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 Post subject: May 18th Tuesday 2010 Emini TF ($TF_F) points +23.20
PostPosted: Sat May 22, 2010 10:23 am 
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Trade Journal By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

Trade journals are crucial in preventing us traders from becoming complacent or content with our trading plan or the markets because without having the ability to review archives of past trading days in a forever changing market...we won't know it's time to adapt when change occurs in the markets because broker statements alone doesn't help us keep that edge in comparison to a trade journal. In addition, this public trade journal contains useful trading tips a few times per week to encourage readers to return for more information and to help ensure I myself don't forget the importance of basic concepts within my own trading plan. Further, there are market summaries from bloomberg, CNNMoney and Yahoo Finance as a quick archive of what happened in the markets on a particular day of trading. Thus, if you're looking for trading tips and market summaries that can improve your trading and/or understanding of what happen on a particular day that involves more than just entry signals...consistently read this trade journal and the #FuturesTrades chat room logs where I post my trades in real-time from entry to exit (see link below) via my IRC user name wrbtrader.

Today's #FuturesTrades chat room logs is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=74&t=525.

Quote:
Today's results are 10 wins : 4 losses. The key trade of the day was my 6th trade (see #FuturesTrades log) and it was a trade signal via the Volatility Trading Report (VTR).

Trading Tip: Correlate your profits to the price action of the VXX to determine is your method is sensitive to volatility. You can then use this information for better position size management.


FYI - You can ask me questions here at the forum or you can tweet me on twitter about anything related to today's trading or related to your own trading.

Image@ http://twitter.com/wrbtrader


In addition, posted below are direct links about my trade methodology or trading approach 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 analysis).

Image WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm

Image Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm

Image Daily Trade Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=109&t=652

Trade Performance for Today: +23.20 points or $2,320 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
Attachment:
051810_wrbtrader_PnL_Blotter_Profit.png
051810_wrbtrader_PnL_Blotter_Profit.png [ 32.31 KiB | Viewed 1515 times ]

1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.
------------------------------

The market summaries below are courtesy of Bloomberg, CNNMoney and Yahoo! Finance. gm


http://www.youtube.com/v/cmnDqHUNX7U

Image

Yahoo! Finance

4:30 pm : An early bid gave the major equity averages a solid start, but the tone of trade soon turned negative as the dollar rallied against the euro. Stocks settled with sharp losses near session lows.

News that the European Union handed Greece some 14.5 billion euros to keep the country out of default helped usher in buying among overseas markets. The accompanying gains helped provide support for domestic stocks to extend their rebound from the prior session.

The mood among global participants was further supported by signs of renewed strength in the euro. However, the euro soon resumed its backslide. Its downturn steepened following news that Germany will ban naked short selling of certain financial stocks, credit default swaps, and government bonds. The euro dropped a sharp 1.5% to a fresh four-year low that was just above 1.2200 per dollar, which helped the Dollar Index spike 1.1% to a fractionally improved 52-week high.

The euro's retreat and the dollar's rally put in motion a gradual, broad-based selling effort, which lasted for most of the session. Stocks attempted to steady their descent in the final hour, but still chopped into the close to settle near their worst levels of the day.

Banking issues were among the most out of favor. In turn, the KBW Bank Index dropped 3.7% to log its lowest closing level in about two months. Weakness among bank stocks dragged down the financial sector to a 2.8% loss, which was the worst of any major sector.

Materials stocks saw one of the most dramatic turnarounds. The sector had been up more than 2% at its session high, but closed with a 1.5% loss.

With a 0.7% loss, energy stocks limited their decline to half of what the broader market incurred. The sector had been up some 2% at its session high, but broader market weakness coupled with a retreat in oil prices undermined its strength -- oil prices closed pit trade with a 1.0% loss at $69.41 per barrel after they had been up as high as $72.52 per barrel.

A batch of better-than-expected earnings reports from a raft of retailers couldn't keep the group from a collective loss of 2.5%. Shares of Dow components Home Depot (HD 34.73, -0.86) and Wal-Mart (WMT 53.71, +0.98) diverged -- HD was weak despite upside guidance; both posted an upside earnings surprise.

