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 @ $180.00 dollars or +1.80 points, Emini ES ($ES_F) futures @ $2500.00 dollars or +50.00 points, Light Crude Oil CL ($CL_F) futures @ $0.01 dollars or +10.00 points, Gold GC ($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 @ $2690.00 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 chat room. You can read today's 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=120&t=1590

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=216&t=1913

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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.

Stocks Higher As U.S. Economy Improves


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

NEW YORK (CNNMoney)
Investors appear to be accepting the fact that the improving economy is actually good news.

U.S. stocks advanced Thursday as investors weighed stronger economic data against the prospect of the Federal Reserve scaling back its bond purchase program as soon as next month.

The Dow Jones industrial average, S&P 500 rose modestly. The Nasdaq gained nearly 1% as reports of a possible big deal in the telecom sector lifted tech stocks.

The nation's second-quarter gross domestic product -- the broadest measure of economic activity -- grew at a 2.5% annualized pace, according to a revised estimate from the Bureau of Economic Analysis. That's up from a previous estimate of 1.7% and better than what economists were expecting.

A drop in jobless claims was another positive economic sign. Claims fell last week to 331,000, just slightly above what analysts were expecting.

Investors are closely monitoring all economic news to anticipate when the Fed will begin curtailing its $85 billion a month bond-buying program. Signs of a strengthening economy support predictions that the Fed could start pulling back as soon as next month.

That prospect has made investors nervous for the past few months, as the Fed's stimulus has been a major factor pushing up stock prices for the last few years.

* Why Russia, Iran and China are standing by Syria

Meanwhile, investors were relieved that the prospect of an imminent U.S.-led military action against Syria appeared to be receding. Oil and gold prices were lower following big gains earlier this week due to fears of an escalation in the Syrian conflict.

Volume continued to remain low. In fact, trading volume on the New York Stock Exchange hasn't been this low since February 2007, with a daily average of fewer than 3 billion shares exchanging hands so far this month.

Despite the modest rebound in stocks during the last two days, the Dow and S&P 500 may log their worst monthly declines since May 2012. With one trading day left in August, the Dow is on track for a 4% slump, while the S&P 500 is down almost 3%. The Nasdaq has held up well, down only 0.2% this month.

What's moving: Shares of Vodafone (VOD) jumped after the British mobile phone company confirmed it was in talks to sell its 45% stake in Verizon Wireless to joint-venture partner Verizon Communications (VZ, Fortune 500). Vodafone was the best-performing stock in the Nasdaq-100, while Verizon was the biggest winner in the Dow and one of the top performers in the S&P 500.

The deal was a hot topic among traders on StockTwits, but some wondered why both stocks were sharply higher.

JPOtrading: $VZ so this transaction is good for both $VZ AND $VOD? most unlikely

* Video - Investors can hear Verizon now

Shares of Guess (GES) climbed after the clothing retailer most famous for its jeans beat earnings forecasts and also raised its guidance for the year. The positive results were a break in the recent stream of disappointing results from retailers.

LDrogen: Interesting report from $GES, thought they were gonna get shelacked this quarter, I guess rising tide in high end retail lifts all boats

Zillow (Z) shares were also on the move up, nearing $100 a share, thanks to the completion of its acquisition of New York real estate website StreetEasy. A drop in mortgage rates for the first time in five weeks was also likely helping the stock.

LukeKramer: $Z The stock that keeps going higher when u think there is no possible way it can. Once it hit 40's, I thought it was done. I was wrongo.

chicagosean: $Z hundred-dolla roll imminent.





4:20 pm : The S&P 500 added 0.2% as eight of ten sectors posted gains. The session kicked off on a lower note, but still managed to finish in positive territory despite an afternoon stumble.

Prior to the open, investors received the news that second quarter GDP was revised up to 2.5% from 1.7%. The Briefing.com consensus expected the reading to be revised to 2.1%. Real final sales were revised up to 1.9% from 1.3%.

Overall, the upward revision to GDP growth does not suggest that the underlying currents of weak growth are ending. Almost the entire upward revision came from a stronger-than-originally reported trade deficit, which is likely to reverse in the third quarter. That means the increase in GDP pulled potential growth from the third quarter into the second and was not the result of a strengthening economic situation.

