TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 2:23 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: July 9th Friday 2010 Emini TF ($TF_F) points +6.90
PostPosted: Sun Jul 11, 2010 5:07 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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=564

Quote:
Today's results are 4 wins : 2 losses (see above #FuturesTrades log). Today's price action had one of those long enduring low volatility tight trading ranges that I saw swallow up many inexperience traders posting on twitter or stocktwits. In fact, the only reason why it didn't get me too was due to fear from plenty of past experiences in trading in crap like that.

Trading Tip: Those that are strongly opinionated, close minded, bias orientated will tend to see things in life and the markets that's not reality. These types of traders are rarely profitable. Therefore, keep an open mind along with thinking outside the box to give yourself a chance at being one of the few out there that can be profitable.


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: +6.90 points or $690 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
Attachment:
070910_wrbtrader_PnL_Blotter_Profit.png
070910_wrbtrader_PnL_Blotter_Profit.png [ 32.66 KiB | Viewed 1641 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

U.S. Stock Rise, S&P 500 Has Best Week Since July 2009
(Bloomberg Youtube Video)

Stocks: Best Week In A Year
By Alexandra Twin, senior writer
July 9, 2010: 6:59 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Friday, finding momentum at the end of a choppy session ahead of the first wave of quarterly corporate results due out next week.

The Dow Jones industrial average (INDU) added 59 points, or 0.6%. The S&P 500 (SPX) gained 8 points, or 0.7%, and the Nasdaq (COMP) composite rose 21 points, or 1%.

All three major indexes drifted on both sides of unchanged during the session before finally turning higher in the last hour.

Investors returned from the Independence Day holiday this week in the mood to buy shares that had been battered in a two-month selloff. In the four sessions this week, the Dow gained 512 points, or 5.3%. The S&P 500 rose 5.4% and the Nasdaq was up 5%.

It was the best week in nearly a year for the market, with all three major gauges seeing their biggest results since the week ended July 17, 2009. in that week, the three majors all gained between 7% and 7.4%.

"The market has rebounded this week in anticipation of a fairly decent period of corporate earnings," said Tyler Vernon, chief investment officer at Biltmore Capital. "This will be a nice bounce, but long term, I think a lot of the concerns about the global economy are still there."

While there haven't been many positives on the economic front, there's been some optimism that companies will still be able to continue to make profits, even with the economic strain.

Analysts currently expect year-over-year growth of 27%, according to the latest figures from Thomson Reuters. Dow components Alcoa (AA, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500), Intel (INTC, Fortune 500) and GE (GE, Fortune 500) are all due next week.
0:00 /0:54China OKs Google search

Google: The Internet behemoth renewed its license with the Chinese government to operate its site in that country, following a four-month battle over censorship.

A renewal had been in question due to tension between the company and China over the censorship of search results. But Google's decision last week to no longer automatically redirect users of Google's China site to its uncensored Hong Kong site seemed to pave the way for the renewal.

Google (GOOG, Fortune 500) shares gained 2.4%.

On the move: Financials were among the big gainers Friday, with JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500), US Bancorp (USB, Fortune 500) and Regions Financial (RF, Fortune 500) among the stocks lifting the KBW Bank (BKX) index by 2.4%.

Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), DuPont (DD, Fortune 500), Merck (MRK, Fortune 500) and Intel (INTC, Fortune 500) were among the Dow's biggest gainers.

Market breadth was positive and volume was very light. On the New York Stock Exchange, winners beat losers by almost four to one on volume of 880 million shares. On the Nasdaq, advancers beat decliners by three to one on volume of 1.61 billion shares.
The world's biggest companies

Economy: Wholesale Inventories rose 0.5% in May after climbing 0.2% in April. Economists surveyed by Briefing.com expected inventories to rise 0.4%.

World markets: European markets gained, with Britain's FTSE 100 rising 0.5%, Germany's DAX advancing 0.5% and France's CAC 40 climbing 0.5%.

