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 Post subject: July 6th Tuesday 2010 Emini TF ($TF_F) points +5.50
PostPosted: Sun Jul 11, 2010 3:34 pm 
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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=76&t=561

Quote:
Today's results are 6 wins : 1 loss (see above #FuturesTrades log). I spent most of the day getting prepared for family friends arriving from New Zealand. They'll be staying for one day before continuing their vacation trip in northern Canada. Thus, had several small profitable trades because I wasn't as prepared as I wanted to be along with the fact that I called it quits early into the p.m. trading session.

Trading Tip: If you truly believe the markets are corrupted...stay away from trading because trading is just one of many branches that grow from 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=116&t=709

Trade Performance for Today: +5.50 points or $550 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
Attachment:
070610_wrbtrader_PnL_Blotter_Profit.png
070610_wrbtrader_PnL_Blotter_Profit.png [ 32.05 KiB | Viewed 1552 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

U.S. Stocks Rise on Speculation About Earnings Growth
(Bloomberg Youtube Video)

Dow Breaks 7-Session Losing Streak
By Alexandra Twin, senior writer
July 6, 2010: 5:59 PM ET

NEW YORK (CNNMoney.com) -- The Dow ended higher Tuesday, finishing a volatile session with gains and breaking its seven-session losing streak as investors scooped up certain shares hit in the recent bloodletting.

The Dow Jones industrial average (INDU) added 57 points or 0.6% after having been up as much as 171 points earlier and briefly dipping into negative territory.

The Dow ended Friday's session at an 8-month low, closing lower for seven straight sessions, its worst streak since October 2008. The gains Tuesday broke that streak.

The Nasdaq (COMP) composite gained 2 points or 0.1%, after having risen as much as 44 points in the morning before dipping. Like the Dow, the Nasdaq ended Friday at an 8-month low.

The S&P 500 (SPX) added 5 points or 0.4%. The S&P 500 ended Friday's session at its lowest point in 9 months.

Stocks rallied through the early afternoon, slipped in the mid-afternoon, and seesawed erratically in the last hour of trading.

Selling in retail, transportation and select technology stocks was countered by strength in financial and energy shares.

"I didn't see anything driving the rally this morning other than it's a Tuesday after a holiday, so I wasn't surprised to see it fizzle," said Joseph Saluzzi, co-head of equity trading at Themis Trading.

"This is how the market is going to be for a while, particularly this week when some people are on vacation and there isn't a lot of economic news," he said. "The good thing is we could end up higher in the next few days because it's so volatile."

Concerns about the health of the U.S. economy and what hits it might take from the European debt crisis have dragged on stocks in recent months. On Friday, the major indexes closed at multi-month lows as investors pulled back ahead of a long holiday weekend. All U.S. financial markets were closed Monday in celebration of Independence Day.

Initially, investors followed European markets higher, but stocks ended up losing momentum as the day wore on.

Since peaking in late April, the Dow is down just under 14%, the S&P 500 is off 16% and the Nasdaq is off 17%.

"In the last two months and especially the last two weeks, everyone was focused on the negatives," said Bernard McGinn, CEO at McGinn Investment Management. "But longer term, I'm more optimistic. Companies aren't hiring yet, but other economic conditions continue to improve, just at a slow pace."

Retail stocks: Citigroup cut its targets on a number of retailers for the 2010 to 2012 period, citing a "hangover" for consumer spending in the second half and beyond after the first-quarter binge.

Citi cut its earnings per share forecasts and 12-month price targets on Home Depot (HD, Fortune 500), JC Penney (JCP, Fortune 500), Lowe's Companies (LOW, Fortune 500), Nordstrom (JWN, Fortune 500), Kohl's (KSS, Fortune 500), Macy's (M, Fortune 500), Saks (SKS), Target (TGT, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500).
Behind the mood swing in stocks

World markets: European markets surged across the board, with Britain's FTSE 100 gaining 2.9%, Germany's DAX advancing 2.2% and France's CAC 40 rising 2.7%.

Asian markets rallied as well, with Japan's Nikkei gaining 0.8%, Hong Kong's Hang Seng up 1.2% and the Shanghai Composite rising 1.9%.