Following the report, equity futures and Treasuries fell to their lows while the Dollar Index jumped to its high in a reaction consistent with increased tapering expectations. As the session dragged on, stocks displayed intraday strength, but slipped into the close while Treasuries erased their losses. The benchmark 10-yr yield slipped three basis points to 2.75%. For its part, the Dollar Index held its gains throughout the session, ending near 82.00.

Telecom services finished in the lead as the sector advanced 1.2%. Verizon (VZ 47.82, +1.26) provided considerable support after reports indicated the company has resumed talks with Vodafone (VOD 31.80, +2.39) about acquiring Vodafone's 45.0% stake in Verizon Wireless.

Technology also displayed notable strength as top-weighted components like Google (GOOG 855.43, +6.88) and Microsoft (MSFT 33.55, +0.53) climbed 0.8% and 1.6%, respectively. High-beta chipmakers also rallied as the PHLX Semiconductor Index rose 1.2%.

The outperformance of technology combined with strength among biotechnology companies helped the Nasdaq (+0.8%) finish well-ahead of the broader market. Today's advance helped the tech-heavy index trim its August loss to 0.2%.

Equities slipped during the final hour of action amid comments from St. Louis Fed President Jeffrey Lacker who said, "Conditions for tapering QE have been met." Technical factors may have also played a part in the afternoon retreat as the S&P was pressured back below its 100-day moving average, where it settled.

On the downside, energy (-1.1%) and utilities (-0.5%) were the only two decliners. Weighing on energy shares was crude oil, which tumbled 1.9% to $107.98 per barrel. Meanwhile, high-yielding utilities were unable to catch a bid even as traders moved back into Treasuries. With tomorrow being the final session of the month, the utilities space is poised to finish August behind the remaining nine sectors with a loss of 5.6%.

Participation remained light with trading volume rivaling that of Monday as less than 550 million shares changed hands on the floor of the New York Stock Exchange.

Looking back at today's remaining data, the initial claims level fell to 331,000 for the week ending August 24 from an upwardly revised 337,000 (from 336,000) for the week ending August 17. The Briefing.com consensus expected the initial claims level to drop to 330,000.

It seems that the initial claims level has stabilized at roughly 330,000 following a volatile July when seasonal adjustment biases made it difficult to examine layoff trends. This level signifies a sizable reduction from where claims were at the beginning of the summer and suggests a solid improvement in labor conditions.

Tomorrow, July personal income, personal spending, and core PCE prices will all be reported at 8:30 ET. The August Chicago PMI report will cross the wires at 9:45 ET and the final reading of the August Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +16.44 NASDAQ +26.95 SP500 +3.21 NASDAQ Adv/Vol/Dec 1801/1.29 bln/711 NYSE Adv/Vol/Dec 1940/547.2 mln/1064

3:30 pm :

A stronger dollar index following better-than-anticipated GDP data and initial claims confirming a strengthening labor market put pressure on crude oil and precious metals
Precious metals traded in negative territory during all of today's floor trade. Dec gold dipped to a session low of $1402.10 per ounce and eventually settled with a 0.4% loss at $1412.60 per ounce. Dec silver pulled back from its session high of $24.49 per ounce and settled 1.3% lower at $24.13 per ounce
Oct crude oil declined for the first time in six sessions. It brushed a session high of $11.07 per barrel in late afternoon pit trade but sold off sharply to a session low of $108.40 per barrel moments before the close. It settled at $108.47 per barrel, booking a 1.5% loss
Natural gas fell from its session high of $3.65 per MMBtu into negative territory following inventory data that showed a build of 67 bcf when a smaller build of 62-63 bcf was anticipated. Despite dropping to a session low of $3.51 per MMBtu, it recovered back into the black and booked a 1.1% gain as it closed at $3.62 per MMBtu.

DJ30 +14.36 NASDAQ +25.76 SP500 +3.36 NASDAQ Adv/Vol/Dec 1684/1087.3 mln/791 NYSE Adv/Vol/Dec 1800/369 mln/1178

3:05 pm : The S&P 500 trades higher by 0.5% with today's session entering its final hour. Just ahead of the open, participants found out that second quarter GDP growth was revised up to 2.5% from 1.7%. The immediate reaction to this news saw Treasuries and stocks slip while the dollar advanced.