Asian markets rallied after South Korea raised its benchmark interest rate, seen as an optimistic sign for the economy. Japan's Nikkei rose 0.5%, Hong Kong's Hang Seng gained 1.6% and the Shanghai Composite rose 2.5%.

Commodities: U.S. light crude oil for August delivery rose $1.01 to $76.09 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery gained $16.30 to $1,209.80 an ounce.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.06% from 3.02% late Thursday. Debt prices and yields move in opposite directions.

Image

Yahoo! Finance

4:10 pm : Stocks drifted throughout the session as an absence of news, and light volume provided little direction for stocks. After spending most of the session in a tight range, the major averages were able to break out to the upside in the final hour of trading, and close higher by between 0.6% and 1.0%. The major market indices closed the holiday-shortened week with their best weekly gains of 2010.

The materials sector was the market leader throughout the session after the Bank of Korea surprised investors by hiking its benchmark rate 25 basis points to 2.25%, signifying the global recovery may be gaining momentum. Some of the best performing materials stocks included Monsanto (MON 51.17, +3.45), US Steel (X 42.88, +1.79) and AK Steel (AKS 13.38, +0.69).

Also seeing investor interest was the financial sector which closed higher by 1.6%. Regional banks showed leadership with Regions Financial (RF 7.14, +0.31), Huntington Banc (HBAN 5.92, +0.25), and Zions Bancorp (ZION 23.24, +0.86) posting solid gains. The bigger investment banks fared quite well with JP Morgan (JPM 38.89, +0.73), Bank of America (BAC 15.10, +0.24), and Citigroup (C 4.04, +0.07) all posting solid gains ahead of next week's earnings announcements.

The VIX shed another 3.1% today, closing below 25 for the first time since June 21st.

Trading volume was light for the entire session as many traders preferred to add little exposure before earnings season begins with Alcoa (AA 10.95, +0.23) announcing its second quarter results after the bell on Monday.

Advancing Sectors: Consumer Discretionary (+1.0%), Energy (+0.4%), Financials (+1.6%), Materials (+2.4%), Industrials (+0.8%), Utilities (+0.6%), Technology (+0.6%), Health Care (+0.2%), Telecom (+0.2%), Consumer Staples (unch)

Declining Sectors: None DJ30 +58.73 NASDAQ +21.05 SP500 +7.68 NASDAQ Adv/Vol/Dec 1979/1.58 bln/642 NYSE Adv/Vol/Dec 2378/879.5 mln/630

3:30 pm : Precious metals led the way higher for the CRB Commodity Index today, after it gained 1.2%. Sept silver gained 1.3% to close at $18.01 per ounce, while Aug gold futures finished up 1.1% to $1209.80 per ounce. Both gold and silver traded higher in morning trade before leveling off and trading sideways into the close.

It was a quiet day for the energy sector, which posted a modest 0.7% gain. August crude oil finished up 0.9% to $76.09 per barrel. August natural gas gained 0.2% to end at $4.41 per MMBtu. DJ30 +43.75 NASDAQ +16.61 SP500 +6.84 NASDAQ Adv/Vol/Dec 1749/1.3 bln/838 NYSE Adv/Vol/Dec 2212/633.4 mln/765

3:00 pm : Heading into the final hour of trading for the holiday-shortened week, stocks are at their highest levels of the afternoon. The Nasdaq and S&P are up 0.6% while the Dow is higher by 0.4%. The S&P 500 has traded in a seven point range throughout the session, with most of the action occurring in a tight three point range. Volume remains very light with no catalysts present to move stocks. DJ30 +35.04 NASDAQ +13.33 SP500 +5.57 NASDAQ Adv/Vol/Dec 1632/1.12 bln/935 NYSE Adv/Vol/Dec 2108/564.9 mln/843

2:30 pm : The major indices continue to drift marginally higher on light volume, with the Nasdaq setting the pace, trading higher by 0.3%.

