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 Post subject: May 12th Wednesday 2010 Emini TF ($TF_F) points +11.30
PostPosted: Thu May 13, 2010 7:47 am 
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Trade Performance for Today: +11.30 points in the ICE Russell 2000 Emini TF ($TF_F) Futures
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The market summaries below are courtesy of CNNMoney and Yahoo! Finance. gm

Stocks Gain As European Fears Fade
By Hibah Yousuf, staff reporter
May 12, 2010: 4:58 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Wednesday, with the Dow logging triple-digit gains, as European debt noise faded and investors focused on an improving domestic economy and corporate earnings.

The Dow Jones industrial average (INDU) gained 149 points, or 1.4%, ending for the first time above last Wednesday's close, before turmoil swept through the market, culminating in last Thursday's flash crash.

The S&P 500 index (SPX) added 16 points, or 1.4%, and the Nasdaq composite (COMP) rose 50 points, or 2.1%.

Tech and industrial stocks led the advance. Shares of Intel (INTC, Fortune 500), IBM (IBM, Fortune 500) and Cisco Systems (CSCO, Fortune 500), which reported its best quarter even after the close, finished up more than 3%. Manufacturers Boeing (BA, Fortune 500), Caterpillar (CAT, Fortune 500) and Du Pont (DD, Fortune 500) gained more than than 2%.

"At these early stages of an economic recovery, those sectors should be doing well on good days," said Paul Radeky, president of KDV Wealth Management. He added that investors are gaining confidence for riskier assets, such as stocks, because corporate earnings are coming in strong.

Stocks finished lower Tuesday in a volatile session as investors digested a $1 trillion European aid package, but remained cautious amid ongoing fears that the Greek debt crisis could spread to other nations if they don't work to reduce deficits.

"There seems to be less of a focus on the European debt problems in the marketplace, so we're seeing some buying" said Peter Cardillo, chief market economist at Avalon Partners. "The trade deficit report also came in better than we were expecting, so there's some build from that."

Investors were also calmed by Spain's Prime Minister Jose Luis Rodiguez Zapatero's announcement that civil servant salaries will be cut by 5% beginning in June in an effort to reduce costs.
How NYSE plans to use "flash crash" to reclaim its glory

The CBOE Volatility index, or the VIX (VIX), Wall Street's fear gauge, dipped 9%. Last week, the measure had shot up to 13-month highs as investors remained nervous about the sovereign debt crisis.

But Cardillo cautioned that fiscal problems in Europe will continue to resurface as long as deficits remain high.

He added that the market should begin to consolidate after the recent volatility and move into a tighter trading range, gearing up for a "solid bull run" in the second half of the year.

Economy: The Commerce Department said the trade deficit increased 2.5% in March, widening to $40.4 billion from a downwardly revised $39.4 billion the previous month. That was lower than the $40.5 billion that analysts surveyed by Briefing.com expected.

The Treasury reported the 19th consecutive monthly deficit, with a shortfall of $82.7 billion in its April budget. That's much larger than the $52 billion gap economists were expecting during month, and it also topped March's $65.4 billion deficit. Historically, the government's budget posts a surplus during the month thanks to the April 15 tax filing deadline.

Companies: U.S. federal prosecutors are looking into whether Morgan Stanley (MS, Fortune 500) misled investors about complex mortgage derivatives it designed, according to the Wall Street Journal. The company, however, denies any knowledge of the investigation. Shares of the bank fell more than 2%.
Are big banks dead in the water?

After the closing bell, Cisco Systems posted a fiscal third-quarter profit that surged 63% to $2.2 billion from a year earlier. Adjusted for one-time charges, the network equipment maker earned 42 cents per share, beating analyst estimates of 39 cents per share. Sales climbed 27% to $10.4 billion and also topped analysts' expectations. Shares of the company fell 1% in after-hours trading.

Disney (DIS, Fortune 500) reported profit and revenue that beat analysts' expectations late Tuesday. Thanks to the success of "Alice in Wonderland," the media giant's profit surged 55% to $953 million, or 48 cents per share, and sales climbed 6% to $8.58 billion. Stock in Disney ended 1.8% lower.
0:00 /4:47Roubini on EU's trillion dollar Band-Aid

World markets: Stocks gained in Europe as the gross domestic product in the European Union rose 0.2% last quarter. Britain's FTSE 100 and France's CAC 40 finished up about 1%, and Germany's DAX rose more than 2.6%.

In Asia, Japan's Nikkei index closed 0.2% lower and the Hang Seng in Hong Kong ended up 0.3%.

