Trade Results of M.A. Perry Trader and Founder of
WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Quote:
As stated in yesterday's trade journal, I took a planned personal day off from trading because I wanted to spend family time with my kids that's on a one week winter break from school. Thus, two day's off from trading this week have been planned for today Wednesday March 11th and tomorrow Thurs March 10th. I'll return to trading on Friday March 11th. If you have any questions about my trading, want more details about the trade signal behind a particular trade or want to reply about something stated in this message post...
click here.
Trade Performance for Today: +0.00 points or
$0.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @
The ICE.
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @
CMEGroup.
In addition, today's
#FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived
@ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=88&t=777.
Also, posted below are direct links to information about my
trade methodology and
trading plan (there's a difference between the two) 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/bar analysis).
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/viewtopic.php?f=5&t=180.
Volatility Trading Report (VTR) @
http://www.thestrategylab.com/VolatilityTrading.htm and there's a
free trade signal strategy @
http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our trade strategies with support
prior to purchasing the Volatility Trading Report (VTR).
Trading Plan Daily Routine @
http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=135&t=965 -----------------------------
Market Summaries The below summaries by
Bloomberg,
CNNMoney and
Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.
![Image](http://www.thestrategylab.com/images/OrangeBullet3.png)
CNNMoney.com -
Stocks Flat As Investors Continue To Watch Oil Attachment:
030911-Key-Price-Action-Markets-1.png [ 401.11 KiB | Viewed 328 times ]
click on the above image to view today's price action of key markets By Ken Sweet, contributing writer
March 9, 2011: 4:28 PM ET
NEW YORK (CNNMoney) -- U.S. stocks closed little changed Wednesday in what was mostly a quiet session, as investors closely tracked developments in Libya and oil prices.
The Dow Jones industrial average (INDU) lost 1 point to close at 12,213.
IBM (IBM, Fortune 500) was the best performer among the blue chips. IBM's shares climbed more than 2% after Deutsche Bank analysts upgraded their price target on Big Blue to $200 a share and maintained a "buy" rating on the stock
The S&P 500 (SPX) fell 1.8 points, or 0.1%, to 1,320. The Nasdaq (COMP) composite lost 14 points, or 0.5%, to 2,752.
Investors had little market-moving data to work with Wednesday, with no major economic reports and no companies releasing quarterly results.
Oil remained the dominant issue for investors. Crude prices have been surging for weeks, and there's been little on the domestic front to help give stocks a sustained boost.
Oil posted modest losses on Wednesday, falling 85 cents, or less than one percent, to $104.16 a barrel.
"The story is higher oil, and it will remain so as long as oil remains higher than it has been in recent years," said Frank Davis, director of sales and trading with LEK Securities.
Investors said there's a reasonable chance prices could continue to rise in the near-term as unrest and violence continue to rattle North Africa and the Middle East. But they also think oil will ease as the year goes on once the fears subside.
* CNNMoney survey: Oil rally won't last"This $105 oil is not demand-driven as the global economy is still struggling," said Keith Goddard, president and portfolio manager at Capital Advisors. "Oil's fluctuations are all fear-based at the moment -- we can wake up one morning and Libya's fine, or we can wake up another day and Libya's in focus again."
"Investors are slowly starting to reposition portfolios for the possibility that these prices may stay around for awhile," Davis said.
U.S. stocks closed broadly higher Tuesday, led by a strong performance in the financial sector. Bank of America (BAC, Fortune 500) CEO Brian Moynihan issued a rosy multi-year outlook at the bank's first shareholder meeting in four years.
Companies: The biggest loser on the S&P 500 was JDS Uniphase (JDSU), with shares of the optical networking equipment maker plunging 17%. The entire sector got hammered after rival Finisar (FNSR) issued a weak outlook Tuesday, citing weak demand out of China. Shares of Finisar sank 39% Wednesday.
After the close, Hot Topic (HOTT) and Coldwater Creek (CWTR) release quarterly results.
Economy: The Commerce Department said wholesale inventories rose 1.1% in January, slightly better than the 1% rise economists had expected, according to a consensus estimate from Briefing.com.
World markets: European stocks closed lower. Britain's FTSE 100 slid 0.6%, the DAX in Germany lost 0.5%, and France's CAC 40 lost 0.6%.
The yield on Portuguese bonds jumped as the European nation issued two-year bonds on Tuesday, but fears of a potential bailout didn't have much impact on international markets.
Asian markets ended with gains. The Shanghai Composite rose nearly 0.1%, the Hang Seng in Hong Kong added 0.4%, and Japan's Nikkei advanced 0.6%.