That market response was consistent with expectations of tapering in the near term, but stocks and Treasuries reversed shortly thereafter while the dollar continues to hover near its high.

The Dollar Index is higher by 0.6% at 81.96 with the greenback registering most notable gains against the euro and the Swiss franc. The Index has been trapped inside of a narrow range for most of August, but today's gain puts it on track to register its second consecutive advance and a close above the top end of the August range.DJ30 +48.11 NASDAQ +35.13 SP500 +7.68 NASDAQ Adv/Vol/Dec 1783/975.3 mln/701 NYSE Adv/Vol/Dec 1901/330.9 mln/1082

2:35 pm : The quiet afternoon continues with the Dow and S&P 500 hovering near the middle of their respective ranges while the Nasdaq remains near its best level of the day.

The Nasdaq has been able to outperform the broader market due to the relative strength of the tech sector as well as biotechnology companies. The tech space trades higher by 0.7% as top components like Apple (AAPL 493.80, +2.90), Google (GOOG 859.08, +10.53), and Microsoft (MSFT 33.44, +0.42) sport gains between 0.6% and 1.3%.

Elsewhere, the iShares Nasdaq Biotechnology ETF (IBB 195.78, +2.46) is higher by 1.3%, which has also provided a boost to the health care sector (+0.6%).DJ30 +45.50 NASDAQ +33.93 SP500 +7.31 NASDAQ Adv/Vol/Dec 1764/911.9 mln/693 NYSE Adv/Vol/Dec 1901/306.5 mln/1080

2:00 pm : The S&P 500 trades near the middle of today's range after retreating from its session high. There recent pullback was not led by any particular sector, but instead, occurred as all ten groups slipped from their previous levels. The energy sector remains the weakest performer of the day, down 0.9%.

On the upside, the telecom services space held a gain of more than 2.0% in early action. However, the sector has since trimmed that advance to 1.5%.

The reversal in Treasuries has continued and the benchmark 10-yr yield is now lower by two basis points at 2.75%.DJ30 +31.73 NASDAQ +28.13 SP500 +5.11 NASDAQ Adv/Vol/Dec 1756/840.1 mln/708 NYSE Adv/Vol/Dec 1820/278.7 mln/1128

1:25 pm : The major averages have slipped from their best levels of the session, but still hold the bulk of today's gains. The notable happening in the last half hour, though, is that the Treasury market has managed to reclaim all of its earlier losses.

Speculation this morning that a strike against Syria might not be as imminent as some previously thought and the upward revision to Q2 GDP precipitated a wave of selling interest that took the yield on the 10-yr note as high as 2.83% after settling yesterday at 2.78%.

Buyers have again entered the mix, however, and have forged a comeback effort that has pushed the yield down to 2.76%.

The $29 bln 7-r note auction at the top of the hour wasn't particularly strong. It drew a high yield of 2.221% and a less than average 2.43 bid-to-cover ratio (12-auction average 2.65x) that was the weakest since the fall of 2009. Per chance, there might be some cautious positioning taking place ahead of the Labor Day weekend, which will carry a greater-than-normal risk of a headline surprise surrounding the Syrian situation.DJ30 +55.63 NASDAQ +32.29 SP500 +7.72 NASDAQ Adv/Vol/Dec 1784/770 mln/671 NYSE Adv/Vol/Dec 1911/250 mln/1028

1:05 pm : At midday, the major averages hover near their highs with the S&P 500 up 0.5%.

Stocks began the session in the red after it was reported that second quarter GDP was revised up to 2.5% in the second estimate from a previously reported 1.7%. The Briefing.com consensus expected the reading to be revised to 2.1%. Real final sales were revised up to 1.9% from 1.3%.

Immediate market reaction to the better-than-expected headline number was consistent with increased tapering expectations. Futures and Treasuries fell while the Dollar Index jumped to a session high. However, Treasuries were able to erase most of their losses and stocks rallied from the opening bell. Meanwhile, the Dollar Index remains near its high with a solid gain of 0.7%.

