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 Post subject: April 19th Tuesday 2011 Emini TF ($TF_F) points +0.80
PostPosted: Wed Apr 27, 2011 4:27 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Attachment:
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click on the above image to view today's trading summary

Trade Performance for Today: +0.80 points or $80.00 dollars in the Russell 2000 Emini TF ($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=815.

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).

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/viewtopic.php?f=5&t=180.

Image 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).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=137&t=1015

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Image 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 CNNMoney.com - Dow Bolstered By J&J Earnings
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click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer
April 19, 2011: 5:17 PM ET

NEW YORK (CNNMoney) -- Stocks posted modest gains on Tuesday, following Monday's sharp selloff, as investors' attention turned to corporate earnings and the latest housing reports.

"The market continues to focus more broadly on earnings, which so far this season have been mixed," said Peter Cardillo, chief market economist with Avalon Partners.

The Dow Jones industrial average (INDU) added 65 points, or 0.5%, to 12,267. The S&P 500 (SPX) gained 7.5 points, or 0.6%, or 1,313; and the Nasdaq Composite (COMP) added 10 points, or 0.4%, to 2,745.

Johnson & Johnson (JNJ, Fortune 500) was the top performer on the Dow, with shares rising more than 3.5%, after the company reported better-than-expected sales and earnings. Alcoa (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and DuPont (DD, Fortune 500) were other big gainers.

Traveler's (TRV, Fortune 500) was the biggest drag on the blue-chip index, falling 1.4%.
0:00 /1:10J&J: All the right moves

Shares of Harley Davidson (HOG, Fortune 500) sank nearly 5%, making it the S&P 500's biggest loser on disappointing earnings, while the Nasdaq was weighed down by Seagate Technology (STX), which reported an 82% drop in quarterly profit.

"The start of this earnings season has been one of the poorest in recent memory, but the market seems to be handling it pretty well," said Fred Dickson, chief market strategist with D.S. Davidson & Co.

Investors also focused on commodities, with oil climbing more than $108 a barrel, and gold striking $1,500 an ounce for the first time ever.

Stocks logged their biggest decline in a month Monday, after investors were spooked by the outlook for U.S. debt getting slashed by Standard & Poor's.

Economy: The Commerce Department said housing starts and building permits both increased more than expected in March.

Housings starts jumped 7.2% to an annual rate of 549,000 in March, while building permits climbed 11.2% to a rate of 594,000.

Homebuilders rose on the news, with Pulte Homes (PHM) shares rise 5% and KB Homes (KBH) shares up 3% among others.

Companies: Shares of Wall Street giant Goldman Sachs (GS, Fortune 500) fell 1.3%. The firm reported a 21% drop in net income to $2.7 billion, and said it sees "encouraging indications" for global economic activity.

Texas Instruments (TXN, Fortune 500) shares fell 0.7%, after the company reported first-quarter earnings that missed analysts' estimates late Monday. The company cited the earthquake in Japan, saying it impacted consumer demand and production during the quarter.
The trouble with tech stocks

After the bell, investors got a trio of earnings from technology giants Intel (INTC, Fortune 500), IBM (IBM, Fortune 500) and Yahoo! (YHOO, Fortune 500).

Shares of Intel jumped 5% in the after-market action following the chipmaker's earnings results. Intel reported a profit of 59 cents a share, compared with the 46 cents analysts had expected.

IBM shares rose 4% in post-market trading after the company said it earned $2.41 a share in the first quarter, beating the $2.29 analyst forecast. IBM also lifted its full-year view.

Yahoo! posted a profit of 16 cents a share, besting analysts' results by a penny. Shares of the Internet portal company rose 3% on the results.

Currencies and commodities: The dollar fell against the euro and the British pound, but gained versus the Japanese yen.

Oil for May delivery rose $1.03 to settle at $108.15 a barrel. Oil for June delivery, which becomes the active contract Wednesday, gained 59 cents to $108.28 a barrel.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.36% from 3.41% late Monday.

World markets: European stocks closed modestly higher. Britain's FTSE 100 gained 0.5%, the DAX in Germany added 0.2% and France's CAC 40 advanced 0.7%.

Asian markets ended the session sharply lower, as foreign investors reacted to S&P downgrading the United States' credit outlook. The Shanghai Composite dropped 1.9%, the Hang Seng in Hong Kong tumbled 1.3%, and Japan's Nikkei fell 1.2%.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Stocks spent this morning stuck in listless trade, but they managed to settle with decent gains after natural resource plays provided an afternoon lift.