Currencies and commodities: The dollar slipped versus the euro and the British pound but was flat against the Japanese yen.
Gold futures for April delivery closed up $2.40 to $1,429.60 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, with the yield slipping to 3.54% from 3.54% late Tuesday.
![Image](http://www.thestrategylab.com/images/OrangeBullet3.png)
Yahoo! Finance -
Market Update 4:30 pm : A lack of catalysts left the Dow and S&P 500 to chop their way to a flat finish, but the tech-rich Nasdaq logged a sizable loss as it lagged its counterparts once again.
Corporate news for today was limited to only a handful of earnings announcements. None of them was of concern for the broad market. Similarly, data was limited to a January wholesale inventory report that showed a slightly stronger-than-expected 1.1% increase, but that had no real impact on trade.
Market participants primarily took their early cues from oil, which opened pit trade at session highs then drifted down to $104.38 per barrel so that it closed with a 0.6% loss. Selling after the close has the commodity near $104 per barrel in electronic trade.
Weekly oil inventory data posted a bigger-than-expected build, but for the second week in a row the inventory report was met with a muted response. That suggests that the energy component is currently most concerned with the social and political events in the Middle East and North Africa.
Oil's early strength put stocks on the defensive, but as oil moved lower the major averages moved higher. However, every attempt by the S&P 500 to turn positive was repeatedly refused by lingering selling interest.
The broad market's inability to turn positive stemmed partly from a lack of leadership. Defensive-oriented stocks like telecom (+0.8%) and utilities (+1.1%) had the strongest gains, but make up the smallest share of market weight. Tech stocks (-0.6%), which represent the largest sector by market weight, retreated to a loss as semiconductor stocks slumped again.
The Philadelphia Semiconductor Index dropped 3.0% to close below its 50-day moving average for the first time since September. Ongoing weakness in the semiconductor space has the Index down 5.5% this week and the Nasdaq Composite trailing its counterparts.
A successful Treasury auction helped drive buying so that the yield on the 10-year Note fell to a five-session low of 3.45% before easing up a bit. The auction of 10-year Notes drew a bid-to-cover ratio of 3.32 for dollar demand of $69.7 billion. The indirect bidder participation rate came in at 53.0%. For comparison, the prior auction had a bid-to-cover of 3.23 and dollar demand of $77.5 billion with an indirect bidder participation rate of 71.3%.
Advancing Sectors: Utilities (+1.1%), Telecom (+0.8%), Consumer Staples (+0.5%), Consumer Discretionary (+0.2%), Health Care (+0.2%)
Declining Sectors: Financial (-0.1%), Industrials (-0.2%), Tech (-0.6%), Energy (-0.6%), Materials (-1.5%)DJ30 -1.29 NASDAQ -14.05 NQ100 -0.6% R2K -0.4% SP400 -0.2% SP500 -1.80 NASDAQ Adv/Vol/Dec 1079/2.00 bln/1536 NYSE Adv/Vol/Dec 1417/869 mln/1560
3:30 pm : Energy (+1.3%) led all advancing sectors, while grains (-1.9%) led all declining sectors, in what was another mixed session for commodities.
April crude oil shed 0.6% to close at $104.38 per barrel. Prices trended lower throughout the session to close in negative territory. A larger than expected build in inventories helped weigh on prices despite headlines from Libya indicating that several crude oil assets were destroyed/on fire from the
![Boxing fighting](./images/smilies/emoticonboxing.gif)
. April natural gas gained 1.4% to close at $3.93 per MMBtu.
April gold ended higher by 0.2% to $1429.60 per ounce, while May silver gained 1.1% to finish at $36.04 per ounce. Both metals pulled back in morning trade as the dollar bounced and crude oil sold off. They did, however, manage to bounce off the flat line to finish the session in positive territory. DJ30 +10.29 NASDAQ -11.70 SP500 -1.36 NASDAQ Adv/Vol/Dec 1186/1.6 bln/1413 NYSE Adv/Vol/Dec 1472/602.5 mln/1458
3:00 pm : Stocks have been chopping along in a relatively narrow range for the past few hours. There is little indication that the range bound action will change as stocks head into the final hour of the session.
There haven't been many catalysts for trade today. Among corporate announcements, only a few earnings reports were posted, but none of them carried any implication for broad market sentiment. Today's dearth of data was limited to a January wholesale inventory report that showed a slightly stronger-than-expected 1.1% increase.