Overall, the upward revision to GDP growth does not suggest that the underlying currents of weak growth are ending. Almost the entire upward revision came from a stronger-than-originally reported trade deficit, which is likely to reverse in the third quarter. That means the increase in GDP pulled potential growth from the third quarter into the second and was not the result of a strengthening economic situation.

After opening slightly lower, the S&P 500 has rallied through the first 90 minutes of the session before leveling off and spending the next two hours inside of a three-point range. The Nasdaq has outperformed the S&P with a gain of 1.0%, which puts the tech-heavy index on track to finish the month with a razor-thin advance of 0.1%.

Eight of ten sectors trade ahead of the broader market while energy (-0.7%) and utilities (-0.7%) have spent the entire session in negative territory.

The telecom services sector (+2.1%) has led from the open with Verizon (VZ 48.20, +1.64) providing support after reports indicated the company has resumed talks with Vodafone (VOD 31.68, +2.27) about acquiring Vodafone's 45.0% stake in Verizon Wireless.

Elsewhere, home builders have rallied broadly, but the industry group remains trapped in a larger downtrend that began in mid-May. The iShares Dow Jones US Home Construction ETF (ITB 21.09, +0.53) trades higher by 2.6%.

Also of note, the Dow Jones Transportation Average outperforms the broader market with a gain of 0.7%.

Light trading volume continues to be the story with less than 250 million shares having changed hands on the floor of the New York Stock Exchange so far today.

Looking back at today's remaining data, the initial claims level fell to 331,000 for the week ending August 24 from an upwardly revised 337,000 (from 336,000) for the week ending August 17. The Briefing.com consensus expected the initial claims level to drop to 330,000.

It seems that the initial claims level has stabilized at roughly 330,000 following a volatile July when seasonal adjustment biases made it difficult to examine layoff trends. This level signifies a sizable reduction from where claims were at the beginning of the summer and suggests a solid improvement in labor conditions.DJ30 +63.52 NASDAQ +35.84 SP500 +8.56 NASDAQ Adv/Vol/Dec 1830/721.5 mln/613 NYSE Adv/Vol/Dec 1953/233.1 mln/950

12:35 pm : The major averages continue to hold their recent levels, but the magnitude of their gains varies. The Nasdaq leads with a gain of 1.0%, the S&P 500 trades higher by 0.6%, and the Dow sports an advance of 0.5%.

The price-weighted Dow has been pressured by the underperformance of its two energy companies. Exxon Mobil (XOM 87.78, -1.06) and Chevron (CVX 120.88, -0.93) trade lower by 1.2% and 0.8%, respectively. Exxon Mobil has lost 6.4% over the course of August after falling below its 50-day moving average at the start of the month.DJ30 +69.26 NASDAQ +37.75 SP500 +9.46 NASDAQ Adv/Vol/Dec 1848/666.6 mln/583 NYSE Adv/Vol/Dec 1985/212.6 mln/940

12:00 pm : The S&P 500 trades higher by 0.7% while the Nasdaq outperforms with a gain of 1.2%. The Nasdaq has been climbing steadily since the open while the S&P has registered most of its gains during the opening 90 minutes. Since then, the S&P has been confined to a two-point range.

Of the six cyclical sectors, the energy space (-0.5%) continues to trail behind the broader market while the remaining five groups outperform. The materials space lagged earlier, but now trades just ahead of the S&P.

Meanwhile, the utilities sector represents the lone laggard among defensively-geared sectors. The sector is the worst performer of the month, down 5.6%.DJ30 +85.02 NASDAQ +41.51 SP500 +11.04 NASDAQ Adv/Vol/Dec 1867/592.9 mln/545 NYSE Adv/Vol/Dec 1984/189.3 mln/906

11:35 am : Equities have held their levels for the past 30 minutes with the S&P 500 up 0.7%. With August coming to an end, the S&P is poised to register its second losing month after losing 1.5% in June. Despite today's gain, the index trades with a moth-to-date loss of 2.4%. Meanwhile, the Nasdaq holds a slim August gain of 0.2% while the Dow is lower by 3.8% this month. As a result of the Dow's August underperformance, the index is flat for the quarter.