Early trade was entirely lackluster as participants processed the latest round of earnings results. Several financial players posted results, but most attention was paid to Goldman Sachs (GS 151.86, -1.92) and U.S. Bancorp (USB 25.25, -0.31). Although both exceeded earnings expectations, each succumbed to selling. Shares of GS only trimmed losses after they attracted support near the $150 mark, which made for a multi-month low.

Texas Instruments (TXN 34.54, -0.25) was also clipped. News of its earnings miss first broke last evening. In turn, semiconductor stocks in Asia shared in the company's disappointment during overnight trade. The company also made note during its conference call that earthquakes in Japan took their toll on operations.

Data from abroad featured a mixed bag of PMI Services and Manufacturing readings, but domestic data was limited to monthly housing starts and building permits. Housing starts for March improved to an annualized rate of 549,000, which is greater than the rate of 520,000 units that had been broadly expected. Building permits improved to an annualized rate of 594,000, which is greater than the 540,000 building permit rate that had been forecasted, on average, by economists surveyed by Briefing.com.

Building materials stocks benefited from that news. They combined with steel stocks, which bounced on the back of better-than-expected results from Steel Dynamics (STLD 18.46, +1.00), to drive the overall materials sector to a 1.8% gain.

Though not quite as impressive, energy stocks scored a collective gain of 1.1%. Oil services stocks were leaders in the energy space as they rebounded from the prior session's slide.

Health care stocks and industrial stocks weren't too far behind energy. Both sectors put together a 0.9% gain. Health care was led by Dow component Johnson & Johnson (JNJ 62.69, +2.23), which won strong support after it posted a better-than-expected bottom line and issued an improved outlook. PACCAR (PCAR 52.19, +1.88) was a top performing industrial play after it reported its own quarterly results.

Advancing Sectors: Materials (+1.8%), Energy (+1.1%), Health Care (+0.9%), Industrials (+0.9%), Tech (+0.4%),Financials (+0.4%), Consumer Discretionary (+0.3%), Consumer Staples (+0.2%)
Unchanged: Utilities
Declining Sectors: Telecom (-0.1%)DJ30 +65.16 NASDAQ +9.59 NQ100 +0.6% R2K +0.2% SP400 +0.5% SP500 +7.48 NASDAQ Adv/Vol/Dec 1304/1.67 bln/1278 NYSE Adv/Vol/Dec 2006/847 mln/980

3:30 pm : June gold finished higher by 0.1% to $1494.20 per ounce, while May silver gained 2.1% to finish at $43.745 per ounce. Both metals rallied on a continued flight to safety over sovereign debt concerns, strength in crude oil, as well as weakness in the dollar. Gold rallied to a new all time high at $1500.05, while silver once again notched fresh ~31 yr highs at $43.97.

June crude oil, the new front month contract, finished higher by 0.4% to $108.24 per barrel. It recouped overnight losses to finish with modest gains, helped by weakness in the dollar. May natural gas finished higher by 3.1% to $4.26 per MMBtu, helped by cooler than average temperatures across the country.DJ30 +57.86 NASDAQ +7.33 SP500 +6.26 NASDAQ Adv/Vol/Dec 1318/1.3 bln/1251 NYSE Adv/Vol/Dec 1962/604.8 mln/1000

3:00 pm : Tonight's list of earnings announcements features the latest from Dow components IBM (IBM 165.36, -0.58) and Intel (INTC 19.84, +0.22). Fellow tech issue Yahoo! is also scheduled to unveil its latest quarterly results.

Tomorrow morning brings the latest from Altria (MO 26.17, -0.38), Freeport McMoRan (FCX 51.72, +1.11), and Wells Fargo (WFC 30.06, +0.54). Dow components United Technologies (UTX 82.34, +0.64) and AT&T (T 30.26, -0.05) are also due to report in the morning. DJ30 +51.43 NASDAQ +4.19 SP500 +5.27 NASDAQ Adv/Vol/Dec 1250/1.20 bln/1304 NYSE Adv/Vol/Dec 1910/530 mln/1055

2:30 pm : Although the Dow and S&P 500 are up with solid gains near session highs, the Nasdaq has been unable to make much of a move away from the flat line. Its relative weakness comes as the likes of Research In Motion (RIMM 53.60, -1.23) and Yahoo! (16.14, -0.20) trade lower. Their weakness has offset strength in regional bank stocks like Zions (24.02, +1.06).DJ30 +51.05 NASDAQ +1.83 SP500 +5.05 NASDAQ Adv/Vol/Dec 1263/1.11 bln/1285 NYSE Adv/Vol/Dec 1888/490 mln/1045

2:00 pm : The stock market has stretched its recent upturn to a session high. Although the advance began in the absence of a clear-cut leader, natural resource plays have shown their ability to provide a broader push. Demand for natural resource plays hasl sent the materials sector to a 1.4% gain and the energy sector 1.1% higher.