Dollar and commodities: The dollar erased earlier losses and turned higher against the euro in the afternoon, rising 0.2%. The greenback also gained 0.9% against the British pound and was up 0.6% against the Japanese yen.
Why gold is breaking records

Gold prices continued to soar, rising $23.20 an ounce, or 1.9%, to settle at a record $1,243.50.

U.S. light crude oil slipped 72 cents, or 1%, to settle at $75.65 a barrel after a larger-than-expected build in crude supplies.

Bonds: Treasury prices extended gains, with the benchmark 10-year yield up to 3.63%, after a $24 billion auction of 10-year notes. Bond prices and yields move in opposite directions.

Market breadth was positive. On the New York Stock Exchange, winners topped losers six to one on volume of 1.3 billion shares. On the Nasdaq, advancers beat decliners five to one on volume of 2.3 billion shares.

Image

Yahoo! Finance

4:30 pm : Broad-based buying boosted stocks to their best levels of the week, but the S&P 500 now now faces a key technical line.

Stocks gradually chopped their way higher for the entire session. Initial gains were largely underpinned by the strength of Europe's major bourses, which were led by a 2.4% spike in Germany's DAX after the country reported stronger-than-expected first quarter GDP growth of 0.2%.

Gains began to mount as the session progressed. The S&P 500 had a bit of trouble near the 1170 line, but the broad market measure inevitably pushed past the point of resistance. Though the stock market was able to hold that level and close above it, the 50-day moving average represents a more formidable challenge at 1173.

Tech stocks, which collectively represent the heaviest sector by market weight, provided a key source of leadership this session. The sector catapulted to a 2.2% gain, which swung it back into positive territory for the year. Tech stocks are now up 2.1% year-to-date.

Retailers overcame an early fit of weakness to finish with a gain of 1.4%, collectively. Macy's (M 24.70, +0.80) was a leader in the group after it posted better-than-expected earnings. It reaffirmed an outlook that remains below Wall Street's consensus forecast, but stated that it would be premature to raise guidance due to macro uncertainty.

Natural resource plays garnered strong support after they had traded as laggards during the prior session.

Unfazed by a 0.9% drop in oil prices to $75.65 per barrel following a larger-than-expected build in weekly inventories, energy stocks staged a 1.3% gain. The sector was led by refiners, which surged 4.6%.

The materials sector climbed 1.9% as diversified metals and mining stocks spiked 4.0%. Gold stocks settled with a less impressive 0.9% gain, even though individual gold prices hit new record highs. The yellow metal closed pit trade with a 1.9% gain at $1243.10 per ounce, but extended their run into electronic trade as they eclipsed $1249 per ounce.

Treasuries were weak for the entire session. The benchmark 10-year Note shed roughly 12 ticks after an auction of 10-year Notes drew a lower-than-expected yield of almost 3.55% and a bid-to-cover ratio of 2.96.

The Treasury also unveiled its April budget, which showed a $82.7 billion deficit. That was much more than expected and was also the largest deficit ever recorded for April.

Advancing Sectors: Tech (+2.2%), Industrials (+2.0%), Materials (+1.9%), Consumer Discretionary (+1.4%), Energy (+1.3%), Financials (+1.1%), Telecom (+1.0%), Utilities (+0.9%), Health Care (+0.7%), Consumer Staples (+0.6%)
Declining Sectors: (None) DJ30 +148.65 NASDAQ +49.71 NQ100 +1.8% R2K +3.0% SP400 +2.2% SP500 +15.88 NASDAQ Adv/Vol/Dec 2221/2.30 bln/494 NYSE Adv/Vol/Dec 2661 /1.27 bln/437

3:30 pm : Oil prices succumbed to selling pressure, such that the energy component closed with a 0.9% loss at $75.65 per barrel. Its weakness followed a larger-than-expected build in weekly inventories.

Natural gas prices were able to stage a strong gain, though. It climbed 3.5% to $4.28 per MMBtu.

Precious metals continued to shine as gold set a new record high near $1250 per ounce. The yellow metal closed pit trade with a 1.9% gain at $1243.10 per ounce. Meanwhile, silver settled 1.9% higher at $19.66 per ounce.

Gold and silver's gain came in the face of a stronger dollar, which advanced 0.5% against a basket of foreign currencies. DJ30 +144.04 NASDAQ +48.17 SP500 +15.30 NASDAQ Adv/Vol/Dec 2148/1.86 bln/540 NYSE Adv/Vol/Dec 2635/941 mln/444

3:00 pm : The S&P 500 continues to hover along the 1170 line, which has been a point of resistance in recent trade. In the event that stocks make their way above the line and hold the gain into the close, it would be considered by many to be a near-term sign of bullishness.

