, Tech30) gained more than 2.6%. Advertising giant Omnicom (OMC)'s Annalect subsidiary released a research report that says binge watchers are more open to ads than marketers previously thought, which may be good news for Netflix and Amazon's Prime service.

In social media news, Facebook (FB, Tech30) and Twitter (TWTR, Tech30) both said that the World Cup smashed activity records: Facebook said the Germany vs. Argentina championship game's 281 million interactions made it the most talked-about sports event in the site's history. Twitter said 618,725 tweets were getting sent every minute at the end of the match, a record for an event.

Facebook shares were up 2.3% and Twitter stock was flat.

Apple (AAPL, Tech30), fresh off an upgrade from Barclays, rose 1.3%.

3. Pill pusher pursuit: Pharmaceutical company AbbVie (ABBV) presented a fifth, and seemingly final, offer to Irish drug maker Shire (SHPG) in a bid to move lower its tax liability. The magic number that charmed Shire's board into recommending shareholder approval is about $54 billion, 35% higher than the original offer. AbbVie's shares were flat. Shire's American shares are about 2% higher.

Perrigo (PRGO), a U.S. generic drug company that is domiciled in Ireland for tax purposes, may also be a takeover target according to Israeli business paper Globes. The stock was up almost 8.7% to top the S&P 500 Monday.

Related: Higher price tag no impediment to a lower tax burden for AbbVie

4. Gold bust: Gold was down 2.15% and silver prices were 2.2% lower. Gold traditionally acts as a hedge against inflation, suggesting investors may be less worried about it. Meanwhile, the dollar strengthened against the pound but weakened against the euro.

5. International markets: European stocks did well, with the FTSE 100 up nearly 1%. World Cup winner Germany's DAX finished more than 1.2% higher. Asian stocks finished the day mostly up, with the Nikkei up almost 1%.

Video - Economic World Cup: Germany vs. Argentina





4:10 pm: [BRIEFING.COM] The major averages started the new trading week on an upbeat note, but the bulk of the action on Monday took place at the start of the session. The S&P 500 rose 0.5% with nine sectors registering gains, while the Dow Jones Industrial Average (+0.7%) outperformed. For its part, the small-cap Russell 2000 (+0.5%) settled in the middle of its trading range after showing relative strength at the start.

Equity indices received an opening boost from the financial sector (+0.6%), which in turn, was underpinned by Citigroup (C 48.42, +1.42) after the bank reported its earnings. Shares of Citigroup jumped 3.0% in reaction to above-consensus results that excluded the impact of a $3.8 billion charge stemming from settlements related to RMBS and CDO-related claims. The financial sector, meanwhile, spent the entire session in a steady retreat from its early high.

Although financials slipped from their opening levels, that void was filled by other influential sectors like energy (+0.9%) and technology (+0.8%).

The top-weighted S&P 500 sector-technology-rallied on the back of its largest components. Apple (AAPL 96.45, +1.23), Google (GOOGL 594.26, +7.61), Facebook (FB 67.90, +1.56), and IBM (IBM 189.87, +1.87) gained between 1.0% and 2.4% to name a few. However, chipmakers were not as strong with the PHLX Semiconductor Index tacking on 0.4%.

Elsewhere, the energy sector was boosted by M&A activity, while crude oil ended the session little changed at $100.99/bbl. On the acquisition front, Kodiak Oil & Gas (KOG 14.91, +0.68) rose 4.8% after agreeing to be acquired by Whiting Petroleum (WLL 84.58, +6.04) for $6 billion.

The energy sector was not the only source of M&A news as industrials (+0.6%) and health care (+0.4%) also benefitted from deals.

Among industrials, URS (URS 58.40, +6.38) surged 12.3% after agreeing to be acquired by Aecom (ACM 34.98, +3.22) for $56.31 per share. Furthermore, defense contractors and transports also displayed relative strength with the PHLX Defense Index and the Dow Jones Transportation Average both adding 0.7%.

On the countercyclical side, health care was limited to a gain of 0.4% even though Shire Pharmaceuticals (SHPG 254.27, +5.21) jumped 2.1% on reports it will accept a $53 billion takeover bid from AbbVie (ABBV 54.85, -0.11). Also of note, Mylan (MYL 51.24, +1.04) struck a $5.3 billion deal to purchase Abbott's (ABT 41.82, +0.52) non-US developed markets specialty and branded generics business.