Commodities: U.S. light crude oil for August delivery settled down 11 cents to $71.98 a barrel on the New York Mercantile Exchange, giving up earlier gains.

COMEX gold for August delivery ended down $13.20 to $1,195.10 an ounce.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 2.93% from 2.98% late Friday. Debt prices and yields move in opposite directions. Treasury markets were closed Monday.

BP: Shares of BP (BP), the beleaguered oil company, rallied 6% after a report said Libya's sovereign wealth fund might invest in the company and the company announced that it would not issue new shares to cover costs associated with the oil spill.

Both Saluzzi and McGinn said that the fallout from the oil spill was also continuing to drag on the markets as investors worried about the depth of the damage to the economy.

Market breadth: Market breadth was negative. On the New York Stock Exchange, losers beat winners by a narrow margin on volume of 1.32 billion shares. On the Nasdaq, decliners beat advancers two to one on volume of 2.19 billion shares.

Economy: The Institute for Supply Management's index on the services sector of the economy was released after the start of trading. The index fell to 53.8 in June from 55.4 in May. Economists surveyed by Briefing.com expected it to fall to 55. A reading above 50 signals expansion in the sector.

Image

Yahoo! Finance

4:30 pm : The S&P 500 gave up a near 2% gain to dip into the red before a late lift helped the broad market measure book its first gain in one week.

Stocks had entered the holiday weekend with five straight losses, or a weekly decline of 5%, so bargain hunters stood ready at this session's open to bid stocks sharply higher. Their motivation was also helped by the euro's move to a one-month high and strong gains among both Europe and Asia's major market averages, which rallied after muddled action in the absence of U.S. traders on Monday.

News flow was largely limited on Tuesday. An early headline noted that Australia's Reserve Bank still expects economic growth in the country, but its benchmark interest rate will remain unchanged. The announcement may have been an expression of confidence in the face of renewed concerns about the pace of a global recovery, but it contrasts recent decisions by Australia's Reserve Bank to actually increase its key interest rate.

As for domestic economic news, the ISM Service Index for June came in at 53.8, which is both shy of the 55.0 that had been widely expected and below the 55.4 that was recorded for May. That report had little sway with the stock market.

Despite an auspicious start, stocks gradually gave up their gains throughout afternoon trade, so much that the S&P 500 actually fell into the red for a time. It was able to recover to a modest gain with help from a late bid, though.

In contrast, small-cap stocks couldn't recover. Specifically, the Russell 2000 fell from a 2.4% gain to a 1.5% loss.

The defensive-oriented utilities sector ended up the best performing sector in the broader market. It netted a 1.2% gain.

Energy stocks weren't far behind. They advanced 1.1% with BP Plc (BP 31.91, +2.56) a primary leader after analysts at RBS upgraded the stock in the face of disclosure that said the oil spill cost to date now exceeds $3 billion.

Consumer discretionary stocks finished with a fractional loss as the only major sector that failed to stage a gain. The sector's weakness was rooted in shares of retailers, which fell to a collective loss of 0.6%.

Advancing Sectors: Utilities (+1.2%), Energy (+1.1%), Tech (+0.8%), Financials (+0.6%), Consumer Staples (+0.5%), Health Care (+0.5%), Telecom (+0.2%), Industrials (+0.1%), Materials (+0.1%)
Declining Sectors: (None)
Unchanged: Consumer Discretionary DJ30 +57.14 NASDAQ +2.09 NQ100 +0.4% R2K -1.5% SP400 -0.3% SP500 +5.48 NASDAQ Adv/Vol/Dec 893/2.17 bln/1785 NYSE Adv/Vol/Dec 1488/1.32 bln/1532

3:30 pm : Soft commodities (-1.8%) led the decline in the CRB Commodity Index today, which lost a modest 0.3% on the session. Sept coffee was the day's largest decliner after it closed off 4.1% to $1.58 per pound, followed by a 2.9% sell off in Sept orange juice futures, which closed at $1.47 per pound.

A selloff in the equity markets weighed on crude oil and natural gas futures today. Aug crude oil gave back earlier gains to finish lower by 0.2% to $71.98 per barrel, while Aug natural gas futures ended down 0.1% to $4.68. Natural gas traded higher this morning, helped by hot weather across the country.

