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 Post subject: June 7th Monday 2010 Emini TF points (No Trades Today)
PostPosted: Tue Jun 08, 2010 8:36 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=538.

Quote:
Today's results are 0 win : 0 loss (see above #FuturesTrades log). No trades today because one of the kids is still very sick. Also, I didn't trade the past Friday because of the same reason. Yet, after the market close and when the kids went to bed for the night...I did review the charts of Gold, Oil, Emini Futures and Treasuries to develop a quick perspective that the markets are not healthy...more trouble ahead for traders that aren't prepared for this type of price action where volatility suddenly becomes unstable.

Trading Tip: Intermarket Analysis has become more important the past 10 years due to global economies becoming more interconnected. Simply, do not ignore news from abroad unless you want to not understand the markets.


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 (no trades): +0.00 points or $0 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures

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/b7gclVTCUGc

Dow At 7-Month Lows
By Alexandra Twin, senior writer
June 7, 2010: 6:32 PM ET

NEW YORK (CNNMoney.com) -- Stocks slumped Monday, with the Dow and S&P 500 ending at 7-month lows, after the euro hit a fresh four-year low, adding to worries about the global economy.

The Dow Jones industrial average (INDU) lost 115 points, or 1.2%, closing at the lowest point since Nov. 4.

The S&P 500 index (SPX) lost 14 points, or 1.4%, and closed at its lowest point since Nov. 4. The Nasdaq composite (COMP) fell 45 points, or 2%, and closed at its lowest point since Feb. 11.

Stocks seesawed through the morning before turning resoundingly lower in the afternoon. News that BP is capturing some of the flow of the oil leak seemed to give a lift to stocks early in the day. But any enthusiasm disappeared as the session wore on.

"This is more of what we've been seeing for weeks," said Brian Battle, vice president at Performance Trust Capital Partners. "We have a lot of uncertainty in the market, and when that happens, you take your chips off the table and wait."

He said that uncertainty surrounds the economic outlook, financial reform bill, solvency situation in Europe, fluctuating euro and upcoming mid-term elections in the U.S.

Stock declines last week left the Dow and S&P 500 at 4-month lows and the Nasdaq just above a 4-month low. A weaker-than-expected May jobs report and selling in the euro sparked Friday's declines.

"Last Friday's jobs report inspired very little confidence in terms of the economic recovery," said Erick Maronak, senior portfolio manager at Victory Capital Management. "Add to that the anxiety about Europe and investors are very skittish."

The biggest losers Friday were in tech, banking, transportation, retail and housing.

Market breadth was negative. On the New York Stock Exchange, losers beat winners seven to three on volume of 1.43 billion shares. On the Nasdaq, decliners topped advancers four to one on volume of 2.22 billion shares.

Euro: The euro continued to drop Monday, trading at $1.192 after touching a four-year low of $1.188. The dollar fell 0.2% against the yen.

Weakness in the euro tends to be seen as a proxy for worries about the European debt crisis and its impact on the global economy. Worries that the United States could be in danger of falling into a so-called double-dip recession have plagued markets for the last month, sending the major stock indexes down more than 10% each.
Economic rebounds, unicorns and other myths

BP: Stocks had been primed for a higher open after BP said its current effort to stem the flow of oil from a leaking well in the Gulf of Mexico was working. The company said it collected 10,500 barrels of oil Saturday, and 16,600 barrels between Thursday and Saturday. The well is gushing at least 19,000 barrels a day.

After jumping in pre-market trade, BP stock traded with slim gains in the morning and flattened out in the afternoon. However, a number of other energy shares rose, including Exxon Mobil (XOM, Fortune 500) and Chevron (CVX, Fortune 500).

The rise in select energy shares helped temper the selling in the broad market, as energy is one of the biggest components of the S&P 500.

Apple: Chief executive Steve Jobs unveiled the iPhone 4 Monday at Apple's annual Worldwide Developers Conference in San Francisco. The newest version of the phone has around 100 new features, including a higher-resolution screen and a more industrial look.

