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 Post subject: September 16th Thursday 2010 Emini TF (No Trades)
PostPosted: Tue Sep 21, 2010 6:08 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=78&t=622

Quote:
No trade today due to software installation problems involving my internet connection and security firewall.


Trade Performance for Today: +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.

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 and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=119. However, you must join the TSL Support Forum to access the free study guide. To register...click here.

Image Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm

Image Daily Trade Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=121&t=761

------------------------------

Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries. gm

Stocks Stuck In A Rut
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By Julianne Pepitone, staff reporter
September 16, 2010: 7:07 PM ET

NEW YORK (CNNMoney.com) -- On paper, investors have plenty of reasons to get off the sidelines. The jobs landscape has been improving, manufacturing has expanded for 13 straight months, and other economic reports have been pointing to steady growth.

But company hiring reports have been mixed, leaving investors confused. On Thursday, FedEx said it would cut jobs, while Boeing said the industry needs to ramp up hiring. Small business hiring is similarly mixed. Stocks have drifted on this muddied picture, trading in a narrow range.

On Thursday the Dow Jones industrial average (INDU) rose 22 points, or 0.2%, to end at 10,594.83. The S&P 500 (SPX) was flat at 1,124.66 and the Nasdaq (COMP) added 2 points, or less than 0.1%, to close at 2,303.25.

Indexes had been down slightly for most of the day, but they rose modestly in the last hour of trade. Banking, energy and housing shares ended mostly lower, while tech and retail shares turned higher.

September is a historically down month for stocks -- but they started out the strong, with a rally in the first three trading days as the government's monthly jobs report showed improvement. As more data have come out this month, though, movement has slowed.

"We're entrenched in the same patterns recently," said Stephen Carl, head equity trader at Williams Capital Group. "Data aren't pushing us one way or the other."

Investors remained nervous Thursday about Japan's intervention in the currency market. On Tuesday, the nation's government said it would buy up yen in an attempt to curb deflation.

The yen purchase boosted the U.S. dollar, which helped lift stocks Wednesday. But it also kept uncertainty about the recovery at the forefront of investors' minds, sending gold prices to new record highs. The precious metal is considered a "safe" spot to park cash during times of uncertainty.

* The Fed's gold problem

Economy: The Labor Department's weekly report on initial jobless claims showed 450,000 people filed for first-time unemployment benefits last week. Economists expected 460,000 new claims.

Initial claims have been stuck in a tight range since November, and economists say there's little reason to celebrate the recovery until weekly claims head below the 400,000 mark.

The producer price index also came out before the bell. The reading of inflation at the manufacturing level rose 0.4% in August, versus an increase of 0.2% the prior month.

RealtyTrac said the number of homeowners falling behind on their loans -- enough to attract initial notices of default -- fell 30% in August. The lower rate should translate into fewer people losing their homes, but the report also showed lenders repossessed a record 95,000 homes last month.

The Philadelphia Fed Index showed the region's manufacturing activity contracted slightly in September, due to a drop in new orders. But hiring has picked up this month.

The Senate passed a $42 billion bill aimed at helping small businesses. The Senate's version of the Small Business Jobs Act will now have to go back to the House, where it's expected to pass, before President Obama can sign it into law.

* Retirement investing: Don't abandon stocks

Companies: FedEx (FDX, Fortune 500) said it expected to see moderate growth in the global economy, but the shipping company will still cut 1,700 jobs.

FedEx, which is considered a bellwether for the global economy, also reported fiscal first-quarter earnings of $1.20 a share. That's a penny below analysts' estimates, but still up 57 cents from a year earlier. The company raised its outlook but that still fell short of forecasts. FedEx shares fell to end 3.8% lower.

Boeing said the airline industry will need to hire more than 460,000 pilots and almost 600,000 maintenance workers over the next 20 years, to meet growing demand in the airline industry. The company predicted the industry as a whole will need to hire more than one million workers over the same time period.

Microsoft (MSFT, Fortune 500) said its new video game "Halo: Reach" earned $200 million in sales on its launch day. The company will start selling Kinect, a full-body motion-sensing game system, on November 4.

After the bell, Oracle (ORCL, Fortune 500) reported a quarterly profit and sales that beat Wall Street's forecasts. The corporate software company said its net income in its fiscal first quarter rose to $1.4 billion, or 27 cents per share, up 20% from a year earlier. Sales rose 48% to $7.5 billion.

Oracle shares rose 3% in after-hours trade.

