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 Post subject: May 21st Friday 2010 Emini TF ($TF_F) points +45.20
PostPosted: Sat May 22, 2010 10:44 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=528.

Quote:
Today's results are 7 wins : 5 losses : 1 breakeven. The key trade of the day was my 3rd trade (see #FuturesTrades log) and it was a trade signal via the Volatility Trading Report (VTR).

Trading Tip: Gaps often setup the best s/r zones.


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: +45.20 points or $4,520 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
Attachment:
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052110_wrbtrader_PnL_Blotter_Profit.png [ 32.93 KiB | Viewed 1599 times ]

1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.
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The market summaries below are courtesy of Bloomberg, CNNMoney and Yahoo! Finance. gm


http://www.youtube.com/v/E7n7FEOVa1o

Image

Yahoo! Finance

4:30 pm : Pressure in the first few minutes of trade dropped the stock market to a fresh three-month low, but a rally by financials helped swing the broader market to higher ground and put an end to its recent streak of losses.

Global participants reacted to the stock market's 3% drop in the prior session by trimming risk overnight. That caused steep slides among many foreign markets and sent the S&P 500 down another 1.5% in the first few minutes of Friday's trade. Such a sharp drop put the benchmark index below the depths that were set during the "flash crash" two weeks ago and at its worst level since early February.

Despite such an ominous start to the week's final session, financials were able to attract a strong bid that was amplified as short sellers scurried to cover their positions. Given that the financial sector had fallen more than 11% during the course of the previous six sessions, many expected further downside. Instead, financials finished with a 3.6% gain.

Leadership from the financial sector helped lift the broader market to a strong gain, which faded until a late flurry of buying helped stocks settle near session highs and log their best performance in a week.

Also impressive was that the financial sector's spike came in the face of news that the Senate passed the financial reform bill, which will now go to the House for vote.

Amid a willingness to hold stocks, at least for this afternoon, Treasuries fell under a bout of stiff selling that swung the yield on the benchmark 10-year Note from a multimonth low near 3.10% in the early going to more than 3.20% at the close.

Gold prices continued to give up ground as prices for the precious metal fell 1.0% to $1176.50 per ounce, which puts it nearly $75 below the record high of $1249.70 per ounce that was registered exactly one week ago.

Gold's decline continued without regard for a weaker dollar, which shed 0.7% against a basket of foreign currencies. Most of the dollar's decline came as the euro extended its rally from the four-year low that it set against the greenback this past Wednesday. The euro's 1.7% weekly gain was largely fueled by speculation that the European Central Bank might make a move to support its currency. Such speculation has also spurred short covering.

The euro's recent woes come largely as a result of the tenuous financial conditions that currently face many of the eurozone's members. Amid the uncertainty surrounding those countries Germany's two Parliamentary Houses approved their end of the European Union's rescue package, though that doesn't remedy the zone's underlying problems.

Trading volume surged as a result of the stock market's swings and the expiration of monthly options. In turn, roughly 2.3 billion shares exchanged hands on the NYSE this session. That's nearly double the 200-day average of 1.2 billion shares for the Big Board.

Advancing Sectors: Financials (+3.6%), Materials (+2.5%), Consumer Discretionary (+1.9%), Energy (+1.7%), Industrials (+1.5%), Tech (+1.0%), Utilities (+0.6%), Consumer Staples (+0.4%), Health Care (+0.3%), Telecom (+0.3%)
Declining Sectors: (None) DJ30 +125.38 NASDAQ +25.03 NQ100 +1.3% R2K +1.5% SP400 +1.6% SP500 +16.10 NASDAQ Adv/Vol/Dec 1737/3.31 bln/939 NYSE Adv/Vol/Dec 2348/2.30 bln/740

3:35 pm : The CRB commodity index bounced this morning as an appetite for risk returned to the market. A spike in the euro overnight resulted in a weak dollar index, creating a bid for commodities.

Both sugar and copper futures recorded gains in excess of 4%, leading the index higher. The other soft commodities were strong as well (cocoa, orange juice and coffee).