Steel continues to be a key source of strength in the materials sector's advance. As such, the Market Vectors Steel ETF (SLX 72.01, +1.52) is up more than 2%. Meanwhile, oil services providers have the Oil Service HOLDRs ETF (OIH 157.83, +2.71) up nearly 2%. DJ30 +52.18 NASDAQ +4.72 SP500 +5.36 NASDAQ Adv/Vol/Dec 1289/1.02 bln/1269 NYSE Adv/Vol/Dec 1874/452 mln/1055

1:30 pm : The Dow and S&P 500 have worked their way up to their best levels in almost three hours. The gradual lift comes without any real source of leadership, though, so the gains could be susceptible to the challenge of sellers.DJ30 +37.54 NASDAQ +1.89 SP500 +3.76 NASDAQ Adv/Vol/Dec 1161/930 mln/1367 NYSE Adv/Vol/Dec 1768/420 mln/1124

1:00 pm : The broad market is mired at the neutral line. The dull day of trade comes amid a lack of leadership.

A barrage of bank earnings was posted this morning, but the overall financial sector has lacked direction. In turn, it has drifted to a 0.1% loss. U.S. Bancorp (USB 25.19, -0.37) and Comerica (CMA 36.59, -0.87) are down sharply, despite uspide earnings surprises from the pair. Widely considered best-in-class, investment bank Goldman Sachs (GS 150.76, -3.02) topped expectations for both its top and bottom line, but its shares have fallen to a six-month low. State Street (STT 46.00, +1.33) has garnered strong support in the wake of its report, though.

Tech stocks collectively represent the largest sector, but action therein has been choppy for most of the trading day. Texas Instruments (TXN 34.69, -0.10) and Seagate Tech (STX 17.52, -0.32) have lagged following their earnings misses. Comments about the adverse impact of earthquakes in Japan on TXN's operations actually exacerbated overnight selling against semiconductor issues in Asia's major averages.

The health care sector is up modestly on the back of a strong report and improved guidance from Johnson & Johnson (JNJ 61.86, +1.30), but materials stocks have put together enviable gains, but the sector lacks the necessary weight to make it a legitimate market leader. Nonetheless, the sector's 1.0% gain stems from strength among steel stocks following an upside earnings surpirse from Steel Dynamics (STLD 18.29, +0.83) and building materials plays in the wake of this morning's stronger-than-expected housing starts report.

Housing starts for March hit an annualized rate of 549,000, which is an improvement from the upwardly revised rate of 512,000 for the prior month. The March rate also exceeds the Briefing.com consensus call for an annualized rate of 520,000 units. Building permits were also better than expected. Permits for March totaled improved to an annualized rate of 594,000, which is greater than the 540,000 building permit rate that had been forecasted.

The latest tally is also up from the February rate of 534,000 permits. Shares of homebuilders like Lennar (LEN 18.57, +0.23) and PulteGroup (PHM 8.13, +0.29) have also been helped by the housing report. DJ30 +24.52 NASDAQ -2.56 SP500 +2.05 NASDAQ Adv/Vol/Dec 1058/850 mln/1435 NYSE Adv/Vol/Dec 1648/383 mln/1239

12:30 pm : Shares of Harley-Davidson (HOG 37.60, -2.11) have tumbled more than 5% to a new one-month low. The stock is among today's worst performers. As a consequence, it has hampered the consumer discretionary sector, which currently trades with a slight loss.

The dramatic downturn by HOG comes after the motorcycle manufacturer announced earnings of $0.51 per share for the latest quarter, but that came short of the Wall Street consensus of $0.53 per share. DJ30 +21.61 NASDAQ -4.71 SP500 +1.02 NASDAQ Adv/Vol/Dec 1076/775 mln/1395 NYSE Adv/Vol/Dec 1633/350 mln/1232

12:00 pm : Lackluster trade has kept the major equity averages near the neutral line.

However, materials stocks have benefited from some strong buying interest. More specifically, the sector is up 0.8%. Steel stocks are in particularly strong shape following an impressive quarterly report from Steel Dynamics (STLD 18.29, +0.83). The materials sector has also been helped by building materials plays in the wake of this morning's stronger-than-expected housing starts report. DJ30 +18.39 NASDAQ -4.16 SP500 +0.95 NASDAQ Adv/Vol/Dec 1072/685 mln/1391 NYSE Adv/Vol/Dec 1603/315 mln/1234

11:30 am : The tone of trade continues to slowly sour. As such, stocks are at session lows, although overall weakness remains moderate.