The earnings calendar for tomorrow remains sparse, but economic data will pick up. Initial weekly jobless claims will be posted tomorrow morning at 8:30 AM ET, along with the latest trade balance data. The Treasury's monthly budget statement will be released at 2:00 PM ET. The Treasury auction calendar features results from a 30-year Bond auction at 1:00 PM ET tomorrow. DJ30 +13.89 NASDAQ -11.07 SP500 -1.28 NASDAQ Adv/Vol/Dec 1067/1.49 bln/1521 NYSE Adv/Vol/Dec 1341/558 mln/1594
2:30 pm : The S&P 500 continues to bump up against resistance at the neutral line, where sellers have been standing firm all session.
Part of the stock markets inability to turn positive stems from an absence of leadership. Sure, telecom stocks are up 0.7% and utilities stocks are up 0.8%, but together the two sectors account for just 6% of the market's overall weight. Meanwhile, tech and financials, which combine for almost 35% of the market's overall weight, are down 0.2% and 0.6%, respectively. The tech sector continues to be weakened by semiconductor stocks (-2.8%) while the financial sector has been hampered by specialized finance issues (-0.8%). DJ30 +6.28 NASDAQ -12.70 SP500 -1.98 NASDAQ Adv/Vol/Dec 1053/1.38 bln/1522 NYSE Adv/Vol/Dec 1390/515 mln/1516
2:00 pm : Treasuries have rallied to session highs in the wake of the 10-year Note auction. The move has lowered the yield on the benchmark 10-year Note to 3.45%, which makes for its lowest level in five sessions.
Oil prices continue to oscillate. They are now down 0.5% to $104.45 per barrel. Oil's recent slip has helped stocks start to lift off of an afternoon low.
Oil's slip this session comes without regard for the dollar, which has spent most of today trailing a basket of competing currencies. At the moment the Dollar Index is down 0.1%. The first quarter of 2011 has been rather weak for the dollar; it is down 3.0% year to date. DJ30 -0.15 NASDAQ -18.88 SP500 -2.93 NASDAQ Adv/Vol/Dec 1049/1.27 bln/1501 NYSE Adv/Vol/Dec 1404/477 mln/1485
1:30 pm : Treasuries have turned higher in recent trade, such that the yield on the benchmark 10-year Note is now below 3.50%. The action follows results from an auction of 10-year Notes.
The auction drew a bid-to-cover ratio of 3.32 for dollar demand of $69.7 billion. The indirect bidder participation rate came in at 53.0%. For comparison, the prior auction had a bid-to-cover of 3.23 and dollar demand of $77.5 billion with an indirect bidder participation rate of 71.3%. An average of the past six auctions results in a bid-to-cover of 3.08, dollar demand of $67.6 billion, and an indirect bidder participation rate of 53.7%. DJ30 +22.63 NASDAQ -12.20 SP500 -0.34 NASDAQ Adv/Vol/Dec 1047/1.19 bln/1477 NYSE Adv/Vol/Dec 1374/445 mln/1504
1:00 pm : The broad market has spent most of the session chopping along in negative territory, unable to sustain any kind of an upward push even though oil prices have come down in recent trade.
An absence of data and meaningful corporate news left early participants to take their cues from oil prices, which recovered from an overnight loss to open pit trade with a strong gain near $106 per barrel. Oil prices have since pulled back by more than a buck after traders initially shrugged off a greater-than-expected build in weekly inventories.
Oil's recent slip has helped the S&P 500 move back near the neutral line. It has struggled to put together any kind of a gain, though. Varied degrees of selling pressure have kept it in the red almost all session.
Materials stocks make up the worst performing sector in the broad market. As a group material stocks have fallen 1.5% in a weak follow-up to their 1.0% gain in the prior session.
Meanwhile, semiconductor stocks continue to slump. They are down another 2.7% today. That leaves the group on pace for a weekly loss of more than 5% and has the Philadelphia Semiconductor Index below its 50-day moving average for the first time since September. As a consequence of the group's weakness the Nasdaq has lagged its counterparts all week.
By far, though, Finisar (FNSR 25.83, -14.21) has been the worst performer in the tech-rich Nasdaq today. The stock has lost 35% of its market cap following the firm's disappointing forecast.
Retailers have had a strong session, however. As a group, retail stocks are up 0.7%. American Eagle Outfitters (AEO 15.73, +0.93) has outperformed as participants disregard the company's downside guidance to focus on confirmation that the company's CEO will retire. DJ30 +1.97 NASDAQ -15.31 SP500 -1.53 NASDAQ Adv/Vol/Dec 1151/1.10 bln/1369 NYSE Adv/Vol/Dec 1467/405 mln/1403
12:30 pm : The S&P 500 recently poked into positive territory, but it has failed to hold the move. That marks the second time this session that the broad market measure has been rejected near the neutral zone.