Treasuries fell to their lows in reaction to today's better-than-expected second estimate of Q2 GDP (2.5% actual, 2.1% Briefing.com consensus). The complex then regained its losses, before heading lower once again. At this juncture, the benchmark 10-yr yield is higher by three basis points at 2.80%.DJ30 +89.20 NASDAQ +41.29 SP500 +11.27 NASDAQ Adv/Vol/Dec 1845/525.8 mln/550 NYSE Adv/Vol/Dec 1962/169.3 mln/912

11:00 am : The major averages have continued their climb off the opening lows and the S&P 500 has risen to levels corresponding with Tuesday's intraday high. The Nasdaq and small cap Russell 2000 have outpaced the benchmark index as both hold gains near 1.0%.

While yesterday's session saw only three sectors (consumer discretionary, energy, and health care) trade ahead of the broader market, today's advance is receiving a bit more participation from individual sectors as consumer discretionary, consumer staples, health care, financials, industrials, technology, and telecom services all hold gains larger than the S&P.

Meanwhile, energy, materials, and utilities trail behind the broader market.DJ30 +77.64 NASDAQ +36.48 SP500 +9.76 NASDAQ Adv/Vol/Dec 1814/433.2 mln/549 NYSE Adv/Vol/Dec 1931/138.8 mln/923

10:35 am : Commodities are starting the day off lower, while the dollar index is trading higher and just under its session high, now +0.6% at 81.92.

Crude oil prices (Oct contract) fell below $109/barrel overnight, falling as low as $108.60/barrel. In current action, Oct crude is -0.8% at $109.22/barrel.

Natural gas prices, as usual, are largely doing its own thing. Nat gas were modestly higher overnight, but early morning action is whipsaw like. In recent trade, Oct nat gas rallied to a new HoD just ahead, but reversed to a new LoD following inventory data. Currently, nat gas is -1.5% at $3.53/MMBtu.

Precious metals are lower as well. Dec gold is -1.0% currently at $1404.20/oz, after hitting a new LoD moments ago, while Sept silver is 2.6% at $23.75/oz.

Platinum is now -1.0% at $1525.50/oz, palladium is -0.5% at $744.65/oz and copper is -1.4% at $3.25/lb. Aluminum futures rose 0.3% overnight on the London Metals Exchange to $1770.00/ton.DJ30 +42.69 NASDAQ +27.86 SP500 +5.84 NASDAQ Adv/Vol/Dec 1645/3401.6 mln/647 NYSE Adv/Vol/Dec 1747/110 mln/1081

10:00 am : Equities have continued their climb off the opening lows with cyclical sectors pacing the advance. Out of the six cyclical groups, only the energy space trails behind the broader market with a loss of 0.5%. This comes after the sector surged 1.8% yesterday. In addition, today's weakness in oil is contributing to the sector's underperformance. The energy component is lower by 0.8% at $109.24 per barrel.

Like oil, other commodities also trade in the red. Gold futures trade down 0.7% to $1409.10 and copper futures sport a loss of $3.258 per pound.

Also of note, the Dollar Index hovers near its highs with a gain of 0.6%.DJ30 +34.71 NASDAQ +21.64 SP500 +4.18 NASDAQ Adv/Vol/Dec 1480/204.1 mln/702 NYSE Adv/Vol/Dec 1550/72.1 mln/1165

09:45 am : The major averages began the session in the red before climbing off their opening lows. Currently, the three major averages hold slim gains with the Nasdaq (+0.4%) outperforming. Similar to the Nasdaq, the technology sector trades higher by 0.3% as top-weighted sector components advance.

Although the tech sector has shown some relative strength, the telecom services space is a clear early leader as it trades higher by 1.9%. Dow component Verizon (VZ 48.37, +1.81) sports a solid gain of 3.9% amid reports indicating the company has resumed talks with Vodafone (VOD 31.88, +2.47) regarding a possible purchase of Vodafone's 45.0% stake in Verizon Wireless.

On the downside, the energy sector is lower by 0.8% following yesterday's 1.8% gain.