Jobs was also expected to announce updates to Apple's Safari Web browser, iTunes, new Macs and a new Macintosh operating system. Nonetheless, Apple shares lost 2%, falling with the rest of the market.

Company news: In deal news, Spain's Grifols, a maker of blood-plasma products, said it is buying U.S.-based rival Talecris Biotherapeutics (TLCR) for about $3.4 billion. The deal gives Grifols roughly one-third of the U.S. market. Shares of Talecris rose 26%.

Economy: Federal Reserve chairman Ben Bernanke will answer questions about the economy at an event in Washington Monday night.
0:00 /2:50Sanofi CEO: Euro crisis is overblown

World markets: Britain's FTSE 100 lost 1.1%, Germany's DAX gave up 0.6% and France's CAC 40 retreated 1.2%.

Asian markets tumbled. Japan's Nikkei lost 3.8% and Hong Kong's Hang Seng fell 2%. China's Shanghai Composite lost 1.6%.

Commodities: U.S. light crude oil for July delivery fell 7 cents to settle at $71.44 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $23.10 to settle at $1,240.80 an ounce.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 3.18% from 3.20%. Treasury prices and yields move in opposite directions.

Image

Yahoo! Finance

4:30 pm : A lack of news flow left stocks to spend the session shadowing the euro, which remains under the control of sellers. In turn, the major equity averages booked another round of broad-based losses.

The euro retreated overnight to a fresh four-year low of roughly $1.188, but it managed to fully recover from that loss by the time the stock market opened for trade. The euro's upward swing helped give the major indices a higher start, but stocks soon lost their direction as the euro fell under renewed selling pressure. The euro was quoted 0.4% lower at $1.192 at the close of trade.

The Dow and S&P 500 spent most of the session oscillating between positive and negative territory amid listless trade. Such a lack of direction and an absence of leadership eventually gave way to a steady, broad-based slide that saw the S&P 500 settle at session lows around the 1050 level, which has been identified as a key level by many traders.

Losses were sharp, especially among industrials plays, which fell 2.6% as all 57 names in the sector settled in the red.

Tech stocks tumbled 1.9% loss. Their weakness weighed heavily on the Nasdaq and caused it to underperform the other headline indices for the entire session.

Utilities made up the only major sector to finish with a gain. They advanced 0.5%.

Other defensive-oriented stocks also attracted support; health care finished with a fractional loss and telecom closed with a tepid 0.1% loss.

Gold and silver stocks garnered considerable support as precious metals prices were spurred higher by a flight to safety. Specifically, Newmont Mining (NEM 55.16, +1.44), Yamana Gold (AUY 10.81, +0.31), and Barrick Gold (ABX 43.12, +1.70) were among the best performers as gold gained 2% to close pit trade at $1240.80 per ounce and silver settled 5% higher at $18.16 per ounce.

Bristol-Myers (BMY 23.86, +1.42) and Celgene (CELG 53.82, +2.27) were the best overall performers by percent gained this session. Their advances in the face of broader market weakness were underpinned by positive drug study results.

Economic data was limited to a monthly consumer credit report. It showed that consumer credit increased by $1.0 billion in April. That made for a sharp upturn from the downwardly revised $5.4 billion decline in consumer credit for the prior month. However, the report was generally a non-factor for trade.

Advancing Sectors: Utilities (+0.5%)
Declining Sectors: Industrials (-2.6%), Financials (-2.0%), Tech (-1.9%), Consumer Discretionary (-1.8%), Materials (-1.7%), Energy (-0.8%), Consumer Staples (-0.7%), Telecom (-0.1%)
Unchanged: Health Care DJ30 -115.48 NASDAQ -45.27 NQ100 -1.9% R2K -2.4% SP400 -2.0% SP500 -14.41 NASDAQ Adv/Vol/Dec 453/2.21 bln/2235 NYSE Adv/Vol/Dec 815/1.42 bln/2221

3:30 pm : A surge in precious metals (+3.5%) helped the CRB commodity index finish in positive territory today, despite four other sectors ending the session in the red. July silver closed higher by 5% to $18.162 per ounce, while August gold ended up 2% to $1240.80 per ounce. A rally in gold priced in Euros, supported by a flight to safety, helped push precious metals futures higher today. On the contrary, industrial metals, including nickel, aluminum and copper, all finished the session well lower.