Trading volume has been solid this session, but it hasn't been quite as strong as it has in recent days. The smaller amount of participation is likely due to the lack of headlines and new catalysts this session. DJ30 +143.14 NASDAQ +47.23 SP500 +14.92 NASDAQ Adv/Vol/Dec 2111/1.66 bln/557 NYSE Adv/Vol/Dec 2611/845 mln/455

2:30 pm : The S&P 500 is back at the 1170 line. On two different occasions, once in the prior session and earlier this afternoon, the stock market failed to extend its gain beyond that mark.

Tech continues to provide the most support to the broader market. The sector is now up 2.2%. Its strength during the past few sessions has helped it move back into positive territory for the year; the sector now stands at a year-to-date gain of 2.1%.

Industrial stocks are the best year-to-date performers, though. Even after the stock market's dramatic selloff last week, the sector is still up 16% for the year. Favor for the sector is evident again; industrial stocks are up 2.1%, collectively. DJ30 +140.26 NASDAQ +47.56 SP500 +14.89 NASDAQ Adv/Vol/Dec 2068/1.54 bln/581 NYSE Adv/Vol/Dec 2618/785 mln/446

2:00 pm : The stock market has been unable to make its way back to its session high, which was put in just under one hour ago, but broad-based gains remain as all 10 major sectors reside in positive territory.

The Treasury has just released its budget for April. The budget showed a $82.7 billion deficit, which is much more than the $52.0 billion deficit that had been expected. The budget deficit is also the largest ever recorded for April. DJ30 +110.79 NASDAQ +38.76 SP500 +11.30 NASDAQ Adv/Vol/Dec 2037/1.39 bln/609 NYSE Adv/Vol/Dec 2547/721 mln/500

1:30 pm : The Treasury recently released results from its auction of 10-year Notes. The auction drew a lower-than-expected yield of almost 3.55% and a bid-to-cover ratio of 2.96, which is down from the prior auction, but slightly above recent averages. The benchmark 10-year Note had trimmed some of its loss ahead of the announcement, but it has since retreated toward its session low, where it now trades with a 10-tick loss. Support for stocks certainly hasn't helped the bond market this session.

Stocks recently extended their gains to fresh session highs and put the S&P 500 in touch with the 1170 line. However, resistance has caused stocks to slip a bit from that mark. DJ30 +122.66 NASDAQ +39.04 SP500 +12.76 NASDAQ Adv/Vol/Dec 2000/1.26 bln/640 NYSE Adv/Vol/Dec 2539/642 mln/495

1:00 pm : Action has been a bit choppy at times, but stocks have held firm in higher ground for the entire session. Current gains are both broad and strong.

Early support was largely underpinned by the strong gains made among overseas markets, including Germany's DAX, which advanced 2.4% on the back of a stronger-than-expected 0.2% increase in the country's first quarter GDP.

Domestic data hasn't really done much for trade, though. The only item on this morning's economic calendar was the March trade balance, which was a $40.4 billion -- the steepest in 15 months. Coming up, though, the Treasury's budget statement for April will be released at 2:00 PM ET. Before that, results from the Treasury's auction of 10-year Notes will be released at 1:00 PM ET.

Treasuries have been rather weak ahead of the auction results, though the benchmark 10-year Note has trimmed some of its loss so that it now trades just four ticks into the red. Most of the bond market's weakness this session stems from broad-based strength among stocks.

Gains in the stock market have been most pronounced among tech issues. The sector is up 1.9%.

Natural resource plays have also outperformed this session. More specifically, energy stocks are up 1.3% even though oil prices have pulled back to trade with a 0.8% loss at $75.80 per barrel. The loss follows a larger-than-expected build in weekly inventories.

Materials stocks have made their way to a 1.5% gain after the sector lagged during the prior session. Gold stocks (+1.4%) continue to garner support as gold bullion prices extend their rally to record highs. Gold prices are currently up 2.1% to $1246 per ounce. Their new high stands just shy of $1248 per ounce.

Volatility has fallen some 10% amid this session's gains. Still, the Volatility Index is up more than 60% from its 52-week low, which was set in mid-April. DJ30 +106.90 NASDAQ +33.10 SP500 +9.15 NASDAQ Adv/Vol/Dec 1973/1.16 bln/641 NYSE Adv/Vol/Dec 2548/598 mln/471

12:30 pm : Volatility is down 10% this session, according to the Volatility Index (VIX). Week-to-date the VIX is down nearly 40%. Still, it is up more than 60% from its 52-week low, which was set in mid-April.