Although the Dow has been dragged down from a recent session high, it remains in positive territory with a fractional gain. It has been propped up by IBM (IBM 167.15, +4.87), which has benefited from a target price increase by analysts at RBC. Home Depot (HD 37.50, +0.46) has also been a strong performer among blue chips as it extends its prior session bounce off of its 50-day moving average; shares of HD haven't been below their 50-day average since December 1. DJ30 +8.25 NASDAQ -13.75 SP500 -2.06 NASDAQ Adv/Vol/Dec 1185/992 mln/1316 NYSE Adv/Vol/Dec 1463/370 mln/1379
12:00 pm : The Dow is back at the neutral line, but the Nasdaq and S&P 500 continue to trail as they trade with losses.
Oil prices are back in the red after working their way to higher ground in early pit trade -- they prices were last quoted with a 0.4% loss at $104.65 per barrel. A greater-than-expected build in weekly inventories was unveiled about 90 minutes ago, but it had little real impact on trade.
Oil's slip has led to some selling against energy stocks. In turn, the sector is down 0.5%, which comes on top of its 0.6% loss in the prior session, when it was the only sector to log a loss. DJ30 +13.09 NASDAQ -10.43 SP500 -1.41 NASDAQ Adv/Vol/Dec 1060/885 mln/1384 NYSE Adv/Vol/Dec 1284/325 mln/1546
11:30 am : The Philadelphia Semiconductor Index is down 2.9%, which puts it below its 50-day moving average for the first time since September and on pace for a 5.4% week-to-date loss. During the course of the past four sessions it has shed 6.4%.
Weakness among semiconductor issues continues to undermine the Nasdaq Composite, which has lagged its counterparts all week. As things currently stand, the Nasdaq Composite is down 1.5% week to date, but the S&P 500 is down 0.5% for the week and the Dow is actually up 0.1% this week. DJ30 -21.57 NASDAQ -20.11 SP500 -5.27 NASDAQ Adv/Vol/Dec 878/750 mln/1559 NYSE Adv/Vol/Dec 1065/275 mln/1745
11:00 am : An upward push about 30 minutes ago took the Dow into positive territory, but the S&P 500 encountered resistance at the neutral line. Subsequent selling pressure has sent the broad market down to a fresh session low.
Materials stocks are down the most. Their 1.9% loss is almost twice as much as next worst performing sectors (industrials, -1.0%). Among the 30 names that make up the materials sector, Sherwin Williams (SHW 81.51, +0.12) and CF Industries (CF 129.12, +0.18) are the only two in positive territory. Steel stocks Nucor (NUE 45.99, -1.21) and U.S. Steel (X 54.24, -1.48) are under some of the sharpest pressure in the sector. DJ30 -50.93 NASDAQ -26.74 SP500 -9.50 NASDAQ Adv/Vol/Dec 1022/590 mln/1357 NYSE Adv/Vol/Dec 1217/215 mln/1553
10:35 am : Oil prices had begun to pull back toward the flat line ahead of the latest weekly inventory report. They have since stabilized to trade with a 0.3% gain at $105.35 per barrel. According to data, oil inventories had a build of 2.52 million barrels for the week ended March 4. A build of 1.00 million barrels had been widely expected.
Natural gas prices continue to sport a modest gain. They are currently up 0.0.8% at $3.89 per MMBtu.
As for precious metals, gold prices are up 0.4% to trade at $1432.90 per ounce while silver prices have pushed up to a 1.4% gain at $36.15 per ounce. DJ30 +13.25 NASDAQ -7.12 SP500 -0.95 NASDAQ Adv/Vol/Dec 872/430 mln/1468 NYSE Adv/Vol/Dec 1054/160 mln/1683
10:00 am : Stocks had started to stage a nice rebound from their opening slide, but sellers have redoubled their efforts. The major averages aren't quite back at their morning lows, though.
Wholesale inventory data has been given little attention by the broad market. Wholesale inventories for January increased by 1.1%, which is slightly stronger than the 1.0% that had been expected, on average, among economists polled by Briefing.com. Inventories for the prior month were revised upward to reflect a 1.3% increase.
Advancing Sectors: Utilities (+0.6%)
Declining Sectors: Materials (-1.6%), Industrials (-1.0%), Tech (-0.8%), Financial (-0.6%), Energy (-0.4%), Consumer Discretionary (-0.4%), Consumer Staples (-0.1%), Telecom (-0.1%), Health Care (-0.1%)DJ30 -31.67 NASDAQ -19.82 SP500 -5.79 NASDAQ Adv/Vol/Dec 799/182 mln/1438 NYSE Adv/Vol/Dec 822/89 mln/1829
09:45 am : Stiff selling at the open has knocked the major averges into the red. The Nasdaq has been hit the hardest as semiconductor plays succumb to another sell-off -- they are collectively down 2.1%.
Utilities make up the only major sector to trade with any kind of a gain. It is up 0.2%. In a similar vein, other defensive-oriented sectors consumer staples, health care, and telecom have managed to limit their losses to just 0.1%. DJ30 -45.86 NASDAQ -24.27 SP500 -7.18 NASDAQ Adv/Vol/Dec 806/55 mln/1290 NYSE Adv/Vol/Dec 949/40 mln/1469
09:15 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -9.00. Stock futures are pushing lower as oil prices make an upward push to trade with a 0.5% gain at $105.60 per barrel in the opening minutes of pit trade. Oil prices remain the primary catalyst for trade amid an absence of meaningful corporate announcements and a dearth of data, which is limited to the latest monthly wolesale inventory report today (10:00 AM ET). Relatively mixed action abroad hasn't offered any framing for participants either.
09:05 am : S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -9.50. Oil prices have pushed up to $105.55 per barrel for a 0.5% gain in the first few minutes of pit trade. Oil prices had been down to about $104.20 per barrel in overnight trade. Natural gas prices are up with a 0.8% gain at $3.90 per MMBtu. As for precious metals, gold prices are up 0.5% to $1434.90 per ounce while silver prices are up a much sharper 1.9% to $36.33 per ounce. Overall strength in the commodity space has the CRB Commodity Index up 0.2%. Just yesterday it suffered its first loss in eight sessions.
08:35 am : S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -5.00. Futures for the S&P 500 remain mired near the neutral line. Meanwhile, Germany's DAX is up 0.3% amid strength in Deutsche Telekom and Daimler AG (DAI), which announced a joint venture with Rolls Royce and an intent to launch public tender offer for Tognum AG. Henkel and Infineon Tech are laggards at the moment. France's CAC has worked its way to a 0.2% gain, despite weakness in heavyweights Total (TOT), Credit Agricole, and BNP Paribas. Schneider Electric and Sanofi-Aventis (SNY) have been primary leaders in the effort to advance. Although its advancing issues outnumber decliners by 2-to-3, Britain's FTSE is off by 0.2%. The loss is largely owed to weakness in energy plays BP Plc (BP) and Royal Dutch Shell (RDS.A), as well as banking outfit Standard Charter. However, Prudential PLC (PUK) has been a primary source of support following its latest quarterly results and news of a 20% dividend hike. As for data, the United Kingdom's visible trade deficit totaled 7.06 billion pounds in January, but that is actually less than the 9.69 billion pound deficit recorded for December.
As for action in Asia, Japan's Nikkei drifted off of its session high, but still settled with a 0.6% gain. KDDI Corp, Fast Retailing, and Fanuc Corp topped the list of leading movers. Toyota (TM) recorded a solid gain. The automaker recently outlined its global initiatives. As for laggards, Nippon Electric Glass and Canon (CAJ) traded lower. Mainland China's Shanghai Composite eked out a 0.1% gain, even though declining issues edged out advancers. Bank of China was a primary leader. China Shipbuilding Co. complemented its efforts. PetroChina (PTR) succumbed to selling pressure; it was a primary source of weakness. Hong Kong's Hang Seng outperformed on Tuesday with a 1.7% surge. It followed up that performance with a 0.4% gain in its Wednesday session. Financial plays China Construction Bank, Industrial & Commercial Bank, Bank of China, and Ping An Insurance were primary leaders. However, HSBC (HBC) failed to share in their rally. Energy giants PetroChina and CNOOC (CEO) were also hit by selling.
08:00 am : S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -1.30. Stock futures now trade flat against fair value after a choppy overnight session. Oil prices are also near the flat line after working their way out of the red -- crude oil futures prices in the generic contract were last quoted at $105 per barrel. Overall news flow is light this morning and there economic calendar is headlined by a January Wholesale Inventory report at 10:00 AM ET. Results from an auction of 10-year Notes will be posted at 1:00 PM ET. The benchmark Note is currently up a few ticks. Meanwhile, the dollar is down with a 0.2% loss against a collection of competing currencies.
06:54 am : [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: -1.00.
06:54 am : Nikkei...10589.50...+64.30...+0.60%. Hang Seng...23810.11...+98.40...+0.40%.
06:54 am : FTSE...5966.92...-7.80...-0.10%. DAX...7203.99...+39.20...+0.60%.
Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries.
Best Regards,
M.A. Perry
Trader and Founder of
WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader Phone: +1.708.572.4885
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