Financials have gained strength throughout the session led by some of the regional banks. Regions Financial (RF 7.12, +0.29) Huntington Banc (HBAN 5.88, +0.21), and Zions Bancorp (ZION 23.11, +0.73) are among the strongest performers in the sector.

The large investment banks are also seeing buying interest as JP Morgan (JPM 38.52, +0.36), Goldman Sachs (GS 137.79, +2.33), and Bank of America (BAC 15.03, +0.17) are all higher by close to 1.0% or more. JP Morgan, Bank of America, and Citigroup (C 4.03, +0.06) are all due to announce earnings at the end of next week. DJ30 +6.21 NASDAQ +7.16 SP500 +2.59 NASDAQ Adv/Vol/Dec 1496/1.02 bln/1059 NYSE Adv/Vol/Dec 1922/505.0 mln/1008

2:00 pm : The major indices remain little changed as an uneventful day has prompted little need to adjust positions. Stocks moved to their best levels of the session during the mid-morning hours before giving up their modest gains and trading back to the flat line, where they have remained for much of the day.

The euro, which has seen a powerful rally over the past month, has run into resistance near the 1.2700 level, and is now trading 1.2642 versus the dollar. Similar strength in the pound has also seen recent resistance with the 1.5200 level acting as a ceiling over the past week. The pound is trading 1.5060 against the greenback, its lowest level since July 1st. DJ30 +9.69 NASDAQ +6.94 SP500 +2.40 NASDAQ Adv/Vol/Dec 1466/934.9 mln/1061 NYSE Adv/Vol/Dec 1937/465.4 mln/986

1:30 pm : After a +4.5% move over the past three days, we're closing out the week with limited movement amid a quiet Friday trading session. Volume is well below average today, as traders head out early for the weekend. The focus will shift to Q2 earnings next week, as Alcoa (AA) kicks off the Q2 earnings reporting period on Monday after the close. Earnings for the S&P 500 are expected to grow 34% on a year/year basis. In addition to Alcoa, there are several other names of interest due out with Q2 results next week, including the following: Monday: CSX, NVLS... Tuesday: INTC, YUM... Wednesday: ABT, PGR, MAR... Thursday: JPM, SCHW, GOOG... Friday: BAC, C, GE, BPOP. See our Earnings Calendar for a full schedule next week's results. DJ30 +5.00 NASDAQ +5.25 SP500 +1.43 NASDAQ Adv/Vol/Dec 1415/868.3 mln/1106 NYSE Adv/Vol/Dec 1834/426.1 mln/1071

1:00 pm : Stocks have drifted on light volume throughout the session as an absence of news has so far prevented traders from taking a stance ahead of next week's start to earnings season.

Materials stocks (+1.9%) have been the market leader all session long, as the argument for a global recovery continues to pick up momentum after the Bank of Korea became the fourth Asian central bank to hike rates this month. Monsanto (MON 50.70, +2.98), US Steel (X 42.86, +1.77), Newmont Mining (NEM 62.54, +2.20), and AK Steel (AKS 13.22, +0.53) continue to show the biggest gains within the sector.

Shares of search-engine giant Google (GOOG 464.24, +7.68) continue to see a bid after the Chinese government renewed its Internet license. The news caused competitor Baidu (BIDU 70.42, -2.01) to sell off on fears the company may lose market share to Google.

Retail stocks (-0.1%) have been one of the weakest sectors in today's trade as shares in JC Penny (JCP 22.93, -0.31) are lower after gaining 6.7% yesterday on strong same-store sales figures for the month of June.

The VIX continues to fall, trading lower by 1.1%, indicating investors are not looking to add protection at these levels.

Participation remains extremely light as less than a half billion shares have exchanged hands on the floor of the NYSE. Without any news expected for the remainder of the session, the slow trade may continue throughout the afternoon. DJ30 +4.05 NASDAQ +6.20 SP500 +2.11 NASDAQ Adv/Vol/Dec 1427/796.3 mln/1080 NYSE Adv/Vol/Dec 1850/386.5 mln/1042

12:30 pm : Markets continue to remain choppy with little trader commitment to either side of the trade. After moving to their highs of the session during mid-morning trading, stocks have pulled back to the flat line as an absence of news provides an uneventful trade.