It was a quiet session for the energy complex (+0.6%), as July crude oil closed lower by -0.1% to $71.44 per barrel. July natural gas finished higher by 2% to $4.896 MMBtu. DJ30 -81.16 NASDAQ -39.12 SP500 -10.86 NASDAQ Adv/Vol/Dec 622/1.7 bln/2015 NYSE Adv/Vol/Dec 976/943 mln/2040

3:00 pm : Stocks recently extended their slide so that the three major indices now sit at afternoon lows. The move has been broad based, but health care stocks (+0.5%), energy stocks (+0.6%), telecom (+0.8%), and utilities (+1.5%) are still in positive territory with relatively strong gains.

Consumer credit data for April was just released. It showed an increase of $1.0 billion, which makes for an upswing from the downwardly revised $5.4 billion decline in consumer credit for the prior month. The April figure was also a surprise to many economists, who had expected a $2.0 billion decline. DJ30 -29.09 NASDAQ -28.77 SP500 -4.83 NASDAQ Adv/Vol/Dec 702/1.50 bln/1933 NYSE Adv/Vol/Dec 1183/840 mln/1817

2:30 pm : Stocks have extended their recent slide, but overall losses remain rather limited in the broader market. The Nasdaq is down much more sharply, though; its weakness remains rooted in tech stocks, which are down a collective 0.9%.

Treasuries have ticked to afternoon highs amid the stock market's recent slip. The yield on the benchmark 10-year Note is now a couple of basis points below 3.20%. DJ30 -19.65 NASDAQ -20.01 SP500 -2.43 NASDAQ Adv/Vol/Dec 907/1.33 bln/1713 NYSE Adv/Vol/Dec 1345/745 mln/1626

2:00 pm : Stocks recently tried to chop their way to fractionally improved afternoon highs, but that move has lost strength and now the benchmark S&P 500 is back in negative territory.

There isn't any particular news item to account for the slip, but the euro has retreated to a 0.2% loss at $1.194 after it had been flat midsession. DJ30 -12.92 NASDAQ -15.75 SP500 -1.46 NASDAQ Adv/Vol/Dec 971/1.21 bln/1634 NYSE Adv/Vol/Dec 1399/680 mln/1541

1:30 pm : The Dow and S&P 500 both continue to chop along just above the neutral line. Meanwhile, the Nasdaq is still down with a modest loss. Nasdaq-component Apple (AAPL 255.56, -0.41) has shown little positive reaction to news that Apple has unveiled its iPhone 4. DJ30 +31.44 NASDAQ -3.97 SP500 +3.57 NASDAQ Adv/Vol/Dec 115/1.12 bln/1474 NYSE Adv/Vol/Dec 1618/632 mln/1324

1:00 pm : The stock market has lacked direction this session. As such, its swings have left it to trade in mixed fashion near the neutral line.

Stocks started the session in higher ground, but it has proceeded to oscillate between negative and positive territory. Given the lack of news flow and other trading catalysts, most of the stock market's moves have come at the direction of the euro, which fell overnight to a fresh four-year low of roughly $1.188. It has since trimmed that loss to trade flat at $1.196.

Though a lack of overall leadership has left the broader market only slightly higher, energy stocks have managed strong gains for the entire session. The sector is currently up 1.3% as oil and gas drillers (+2.2%) find favor.

Industrials are at the other end of the spectrum. The sector has underperformed for the entire session and is presently down 1.0%. The sector has been bogged down by weakness among airline stocks (-1.8%), building products (-1.5%), and construction machinery (-1.5%).

Outside of stocks, gold has garnered strong support. The yellow metal is currently up 1.8% to $1238 per ounce. DJ30 +12.32 NASDAQ -8.42 SP500 +1.57 NASDAQ Adv/Vol/Dec 1029/1.02 bln/1564 NYSE Adv/Vol/Dec 1516/575 mln/1413

12:30 pm : Stocks are having trouble finding direction. As such, the S&P 500 remains near the neutral line.

Lackluster action in the stock market has left Treasuries to trade in a narrow range along the flat line. That has kept the yield on the benchmark 10-year Note close to 3.20%. DJ30 +0.31 NASDAQ -12.86 SP500 +0.18 NASDAQ Adv/Vol/Dec 944/945 mln/1625 NYSE Adv/Vol/Dec 1435/525 mln/1473

12:00 pm : The S&P 500 and Dow have worked their way back to the neutral line. Energy stocks, up a collective 1.1%, remain a primary source of support.

Meanwhile, gold prices have managed to stage a strong gain. The price of the yellow metal was recently quoted 1.7% higher at $1236.50 per ounce. That has helped gold stocks like Newmont Mining (NEM 55.81, +2.09), Yamana Gold (AUY 10.89, +0.39), and Barrick Gold (ABX 43.14, +1.72). Their strength has helped give a lift to the broader basic materials sector, which is now up 0.4%. DJ30 +2.27 NASDAQ -12.53 SP500 +0.12 NASDAQ Adv/Vol/Dec 930/851 mln/1628 NYSE Adv/Vol/Dec 1387/473 mln/1507

11:30 am : Weakness among tech issues has given the Nasdaq Composite an outsized loss, which is actually almost quadruple the loss of the broader S&P 500.

Research In Motion (RIMM 57.22, -2.46) is a primary source of weakness within the Nasdaq. The stock actually set a new six-month low in recent action. DJ30 -19.04 NASDAQ -18.34 SP500 -2.27 NASDAQ Adv/Vol/Dec 758/745 mln/1761 NYSE Adv/Vol/Dec 1198/412 mln/1665

11:00 am : Stocks failed to stabilize after recent rebound. In turn, selling pressure has sent the major equity averages back into the red. The swings have made this a rather volatile morning of trade, but the Volatility Index is down 0.8% at the moment.

Financials have come under one of the sharper selling efforts in recent action, such that the sector is now down 0.8%. As for individual names, shares of Goldman Sachs (GS 140.91, -1.34) saw a sharp drop on a spike in volume as CNBC reported that FCIC has sent subpoenas to the company for its failure to comply with document requests. DJ30 -32.04 NASDAQ -19.04 SP500 -4.04 NASDAQ Adv/Vol/Dec 815/580 mln/1658 NYSE Adv/Vol/Dec 1208/330 mln/1618

10:35 am : The US Dollar Index pulled back in recent activity, falling back into negative territory to around 88.18, which provided modest strength throughout the commodities complex.

July crude oil traded in the red for most of today's session, but pushed into positive territory in recent trade and to fresh session highs of $72.17 per barrel due to weakness in the dollar index. Crude is modestly higher at $71.43 per barrel in current trade. July natural gas saw weakness in the overnight session and continued that trend into this morning, eventually hitting session lows of $4.66 per MMBtu just after 8:00am ET. However, the energy component rallied off those lows, into positive territory and to new session highs of $4.90 per MMBtu, which was only partially due to weakness in the dollar index. In current trade, natural gas is modestly higher at $4.80 per MMBtu.

Precious metals are currently mixed with gold modestly lower and silver modestly higher. August gold has spent the majority of morning trade in negative territory, but moved into positive territory in recent trade. Currently, gold is 0.6% higher at $1225.5 per ounce. July silver has traded modestly higher for the majority of today's session and is currently 1.3% higher at $17.53 per ounce. DJ30 +30.54 NASDAQ +8.43 SP500 +4.34 NASDAQ Adv/Vol/Dec 1437/383.9 mln/970 NYSE Adv/Vol/Dec 1905/212.5 mln/876

10:00 am : The euro recently fell under renewed selling pressure and took stocks to lower levels with it. However, the euro has retraced some of that move so that it now trades with a more modest loss of 0.2% at $1.194. That bounce has helped pull stocks out of the red and back to a modest gain.

Strength is currently most pronounced among energy stocks, which are up a collective 1.0%. In contrast, industrial stocks are the weakest performers; they are down 0.5%, as a group. DJ30 +19.35 NASDAQ +5.54 SP500 +3.17 NASDAQ Adv/Vol/Dec 1307/253 mln/1021 NYSE Adv/Vol/Dec 1635/144 mln/1051

09:45 am : The major indices started the session in positive territory, but the direction of trade has turned lower with renewed weakness in the euro. The euro had made its way up from a fresh four-year low of roughly $1.188 overnight to a slight gain against the greenback, but it is now down 0.3% to $1.193.

Though the broader market is in the red, underlying action is a bit mixed as the major sectors that make up the S&P 500 are split almost evenly between positive and negative territory. DJ30 -16.74 NASDAQ -7.06 SP500 -2.26 NASDAQ Adv/Vol/Dec 816/145 mln/1394 NYSE Adv/Vol/Dec 991/92 mln/1602

09:15 am : S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +9.30. Market participants continue to take their cues from the euro. Overnight it appeared that stocks would extend the sharp slide of this past Friday as the euro descended to a new four-year low of roughly $1.188. However, the currency improved its position and recently swung to a momentary gain against the greenback. It now trades flat at $1.196. In the meantime, stock futures have managed to take a lead over fair value, such that a solid start for trade now looks to be in order. There are no major news items this morning, but many analysts have begun to issue rating changes now that nearly all first quarter earnings are in the books and companies have a clearer picture of the second quarter.

09:00 am : S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +7.30. Stock futures have eased back a bit from recently reached morning highs. Still, a modestly higher start to trade looks to be in order. Meanwhile, commodities are a bit mixed this morning. Specifically, oil prices are up 0.2% at $71.65 per barrel in the first few minutes of pit trade, while natural gas prices are down 0.6% to $4.77 per MMBtu. As for precious metals, gold is down 0.3% to $1213 per ounce, while silver prices were last quoted with a 0.5% gain at $17.40 per ounce.

08:30 am : S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +12.30. The euro's recent push into positive territory has helped give a lift to S&P 500 stock futures. Europe's major bourses have also improved. Specifically, the euro now trades with a fractional gain at $1.197 after it set a new four year low of roughtly $1.188 overnight. Meanwhile, Germany's DAX is now up 0.2% even though its decliners outnumber its advancing issues by roughly 3-to-1. Industrials, down 0.4%, remain in the worst shape, but basic materials stocks have shown leadership by putting together a 0.8% gain. In France, the CAC is barely down 0.1%. Sanofi-Aventis (SNY) has been a drag on trade, but BNP Paribas has provided support. In Britain, the FTSE has fallen 0.1%. Declining issues outnumber advancers by almost 4-to-1, but strength in BP Plc (BP) has provided the broader market with some upward direction.

In Asia, Japan's Nikkei dropped 3.8%. Of the 225 components that make up the Nikkei, only KDDi, Hitachi Zosen, and Sumco mustered gains. In Hong Kong, the Hang Seng was sent to a 2.0% loss. China Mobile and Hong Kong Electric were the only two names in the 43-member index to stage gains. In mainland China, the Shanghai Composite closed 1.6% lower. PetroChina (PTR) was one of the weakest performing issues; it led oil and gas plays to a collective loss of 2.2%. Tech stocks were strong, though; they spiked 2.4% as a group.

08:00 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +6.80. The S&P 500 put in its lowest close of 2010 this past Friday, but a modicum of support has surfaced to help lift stock futures this morning. Stock futures had been down overnight, but the euro's upturn from a new four-year low of $1.1877 has helped improve the premarket tone - the euro now trades with a 0.2% loss at $1.945. European equities have also trimmed losses, but they remain in the red. Trade in Asia already closed with sharp losses.

News flow has been slow so far and there aren't any major economic releases on tap this morning. Consumer credit figures for April are due at 3:00 PM ET, however.

06:36 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +5.80.

06:35 am : Nikkei...9520.80...-380.40...-3.80%. Hang Seng...19378.15...-401.90...-2.00%.

06:35 am : FTSE...5100.66...-25.10...-0.50%. DAX...59225.41...-13.90...-0.20%.

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)
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