Energy commodities failed to reverse the downward trend, though. July crude oil railed to the $71 level in the late morning before retreating back into negative territory. The July contract closed 1.7% lower at $69.60 per barrel. June natural gas spike in the morning but faded in the afternoon to close 1.2% lower at $4.04 per MMBtu.

Precious metals suffered as the flight to safety play lost favor. June gold closed 1.0% lower at $1176.50 per ounce. Meanwhile, July silver closed 0.4% lower at $17.64 per ounce. DJ30 -9.52 NASDAQ +0.40 SP500 +1.89 NASDAQ Adv/Vol/Dec 1395/2.84 bln/1266 NYSE Adv/Vol/Dec 1859/1.83 bln/1219

3:00 pm : Stocks have slipped to a fresh afternoon low with the arrival of the final hour of trade. However, broader market gains remain solid and the stock market remains much improved from the 1.5% loss that it saw during the early going.

Still, the stock market's current gain won't be enough to keep it from a weekly loss of roughly 5%. What's more, the S&P 500 is down more than 9% month-to-date, which puts it on track for its worst monthly performance since February 2009, which logged a monthly loss of 11%. DJ30 +22.44 NASDAQ +5.66 SP500 +5.01 NASDAQ Adv/Vol/Dec 1472/2.54 bln/1777 NYSE Adv/Vol/Dec 1959/1.66 bln/1105

2:30 pm : The Volatility Index (VIX), often euphemistically dubbed the "fear guage," spiked more than 30% in the prior session and even extended that move earlier today to a new 52-week high. However, it has since pulled back to trade 11% into the red.

The VIX's reversal this session followed an early swing by the stock market from a sharp loss to a solid gain. Despite the positive breadth behind the stock market's move, it has given up a portion of its gain in recent trade. Financials (+2.3%) had offered support against any broader market pullbacks along the way, but the sector's strength has faded a bit in recent action, such that the broader market has eased to an afternoon low. DJ30 +40.35 NASDAQ +11.97 SP500 +7.13 NASDAQ Adv/Vol/Dec 1588/2.37 bln/1068 NYSE Adv/Vol/Dec 2095/1.55 bln/944

2:00 pm : The stock market's downward drift has steadied in recent trade. Financials remain a primary source of support against the broader market's downside moves.

A 3.1% gain by financials has put the sector well ahead of any of the other major sectors. Advancing issues outnumber decliners by 7-to-1 in the sector; Marshal & Ilsley (MI 8.09, +0.48) is atop the list of leaders, while SLM Corp (SLM 10.40, -0.02) is among the sector's weaker performers.

With a 1.7% gain, materials make up the next best performing sector. Materials stocks are currently led by diversified metals plays (3.9%), but gold stocks (+0.1%) have been a bit of a drag on the sector. DJ30 +76.03 NASDAQ +23.45 SP500 +11.64 NASDAQ Adv/Vol/Dec 1732/2.22 bln/900 NYSE Adv/Vol/Dec 2269/1.46 bln/797

1:30 pm : The major indices are still up solidly for the session, but stocks have gradually given up a portion of their gains during the past hour of trade. The downward drift has been relatively broad based, but the only sectors back in negative territory are those that are considered defensive -- utilities (-0.4%), telecom (-0.3%), consumer staples (-0.2%), health care (-0.1%). DJ30 +41.64 NASDAQ +16.36 SP500 +7.95 NASDAQ Adv/Vol/Dec 1694/2.10 bln/934 NYSE Adv/Vol/Dec 2173/1.40 bln/889

1:00 pm : Continued efforts to trim risk sent the stock market to a 1.5% loss in the early going, but a rally by financials has helped drive the broader market to a strong gain.

The prior session's selloff, which culminated in the S&P 500's worst single-session drop in more than one year, extended into this morning's trade as market participants continued to show distaste for risk. The selling that followed was broad based and took the S&P 500 down below the depths that were set during the "flash crash" two weeks ago to set a fresh three-month low.

Despite such an ominous start to trade, the dollar failed to attract the interest of safety seekers. Instead, it continued to deteriorate against the euro, which has rallied in recent sessions amid speculation that the European Central Bank might make a move to support its currency and most recently Germany's approval of the European Union's rescue package. The euro is currently up 0.5% against the greenback and on its way to a 1.5% weekly gain after setting a multiyear low Wednesday.

Treasuries attracted a strong bid, though. In turn, the yield on the benchmark 10-year Note dropped to a multimonth low near 3.10%.

While widespread weakness in the opening minutes sent stocks to losses in excess of 1%, financials were able to attract support. Heading into this session the sector had fallen more than 11%, but a bit of a relief rally started to take shape and short sellers were quickly forced to cover their positions. That has squeezed the sector to a 3% gain in the face of news that the Senate has passed its financial reform bill.

Leadership from the financial sector gave a lift to the broader market, which is now on its way to its best performance in more than a week.

With the tone of trade turned from negative to positive, Treasuries have given up all of their gains. In fact, both the 10-year Note and 30-year Bond even slipped into negative territory for a bit, but they are now back at the flat line. Their yields stand at 3.21% and 4.09%, respectively.

All of the action has brought plenty of participants in from the sidelines. That, along with the expiration of monthly options this session, has sent trading volume soaring past 1 billion shares on the NYSE. DJ30 +63.48 NASDAQ +24.80 SP500 +11.48 NASDAQ Adv/Vol/Dec 1788/1.96 bln/840 NYSE Adv/Vol/Dec 2307/1.31 bln/751

12:30 pm : Though the broader market has made a strong move to higher ground, small-caps been even better performers in terms of percent gained. More specifically, the Russell 2000 Small-Cap Index is up 2.1%, while the S&P 500 is up 1.5%. However, advancing issues outnumber decliners by more than 4-to-1 in the S&P 500, while the breadth of the Russell 2000 isn't quite as strong since its advancing issues outnumber its decliners by a ratio of 3-to-1. DJ30 +112.30 NASDAQ +35.32 SP500 +15.59 NASDAQ Adv/Vol/Dec 1862/1.80 bln/732 NYSE Adv/Vol/Dec 2409/1.25 bln/630

12:00 pm : After falling 8.5% during the course of the past six sessions, stocks have caught a recovery bid, which has focused on financials. The financial sector has rallied to a 3.4% gain after it had fallen more than 11% during the course of the past six sessions. Though such a sharp slide in such short time was owed some sort of releif, this session's swing has been exceptionally strong and likely exacerbated by short covering among sellers that have had to cover their positions after placing bets on further downside action.

Goldman Sachs (GS 142.42, +6.32) has been one of the strongest performers this session. However, it has also been one of the weakest performers for the past month. Its downtrend traces back to the days that first surrounded word that the SEC would investigate the firm for fraud related to its dealings with mortgage-related securities. DJ30 +85.10 NASDAQ +27.16 SP500 +12.75 NASDAQ Adv/Vol/Dec 1806/1.67 bln/790 NYSE Adv/Vol/Dec 2286/1.16 bln/736

11:30 am : The S&P 500 has worked its way to a 1% gain. Financials continue to underpin the stock market's newfound strength; financials, as a group, are up almost 3% at the moment.

Though they don't have the weight of the financial sector, materials stocks have been a modest source of support. At the moment, materials stocks are up approximately 2%, collectively.

Treasuries have given up nearly all of their gains so that both the 10-year Note and the 30-year Bond are up just a single tick. Their yields stand at 3.21% and 4.09%, respectively. DJ30 +64.54 NASDAQ +21.17 SP500 +11.74 NASDAQ Adv/Vol/Dec 1602/1.44 bln/959 NYSE Adv/Vol/Dec 1992/1.04 bln/980

11:00 am : The stok market continues to chop along with a modest gain. Though that may seem unimpressive on the surface, it makes for quite a change from 1.5% loss that stocks saw at their morning low.