Weakness among stocks helped win support for Treasuries. As such, the benchmark 10-year Note climbed more than one point so that its yield fell near 3.35%.

In the latest dose of data, the April Producer Price Index decreased 0.1%, which contrasts with the 0.1% decline that many had come to expect. Excluding food and energy, producer prices increased 0.2% month-over-month, but a softer increase of 0.1% had been expected.

Housing starts for April climbed 5.8% to an annualized rate of 672,000, which is stronger than the expected rate of 650,000. However, building permits for April dropped 11.5% month-over-month to an annualized rate of 606,000, which is lower than the expected rate of 680,000.

Advancing Sectors: (None)
Declining Sectors: Financials (-2.8%), Consumer Discretionary (-1.8%), Tech (-1.6%), Materials (-1.5%), Industrials (-1.4%), Utilities (-1.0%), Health Care (-0.8%), Energy (-0.7%), Telecom (-0.5%), Consumer Staples (-0.5%) DJ30 -114.88 NASDAQ -36.97 NQ100 -1.5% R2K -1.9% SP400 -1.5% SP500 -16.14 NASDAQ Adv/Vol/Dec 682/2.42 bln/2026 NYSE Adv/Vol/Dec 703/1.52 bln/2362

3:30 pm : Soft commodities, led by sugar futures (which rallied for 6.6%), rose 2.6% on the session.

Energy futures, on the other hand, finished the session lower by 1%. This move was led by the 1.3% decline in natural gas futures, which closed at $4.34 per MMBtu. June crude oil futures, which lost 1% on the session to close at $69.41 per barrel, were hampered by further concerns coming from the eurozone. Notably, crude oil futures hit a fresh 5-month low this session.

June gold futures ended lower by 1% to $1214.60 per ounce, but rallied back towards the flat line in electronic trade on a flight to safety. July silver closed higher by 0.6% to $19.03 per ounce. DJ30 -113.90 NASDAQ -36.75 SP500 -16.53 NASDAQ Adv/Vol/Dec 720/1.97 bln/1971 NYSE Adv/Vol/Dec 728/1.11 bln/2326

3:00 pm : The euro has extended its slide to a fresh four-year low against the dollar. It now trades with a 1.5% loss at 1.2205 per dollar.

Stocks also also stuck on a downward slide. Declining issues now outnumber advancers by more than 6-to-1 in the S&P 500. With weakness becoming increasingly pronounced, the S&P 500 is quickly approaching the prior session's low. DJ30 -133.09 NASDAQ -43.39 SP500 -18.94 NASDAQ Adv/Vol/Dec 709/1.80 bln/1978 NYSE Adv/Vol/Dec 705/1.0 bln/2343

2:30 pm : The stock market continues to grind lower. As such, it now stands at a fresh session low. Still, the S&P 500 remains roughly 10 points above the prior session's low.

Oil prices have reversed into the close of pit trade. The commodity was recently quoted with a 1.0% loss at $69.40 per barrel after it had been up approximately 3% earlier this session.

Treasuries have benefited from the latest round of weakness. More specifically, the benchmark 10-year Note is now up 29 ticks so that its yield is below 3.40% and the 30-year Bond is up one full point and 18 ticks so that its yield is now below 4.27%. DJ30 -78.75 NASDAQ -31.26 SP500 -12.89 NASDAQ Adv/Vol/Dec 861/1.59 bln/1800 NYSE Adv/Vol/Dec 960/876 mln/2067

2:00 pm : The stock market has drifted to a fresh session low, but stocks still aren't quite to the depths that were reached in the prior session. The stock market's decline has come in conjunction with a rally by the dollar, which is now up 0.8% to a fresh session high against a basket of major foreign currencies. Most of the greenback's gain has come against the euro, which is now down 1.1% to 1.2259 per dollar.

While the bounce by the buck has given way to a broad-based selling effort, weakness is most pronounced among financial shares and, in particular, bank stocks. As a group, financials are down 2.0%, while the KBW Bank Index is down 2.9%.