Similar to health care, other countercyclical sectors also ended behind the broader market. Consumer staples (+0.4%) and telecom services (+0.3%) posted modest gains, while the utilities sector lost 1.2%.

Treasuries ended near their lows with the 10-yr yield up two basis points at 2.54%.

Participation was well below average as less than 600 million shares changed hands at the NYSE.

Tomorrow, the Retail Sales report for June (Briefing.com consensus 0.7%), June import/export prices, and the July Empire Manufacturing survey (consensus 13.2) will be released at 8:30 ET, while the Business Inventories report for May (consensus 0.6%) will cross the wires at 10:00 ET. Also of note, Fed Chair Janet Yellen will appear before the Senate Banking Committee to provide her semiannual testimony on the economy and monetary policy.

S&P 500 +7.0% YTD
Nasdaq Composite +6.3% YTD
Dow Jones Industrial Average +2.9% YTD
Russell 2000 +0.2% YTD

3:30 pm: [BRIEFING.COM]

Precious metals fell today as equity markets advanced and concerns over the health of the Portuguese banking system lessened. Aug gold traded as low as $1302.20 per ounce after retreating from its session high of $1316.60 per ounce set at pit trade open. It eventually settled with a 2.3% loss at $1306.70 per ounce. Sep silver pulled back from a session high of $21.13 per ounce and settled 2.5% lower at $20.92 per ounce, just above its session low of $20.90 per ounce. Aug crude oil dipped to a session low of $100.22 per barrel in morning action but recovered into positive territory as it headed into the close. The energy component touched a session high of $101.04 per barrel and settled at $100.99 per barrel, or 0.2% higher.

Aug natural gas touched a session low of $4.09 per MMBtu in morning action after trading as high as $4.17 per MMBtu earlier in the session. However, it managed to erase losses and settled unchanged at $4.15 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with one hour remaining in the session.

This morning, participants received the latest quarterly report from Citigroup (C 48.47, +1.47), which continues trading higher by 3.1% in reaction to those earnings. Citigroup was the second sector component to report its results so far, but few other banks will reveal their earnings before tomorrow's session gets going.

Following today's close, Bank of the Ozarks (OZRK 33.04, +0.24) and Wintrust Financial (WTFC 45.78, +0.08) will report their latest results, while Goldman Sachs (GS 167.22, +2.41) will headline tomorrow's list. In addition to Goldman Sachs, Comerica (CMA 50.49, +0.02), Commerce Bancshares (CBSH 46.40, -0.05), and Taylor Capital (TAYC 21.94, -0.04) will also report their results.

2:30 pm: [BRIEFING.COM] Afternoon action continues with the S&P 500 (+0.5%) trading within three points of its session high. Market participants have not received any economic data today, but tomorrow morning will be a bit busier.

Most notably, the Retail Sales report will be released at 8:30 ET with the Briefing.com consensus expecting a reading of +0.7%. Excluding autos, June retail sales are expected to grow 0.6%. In addition, the Empire Manufacturing survey for July (consensus 13.2) and June import/export prices will also be released at 8:30 ET.

The day's data will be topped off with the 10:00 ET release of the Business Inventories report for May.

2:00 pm: [BRIEFING.COM] The major averages continue drifting near their recent levels as the quiet afternoon carries on. In general, cyclical sectors remain ahead of the four defensive groups with the top-weighted sector-technology-in the lead.

The technology sector trades higher by 0.9%, but the strength of influential components like Apple (AAPL 96.74, +1.52), Google (GOOGL 594.00, +7.35), Facebook (FB 67.97, +1.63), and IBM (IBM 190.39, +2.39) has overshadowed the underperformance of chipmakers. The PHLX Semiconductor Index has narrowed its gain to 0.2% after being up as much as 0.6% earlier.

1:25 pm: [BRIEFING.COM] The major indices have slipped from their best levels of the day but have retained the bulk of today's gains. The upward march has been a group outing for the most part with contributions from all but two sectors at the moment. The outcasts are the utilities (-0.8%) and materials (-0.1%) sectors.

The latter has been pinned down by some weakness in the gold stocks, which have rolled over along with gold prices today.

The yellow metal is off 2.3% today to $1306.30/troy ounce on heightened selling interest that is being pinned in part on reports of weaker than expected physical demand. Whatever the case may be, gold miners are paying the price, evidenced by the 2.8% drop in the Market Vectors Gold Miners ETF (GDX 26.56, -0.76).

