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 Post subject: June 2nd Wednesday 2010 Emini TF ($TF_F) points +10.70
PostPosted: Thu Jun 03, 2010 8:57 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 Youtube 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=75&t=535.

Quote:
Today's results are 4 wins : 0 losses (see above #FuturesTrades log). Once again, like yesterday, only a few trades today. However, one of the trades I did some adds and exits of the adds while maintaining the initial position as the core. Simply, I'm trying to get better at adding to a profitable position if I believe the price action via what ever reason is going to trend or move strongly directional. However, I only do such a few times per week when I see an opportunity for such. My best trade of the day occurred in the last trade (late entry) via a trade signal from the Volatility Trading Report (VTR).

Trading Tip: The proper way to use s/r analysis is to understand that key price areas have a lifespan and the new key price areas will develop during the trading day while you're trading. Simply, don't get fixated on mathematical s/r formulas based upon yesterday's high/low/open/close unless your goal is to lose money.


FYI - You can ask me questions here at the forum or you can tweet me on twitter about any thing 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: +10.70 points or $1,070 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
Attachment:
060210_wrbtrader_PnL_Blotter_Profit.png
060210_wrbtrader_PnL_Blotter_Profit.png [ 32.13 KiB | Viewed 1692 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/Jbxh0ahUjaE

Stocks Rally 2% On Energy Boost
By Blake Ellis, staff reporter
June 2, 2010: 5:28 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks rallied on Wednesday, fueled by a rebounding energy sector, as investors regained confidence following the previous session's huge sell-off.

The Dow Jones industrial average (INDU) rose 225.5 points, or 2.3%. The S&P 500 index (SPX) added 28 points, or 2.6%, and the Nasdaq composite (COMP) rallied 59 points, or 2.6%.

On Tuesday, stocks ended sharply lower, with most of the decline coming in the final hour of trading as investors overlooked better-than-expected economic reports and instead worried about the global economic recovery.

"We're going to keep seeing big swings like this," said Harry Clark, CEO of Clark Capital Management Group. "It's going to be a choppy market for the rest of the summer."

Big movers: Gains were broad-based on Wednesday, with energy stocks leading the way.

All of the Oil and Natural Gas Index's 24 components posted gains, while the Amex Oil Index added 3%, with all 12 of its components also rising.

Halliburton (HAL, Fortune 500) jumped 12%, Schlumberger (SLB) rose nearly 9% and Andarko (APC, Fortune 500) added more than 5%. BP (BP) rose 3%.

On Tuesday, energy shares declined - with BP plunging 15% - after the company's latest attempt to plug the oil spill in the Gulf of Mexico failed and Attorney General Eric Holder said there would be a criminal investigation of the spill.

"BP's existence came into question yesterday," said Clark. "Investors put all the other oil companies in the same barrel with BP, but now they're realizing that BP made a mistake but the other companies are doing well."

Transocean (RIG), the operator of the Deepwater Horizon rig that exploded in the Gulf, was an exception, falling more than 3% after dropping 12% on Tuesday.

Technology shares also advanced Wednesday, with IBM (IBM, Fortune 500), Intel (INTC, Fortune 500) and United Technologies (UTX, Fortune 500) all gaining more than 2%.

"Tech has been a laggard, but now people seem to be realizing that tech stocks in general are undervalued and are good buys," said Clark.

Economy: The National Association of Realtors said its pending home sales index, a measure of sales contracts for existing homes, rose 6% in April after climbing 5.3% in March. The jump beat the 4.3% increase economists surveyed by Briefing.com had expected.

Despite the positive report, economic data has had little impact on the market recently, said Clark.

"The whole theme right now is that the market is being driven minute by minute by news, the fundamentals just don't matter," he said. "But the economy is recovering, so the market will have to eventually respond to that."

Outplacement firm Challenger, Gray and Christmas said employers announced plans to cut 38,810 jobs in May, a 1.3% rise from April's four-year low. However, job cuts were 65% lower than the same month in 2009.

Companies: General Motors and Ford Motor (F, Fortune 500) both posted large increases in May sales of the brands they retain, with GM reporting a 32% gain in sales and Ford reporting a 23% increase. Toyota Motor's (TM) sales rose 7%.