Consumer staples stocks have held up relatively well, however; they are up 0.1%. Should the gain hold, this will mark the second straight session in which the consumer staples sector has outperformed. DJ30 -65.83 NASDAQ -28.01 SP500 -9.96 NASDAQ Adv/Vol/Dec 931/1.46 bln/1706 NYSE Adv/Vol/Dec 1098/790 mln/1892

1:30 pm : Stocks recently slipped another leg lower amid further weakening by the euro. The euro now trades with a near 0.8% loss at a fresh session low against the U.S. dollar. Its most recent slide follows news that a proposal has been made to ban naked short selling of certain stocks and government bonds. Though there wasn't any immediate clarification about the proposal, the ambiguity has perpetuated a degree of uncertainty regarding Europe. DJ30 -25.78 NASDAQ -19.70 SP500 -5.64 NASDAQ Adv/Vol/Dec 1081/1.32 bln/1530 NYSE Adv/Vol/Dec 1392/704 mln/1594

1:00 pm : Stocks started the session markedly higher, but some modest pressure has made for some rather muddled action.

A positive tone in the early going was helped by strong overseas gains, which followed news that the European Union has sent billions of euros to Greece in order to keep the country out of default. The euro also made an upward move amid the announcement, such that the dollar fell under pressure.

The positive tone and weaker dollar helped win support for resource-linked stocks, which led the broader market in the early going. Materials stocks and energy stocks had been both been up more than 1%.

However, sellers stepped back into the mix to take stocks lower as the greenback staged a gain against the euro. The euro is now down 0.4% to trade at 1.2335 against the dollar.

The efforts of sellers have been pronounced among tech stocks and financial shares. The two sectors are down 0.9% and 0.7%, respectively.

Retailers have fallen under some of the most pressure. The group is down 1.7% as shares of TJX Companies (TJX 43.44, -1.81), Abercrombie & Fitch (ANF 38.98, -1.80), and Home Depot (HD 34.74, -0.85) are shunned despite better-than-expected earnings from all three. However, Wal-Mart (WMT 54.30, +1.57) has managed to garner support on the back of its quarterly announcement.

Energy stocks continue to trade with relative strength, though. The sector is up a solid 0.6%. Its resilience is partly owed to a rebound in oil prices, which were last quoted with a 1.4% gain at $71.05 per barrel. Oil prices had been as high as $72.52 per barrel, however. DJ30 -16.71 NASDAQ -15.78 SP500 -5.55 NASDAQ Adv/Vol/Dec 1176/1.19 bln/1423 NYSE Adv/Vol/Dec 1501/628 mln/1482

12:30 pm : The stock market is stuck in negative territory with a slight loss and action has become a bit choppy.

Underlying action is a bit mixed. More specifically, four of the major sectors in the S&P 500 are in the red with losses that range from telecom's 0.3% decline to a 1.0% loss for financials, while advancing sectors sport gains that range from 0.1% in health care to 0.8% in energy. DJ30 +2.19 NASDAQ -13.56 SP500 -2.15 NASDAQ Adv/Vol/Dec 1163/1.06 bln/1414 NYSE Adv/Vol/Dec 1617/556 mln/1359

12:00 pm : Sellers have redoubled their efforts to drop the stock market to a fresh session low. The downward move has been led by tech and financial stocks -- both sectors are presently down 1.0%.

The downturn has helped win support for Treasuries. As such, the benchmark 10-year Note is now up roughly 15 ticks. That move has sent its yield down to 3.43%.

Though stocks have gone on the backslide, volatility is down. Specifically, the Volatility Index has fallen almost 5%. DJ30 +0.30 NASDAQ -15.85 SP500 -2.28 NASDAQ Adv/Vol/Dec 1173/95 mln/1399 NYSE Adv/Vol/Dec 1615/485 mln/1343

11:30 am : The S&P 500 recently rebounded from a slight loss to make its way back to a modest gain. Meanwhile, the Dow has managed to keep out of the red; it garnered support at the neutral line and has since reclaimed some of its earlier gains. Both averages remain off of their session highs, though.