Elsewhere, the US Dollar Index has been pretty steady, seemingly biding its time in front of Fed Chair Yellen's semiannual testimony on the economy and monetary policy before the Senate Banking Committee on Tuesday. Her remarks will be listened to carefully for clues about the timing of the first hike in the fed funds rate.

1:00 pm: [BRIEFING.COM] At midday, the Dow Jones Industrial Average (+0.7%), Nasdaq Composite (+0.5%), and S&P 500 (+0.5%) sit near their best levels of the session, while the Russell 2000 (+0.4%) hovers in the middle of its range.

Last week, the small-cap index fell 4.0% as it struggled to keep up with the S&P 500. Today, the Russell 2000 got out to an early, but has since returned to the pack.

Meanwhile, the S&P 500 spiked at the open and has essentially held its ground since then. The financial sector (+0.6%) displayed early strength after Citigroup (C 48.49, +1.49) reported better than expected results; however, it is worth mentioning the beat excluded the impact of a $3.8 billion charge stemming from settlements related to RMBS and CDO-related claims. Shares of Citigroup trade higher by 3.3%, while the overall sector has taken a step back from its high.

That downtick has not mattered much considering two other heavily-weighted groups have stepped up to overtake the financial sector. Specifically, energy (+1.0%) and technology (+0.9%) are both up near 1.0% apiece.

Energy has rallied even as crude oil trades flat at $100.75/bbl. M&A activity has contributed to the strength as Kodiak Oil & Gas (KOG 15.00, +0.77) trades up 5.4% after agreeing to be acquired by Whiting Petroleum (WLL 84.47, +5.93) for $6 billion.

Staying on the M&A theme, industrial component URS (URS 58.13, +6.11) has agreed to be acquired by Aecom (ACM 34.68, +2.92) for $56.31 per share. In the health care space, Mylan (MYL 51.55, +1.35) struck a $5.3 billion deal to purchase Abbot's (ABT 41.69, +0.39) non-US developed markets specialty and branded generics business. Also of note, Shire Pharmaceuticals (SHPG 253.85, +4.79) is expected to accept a $53 billion takeover bid from AbbVie (ABBV 54.52, -0.44).

Interestingly, the health care sector (+0.2%) has been limited to just a slim gain, while other countercyclical groups also lag. Consumer staples (+0.4%) and telecom services (+0.3%) hold modest gains, while the utilities sector (-0.7%) is the lone decliner at this juncture.

Treasuries hover near their lows with the 10-yr yield up three basis points at 2.55%.
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12:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with nine sectors in the green. Financials (+0.7%) assumed the lead at the open, but the sector has since ticked down from its best level of the day. Although the influential sector continues holding the bulk of its advance, the downtick from highs was enough for the sector to be overtaken by energy (+1.0%) and technology (+0.9%).

The energy sector has rallied even as crude oil trades little changed at $100.79/bbl. However, M&A activity has contributed to the strength as Kodiak Oil & Gas (KOG 15.00, +0.77) trades up 5.3% after agreeing to be acquired by Whiting Petroleum (WLL 84.48, +5.94) for $6 billion.

Elsewhere, the tech sector has been boosted by its top-weighted components, including Apple (AAPL 96.84, +1.62), which trades higher by 1.7% after being upgraded at Barclays.

12:00 pm: [BRIEFING.COM] Not much change in the major averages as they remain near their best levels of the session. For its part, the S&P 500, which trades higher by 0.6%, has been locked in a two-point range for the past 90 minutes of action.

Unlike the S&P 500, the Russell 2000 has slid from its best level of the day, but the small cap index continues trading ahead of the benchmark average with a gain of 0.7%. Despite today's relative strength, the Russell 2000 is still down 2.1% so far in July versus a 1.0% gain for the S&P 500.

11:25 am: [BRIEFING.COM] Equities remain supported by broad gains across nine of ten sectors. The financial space (+0.9%) surged out of the gate and remains in the lead with Citigroup (C 48.70 +1.70) trading higher by 3.6% after its better than expected quarterly report.

Elsewhere, another influential sector-industrials (+0.9%)-has received support from transports (Dow Jones Transportation Average +1.0%) and defense contractors (PHLX Defense Index +1.0%). Furthermore, the sector has also seen some M&A activity with URS (URS 56.96, +4.94) agreeing to be acquired by Aecom (ACM 33.33, +1.57) for $56.31 per share.