"They really helped the idea that the economy isn't falling off a cliff and that there's definitely still demand out there," said Nick Kalivas, vice president of financial research at MF Global.

Ford rose about 4% on Wednesday, while Toyota slipped nearly 1%.

The Financial Crisis Inquiry Commission held the latest in a series of hearings on the role of ratings agencies in the market collapse of 2008-2009. Warren Buffett, the widely respected investor and chief executive of Berkshire Hathaway (BRKA, Fortune 500), was among the witnesses. Several representatives of ratings agency Moody's (MCO) were also in attendance.

World markets: In Asia, Japan's Nikkei index slid 1.1% after the nation's prime minister resigned. Hong Kong's Hang Seng index edged lower.

European markets ended mostly lower, although well off the day's lows. London's FTSE 100 slipped 0.2%, Paris' CAC 40 fell 0.1% and Frankfurt's DAX was flat.

Dollar and commodities: The euro rose against the dollar to $1.2241, bouncing back from the four-year low touched the day before.

The dollar edged lower against the British pound and rose more than 1% versus the Japanese yen.

U.S. light crude oil for July delivery turned higher, climbing 28 cents to settle at $72.86 a barrel.

COMEX gold's August contract dropped $4.30 to settle at $1,222.60 per ounce.

Bonds: Treasury prices were lower, pushing the benchmark 10-year note's up to 3.34% from 3.26% late Tuesday. Bond prices and yields move in opposite directions.

Image

Yahoo! Finance

4:30 pm : Stocks came storming back from a sharp slide in the prior session. Natural resource stocks and financial plays led the broad-based rebound, which saw the stock market settle at its best level of the day.

Trade started in positive territory, but the stock market's footing in the early going wasn't entirely secure. In turn, the major indices slipped a bit as sellers tried to challenge the opening gain.

However, a quick response by buyers gave the broader market support near the neutral line. That gave way to a rebound that was extended amid news that pending home sales for April made a 6.0% monthly increase, which exceeded the 5.0% monthly increase that had been widely expected.

Moreover, a modest bounce by the euro gave removed a headwind from the stock market and caused the greenback to pull back. The euro settled with a 0.1% gain at $1.224 after it had logged a new four-year low of $1.211 yesterday. Meanwhile, the dollar fell to a 0.2% loss against a larger basket of foreign currencies.

Breadth was decidedly positive, but energy stocks jumped out in front of the broader market. The sector settled with a 4.3% gain as a relief rally took hold of oil and gas equipment plays, several of which hit a nine-month low in the prior session. The Oil Service HOLDRS Trust (OIH 94.96, +5.49) registered its best single-session gain in more than one year.

Basic materials stocks also proved to be a boon for the broader market. They climbed 3.0% as steel stocks spiked 4.2% and diversified metals and miners muscled their way to a 4.0% gain.

Market participants also favored financial stocks, which settled 3.0% higher. While strength in the sector was broad, volume was concentrated around banking issues like Bank of America (BAC 15.89, +0.46), which reiterated that charge-offs appear to have peaked and that the bank does not have huge, direct exposure to Europe during a Sanford Bernstein conference.

Shares of retailers lagged for the entire session, but they still managed to advance 1.5%. Many investors showed trepidation ahead of the latest monthly same-store sales figures.

In addition to more monthly retail sales reports, there is a bevy of data tomorrow morning, including weekly jobless claims, monthly factory orders, the latest ISM Service Index, and the latest monthly ADP Employment Report. The Labor Department's Employment Report for April will be released Friday morning.

Participation was average ahead of the reports. To be specific, not quite 1.4 billion shares traded hands on the NYSE this session. That's in-line with the 50-day moving average for the Big Board.

Advancing Sectors: Energy (+4.3%), Financials (+3.0%), Materials (+3.0%), Industrials (+2.5%), Consumer Discretionary (+2.4%), Health Care (+2.4%), Tech (+2.2%), Utilties (+2.1%), Telecom (+2.0%), Consumer Staples (+1.7%)
Declining Sectors: (None) DJ30 +225.52 NASDAQ +58.74 NQ100 +2.4% R2K +3.1% SP400 +2.7% SP500 +27.67 NASDAQ Adv/Vol/Dec 2162/2.17 bln/519 NYSE Adv/Vol/Dec 2592/1.35 bln/455

3:30 pm : Oil and gas prices held steady in positive territory to settle the session with gains, but precious metals prices were unable to attract enough support to find higher ground.