In contrast to recent sessions, defensive-oriented stocks are out of favor. In turn, telecom is down 0.9%, consumer staples are down 0.8%, utilities are down 0.7%, and health care is down 0.3%. They are the only four sectors in the S&P 500 to trade with losses.

Gains remain strongest among financial issues. The sector has surged ahead to sport a 1.8% gain. Most of its strength is owed to investment banks and brokerages, along with specialized finance plays. DJ30 +23.20 NASDAQ +6.57 SP500 +5.68 NASDAQ Adv/Vol/Dec 1305/1.23 bln/1239 NYSE Adv/Vol/Dec 1623/930 mln/1327

10:35 am : The US Dollar Index has been trading in negative territory all session so far, which didn't provided price support to select commodities in earlier trade. Despite the weakness in the dollar index, commodities including crude, natural gas, gold and silver spent all or part of its session in negative territory. In recent action, however, select commodities rallied, which was partially due to a move lower in the dollar index.

After trading in the red all session, July crude oil rallied 2.6% off of lows of $69.00 per barrel hit an hour ago and pushed back to the flat line. Currently, crude is trading 1.1% lower at $69.97 per barrel.

June natural gas was chopping around just below the unchanged line in today's session. The energy component recently rallied into positive territory for the second time in today's session, hitting highs in the recent move of $4.18 per MMBtu. Natural gas is holding most of those gains and is currently 0.9% higher at $4.14 per MMBtu.

June gold continues to trade in negative territory in today's session and is currently 0.9% lower at $1178.00 per ounce. July silver has chopped around the unchanged line for most of today's session, but is currently 0.7% lower at $17.59 per ounce. DJ30 -45.20 NASDAQ -5.89 SP500 -3.35 NASDAQ Adv/Vol/Dec 1005/993.9 mln/1450 NYSE Adv/Vol/Dec 1061/808.9 mln/1863

10:00 am : Leadership from the financial sector, which has spiked to a 1.2% gain, has helped the stock market push into positive territory so that it now trades with a modest gain. The move has come in the absence of any major news item.

Shares of retailers have also found strong support. The group is up 1.4%, which has helped lift the broader consumer discretionary sector to a 0.6% gain.

Treasuries have pared their gains as a result of the stock market's sudden upswing. As such, the yield on the benchmark 10-year Note now stands at 3.18% after it had been near 3.10% earlier this morning.

Advancing Sectors: Financials (+1.2%), Materials (+1.0%), Consumer Discretionary (+0.6%), Industrials (+0.5%), Tech (+0.2%), Energy (+0.1%)
Declining Sectors: Telecom (-0.7%), Health Care (-0.6%), Consumer Staples (-0.4%), Utilities (-0.3%) DJ30 +5.29 NASDAQ +5.14 SP500 +4.66 NASDAQ Adv/Vol/Dec 1153/647 mln/1275 NYSE Adv/Vol/Dec 1360/620 mln/1506

09:45 am : The S&P 500 started the session well into the red with widespread losses, but strength among financial plays (+0.2%) has helped lift the broader market up from its opening low. However, the S&P 500 has had a hard time making much of a move past 1065, which is the low that was registered during the "flash crash" two weeks ago.

Trading volume has surged in the first few minutes of trade. More than a half billion shares have already exchanged hands on the NYSE. DJ30 -56.99 NASDAQ -10.17 SP500 -5.27 NASDAQ Adv/Vol/Dec 629/456 mln/1761 NYSE Adv/Vol/Dec 588/515 mln/2261

09:15 am : S&P futures vs fair value: -11.80. Nasdaq futures vs fair value: -20.00. Market participants continue to pare risk by moving out of stocks and into such safe havens as Treasuries and cash. A bid for the former has sent the yield on the benchmark 10-year Note to a multimonth low near 3.10%. Despite interest in the latter, the dollar has pulled back against the euro amid speculation that the European Central Bank might make a move to support its own currency. Even amid the dollar's decline and a want for safety, gold hasn't garnered any support of late. Instead, the yellow metal has fallen almost $75 since it set a record high near $1250 per ounce exactly one week ago. Meanwhile, stocks are now down more than 10% from the 52-week high that they set less than one month ago. That makes for an unofficial correction, but the bleed doesn't look like it is about to lighten in the immediate future. Rather, stock futures for Friday point to a sharply lower start that is expected to see the S&P 500 breech the levels seen at the depths of the "flash crash" two weeks ago. As has been the case in recent sessions, the dramatic moves of the market could pull participants from the sidelines. Such a scenario would add to trading volume, which is already expected to get a lift from the expiration of monthly options. News flow has failed to provide a positive backdrop to the recent action -- the U.S. Senate passed its version of the financial overhaul bill, which now goes to the House for vote and both the Lower and Upper House of Germany's Parliament approved the country's part of the European Union's rescue package.

09:00 am : S&P futures vs fair value: -8.70. Nasdaq futures vs fair value: -14.50. Stock futures remain under pressure. Commodities prices also continue to come down. As such, oil prices are currently down another 2.3% to $69.20 per barrel in the first few minutes of pit trade. The price of oil has fallen more than 25% since trading above $87 per barrel earlier this month. Gold prices hare down another 1.1% to $1175.50 per ounce, which puts them almost $75 below the record high that they set one week ago.

08:30 am : S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -18.30. The euro climbed overnight to 1.2672 per dollar, a one-week high, but it has since pulled back to 1.2525 per dollar, where trades with a 0.3% gain. At its current level, the euro is up roughly 1.2% for this week. All of that is the result of gains from the second half of the week- the euro set a fresh 52-week low on Wednesday. The euro's recent rally comes largely as a result of short sellers squeezed to cover their positions amid speculation that the European Central Bank may intervene in the currency. Nonetheless, the euro heads into Friday with upward momentum, unlike the major bourses throughout Europe. In Germany, the DAX is presently down 2.2% in its latest session and well on its way to a weekly loss of more than 5%. Of its 30 members, Deutsche Boerse is the only name that has managed to make a gain in the final session of the week. In news, Germany's lower house of parliament approved its part of the European Union's rescue package, as was widely expected. In France, the CAC has fallen 1.8% as 38 of its 40 members reside in the red - only Alcatel-Lucent and AXA (AXA) have managed to muster a gain. Persistent weakness in the index has left it with a week-to-date loss of more than 5%. Britain's FTSE has been beaten to a 1.7% loss. Strength has been limited to metals and mining plays like Xstrata, BHP Billiton (BHP), and Rio Tinto (RTP). In Asia, Hong Kong's Hang Seng was closed for holiday observance, but mainland China's Shanghai Composite spiked to a 1.1% gain. Banking issues like Industrial & Commercial Bank and Bank of China were among those that benefited most from the relief rally. In Japan, the Nikkei was knocked to a 2.5% loss. Only eight of its 225 members were able to stage a gain. Hitachi (HIT) and Sony (SNE) were among those on the short list.

08:00 am : S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -9.50. The stock market heads into Friday with a week-to-date loss of more than 5%, but stock futures suggest that there isn't any immediate relief in sight. In fact, futures for the S&P 500 have probed levels that were registered during the depths of the "flash crash" two weeks ago. Should those levels hold into the open, the stock market will set a new three-month low. The weakness among stocks comes as a continuation of global participants looking to pare risk. Despite that, the dollar continues to decline against the euro, which is currently up 0.4% and on its way to a weekly gain of roughly 1.5% against the greenback. The latest round of headlines has had little effect on the overall mood of trade. Among the major news items of the morning, Germany's lower house of parliament approved its part of the European Union's rescue package and the U.S. Senate passed its version of the financial overhaul bill. There are no economic releases today.

07:09 am : S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -8.00.

07:09 am : Nikkei...9784.54...-245.80...-2.50%. Hang Seng...Holiday.........

07:09 am : FTSE...5014.25...-58.40...-1.20%. DAX...5771.47...-94.80...-1.60%.

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
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
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