Financials have fallen under particularly stiff selling in the past few minutes so that the sector is now down 0.3%. U.S. Bancorp (USB 25.05, -0.51) and Goldman Sachs (GS 151.24, -2.54) represent a couple of particularly weak performers in the financial space, even though both firms posted an upside earnings surprise for the latest quarter. In contrast, stronger-than-expected results from State Street (STT 46.05, +1.38) have sent the stock up 3%. DJ30 +3.90 NASDAQ -7.47 SP500 -0.72 NASDAQ Adv/Vol/Dec 1131/585 mln/1304 NYSE Adv/Vol/Dec 1690/271 mln/1144

11:00 am : The Nasdaq has slipped below the neutral line so that it now trades with a fractional loss. Cisco Systems (CSCO 16.57, -0.16) continues to be a laggard in the tech-rich Index and, as such, continues to weigh on it.

Homebuilders are having a strong session following this morning's stronger-than-expected housing starts figures and building permits figures. KB Home (KBH 11.59, +0.29), Lennar (LEN 18.81, +0.47), and PulteGroup (PHM 8.13, +0.29) are not only top performers in their space, but in the broader market as well. DJ30 +16.65 NASDAQ -2.35 SP500 +1.30 NASDAQ Adv/Vol/Dec 1171/460 mln/1191 NYSE Adv/Vol/Dec 1718/218 mln/1035

10:30 am : At the open of pit trading, crude oil rallied for almost $2/barrel, pushing into positive territory and rising near the $108 level. In current activity, crude is up 4 cents at $107.73/barrel.

Natural gas traded right around the unchanged line during the overnight session and in early morning trade. Around 7:00am ET, the energy component began on uptrend and steadily rose almost 2% to almost $4.22/MMBtu. Nat gas is now 2.4% higher at $4.24/MMBtu.

Gold futures rose to session highs of just over $1498/oz. overnight, but pulled back to $1490 this morning. In the last 15 minutes of trade, gold pushed back near the unchanged line and is currently 0.1% higher at $1493.60/oz.

Silver have been in positive territory all morning but have dropped back below the $43 area twice so far this morning. Currently, silver is up 0.6% at $43.22/oz.

In overnight trade, grains rose higher with wheat showing the most gains again. After rising ~4% in trade yesterday, wheat rose 16 cents overnight to $7.91. Corn gained 0.4% to $7.54 and soybeans rose 0.02% at $13.45/bu.DJ30 +46.81 NASDAQ +6.02 SP500 +4.46 NASDAQ Adv/Vol/Dec 1323/302.07 mln/950 NYSE Adv/Vol/Dec 1821/155.8 mln/875

10:00 am : A sudden flurry of selling pressure has dashed stocks' early advance. The major equity averages are now narrowly above the neutral line.

Tech stocks, which collectively make up the largest sector, have been taken down to a 0.2% loss. Texas Instruments (TXN 34.40, -0.39) has been a heavy drag following the semiconductor giant's earnings miss. Seagate Tech (STX 17.35, -0.49) reported an earnings miss of its own. The company's quarterly report was further darkened by a downside forecast. Western Digital (WDC 37.85, -0.82) has fallen sharply in sympathy after it had made an upward push at the open of trade.

Advancing Sectors: Materials (+0.8%), Industrials (+0.6%), Health Care (+0.3%), Energy (+0.2%), Consumer Discretionary (+0.1%)
Unchanged: Utilities, Financials, Telecom
Declining Sectors: Tech (-0.2%), Consumer Staples (-0.2%)DJ30 +18.60 NASDAQ +1.04 SP500 +1.00 NASDAQ Adv/Vol/Dec 1576/140 mln/595 NYSE Adv/Vol/Dec 1961/90 mln/665

09:45 am : The major equity averages are up with modest gains in the first few minutes of action.

Industrial stocks are currently the top performers. The sector has already sprint ahead to a 0.8% gain amid broad buying, but Paccar (PCAR 52.83, +2.52) is in the front following news of an upside earnings surprise for the latest quarter.

In contrast, consumer staples stocks are down 0.1%, which makes them this morning's worst performing sector. The dip by consumer staples plays comes after the sector had outperformed for the past few sessions. DJ30 +31.75 NASDAQ +8.30 SP500 +3.14 NASDAQ Adv/Vol/Dec 1515/40 mln/507 NYSE Adv/Vol/Dec 1791/40 mln/568

09:15 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.30. Stock futures suggest that the cash market will open at or slightly above the flat line. Although that may not seem terribly impressive, it marks an improvement from overnight action that was weighed down by an earnings miss from Texas Instruments (TXN) and the comments that the company made regarding the adverse impact of Japan's earthquakes on operations. That direct acknowledgement exacerbated weakness among many semiconductor-related plays in Asia, which were already under selling pressure following Wall Street's sell-off yesterday. The tone at home has been helped, however, by a rebound in Europe's major bourses and a bevy of better-than-expected earnings reports from banks and their ilk. Health and personal care product behemoth and Dow component Johnson & Johnson (JNJ) posted pleasing earnings of its own and complemented the report with an improved outlook. Its shares are up more than 2% ahead of the open. Domestic data has been limited to stronger-than-expected housing starts and building permits figures for March. Overseas data featured a handful of PMI Manufacturing readings out of Europe. They generally showed improvement from the prior month. PMI Services readings were more mixed.

09:00 am : S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +4.00. Europe's major bourses booked marked losses yesterday, but they have bounced back during the latest round of trade. As such, Germany's DAX is up 0.6%, France's CAC has climbed to a 1.0% gain, and Britain's FTSE has fueled its way to a 0.8% gain. According to data, Germany's PMI Manufacturing Index for April improved to 61.7 from 60.9 in March. Its PMI Services Index slipped to 57.7 for April from 60.1 in March, though. France's Manufacturing PMI for April improved to 56.9 from 55.4 in March. Its PMI Services Index improved to 63.4 for April from 60.4 in March. Meanwhile, eurozone Manufacturing PMI for April improved to 57.7 from 57.5 in March. The eurozone PMI Services Index slipped to 56.9 in April from 57.2 in March, though. Eurozone consumer confidence in April had a score of -11.4, down from -10.6 in the prior month.

Asia's major averages slid sharply in overnight trade. Their descent came largely in response to the weakness displayed on Wall Street after analysts at S&P assigned a negative outlook to the AAA rating of U.S. debt. China's Shanghai Composite was one of the worst performers. It tumbled to a 1.9% loss. Coal plays were among the poorest performers. Hong Kong's Hang Seng shed 1.3%. CNOOC (CEO) was among the heaviest drags on trade. Japan's Nikkei suffered a 1.2% loss amid widespread weakness. TDK Corp dropped 8% to close the session as the Nikkei's worst performer. Advantest (ATE) and other semiconductor-related issues were further imbued by comments from Texas Instruments (TXN) regarding the adverse impact that the earthquakes in Japan have had on operations.

08:35 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +4.30. Stock futures got a little bit of help from the latest dose of housing data. Housing starts for March hit an annualized rate of 549,000, which is an improvement from the upwardly revised rate of 512,000 for the prior month. The March rate also exceeds the Briefing.com consensus call for an annualized rate of 520,000 units. Building permits were also better than expected. Permits for March totaled improved to an annualized rate of 594,000, which is greater than the 540,000 building permit rate that had been forecast for the month. The latest tally is also up from the February rate of 534,000 permits.

08:05 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +3.10. Stock futures currently have a narrow lead over fair value. The tepid tone comes amid a bevy of reports from financial firms. Goldman Sachs (GS) is the latest to announce results. The investment bank posted an upside earnings surprise on stronger-than-expected revenue. U.S. Bancorp (USB) also beat on the bottom line, as did Comerica (CMA), Regions Financial (RF), and State Street (STT). Northern Trust (NTRS) came short of the consensus, though. The latest round of earnings reports has also featured better-than-expected earnings from Dow component Johnson & Johnson (JNJ), which complemented the report with improved guidance. Texas Instruments (TXN) failed to meet what had been expected for earnings. Comments regarding disruptions from the earthquakes in Japan during the company's conference call last evening exacerbated weakness among some of the tech plays listed in the major Asian averages in overnight trade. Action in Europe has been generally positive following its prior session slide. Solid PMI data have helped. As for domestic data, the latest housing start data are due at the bottom of the hour. Nothing else of consequence is on the economic calendar today.

06:47 am : [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -0.80.

06:47 am : Nikkei...9441.03...-115.60...-1.20%. Hang Seng...23520.62...-309.70...-1.30%.

06:47 am : FTSE...5900.56...+30.50...+0.50%. DAX...7051.48...+24.50...+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/bar analysis)
Price Action Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1.708.572.4885
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