BlackBerry maker Research in Motion (RIMM) reported quarterly profit that beat analysts expectations and issued an upbeat forecast. The Canadian company reported net income of $796.7 million, or $1.46 per share in its fiscal second quarter. Sales increased 31% over the quarter to $4.62 billion.

The figures easily topped estimates, and RIM shares surged 8% in after-hours trade.

World markets: Asian markets closed lower. Japan's benchmark Nikkei index fell 0.1%, and Hong Kong's Hang Seng index fell 0.2%. The Shanghai Composite sunk 1.9%.

European shares ended lower. The CAC 40 in France lost 0.5%, Germany's DAX fell 0.2%, and Britain's FTSE 100 slipped 0.3%.

Currencies and commodities: The dollar fell against the euro and the Japanese yen, but posted slight gains against Britain's pound.

Oil futures for October delivery fell $1.45 to settle at $74.57 a barrel.

Gold futures for December delivery jumped to a fresh record intraday high early Thursday of $1,279.50 an ounce. That trumps the previous intraday record of $1,276.50 an ounce, which was just set on Tuesday.

The precious metal also hit a settlement record, closing at $1,273.60 an ounce. Gold has gained traction as investors turn to it as a "safe haven" play in times of economic uncertainty. For that reason, the precious metal is an indicator of investor sentiment.

Bonds: The yield on the 10-year Treasury note rose to 2.76% from 2.72% late Wednesday.

Image

Yahoo! Finance

11:30 am : Stocks are stuck in a fit of choppy trade. A lack of leadership has left them unable to make a move out of negative territory.

Despite the stock market's weakness, Treasuries are out of favor. Specifically, the 10-year Note is down a dozen ticks and the 30-year Bond is off by a full point.

As for the greenback, it continues to trail competing currencies, such that the Dollar Index is down 0.2%

DJ30 -15.59 NASDAQ -7.16 SP500 -4.34

10:35 am : Precious metals are trading higher this morning due to a weak dollar index.

However, despite this weakness, October crude is trading in the red. In fact, the energy component has been in negative territory all session. Lows of $74.77 were hit right at the open of pit trading. Currently, crude is trading near that level at $75.0.2 per barrel, down 1.3%

October natural gas on the other hand has been in positive territory all session, hitting session highs of $4.07 per MMBtu right at the open of pit trading. Nat gas pulled back ahead of inventory data and was around the $4.02 per MMBtu level. Following the data, which showed a build of 103 bcf versus consensus of a build of 93 bcf, natural gas fell sharply into negative territory and to new fresh lows of $3.85 per MMBtu. The energy component is now 2.3% lower at $3.90 per MMBtu

December gold and December silver both rallied overnight into positive territory and to today's session highs (Gold $1279.50, silver $20.80 per ounce). Gold is currently 0.7% higher at $1277.80 per ounce, while silver is 0.9% higher at $20.77 per ounce. DJ30 -19.11 NASDAQ -5.48 SP500 -3.79 NASDAQ Adv/Vol/Dec 935/313.2 mln/1323 NYSE Adv/Vol/Dec 1210/139.7 mln/1568

10:00 am : The Philadelphia Fed Index for September was just released. It came in at -0.7. The consensus among economists polled by Briefing.com had called for a reading of 2.0 after it came in at -7.7 in the prior month.

The data was not overly bleak, but it has still provided participants with an excuse to sell. In turn, stocks have dropped to morning lows. Overall losses remain relatively modest, however.

Advancing Sectors: Materials (+0.1%)
Declining Sectors: Financials (-0.8%), Telecom (-0.7%), Consumer Discretionary (-0.6%), Health Care (-0.5%), Consumer Staples (-0.5%), Utilities (-0.3%), Industrials (-0.2%), Tech (-0.2%), Energy (-0.2%)DJ30 -19.07 NASDAQ -3.33 SP500 -3.53 NASDAQ Adv/Vol/Dec 718/141 mln/1401 NYSE Adv/Vol/Dec 828/78 mln/1836

09:45 am : Stocks are down with slight losses at the moment. Weakness is relatively widespread in that only the materials sector is in higher ground.

Materials stocks are up 0.3%, as a group. The sector's gain stems from strength in shares of diversified chemicals (+0.9%) after Eastman Chemical (EMN 69.75, +2.82) raised its earnings outlook. The sector has also been helped by a rebound in steel stocks (+0.5%) after they fell for a cumulative loss of almost 5% during the two previous sessions.

Meanwhile, bank stocks are back under pressure. Weakness among regional banks (-1.2%) and diversified banks (-1.0%) has the financial sector down 0.7%. DJ30 -44.16 NASDAQ -8.75 SP500 -5.85

09:15 am : S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -3.30. A late bid in the prior session helped the major equity averages close with modest gains. However, mild selling ahead of today's open suggests that those gains might be short lived. The cautious tone to premarket trade comes after FedEx (FDX) posted an earnings miss and issued a mixed outlook that featured downside guidance for the third quarter and a raised, in-line forecast for fiscal 2011. Renewed selling overseas and a generally unimpressive weekly jobless claims count haven't helped. Neither has PPI data. The Philadelphia Fed Index, which is due at 10:00 AM ET, could shake things up, though.

09:05 am : S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -3.30. The euro continues to sport a healthy 0.5% gain against the greenback following two successful bond auctions in Spain. However, Europe's major bourses are currently down modestly after failing to find a clear direction. In Germany, the DAX is down 0.3%. Deutsche Bank (DB) is currently one of the heaviest drags on trade, though leadership from Siemens (SI) has helped offset its weakness. France's CAC is off by 0.7% at the moment. Its declining issues outnumber advancers by almost 5-to-1. BNP Paribas is among the poorest performers. Sanofi-Aventis (SNY) has shown resilience, however. Vodafone and Rio Tinto (RTP) are key sources of weakness on Britain's FTSE, which is off by 0.4% at the moment. BP Plc (BP) and Royal Dutch Shell (RDS.A) have provided some support, though. Retail sales data out of Britain disappointed. It showed a 0.5% decline in August after a 1.1% increase in the prior month.

In Aisa, the Shanghai Composite closed 1.9% lower amid ongoing concerns about increased capital requirements for banks. Stocks there were also hampered by a stronger yuan, which set a record high against the dollar earlier this week - Treasury Secretary Geithner will likely address the yuan in a report on International Economic and Exchange Rate Policies later this morning. PetroChina (PTR) and China Petroleum (SNP) were among the heaviest drags on trade. Minmetals Deve and Inner Mong Bao were leaders among those that managed to muster gains. Hong Kong's Hang Seng shed just 0.2% in its latest round of trade. PetroChina was also weak there, but HSBC (HBC) helped provide support to the broader market. Japan's Nikkei fell 0.1% even though its declining issues outnumbered its advancers by almost 2-to-1. Trend Micro and Shiseido were among the more notable laggards while Fanuc and Komatsu were out strong. As for the Japanese yen, it strengthened slightly overnight, but pulled back upon running into its 50-day moving average. The yen is now down just 0.1% against the dollar.

08:35 am : S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -4.50. Stock futures saw some sharp swings with the release of the latest data, but they have since stabilized. Initial jobless claims for the week ending September 11 totaled 450,000, which is slightly below the 460,000 claims that had been widely anticipated. Initial claims decreased by just 3,000 week-over-week. Continuing claims fell by 84,000 week-over-week to 4.49 million. Separately, the Producer Price Index for August increased 0.4%, which is slightly sharper than the 0.3% that had been expected, on average, by economists polled by Briefing.com. Excluding food and energy, producer prices increased 0.1%, as expected. In the prior month, the PPI had increased just 0.2% and core prices had increased 0.3%. The current account balance for the second quarter was also just released. It showed a $123.3 billion deficit after a $109.2 billion deficit was recorded for the first quarter.

08:05 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -2.50. Stock futures are down modestly this morning. The cautious tone precedes the latest in weekly jobless claims, which will be released at the bottom of the hour, along with the Producer Price Index for August and the second quarter current account balance. Treasury International Capital flows for July follow at 9:00 AM ET then the September Philadelphia Fed Index at 10:00 AM ET. Corporate news has been relatively light, but FedEx (FDX) posted this morning earnings that failed to meet the consensus forecast. The offense was compounded with downside guidance. Shares of FDX are down 2.5% ahead of the open. In overseas action, Europe's major bourses are presently down with slight losses. Data out of Britain showed a drop in retail sales during August. As for Asia, losses were slight in Japan and Hong Kong, but the Shanghai Composite dropped nearly 2%.

06:54 am : S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -0.80.

06:54 am : Nikkei...9509.50...-7.10...-0.10%. Hang Seng...21691.45...-34.20...-0.20%.

06:54 am : FTSE...5546.94...-8.60...-0.20%. DAX...6261.06...-0.70...0.00.

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)
Skype Messenger: kebec2002
questions@thestrategylab.com
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