The dollar has also made its way back to a modest gain. It had spent most of the morning in the red as the euro extended its recovery from the four-year low that it set against the dollar during the prior session. However, renewed weakness in the euro has given the Dollar Index a gain of 0.2%. DJ30 +45.34 NASDAQ -5.01 SP500 +3.10 NASDAQ Adv/Vol/Dec 1391/813 mln/1141 NYSE Adv/Vol/Dec 1972/421 mln/958

11:00 am : Early strength has faded, such that the major indices have made a marked pullback. The Nasdaq Composite looks the weakest as tech stocks fall to a 1.0% loss, collectively.

The tech sector's decline comes as a consequence of widespread weakness within the sector, but semiconductor stocks are among the weakest. To point, semiconductor stocks, as a group, are down 2.1%.

Though they don't have as much of an influence over the mood of the broader market, shares of retailers have also fallen under pressure. The group is down 1.0% as shares of TJX Companies (TJX 44.31, -0.94), Abercrombie & Fitch (ANF 39.75, -1.03), and Home Depot (HD 35.16, -0.43) are shunned despite better-than-expected earnings from all three. However, Wal-Mart (WMT 54.23, +1.50) has managed to garner support, though; it posted an upside earnings surprised and issued an in-line earnings forecast. DJ30 +33.93 NASDAQ -11.31 SP500 +1.80 NASDAQ Adv/Vol/Dec 1279/685 mln/1209 NYSE Adv/Vol/Dec 1826/352 mln/1066

10:30 am : The US Dollar Index recently gained strength and pushed back into positive territory, which caused a small sell-off in the energy markets. However, crude and natural gas still remain near session highs. Currently, the dollar index is just under the unchanged line.

June crude oil has trended steadily higher from the overnight session and through the morning session. Right around the open, crude pulled back and fell almost $1 per barrel. This was short-lived and crude quickly reversed to put in new session highs of $72.52 per barrel. Currently, crude is at $72.00 per barrel, up 2.7%.

June natural gas has been rather volatile since around 7:00am ET. The energy component traded in a very tight range until breaking out around 4:00am ET, eventually hitting session highs of $4.49 per MMBtu about three hours later. Natural gas lost steam and fell sharply, back near overnight lows of $4.40 per MMBtu, but is now currently trading at $4.44 per MMBtu, up 1%.

Despite the small rally in the dollar index just before the top of the hour, precious metals did not pull back. However, June gold remains in negative territory, currently at $1217.50 per ounce, down 0.8%, while July silver is 0.9% higher at $19.03 per ounce. DJ30 +65.29 NASDAQ +5.98 SP500 +5.99 NASDAQ Adv/Vol/Dec 1681/440.1 mln/735 NYSE Adv/Vol/Dec 2265/240.7 mln/588

10:00 am : The major equity averages have pulled back a bit, but broad-based gains remain. As such, all 10 major sectors in the S&P 500 are still in higher ground with varied gains.

Materials stocks are now out in front. The sector currently trades with a 1.8% gain.

Financials have lagged a bit during the early going, though. The sector is up just 0.2%. Banking issues have hampered the sector; diversified banking stocks are down 1.2% and regional bank stocks have shed 1.5%. DJ30 +71.72 NASDAQ +14.34 SP500 +8.53 NASDAQ Adv/Vol/Dec 1768/261 mln/588 NYSE Adv/Vol/Dec 2403/162 mln/401

09:45 am : Stocks are up markedly in the first few minutes of trade. There was a brief slip shortly after the open, but the benchmark S&P 500 has since made its way to a morning high.

Energy stocks, which were laggards in the prior session, are strongest in the early going. The sector has already added 2.0%. Part of the sector's strength is owed to a 3.2% rise in oil prices to $72.30 per barrel.