It was a quiet session for Aug gold futures, which finished lower by 1.4% to $1192.80 per ounce. Sept silver rallied to close higher by 0.3% to $17.842 per ounce. DJ30 -23.54 NASDAQ -12.71 SP500 -4.23 NASDAQ Adv/Vol/Dec 772/1.7 bln/1880 NYSE Adv/Vol/Dec 1228/893.1 mln/1778

3:00 pm : The stock market heads into the final hour of trade with a slight gain.

Utilities are strong, though. The defensive-oriented sector had lagged in the early going, when the broader market had been up sharply, but now it sports a 0.8% gain, which is more than double what the broader market currently exhibits.

Consumer discretionary stocks are in the weakest shape. The sector is currently down 0.1% as shares of retailers fall to a collective loss of 0.7%. DJ30 +25.89 NASDAQ +1.79 SP500 +2.50 NASDAQ Adv/Vol/Dec 1041/1.48 bln/1592 NYSE Adv/Vol/Dec 1564/778 mln/1442

2:30 pm : All three major indices were recently in negative territory with a fractional loss, but they have since worked their way back into higher ground. Meanwhile, small-cap stocks have fallen to an even deeper loss, such that the Russell 2000 is now down a sharp 0.8% after it had sported a gain in excess of 2% in the early going. Thomas Properties Group (TPGI 2.61, -0.31) is a primary source of weakness within the Russell 2000.

The Volatility Index, sometimes dubbed the Fear Gauge, is now up 2.5%. DJ30 +23.92 NASDAQ +1.97 SP500 +2.50 NASDAQ Adv/Vol/Dec 1036/1.39 bln/1585 NYSE Adv/Vol/Dec 1534/731 mln/1462

2:00 pm : Stocks have succumbed to renewed selling pressure, which has now nearly erased all of the broader market's gain. Though the S&P 500 and Dow are holding on to a fractional gain after being up more than 1% in the early going, the Nasdaq is now in the red with a slight loss after it, too, was up more than 1%.

The stock market's pullback has sent Treasuries higher. As such, the benchmark 10-year Note is up 10 ticks and the 30-year Bond is up 25 ticks.

The Volatility Index is now flat for the day. It had been down roughly 7% this morning. DJ30 +11.28 NASDAQ -1.51 SP500 +1.43 NASDAQ Adv/Vol/Dec 992/1.23 bln/1615 NYSE Adv/Vol/Dec 1505/647 mln/1483

1:30 pm : Stocks have steadied their descent, but there hasn't been any sort of rebound to help the major indices reclaim earlier gains. Instead, stocks are stuck near their session lows. Overall gains remain solid among the major equity averages, though.

In contrast, small-cap stocks have made a sharp retreat all the way into the red. More specifically, the Russell 2000 is down 0.1% after it had been up more than 2% at its session high. DJ30 +60.62 NASDAQ +9.99 SP500 +6.16 NASDAQ Adv/Vol/Dec 1272/1.08 bln/1321 NYSE Adv/Vol/Dec 1832/569 mln/1125

1:00 pm : Stocks have broken free from a two-week rut of weakness to trade with broad-based gains, but strength has begun to fade so that the broader market has descended gradually over the past few hours.

Strong overseas gains gave early market participants an excuse to make a move on stocks that had appeared near-term oversold, given that stocks declined in nine of the past 10 sessions for a cumulative loss of more than 8%. The buying effort likely prompted some short covering, which helped send the S&P 500 up more than 1.5% to its session high.

The improved tone in the early going led many to shrug off a June ISM Service Index reading of 53.8, which is shy of the 55.0 that had been widely expected and below the 55.4 that was recorded for May.

Though the reaction by stocks to the ISM was generally muted, the dollar extended its slide shortly after the report's release. In turn, the euro has swung to a 0.8% gain against the greenback to set a one-month high.

Despite the strong start to trade, stocks have surrendered a chunk of their gains so that the Dow is now down nearly 100 points from its session high. Still, the broader market remains in positive territory with its best gain of the past two weeks.

BP Plc (BP 31.32, +1.97) is among the best performers of the session. The company disclosed that cost to date of the oil spill response stands at approximately $3.1 billion, but its shares were upgraded by analysts at RBS. Leadership from BP has helped prop up the energy sector to a 1.4% gain, though it had been up in excess of 2% earlier.

Tech stocks and financial plays had also been early sources of strength for the broader market, but they have since seen their gains more than halved. They are currently up 0.9% and 1.0%, respectively.

Despite the stock market's pullback in recent trade, the Volatility Index remains in the red. It is currently down more than 3% today, but still up more than 30% year-to-date.

Share volume has been unimpressive so far since many have been slow to get back into the action after the long, holiday weekend. However, other participants may be skeptical of the sustainability of the stock market's bounce today, especially amid a lack of clearly positive catalysts. DJ30 +64.79 NASDAQ +14.12 SP500 +7.69 NASDAQ Adv/Vol/Dec 1400/1.00 bln/1175 NYSE Adv/Vol/Dec 2036/525 mln/929

12:30 pm : Stocks have slipped another leg lower so that the Dow is now nearly 70 points off of its session high. It is still up more than 100 points for the day, though.

Amid the recent pullback, retailers have come under considerable pressure. As a group, their shares are barely at the unchanged line. DJ30 +102.44 NASDAQ +23.93 SP500 +11.64 NASDAQ Adv/Vol/Dec 1637/882 mln/922 NYSE Adv/Vol/Dec 2202/471 mln/743

12:00 pm : The stock market has steadied its descent. In turn, stocks are still on track for their best single-session gain since a 2% surge in mid-June.

The euro has rallied to a 0.9% gain against the greenback. There isn't any particular headline to account for its strength, but the euro is now at its best level since the end of May. DJ30 +130.78 NASDAQ +34.43 SP500 +15.33 NASDAQ Adv/Vol/Dec 1791/765 mln/758 NYSE Adv/Vol/Dec 2375/415 mln/571

11:30 am : Stocks have spent the past half hour descending steadily. Despite the downturn, gains remain both strong and broad based with more than 90% of the names in the S&P 500 in higher ground. Among the best performers by percent gained, Massey Energy (MEE 27.94, +1.63) and Baker Hughes (BHI 44.98, +2.68) are atop the list, but BP Plc (BP 28.01, +1.70) is up by an even bigger percent after it was upgraded by analysts at RBS. DJ30 +125.22 NASDAQ +32.76 SP500 +15.33 NASDAQ Adv/Vol/Dec 1798/680 mln/736 NYSE Adv/Vol/Dec 2363/375 mln/538

11:00 am : Tech, energy, and financials are each up in excess of 2% to lead the stock market's advance this session.

Volatility is down sharply as a result of this session's spike. Specifically, the Volatility Index is down nearly 7%.

Despite the drop in volatility and the spike in stock prices, Treasuries are holding steady near the flat line. In fact, the benchmark 10-year Note is actually up a couple of ticks at the moment. DJ30 +138.05 NASDAQ +36.78 SP500 +17.48 NASDAQ Adv/Vol/Dec 1936/548 mln/567 NYSE Adv/Vol/Dec 2475/307 mln/412

10:30 am : Energy prices are up markedly this morning, but precious metals prices are presently under pressure.

Specifically, crude oil prices are up 2.1% to $73.65 per barrel after they had hit a two-week low late last week. Meanwhile, natural gas prices are up an even sharper 3.8% to $4.86 per MMBtu.

Gold prices are down a sharp 1.3% to $1191.70 per ounce, which marks a new one-month low. As for silver, it is down a much more modest 0.2% to $17.65 per ounce. DJ30 +149.78 NASDAQ +39.12 SP500 +16.49 NASDAQ Adv/Vol/Dec 1990/425 mln/478 NYSE Adv/Vol/Dec 2486/240 mln/349

10:00 am : The stock market recently added a few points to its early advance, but it has sinced eased off of its best level of the morning. The modest dip comes amid news that the ISM Service Index for June came in at 53.8, which is below the 55.0 that had been expected, on average, by a sample of economists polled by Briefing.com. The latest index is also below the 55.4 that was recorded for May.

Still, the stock market continues to sport strong, broad-based gains. In fact, this has been one of the stock market's strongest starts of the past two weeks.

Advancing Sectors: Financials (+2.1%), Tech (+1.9%), Energy (+1.8%), Consumer Discretionary (+1.7%), Materials (+1.6%), Industrials (+1.6%), Utilities (+0.8%), Consumer Staples (+0.8%), Health Care (+0.5%), Telecom (+0.4%)
Declining Sectors: (None) DJ30 +115.57 NASDAQ +30.18 SP500 +13.05 NASDAQ Adv/Vol/Dec 1916/258 mln/478 NYSE Adv/Vol/Dec 2428/155 mln/310

09:45 am : Early gains are broad based with all 10 major sectors of the S&P 500 in higher ground. Financial stocks and tech stocks currently sport the strongest gains -- both sectors are up 1.6%.

Traditionally defensive-oriented sectors are a bit behind, though. Specifically, telecom is up 0.4%, utilities and health care are up 0.6%, and consumer staples are up 0.7%, while the broader market is up more than 1%. DJ30 +102.59 NASDAQ +29.17 SP500 +11.74 NASDAQ Adv/Vol/Dec 1956/137 mln/323 NYSE Adv/Vol/Dec 2400/96 mln/286

09:15 am : S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +23.30. Stock futures suggest that the S&P 500 will open with a gain of more than 1%. Strong overseas gains have helped give a lift to premarket trade, but the general absence of any clear catalyst for buying here or abroad has many saying that bargain hunters have entered the action after stocks suffered an extensive string of losses during the course of the past two weeks. For whatever reason that stocks have put together gains, the move has been likely compounded by short covering. Market participants get their hands on the day's only piece of data at 10:00 AM ET, when the ISM Service Index for June is released.

09:05 am : S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +23.30. Stock futures are at their best levels of the morning, such that the S&P 500 looks like it could recover its losses from the past couple of sessions. In commodities, oil prices are up solidly in the first few minutes of pit trade. Specifically, contracts for crude oil price the commodity at $73.00 per barrel, up 1.2%. Gold prices have come under pressure so that the yellow metal trades with a 0.5% loss at $1201.80 per ounce.

08:35 am : S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +21.80. The mood among traders in Europe is thoroughly positive as stocks snap back sharply from their recent string of losses. In particular, Germany's DAX is up 2.4% as all 30 of its components sport gains. The bounce comes after the German bourse booked its lowest closing level of the past month in the prior session and puts the broad market measure back above its 200-day moving average. In France, the CAC has climbed to a 3.2% gain, but it is still below both its 200-day moving average and its 50-day moving average. Of its 40 members, only Accor SA is in the red at the moment. Britain's FTSE is up 2.4%, but it also remains below key technical levels. Metals and mining plays have been some of the best performers in the latest round of trade. BP Plc (BP) is also strong, thanks to broader market support and an upgrade from analysts at RBS. In Asia, mainland China's Shanghai Composite climbed 1.9% as 96% of its holdings staged gains. Banks and oil plays were primary leaders. In Hong Kong, the Hang Seng staged a 1.2% gain in its best performance of the past two weeks. Banking issues were also strong there. In Japan, the Nikkei settled with a gain of 0.8% with advancers outnumbering declining issues by more than 4-to-1 following an early slide that saw the index drop to its lowest level since November.

08:00 am : S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +18.00. Recent concerns about the pace of the global economic recovery helped send the stock market lower in nine of the past 10 sessions, but some relief looks to be in order as overseas markets surge and domestic stock futures suggest a sharply higher start to the session. The drastically improved tone comes after Australia's Reserve Bank stated that economic growth in its country is expected and that its benchmark interest rate will remain unchanged. The announcement comes after Australia's Reserve Bank had conveyed confidence in its economy with interest rate hikes at recent meetings. So far there isn't much else for market participants to chew on, though the ISM Service Index for June is due at 10:00 AM ET. There are no other reports of consequence scheduled for release today.

06:30 am : S&P futures vs fair value: +7.10. Nasdaq futures vs fair value: +18.30.

06:30 am : Nikkei...9338.04...+71.30...+0.80%. Hang Seng...20084.12...+241.90...+1.20%.

06:30 am : FTSE...4924.60...+101.10...+2.10%. DAX...5932.79...+116.50...+2.00%.

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
Business Hours: 8am - 5pm est (Mon - Fri)
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