Treasuries are near their lows with the benchmark 10-yr yield higher by four basis points at 2.81%.DJ30 +14.03 NASDAQ +14.11 SP500 +1.93 NASDAQ Adv/Vol/Dec 1304/114.1 mln/743 NYSE Adv/Vol/Dec 1359/51.4 mln/1287

09:15 am : S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: +3.50. The major averages are poised to begin today's session near their flat lines as equity futures trade in mixed fashion. The S&P 500 futures are lower by 0.1% after spending most of the overnight session in positive territory.

Futures retreated from their highs in reaction to the second estimate of second quarter GDP, which indicated growth of 2.5% against the 1.7% reported in the initial reading. The retreat in futures suggests participants perceive this report, as well as today's initial claims data (331K actual, 330K expected), as supportive of tapering in the near-term. This sentiment is being echoed by Treasuries as they have slipped to their lows, pushing the benchmark 10-yr yield higher by four basis points to 2.81%.

Prior to the recent weakness, the gains in futures were aided by mostly positive overseas action. Emerging markets have been a concern of late, but today's session saw India's Sensex climb 2.3% while the rupee strengthened more than 3.0% against the dollar. Elsewhere, the Philippines PSEi surged 3.6% and Indonesia's Jakarta Composite jumped 1.9%.

Company-specific headlines have been limited, but Verizon (VZ 48.90, +2.34) trades higher by 5.0% after reports indicated the telecom provider has resumed talks with Vodafone (VOD 31.89, +2.48) regarding the latter selling its 45% stake in Verizon.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +6.20. The S&P 500 futures hold a slim gain of 0.1%.

Markets across Asia were broadly higher as only China's Shanghai Composite (-0.2%) ended in the red. India's Sensex (+1.7%) rebounded as the Reserve Bank of India provided oil companies with dollars in an effort to halt the slide in the rupee. It worked, at least temporarily, as USDINR shed more than 3.0% to 66.55. The turnaround aided other emerging markets in the region as the Philippines PSEi (+3.6%) and Indonesia's Jakarta Composite (+1.9%) saw robust gains. Elsewhere, Japan's Nikkei (+0.9%) was aided by the weak yen and comments from the Bank of Japan suggesting the country will see robust economic growth despite the proposed sales tax hike. However, not all of the region's bourses saw gains as China's Shanghai Composite slid despite the People's Bank of China conducting CNY26 billion in reverse repurchase operations. Overnight, Bank Indonesia hiked its key interest rate 50 basis points to 7.00%, as expected, in an effort to stem the slide in the rupiah. Data from the region saw Japan's retail sales miss (-0.3% year-over-year actual versus 0.0% expected), Philippines GDP expand at 7.5% year-over-year (7.3% expected), and South Korea's current account surplus shrink to $6.77 billion ($7.24 billion previous).

In Japan, the Nikkei closed higher by 0.9%, helped by the weaker yen. Suzuki Motor rallied 2.2% as trades piled in due to its heavy exposure to India. Meanwhile, Tokyo Electric Power Co remained under pressure, giving up 2.5%, as it continues to deal with the radiation leaks at its Fukushima plant.
Hong Kong's Hang Seng advanced 0.8% as trade held the 50-day moving average. Financials were strong with Agricultural Bank of China adding 2.1% despite reporting an increase in bad loans. Resource stocks led to the downside with Jiangxi Copper shedding 3.5%.
In China, the Shanghai Composite shed 0.2% amid a choppy trade. Materials stocks lagged as Zijin Mining and Yanzhou Coal Mining lost 4.0% and 2.3%, respectively, as traders booked profits following the recent run up.

Major European indices hover near their highs after investors received a fair share of economic data. Eurozone Retail PMI ticked up to 50.3 from 49.5. Germany's unemployed increased by 7,000 (-5,000 expected, -7,000 previous) while the unemployment rate remained unchanged at 6.8%. French Business Survey rose to 98 from 95 (96 consensus). Spain's GDP slipped 0.1% quarter-over-quarter, as expected. Lastly, Italian Consumer Confidence improved to 98.3 from 97.4 (97.8 forecast) while Business Confidence climbed to 92.9 from 91.8 (92.5 expected).

Also of note, Bank of England Governor Mark Carney said the United Kingdom could not devalue to prosperity and that export competitiveness must originate from new markets and investment.

Germany's DAX is higher by 0.2% as exporters outperform. BMW, Daimler, and Volkswagen are all up between 1.1% and 1.9%. On the downside, Fresenius Medical Care trades lower by 1.5%.
In France, the CAC trades up 0.3% with consumer names providing leadership. Carrefour holds a gain of 4.4% after reporting strong quarterly results. Industrial name Bouygues is the weakest performer with a loss of 3.6%.
Great Britain's FTSE sports a gain of 0.7% with Vodafone in the lead. The telecom stock is higher by 7.9% after reports indicated the company has resumed merger talks with Verizon. Miners trade broadly lower with Antofagasta, Fresnillo, and Randgold Resources down between 1.7% and 2.3%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +5.10. Nasdaq futures vs fair value: +12.70. The S&P 500 futures trade higher by 0.4%.

The latest weekly initial jobless claims count totaled 331,000, which was slightly higher than the 330,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 337,000. As for continuing claims, they fell to 2.989 million from 3.003 million.

Separately, the second estimate of second quarter GDP indicated growth of 2.5%, up from the 1.7% increase observed in the preliminary reading. The upwardly revised increase is higher than the 2.1% increase that economists polled by Briefing.com had expected. The second quarter GDP Deflator was revised up to 0.8% from 0.7%.

07:57 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +11.70. U.S. equity futures hold modest gains with the S&P 500 futures up 0.4%.

Looking at overnight developments:

Asian markets ended mostly higher. Hong Kong's Hang Seng +0.8%, Japan's Nikkei +0.9%, and China's Shanghai Composite -0.2%.
In regional economic data:
Japan's weekly foreign bonds buying report indicated net sales of JPY318.50 billion in foreign bonds (net sales of JPY903.60 billion expected). Separately, retail sales slipped 0.3% year-over-year (0.6% expected, 1.6% previous).
Australia's HIA New Home Sales fell 4.7% month-over-month (3.4% prior) while building capital expenditure rose 7.1% (0.7% expected, -4.2% previous), private new capital expenditure rose 4.0% quarter-over-quarter (1.0% forecast, -4.1% prior), and plant/machinery expenditures decreased 1.2% quarter-over-quarter (-0.5% consensus, -4.0% previous). New Zealand's Business Confidence slipped to 48.1 from 52.8.
In news:
Following yesterday's sharp loss, the Indian rupee strengthened, sending the USD/INR pair lower by more than 3.0% to 66.58.

Major European indices hover near their highs. Germany's DAX +0.3%, France's CAC +0.5%, and Great Britain's FTSE +0.7%.
Investors received a fair share of economic data:
Eurozone Retail PMI ticked up to 50.3 from 49.5.
Germany's unemployed increased by 7,000 (-5,000 expected, -7,000 previous) while the unemployment rate remained unchanged at 6.8%.
French Business Survey rose to 98 from 95 (96 consensus).
Spain's GDP slipped 0.1% quarter-over-quarter, as expected.
Italian Consumer Confidence improved to 98.3 from 97.4 (97.8 forecast) while Business Confidence climbed to 92.9 from 91.8 (92.5 expected).
Looking at news:
Bank of England Governor Mark Carney said the United Kingdom could not devalue to prosperity and that export competitiveness must originate from new markets and investment.

In U.S. corporate news:

Campbell Soup (CPB 44.67, -0.04) is little changed after reporting a bottom-line beat on below-consensus revenue.
Guess? (GES 31.50, +4.19) is +15.3% after beating on earnings and revenue.
Signet Jewelers (SIG 68.49, -1.34) is -1.9% after missing on revenue and guiding third quarter earnings below consensus.
Verizon (VZ 48.90, +2.34) is +5.0% following reports indicating the company has resumed merger talks with Vodafone (VOD 31.72, +2.31).

Weekly initial claims and the second estimate of second quarter GDP will be reported at 8:30 ET. The U.S. Treasury will auction $29 billion in 7-yr notes.

07:11 am : [BRIEFING.COM] S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +7.70.

07:11 am : Nikkei...13459.71...+121.30...+0.90%. Hang Seng...21704.78...+180.10...+0.80%.

07:11 am : FTSE...6460.29...+30.20...+0.50%. DAX...8161.83...+3.90...+0.10%.

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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