Support for other natural resource plays has sent the materials sector to a 1.7% gain. Steel stocks (+2.5%) and diversified metals and miners (+4.1%) are standouts in the basic materials space. DJ30 +69.00 NASDAQ +16.42 SP500 +8.77 NASDAQ Adv/Vol/Dec 1755/163 mln/505 NYSE Adv/Vol/Dec 2410/115 mln/313

09:15 am : S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +12.50. During the prior session stocks recovered from a loss of more than 1% to finish with a slight gain. That move has followed through into this morning's premarket trade, such that stock futures point to a markedly higher start for the upcoming session. The positive mood has been augmented by strong overseas gains, which come on the back of news that the European Union has dolled out 14.5 billion euros to Greece in an effort to keep the country out of default. Meanwhile, the euro has extended its move up from the four-year low that it registered yesterday. Though it has eased back a bit in recent action, it continues to trade just above 1.24 per dollar. That has helped keep the Dollar Index down with a slight loss. The latest dose of data indicated that producer prices cooled a bit in April. Housing starts climbed more than expected, but building permits plummeted. Earnings announcements featured a handful of retailers. Among them, Wal-Mart (WMT) reported better-than-expected earnings for its latest quarter, but its outlook was barely in-line with the consensus. Home Depot (HD) had higher-than-expected earnings and issued upside guidance. As for the early commodities picture, oil prices have bounced 2.5% to $71.85 per barrel after a series of sharp slides took the price of oil down from above $87 per barrel at the start of the month. Gold prices are down 1.2% to $1214 per ounce after they set a record high near $1250 per ounce last week.

09:00 am : S&P futures vs fair value: +8.60. Nasdaq futures vs fair value: +13.80. U.S. stock futures are up solidly and near their morning highs. Meanwhile, Europe's major bourses continue to trade with considerable strength. As such, Germany's DAX is up 1.6% amid broad-based support. Of the 30 components in the German bourse, only Metro AG and K+S AG are in the red. As for France's CAC, it is up 2.3%. L'Oreal is presently the only name in the 40-member index to trade with a loss. Britain's FTSE is up to a 1.2% gain as some 80% of its components climb. HSBC (HBC) has been a leader in that bunch, while Vodafone is atop the list of laggards. HSBC was also a primary source of strength in Hong Kong's Hang Seng, which advanced 1.2%. Banks, in general, were helped after analysts at Morgan Stanley upgraded the sector on the basis that China may hold off further tightening measures in lieu of uncertainties in the global economic outlook. Meanwhile, the Shanghai Composite climbed 1.4% as advancing issues outnumbered decliners by more than 2-to-1. PetroChina (PTR) was a primary leader, but financial plays also showed strength. In Japan, the Nikkei tacked on a mere 0.1%, but that was an accomplishment given that its declining issues outnumbered advancers by 2-to-1. Fast Retailing was a primary source of strength, while NGK Insulators was among the primary laggards.

08:35 am : S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +8.80. Stock futures have shown little overall reaction to the latest flurry of economic data. Among the releases, the April Producer Price Index made a monthly decrease of 0.1%, which contrasts with the 0.1% decline that many had come to expect. Excluding food and energy, producer prices increased 0.2% month-over-month, but a softer increase of 0.1% had been expected. During the prior month, overall producer prices had spiked 0.7% and core prices had climbed 0.1%. Housing starts for April climbed 5.8% to an annualized rate of 672,000, which is stronger than the expected rate of 650,000. The stronger-than-expected rate came on top of an upward revision to sales for the prior month. While housing starts were up, building permits for April dropped 11.5% month-over-month to an annualized rate of 606,000, which is lower than the expected rate of 680,000.

08:00 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.00. Strong gains among overseas markets have helped drive U.S. stock futures markedly higher. Meanwhile, a bounce by the euro has undercut the greenback. In the wake of an underwhelming quarterly announcement and outlook from Lowe's (LOW), Home Depot (HD) reported better-than-expected earnings and upside guidance. Retail giant Wal-Mart (WMT) is expected to report soon. Due at the bottom of the hour are the latest in producer prices, housing starts, and building permits.

06:40 am : S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +8.30.

06:40 am : Nikkei...10242.64...+6.90...+0.10%. Hang Seng...19944.94...+229.70...+1.20%.

06:40 am : FTSE...5299.21...+36.60...+0.70%. DAX...6128...+62.20...+1.00%.

Special thanks to Bloomberg, 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

Phone: +1 708 572-4885
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