The overall rise in volatility in recent weeks has come amid several sessions of dramatic whipsaw trade. Such trade has caused some to seek safety. That has garnered support for gold prices, which set new record highs above $1245 per ounce overnight. Gold prices are back near those highs after a mild pullback this morning; gold was last quoted at $1244.50 per ounce, up 2.0%. DJ30 +105.42 NASDAQ +34.34 SP500 +10.81 NASDAQ Adv/Vol/Dec 1956/1.07 bln/629 NYSE Adv/Vol/Dec 2519/550 mln/490

12:00 pm : Stocks have steadied since their recent backslide. All 10 major sectors remain in positive territory.

Financials have slipped into secondary status amid the recent action. The sector had been up as much as 1.0% earlier this session, but it now trades with a relatively lackluster gain of 0.3%. The sector has been weighed down by diversified financial services stocks, like Bank of America (BAC 17.11, -0.05) and JPMorgan Chase (JPM 41.15, -0.40). Diversified bank stocks are strong, though; they are up a collective 1.4%. DJ30 +85.80 NASDAQ +31.70 SP500 +9.72 NASDAQ Adv/Vol/Dec 1896/945 mln/670 NYSE Adv/Vol/Dec 2429/489 mln/540

11:30 am : The stock market has turned off of its recently reached session high, which saw the S&P 500 within a couple of points of the 1170 line. The S&P 500 also failed to cross the 1170 line in the prior session.

Despite the broader market's pullback, energy stocks continue to trade with a strong 0.7% gain. What's more, the sector's strength comes in the face of a retreat in oil prices, which now stand at session lows near $75.15 per barrel, down 1.6%. Refiners have provided the most strength to the sector; as a group, refiners are up 2.0%. DJ30 +78.52 NASDAQ +27.08 SP500 +8.04 NASDAQ Adv/Vol/Dec 1809/835 mln/746 NYSE Adv/Vol/Dec 2348/430 mln/599

11:00 am : The stock market continues to trade with a comfortable gain amid broad-based strength. In fact, advancing issues outnumber decliners by 4-to-1 in the S&P 500.

Retailers have been weak, though. As a group, retailers are down 0.1%. Macy's (M 23.84, -0.06) has made a sharp pullback join the group in negative territory; its shares had been up in the early going, thanks partly to better-than-expected earnings for its first fiscal quarter. The company reaffirmed a forecast that failed to hit Wall Street's consensus estimate and stated that it is premature to raise guidance due to macro uncertainty. DJ30 +95.83 NASDAQ +31.14 SP500 +10.05 NASDAQ Adv/Vol/Dec 1897/650 mln/634 NYSE Adv/Vol/Dec 2483/335 mln/443

10:30 am : The US Dollar Index has pulled back slightly, moving back near the unchanged line. The pullback has given commodities a small boost.

June crude oil has been chopping around the flat line since the middle of the overnight session and continued to do so ahead of the inventory data. Following the inventory data, which showed a build of 1.95 million barrels versus consensus of a build of 1.60 million barrels, crude ticked into positive territory and is now trading at $76.70, up 0.4%. June natural gas was trending just above the unchanged line for the overnight session before rallying about an hour before pit trading began. The rally pushed natural gas to new session highs of $4.26 per MMBtu and lasted for about an hour after the open. Currently, the energy component is trading at $4.21 per MMBtu, up 1.9%.

Precious metals are also trading higher today, despite modest strength in the dollar index. June gold hit new all-time highs earlier this morning of $1245.40 per ounce and is currently trading 1.7% higher at $1240.80 per ounce. July silver touched session highs around the same time gold did and is currently trading near those highs at $19.68 per ounce, 2.0% higher. DJ30 +94.84 NASDAQ +30.88 SP500 +10.02 NASDAQ Adv/Vol/Dec 1883/473.8 mln/586 NYSE Adv/Vol/Dec 2433/246.2 mln/438

10:00 am : Stocks have made a sudden spike higher, but the move has paused to leave the S&P 500 at the 1165 line. The broad market measure had been as high as 1170 during the prior session.

Tech, which makes up the largest sector by market weight in the S&P 500, continues to show the most strength. The sector is now up 1.5%. Semiconductor stocks and communications equipment stocks are among the best players within the sector; both groups are up 2.0% at the moment.

Treasuries have tripped amid the stock market's morning move. As such, the benchmark 10-year Note is already down almost 10 ticks.