Oil futures prices managed to close pit trade at $72.86 per barrel, which was shy of its session high of $73.93 per barrel, but it was still good enough to give the commodity a 0.4% gain.

Natural gas prices pushed 4.0% higher to close at $4.42 per MMBtu. That was just a couple of cents shy of its session high.

Gold prices settled pit trade with a 0.4% loss at $1222.60 per ounce. Prices were as low as $1213.20 per ounce and never made it into positive territory during the session.

Silver prices sank 1.3% to close pit trade at $18.32 per ounce. They had been as low as $18.09 per ounce.

Though gold and silver were weak, strength in oil and gas helped give the CRB Commodity Index a 0.2% gain. DJ30 +188.71 NASDAQ +50.37 SP500 +23.36 NASDAQ Adv/Vol/Dec 2068/1.66 bln/594 NYSE Adv/Vol/Dec 2514/902 mln/516

3:00 pm : Stocks have rallied from their recent retreat and now stand at session highs. All 10 major sectors in the S&P 500 now sport gains of 1% or more, but strength is most pronounced among natural resource plays like energy stocks (+3.5%) and basic materials stocks (+2.5%).

Volatility has fallen as a result of the stock market's move. In turn, the Volatility Index is now down almost 13% to a fresh session low. DJ30 +159.16 NASDAQ +40.44 SP500 +20.08 NASDAQ Adv/Vol/Dec 2002/1.48 bln/647 NYSE Adv/Vol/Dec 2424/808 mln/596

2:30 pm : The stock market continues to descend from its session high, but gains remain impressive with the S&P 500 still up more than 1%.

Energy stocks continue to be a key source of support for the broader market. The sector, which accounts for more than 10% of the market weight of the S&P 500, is up 2.6%.

Materials stocks make up the next best performing sector. They are up 1.7%. DJ30 +96.51 NASDAQ +26.27 SP500 +12.71 NASDAQ Adv/Vol/Dec 1876/1.31 bln/758 NYSE Adv/Vol/Dec 2198/718 mln/797

2:00 pm : Gains remain impressive, but the major indices have started to drift off of their recent highs. There isn't any headline or catalyst to cause the pullback, but it appears instead that some fatigue has entered trade.

Participation hasn't been as strong this session has it has in recent showings. Strong volume during the past few weeks has caused the average trading volume for the past 50 sessions on the NYSE to climb to almost 1.4 billion shares, which is more than double what has been traded so far this session. DJ30 +87.29 NASDAQ +28.24 SP500 +11.74 NASDAQ Adv/Vol/Dec 1910/1.20 bln/707 NYSE Adv/Vol/Dec 2260/658 mln/729

1:30 pm : The stock market's ascent has steadied so that equities now trade sideways along session highs. The S&P 500 is now just below the 1087 line, which is right where it started this week. DJ30 +118.81 NASDAQ +34.25 SP500 +15.10 NASDAQ Adv/Vol/Dec 1967/1.11 bln/631 NYSE Adv/Vol/Dec 2327/610 mln/660

1:00 pm : Stocks are at fresh session highs as a sharp rebound from the prior session's broad-based slide continues. News flow has been limited to an upbeat pending home sales report.

Despite renewed weakness among Europe's major bourses and continued concerns about the financial health of the continent, U.S. markets have snapped back from the prior session's selloff. A positive pending home sales report has played a part in the improved tone. The report showed that pending home sales for April increased 6.0% month-over-month. That was stronger than the expected monthly increase of 5.0%.

While the small dose of data acted as a lift for the broader market, energy stocks have shown the most leadership. The sector is currently up 2.6%. Oil and gas equipment plays have provided the most leadership to the energy sector. The group fell to a new nine-month low in the prior session, but a relief rally has helped swing the equipment space to one of its best performances of the year.

Strong gains have caused the Volatility Index to drop 11% after it spiked some 10% in the final minutes of the prior session.

Strength in the stock market has also pulled some participants away from the dollar, which had been up fractionally in the early going. The greenback is now down 0.2% against a collection of competing currencies. DJ30 +131.13 NASDAQ +37.93 SP500 +16.61 NASDAQ Adv/Vol/Dec 1981/1.02 bln/616 NYSE Adv/Vol/Dec 2382/565 mln/584

12:30 pm : Treasuries have had a weak session so far. The benchmark 10-year Note is currently down 14 ticks, which puts its yield back above 3.3%. Weakness in the Treasury market has been largely the result of the stock market's strength.

Strength among stocks has pulled some participants away from the relative safety of the dollar. In turn, the greenback has given up its gain so that it is now down 0.2% against a collection of competing currencies. DJ30 +108.98 NASDAQ +30.39 SP500 +14.14 NASDAQ Adv/Vol/Dec 1913/930 mln/640 NYSE Adv/Vol/Dec 2330/520 mln/641

12:00 pm : Stocks continue to climb. In turn, all three major indices are up in excess of 1% and each one is at its best level of the session.

The positive tone has given advancing issues a near 4-to-1 edge over decliners on the NYSE. Such positive breadth has brought the Volatility Index down to a 9.5% loss. DJ30 +112.84 NASDAQ +30.01 SP500 +14.21 NASDAQ Adv/Vol/Dec 1914/832 mln/624 NYSE Adv/Vol/Dec 2301/469 mln/629

11:30 am : The stock market recently slipped, but it has since snapped back to set fresh session highs. The move has been broad based, but energy stocks are out in front with 2.1% gain.

Support for energy stocks spans oil and gas storage plays (+1.3%), explorers (+2.5%), drillers (+2.8%), and equipment plays (+6.5%). Of the many names that make up those groups, Halliburton (HAL 23.05, +1.90) is the best performer by percent gained. Its spike comes after it set a new nine-month low in the prior session.

Refiners (-0.3%) are the only names in the energy sector that have failed to find support. Valero (VLO 17.42, -0.14) is currently under the most pressure and, in turn, is the sector's worst performer by percent change. DJ30 +79.66 NASDAQ +22.78 SP500 +10.38 NASDAQ Adv/Vol/Dec 1791/722 mln/716 NYSE Adv/Vol/Dec 2131/405 mln/746

11:00 am : The Dow Jones Industrial Average recently worked its way to a gain of almost 80 points, which made for a fresh session high, but it has since surrendered about 30 points as it pulls back amid a flurry of selling. Overall gains remain solid and broad based, though.

This session's advance has caused volatility to cool. The Volatility Index spiked some 10% in the final minutes of the prior session, but the "fear gauge" is down 6% this session. DJ30 +51.17 NASDAQ +18.17 SP500 +7.80 NASDAQ Adv/Vol/Dec 1741/593 mln/717 NYSE Adv/Vol/Dec 1985/325 mln/867

10:30 am : Oil prices spent most of the morning chopping along with modest losses until a recent flurry of buying boosted the commodity into positive territory. Oil prices now stand at $73.10 per barrel, up 0.7%. Weekly inventory data has been postponed until tomorrow due the observance of Memorial Day this past Monday.

Natural gas prices are up an impressive 2.1% to $4.34 per MMBtu. That's just a penny shy of their session high.

Precious metals have been under steady pressure this session. In turn, gold prices are down 0.6% to $1217.30 per ounce, while silver was last quoted with a 1.8% loss at $18.20 per ounce. The two metals put in session lows of $1213.20 per ounce and $18.09 per ounce, respectively. DJ30 +64.24 NASDAQ +18.95 SP500 +8.82 NASDAQ Adv/Vol/Dec 1754/472 mln/651 NYSE Adv/Vol/Dec 2029/265 mln/769

10:00 am : Support for stocks faded in recent action, but the stock market has been able to make a bit of a bounce on the back of some better-than-expected data.

Pending home sales for April increased 6.0% month-over-month. That was actually stronger than the expected monthly increase of 5.0%, but it wasn't as impressive as the upwardly revised 7.1% monthly increase that was recorded for March. Year-over-year, pending home sales for the month of April are up 24.6%, which is stronger than the 20.2% annual increase that many had come to expect, but not quite as sharp as the 25.4% year-over-year increase recorded for March.

Advancing Sectors: Materials (+1.3%), Energy (+1.0%), Financials (+0.6%), Telecom (+0.6%), Consumer Discretionary (+0.4%), Industrials (+0.4%), Tech (+0.3%), Health Care (+0.2%), Consumer Staples (+0.2%)
Declining Sectors: (None) DJ30 +20.56 NASDAQ +5.27 SP500 +3.19 NASDAQ Adv/Vol/Dec 1426/280 mln/853 NYSE Adv/Vol/Dec 1677/161 mln/1021

09:45 am : The major equity averages have pulled back from their opening highs so that they now trade with relatively modest gains. Still, strength is broad based with gains most pronounced among telecom (+0.9%) and energy (+0.8%) stocks. Telecom is currently led by wireless services play Sprint (S 4.88, +0.12), while oil and gas equipment stocks like Halliburton (HAL 22.25, +1.10) rebound from their sharp losses in the prior session. DJ30 +27.29 NASDAQ +3.94 SP500 +4.82 NASDAQ Adv/Vol/Dec 1360/172 mln/841 NYSE Adv/Vol/Dec 1611/103 mln/999

09:15 am : S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +8.30. An improved tone among premarket participants has propped up stock futures, such that a strong start to the session looks to be in order. Expectations for a higher start fly in the face of renewed weakness among the major bourses of Europe, where the fiscal health of countries like Portugal, Italy, Ireland, Greece, and Spain continue to come into question. Concerns about the health of banks throughout the continent have also escalated; newspapers reported that Spain's banking giant Caja Madrid has asked for funds from its government. Themes of tenuous fiscal and financial conditions in Europe continue to weigh on the euro, which is presently down 0.3% to $1.219. That puts it just above the four-year low that it set yesterday. Meanwhile, the dollar is up 0.2% against a collection of competing currencies. It continues to attract safety seekers after its role as a global reserve currency had been called into question just a few months ago. Most of the greenback's gains during recent months stem from the woes of Europe and the resilience of the U.S. economy. The latest dose of economic data comes at 10:00 AM ET with the release of the latest monthly pending home sales report.

08:45 am : S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +7.30. Europe's bourses continue to contend with stiff selling, which has dropped Germany's DAX for a 0.6% loss. Allianz (AZ) is a key source of weakness at the moment. Shares of AZ are now down 8.0% year-to-date. In France, the CAC has fallen 1.2%. Its declining issues outnumber its advancers by 7-to-1. Energy giant Total (TOT) leads the list of laggards, but Danone has managed to attract some support. As for Britain's FTSE, it is down 1.0%. Vodafone is a one of the worst performers, but energy outfit BP Plc (BP) continues to come under pressure as it grapples with the oil spill in the Gulf of Mexico. Shares of BP are now down nearly 30% year-to-date. In Asia, Japan's Nikkei fell to a 1.1% loss. It had initially rallied after Prime Minister Hatoyama announced he would step down. The announcement caused the yen to retreat, given the political uncertainty associated with the resignation. Questions about how the change in authority will affect the country's economy eventually weighed on stocks. Mitsui (MITSY) was a poor performer. It dropped more than 8% amid concerns about its stake in the leaking oil well. In Hong Kong, the Hang Seng slipped to a 0.1% loss after it had fluctuated for most of the session. HSBC (HBC) was a leader, but Bank of China and China Construction Bank were weak. In economic news, Hong Kong reported that April retail sales increased almost 16% year-over-year, but that was below the near 17% increase that many had come to expect. In mainland China, the Shanghai Composite eked out a 0.1% gain after as late rally lifted stocks from negative territory. China Shenhua led advancing issues to a 5-to-1 edge over decliners.

08:15 am : S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +10.30. The stock market endured another broad-based slide in the prior session, but participants have returned to offer stock futures support in premarket trade this morning. The improved tone comes in the face of renewed weakness among Europe's major bourses and mixed action in Asia. Overnight currency trade has been choppy, but the dollar is currently up a narrow 0.1% versus a basket of major foreign currencies. There are not yet any major news items, but market participants get their hands on the latest monthly home sales figures at 10:00 AM ET. Monthly domestic vehicle sales are expected to be released sporadically.

08:00 am : S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +10.00.

08:00 am : Nikkei...9603.24...-108.60...-1.10%. Hang Seng...19471.80...-25.20...-0.10%.

08:00 am : FTSE...5110.55...-52.60...-1.00%. DAX...5939.50...-42.00...-0.70%.

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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