Shares of search-engine giant Google (GOOG 464.50, +7.94) are trading higher, but off their best levels of the session after announcing the Chinese government has renewed its Internet license.

Competitor Baidu (BIDU 70.59, -1.84) is trading lower as investors fear the news will allow Google to take Chinese market share from the company. DJ30 +14.76 NASDAQ +7.60 SP500 +2.54 NASDAQ Adv/Vol/Dec 1382/727.3 mln/1083 NYSE Adv/Vol/Dec 1796/351.4 mln/1076

12:00 pm : Trade continues to remain choppy as the major averages move on little trader commitment. With the absence of tradable news on a Friday in July, stocks are drifting marginally higher on below average volume. Investors remain cautious ahead of next week's start to earnings season when Alcoa (AA 10.82, +0.10) announces its second quarter earnings after the bell. The consensus is looking for earnings of $0.12 per share with revenues of $5.04 billion. DJ30 +5.83 NASDAQ +5.72 SP500 +1.53 NASDAQ Adv/Vol/Dec 1371/643.2 mln/1059 NYSE Adv/Vol/Dec 1739/319.1 mln/1097

11:30 am : The Nasdaq continues to lead the major market indices, trading higher by 0.1% while the Dow and S&P have dropped back to the flat line. The retail sector (-0.4%) continues to lag the broader market with shares in JC Penny (JCP 22.79, -0.45), Best Buy (BBY 33.87, -0.53), Expedia (EXPE 18.73, -0.25), and Family Dollar (FDO 35.98, -0.32) showing the biggest declines. The sector is adding to yesterday's minimal losses caused by mixed results in the June same-store sales data. DJ30 -5.03 NASDAQ +4.01 SP500 +0.26 NASDAQ Adv/Vol/Dec 1342/545.4 mln/1052 NYSE Adv/Vol/Dec 1630/280.9 mln/1172

11:00 am : The major market averages are moderately higher, led by the Nasdaq (+0.5%), after the May Wholesale Inventories report met expectations. Materials (+2.5%) continue to lead the broader market higher with Monsanto (MON 50.09, +2.37), US Steel (X 42.96, +1.87), Newmont Mining (NEM 62.93, +2.59), and AK Steel (AKS 13.18, +0.49) showing the strongest gains as the global growth trade is back on. Today, the Bank of Korea joined India, Malaysia, and Taiwan in raising their benchmark interest rate, fueling hopes the global economy is strengthening. DJ30 +24.56 NASDAQ +9.54 SP500 +3.11 NASDAQ Adv/Vol/Dec 1448/440.7 mln/889 NYSE Adv/Vol/Dec 1833/232.6 mln/935

10:30 am : The US Dollar is pulling back off of session highs, which is providing some price support to select commodities. However, the index remains in positive territory.

August crude oil traded modestly higher overnight,but fell notably around 8:00am ET, falling into the red and new session lows of $75.00 per barrel. Crude has since rebounded and is trading 0.3% higher at $75.64 per barrel.

August natural gas chopped around the flat line overnight, but lost steam and fell into the just before crude this morning, hitting new session lows of $4.34 per MMBtu. From those lows, natural gas rallied into positive territory, hitting new session highs of $4.45 per MMBtu minutes ago. Currently, natural gas is 0.8% higher at $4.44 per MMBtu.

Precious metals are showing notable strength today, despite the strength in the dollar index. Both August gold and September silver hit session highs of $1212.00 per ounce and $18.20 per ounce, respectively, in recent trade. Currently, both precious metals are trading near those highs with gold 1.4% higher at $1213.40 per ounce and silver 1.7% higher at $18.17 per ounce. DJ30 +23.50 NASDAQ +7.05 SP500 +2.67 NASDAQ Adv/Vol/Dec 1319/320.2 mln/928 NYSE Adv/Vol/Dec 1776/117.5 mln/941

10:00 am : Stocks have pulled back from their early gains, now trading lower by 0.1% as May Wholesale Inventories data came in at 0.5%, as expected.