Advancing Sectors: Tech (+1.5%), Energy (+1.3%), Materials (+1.1%), Industrials (+1.1%), Financials (+0.9%), Telecom (+0.6%), Utilities (+0.5%), Consumer Discretionary (+0.5%), Health Care (+0.4%), Consumer Staples (+0.3%)
Declining Sectors: (None) DJ30 +79.73 NASDAQ +23.86 SP500 +9.15 NASDAQ Adv/Vol/Dec 1631/285 mln/761 NYSE Adv/Vol/Dec 2252/155 mln/512

09:45 am : Trade has been choppy during the first few minutes of action, but the broader market remains in positive territory. Natural resource plays have been a primary source of support as materials stocks mount a 0.9% advance and energy stocks climb 0.8% -- the two sectors had been laggards in the prior session.

Tech is presently the strongest sector, though. It is up 1.1% and has helped the Nasdaq take a lead over its counterparts for the second straight session, even though Electronic Arts (ERTS 17.79, -1.01) is down sharply as investors opt to sell the news of its better-than-expected earnings. DJ30 +44.81 NASDAQ +16.53 SP500 +5.31 NASDAQ Adv/Vol/Dec 1413/162 mln/786 NYSE Adv/Vol/Dec 2025/103 mln/643

09:15 am : S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +6.80. Stock futures continue to suggest a solid start to trade, such that the broad-based S&P 500 looks like it will recoup all of its 0.3% loss from the prior session. The relatively positive tone doesn't come as a result of any individual item in particular, but rather in response to the strong gains currently boasted by Europe's major bourses, including a 2.1% gain for Germany's DAX. Germany's stronger-than-expected 0.2% increase in GDP has been a positive dose of news amid ongoing concerns about the state of finances among eurozone countries. As for the latest in U.S. data, the March trade deficit increased to a 15-month high of $40.4 billion from the $39.4 billion deficit seen in the prior month. The Treasury's budget statement for April will be released at 2:00 PM ET. Also due later today are results from the Treasury's auction of 10-year Notes (1:00 PM ET).

09:00 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +8.50. U.S. stock futures continue to trade with strength. Meanhwile, Germany's DAX has spiked to a 1.9% gain. The country had a better-than-expected first quarter GDP reading that showed a 0.2% increase, which was in-line with the GDP growth reported in the broader EU. Of the 30 components in the DAX, only K+S AG, Salzgitter, and Siemens (SI) are in the red. France's CAC has climbed 0.7%. Vivendi is a primary leader at the moment. BNP Paribas has helped. In Britain, the FTSE is up 0.4%. HSBC (HBC) has provided some of the most support. In Asia, Japan's Nikkei slipped 0.2%. In corporate news, Toyota (TM) beat full-year earnings expectations, but issued a tepid forecast following the prior session of trade. Nissan (NSANY) reported relatively solid year-end results and issued a mixed forecast after the close of Wednesday's trade. Hong Kong's Hang Seng advanced 0.3% as HSBC and other banking issues showed strength. In Mainland China, the Shanghai Composite climbed 0.3%.

08:30 am : S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +4.50. Stock futures remain near their morning highs and the greenback continues to trade with a fractional gain against competing currencies following the latest trade balance data. Specifically, the trade deficit for March totaled $40.4 billion, which is generally in-line with the $40.5 billion deficit that had been widely expected and up from the $39.4 billion deficit that was recorded in the prior month.

08:00 am : S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +7.30. Stock futures are firmly higher as overseas markets move into positive territory to trade with varied gains. Of the major global averages, Japan's Nikkei slipped to a 0.2% loss, though. Weakness in the Japanese yen has helped give the Dollar Index a slight gain, even though the euro has advanced against the greenback. Despite overall firmness in the dollar, gold continues to garner support, such that the precious metal moved to new record highs above $1245 per ounce overnight. Gold currently sports a 1.5% gain at $1239 per ounce in electronic trade. Corporate announcements have been sparse, but Walt Disney (DIS) and Electronic Arts (ERTS) have both reported better-than-expected earnings since the prior session's close. The economic calendar is limited to the latest monthly trade balance at 8:30 AM ET and the latest monthly budget statement at 2:00 PM ET. Other items for today include weekly oil inventory data at 10:30 AM ET and results from an auction of 10-year Notes at 1:00 PM ET.

06:40 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +0.80.

06:39 am : Nikkei...10394.03...-17.10...-0.20%. Hang Seng...20212.49...+66.00...+0.30%.

06:39 am : FTSE...5327.23...-7.00...-0.10%. DAX...6107.18...+69.00...+1.10%.

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

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

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