On the downside, the utilities sector is lower by 0.9%.

10:55 am: [BRIEFING.COM] The S&P 500 (+0.6%) continues trading near its opening high, while the Russell 2000 (+0.7%) has slipped from its best level of the day. Also of note, the Dow Jones Industrial Average (+0.8%) now trades ahead of both indices.

Within the price-weighted Dow, eight of 30 components hold gains of 1.0% or more and the second-largest index member-IBM (IBM 189.83, +1.83)-is among the outperformers. On the downside, Cisco Systems (CSCO 25.44, -0.07) is the weakest performer, but its loss has been limited to just 0.3%.

Treasuries have dropped to new lows since the start of the session and the 10-yr yield is now down three basis points at 2.55%.

10:35 am: [BRIEFING.COM]

Gold and silver futures sold off overnight and hit a new low for the day in recent activity.
Aug gold is currently -2.2% at $1307.70/oz, Sept silver is -2.3% at $20.98/oz.
In the energy markets, crude oil and natural gas futures have spent the majority of today's trading in the red
Aug crude is now -0.4% at $100.44/barrel, while Aug nat gas is -0.6% at $4.12/MMBtu
Sept copper is -0.4% at $3.25/lb

10:00 am: [BRIEFING.COM] Equity indices remain near their early highs with the Russell 2000 (+0.6%) continuing its early outperformance. Furthermore, the relative strength of small caps has underpinned high-growth areas like biotechnology and chipmakers. The iShares Nasdaq Biotechnology ETF (IBB 257.80, +1.04) is higher by 0.4%, while the PHLX Semicondutor Index trades up 0.5% with all but two components showing gains.

With stocks on the rise, participants have not shown much demand for volatility protection as the CBOE Volatility Index (VIX 11.49, -0.59) hovers on its low.

9:40 am: [BRIEFING.COM] As expected, the major averages climbed out of the gate. The S&P 500 trades higher by 0.5% with nine sectors in the green, while last week's laggard, Russell 2000, outperforms. The small-cap index trades up 0.7%.

The financial sector (+0.9%) is the top performing group thanks to a boost from the shares of Citigroup (C 48.74, +1.74), which trade higher by 3.7% after the bank reported better than expected earnings, excluding the impact of a $3.8 billion charge related to an RMBS settlement.

Other influential sectors trade mixed with respect to the broader market as consumer discretionary (+0.2%) and health care (+0.2%) lag, while technology (+0.6%) outperforms.

Treasuries remain on their lows with the 10-yr yield up two basis points at 2.54%.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +18.20. The stock market is on track for an upbeat start to the day as futures on the S&P 500 trade ten points above fair value.

Index futures have spent the entire night in positive territory with the move supported by gains across global equity markets. In Asia, China's Shanghai Composite and Japan's Nikkei both gained near 1.0%, while core European indices display comparable gains at this time.

With the Q2 earnings season heating up, participants have received the second quarterly report from the financial sector. Citigroup (C 48.67, +1.67) holds a pre-market gain of 3.6% after reporting results ahead of the Capital IQ consensus estimate; however, the earnings beat did not include the legal charges stemming from the company's residential MBS settlement.

Treasuries are on their lows with the 10-yr yield up two basis points at 2.54%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +18.00. The S&P 500 futures trade ten points above fair value.

Asian markets ended mostly higher, while India's Sensex (-0.1%) underperformed. Participants received a handful of economic data points:

Japan's Industrial Production rose 0.7% month-over-month (expected 0.5%, previous 0.5%), while Capacity Utilization slipped 0.7% month-over-month (prior -2.2%)
Singapore's GDP contracted 0.8% quarter-over-quarter (expected 2.5%, previous 1.6%), while the year-over-year reading rose 2.1% (consensus 3.1%, prior 4.7%)
Indonesia's Car Sales jumped 6.0% year-over-year (previous -2.6%)
India's Wholesale Price Index slowed to 5.4% year-over-year from 6.0% (expected 5.8%)

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Japan's Nikkei rose 0.9%, ending on its session high amid broad strength. Exporters Konami, NEC, and Olympus gained between 2.3% and 4.0%.
Hong Kong's Hang Seng added 0.5% after spending the session in a narrow range. Telecom names contributed to the advance with China Unicom Hong Kong and China Mobile gaining 4.7% and 2.6%, respectively. Galaxy Entertainment lost 1.1%.
China's Shanghai Composite rallied 1.0% into the close. Growth-sensitive names outperformed with Liaoning Automotive and Fushun Special Steel both up 10.0%.

Major European indices trade mostly higher, while Italy's MIB (-0.3%) lags. The trading week has gotten off to a quiet start with participants receiving just one economic report:

Eurozone Industrial Production fell 1.1% month-over-month (expected -1.2%, previous 0.7%), while the year-over-year reading ticked up 0.5% (consensus 0.5%, prior 1.4%)

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In France, the CAC is higher by 0.6% with all but three components showing gains. Producers of basic materials lead with ArcelorMittal and Solvay up 1.7% and 2.1%, respectively. Gemalto is the weakest performer, down 0.6%.
Great Britain's FTSE trades up 0.8%. Staple stocks Tesco and WM Morrison Supermarkets outperform with respective gains of 2.4% and 2.2%. Burberry Group trails, down 1.5%.
Germany's DAX trades with an advance of 0.9%. Allianz is higher by 2.1% and Deutsche Bank trades up 1.4%.
In Italy, the MIB holds a loss of 0.3% amid weakness in financials. BMPS, Banco Popolare, Mediobanca, and UBI Banca trade with losses between 1.9% and 3.3%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +18.20. U.S. equity futures remain near their best levels of the morning with one hour to go before the start of the session. The S&P 500 will enter the first trading day of the week with a modest July gain of 0.4%, while the small-cap Russell 2000 will face a bit of an uphill climb. The index is down 2.8% so far this month.

Market participants did not receive any economic data today, but corporate news has been in focus. In M&A news, industrial component URS (URS 56.15, +4.13) holds a pre-market gain of 7.9% after agreeing to be acquired by AECOM (ACM 32.50, +0.74) for $56.31/share, representing an 8.2% premium to Friday's closing price.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +18.20. U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover nine points above fair value.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +0.5%, Japan's Nikkei +0.9%, and China's Shanghai Composite +1.0%
In economic data:
Japan's Industrial Production rose 0.7% month-over-month (expected 0.5%, previous 0.5%), while Capacity Utilization slipped 0.7% month-over-month (prior -2.2%)
Singapore's GDP contracted 0.8% quarter-over-quarter (expected 2.5%, previous 1.6%), while the year-over-year reading rose 2.1% (consensus 3.1%, prior 4.7%)
Indonesia's Car Sales jumped 6.0% year-over-year (previous -2.6%)
India's Wholesale Price Index slowed to 5.4% year-over-year from 6.0% (expected 5.8%)
In news:
Markets in Asia rallied in the absence of noteworthy economic data with Bank of Japan's latest policy decision expected this evening.

Major European indices trade mostly higher. France's CAC +0.7%, Great Britain's FTSE +0.7%, and Germany's DAX +0.9%. Elsewhere, Spain's IBEX +0.2% and Italy's MIB -0.2%
Economic data was limited:
Eurozone Industrial Production fell 1.1% month-over-month (expected -1.2%, previous 0.7%), while the year-over-year reading ticked up 0.5% (consensus 0.5%, prior 1.4%)
Among news of note:
Italy's MIB trails the region amid weakness in financials. BMPS, Banco Popolare, Mediobanca, and UBI Banca trade with losses between 2.0% and 3.4%.

In U.S. corporate news:

URS (URS 55.79, +3.77): +7.3% after agreeing to be acquired by AECOM (ACM 33.75, +1.99) for $56.31/share, representing an 8.2% premium to Friday's closing price.
Mylan (MYL 53.50, +3.30): +6.6% after confirming plans to purchase Abbott's (ABT 42.24, +0.94) non-U.S. developed markets specialty and branded generic business.
Shire (SHPG 252.40, +3.34): +1.3% after receiving a revised proposal from AbbVie (ABBV 53.80, -1.16) that calls for a purchase price of GBP53.20 per share of SHPG.

There is no economic data of note on today's schedule.

7:23 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +17.70.

7:23 am: [BRIEFING.COM] Nikkei...15296.82...+132.80...+0.90%. Hang Seng...23346.67...+113.20...+0.50%.

7:23 am: [BRIEFING.COM] FTSE...6733.91...+43.70...+0.70%. DAX...9732.83...+66.50...+0.70%.

http://www.bloomberg.com/news/2014-07-1 ... sions.html

http://www.bloomberg.com/news/2014-07-1 ... gains.html

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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