Retail stocks (-0.6%) continue to lag the overall market, while materials (+1.2%) and telecom (+0.2%) are the only sectors trading higher.

The early market action has caused the VIX to fall another 1.6% to 25.30. DJ30 -8.25 NASDAQ -2.13 SP500 -0.83 NASDAQ Adv/Vol/Dec 1066/172.7 mln/1045 NYSE Adv/Vol/Dec 1533/103.2 mln/1101

09:45 am : The stock market is slightly higher in the first few minutes of trading. Industrials are outperforming the broader index, showing a gain of 1.6%, while losses are greatest among energy plays, with the S&P Energy Index down 0.5%. DJ30 +7.19 NASDAQ +5.95 SP500 +0.94 NASDAQ Adv/Vol/Dec 1072/92.8 mln/958 NYSE Adv/Vol/Dec 1514/69.1 mln/1031

09:14 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -2.30. News flow remains relatively light this morning, so market participants are without any major trading catalysts. S&P 500 futures continue to seesaw the flat line, trading lower by 0.1%. Shares of search-engine giant Google (GOOG) are up 3.1% in pre-market trading after the company announced the Chinese government renewed its Internet license. Alcoa (AA) is one stock to keep an eye on as it kicks off earnings season after Monday's close. Shares of Alcoa are trading up 0.3% before the bell.

08:58 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -4.50. Stock futures have ticked slightly lower with the S&P 500 futures now down 0.2%. Crude oil is trading lower by 0.5% to $75.06 per barrel. The front month crude oil contract is up 3.0% over the past week. As for gold, the precious metal is back above $1200 per ounce, up 0.5% to $1203.60.

08:31 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -2.80. Futures for the S&P 500 remain near the flat line, while Europe's major bourses continue to trade moderately higher. After adding 0.9% in yesterday's session, Germany's DAX is up another 0.4% today. The move higher has been led by financials and basic materials, which are both trading up close to 1%. In France, the CAC has tacked on another 0.3%, led by energy giant Total (TOT). Societe Generale is lower by 1.0% after adding 18.0% over the past five sessions. Britain's FTSE is up 0.3% on strength in HSBC (HBC) and Rio Tinto (RTP). The Asian markets saw large gains after the Bank of Korea announced a surprise 25 basis point hike to 2.25%, becoming the fourth Asian central bank to hike rates in the past month. The Shanghai Composite saw a gain of 2.3% after failed subscriptions from the Agriculture Bank of China IPO forced money into other areas of the market. PetroChina and China Shenhua led advancing issues on a day where only three of 911 stocks traded to the downside. In Hong Kong, the Hang Seng added 1.6% with HSBC and China Life among the leaders. Japan's Nikkei tacked on another 0.5%, led by strength in the telecom sector. Japan's largest provider, Softbank, added 3.6%.

08:00 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +0.50. In the prior session the major market indices added between 0.7% and 1.2%, finishing higher for the fourth consecutive session. S&P 500 futures showed little movement overnight, and are currently trading little changed. Asian markets closed higher after the Bank of Korea became the fourth Asian central to hike rates in the past month, unexpectedly raising its benchmark rate from 2.0% to 2.25%. A Treasury report stopped short of saying China is a "manipulator" of its currency, the yuan, but did say the currency was undervalued. The global rally is continuing in Europe as the major indices there are up between 0.4% and 0.6%. Look for wholesale inventories data to be released today at 10 am.

06:58 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -2.80.

06:58 am : Nikkei...9585.32...+49.60...+0.50%. Hang Seng...20378.66...+328.10...+1.60%.

06:58 am : FTSE...5111.30...+5.90...+0.10%. DAX...6059.61...+24.00...+0.40%.

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
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr