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 Post subject: May 24th Tuesday 2011 Emini TF ($TF_F) points +5.40
PostPosted: Tue May 24, 2011 6:08 pm 
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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: +5.40 points or $540.00 dollars in the Russell 2000 Emini TF ($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=90&t=862.

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=138&t=1058

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

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 Bloomberg (YouTube Video) - U.S. Stocks Fall, Industrial Slump Offsets Housing Data

May 24 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks retreated, sending benchmark indexes to one-month lows, as a drop in stocks most-tied to economic growth offset a government report showing that sales of new homes rose to the highest level this year.

Image CNNMoney.com - Stocks Slip On Recovery Fears
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
May 24, 2011: 4:34 PM ET

NEW YORK (CNNMoney) -- Investors are on edge as they face a series of headwinds that just don't seem to be going away: a slowing U.S. recovery, European debt problems and the end of the Federal Reserve's bond-buying program.

All of that means that "gains will be harder to come by," warned Bob Doll, BlackRock chief equity strategist, in a recent client note. On the bright side, the uptrend will continue, "but at a more challenged pace," he added.

It's already been a choppy week and it's only Tuesday. After getting hammered in the previous session, stocks were struggling to recover.

The Dow Jones industrial average (INDU) slipped 25 points, or 0.2%, with GE (GE, Fortune 500) and American Express (AXP, Fortune 500) pressuring the blue chip index. Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500), which got a boost from oil prices, were among the biggest gainers on the Dow.

Crude prices rose nearly 2% to close just under $100 a barrel. The spike came after Goldman Sachs boosted its forecast for Brent oil -- the European benchmark -- to $120 a barrel by year's end.

The Nasdaq Composite (COMP) lost 13 points, or 0.5%, and the S&P 500 (SPX) lost 1 point, or 0.1%.

May has been especially rough for the stock market. The Dow and S&P 500 have both lost more than 3%, and the Nasdaq has tumbled 4% since the start of the month.

* Many don't have $2,000 for a rainy day

"The recently weaker tone in equity markets can be attributed to a broad slowdown in economic data," Doll said. "Outside of the United States, investors remain focused on the sovereign debt problems plaguing Europe."

Rating agencies Standard and Poor's and Fitch have issued pessimistic outlooks for Greece, Italy and Belgium during the last few days.

"Europe's debt problems are like a hurricane off the coast," said Jack Ablin, chief investment officer at Harris Private Bank. "We know it's coming, and now we want to know how much damage it will ultimately inflict."

On top of that, investors are also preparing for the conclusion of the Fed's bond buying program in June, which some experts say has been the prominent driver in the stock market's gains since Ben Bernanke first mentioned it last August.

While the risks may put a lid on gains in the near-term, investor's don't need to worry about an end to the two-year old bull market. Stocks have doubled from their March 2009 lows -- at a record pace.

* 10 dirt-cheap housing markets

And for the year, stocks remain in positive territory: The Dow is up nearly 7% while the S&P 500 and Nasdaq are about 4% higher.

Economy: A government report showed that new home sales rose 7.3% to an annual rate of 323,000 units in April. Economists were expecting an annual rate of 300,000 sales for April.

Companies: AutoZone (AZO, Fortune 500) was among the S&P 500's best performers. Shares of the auto parts retailer jumped 6% after the company delivered quarterly earnings and sales above expectations.

Shares of entertainment products maker Sony (SNE) rebounded, ticking up 5%. Shares slipped nearly 4% in the previous session following disappointing quarterly results due to the earthquake and tsunami in Japan.

* Twitter to buy TweetDeck

Russian search giant Yandex (YNDX) debuted on the Nasdaq under the ticker 'YNDX' after going public late Monday. The stock jumped almost 60% from its IPO price of $25 a share.

Currencies and commodities: The dollar slid against the euro, the British pound, and the Japanese yen

Gold futures for June delivery rose $7.90 to $1,523.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 3.12% from 3.13% late Monday.

World markets: After global markets sank in the previous session on concerns that eurozone debt woes will continue to spread, European stocks rebounded in Tuesday. Britain's FTSE 100 and the DAX in Germany added 0.4% and France's CAC 40 rose 0.3%.

Asian markets ended mixed. The Shanghai Composite edged lower 0.3%, while the Hang Seng in Hong Kong ticked up 0.1% and Japan's Nikkei rose 0.2%.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Stocks ended the day with modest losses after a half-hearted attempt to rebound from the prior session's drop failed in the early going. The decline keeps stocks at monthly lows.

Traders showed some buying interest this morning as markets abroad steadied and the dollar drifted lower. However, their lack of conviction quickly became apparent when they failed to defend early gains as stocks began to lose direction and then drift lower.

Most of the major sectors muddled along in mixed fashion, but weakness among tech stocks (-0.4%) weighed on the Nasdaq, which consistently underperformed its counterparts.

In contrast, energy stocks sported strong gains for the entire session. As a group, they settled with a 1.3% gain. Part of the sector's strength was owed to a near 2% gain by crude oil prices, which closed pit trade just a penny shy of $99.60 per barrel. Oil's gain came amid bullish analyst calls for the price of oil.

Corporate news flow was lacking and economic data was limited to April new home sales, which improved to an annualized rate of 323,000 units from a pace of 301,000 units in the prior month. On average, economists polled by Briefing.com had expected the rate to remain near the March pace. Homebuilders initially had a positive reaction to the data, but ultimately retreated. That left the SPDR S&P Homebuilders ETF (XHB 18.12, -0.08) to settle with a loss.

Advancing Sectors: Energy (+1.3%), Materials (+0.5%), Telecom (+0.5%)
Declining Sectors: Consumer Staples (-0.1%), Financials (-0.2%), Utilities (-0.2%), Health Care (-0.3%), Tech (-0.4%), Consumer Discretionary (-0.5%), Industrials (-0.6%)DJ30 -25.05 NASDAQ -12.74 NQ100 -0.6% R2K -0.5% SP400 -0.3% SP500 -1.09 NASDAQ Adv/Vol/Dec 1014/1.88 bln/1565 NYSE Adv/Vol/Dec 1381/865 mln/1604

3:30 pm : July crude oil rallied for 1.9% to close at $99.59 per barrel. Weakness in the dollar and some bullish calls out of Goldman and Morgan Stanley helped crude oil trade back toward the $100 level today. June natural gas finished near unchanged at $4.34 per MMBtu.

The flight to safety, once again spurred by euro-zone debt concerns, pushed precious metals higher today. June gold finished up 0.5% to $1523.40 per ounce, while July silver rallied for 3.7% to close at $36.17 per ounce. Gold notched highs at $1529.00, its best levels since May 11, while silver traded to session highs at $36.40, its best levels since May 3. DJ30 +17.86 NASDAQ -2.92 SP500 +2.95 NASDAQ Adv/Vol/Dec 1171/1.4 bln/1389 NYSE Adv/Vol/Dec 1495/569.0 mln/1471

3:00 pm : Despite the stock market's recent push into positive territory, it has been unable to generate any kind of meaningful upward momentum. As a result, the broad market continues to trade near the neutral line.

About a half-billion shares have traded hands, so far, on the NYSE. The pace, though sluggish, is on par with the average seen during the past few months. Share volume may actually wane further as the week progresses, given that many traders and institutional desks will become more thinly staffed with the approach of Memorial Day. DJ30 +3.56 NASDAQ -7.03 SP500 +0.99 NASDAQ Adv/Vol/Dec 1141/1.30 bln/1398 NYSE Adv/Vol/Dec 1410/520 mln/1536

2:30 pm : Both the Dow and the S&P 500 have poked back into positive territory. The broad market continues to be propped up by the energy sector, which is up 1.7%.

The Nasdaq has yet to join its counterparts. Tech, although down just 0.1%, has been a bit of a burden on the Nasdaq. Regional banks like Fifth Third (FITB 12.35, -0.04) have also hampered the Nasdaq, though. Weakness among regional banks has also kept the overall financial sector in the red with a 0.3% loss. DJ30 +11.54 NASDAQ -4.67 SP500 +1.76 NASDAQ Adv/Vol/Dec 1116/1.21 bln/1423 NYSE Adv/Vol/Dec 1362/480 mln/1582

2:00 pm : Stocks have made a slight upturn in recent trade. Both the Dow and the S&P 500 now face possible resistance at the flat line. The Nasdaq continues to lag its counterparts, though.

The stock market's recent move back toward the unchanged mark coincides with a dip by the dollar, which now lags a collection of competing currencies by 0.4%. That puts the Dollar Index back near its session low. DJ30 -6.35 NASDAQ -9.34 SP500 -0.89 NASDAQ Adv/Vol/Dec 991/1.11 bln/1536 NYSE Adv/Vol/Dec 1231/440 mln/1693

1:30 pm : Treasuries have been under mild pressure for most of the session, although they did get some relief in the wake of the latest Treasury auction.

Results from an auction of 2-year Notes were posted at 1:00 PM ET. The auction drew a bid-to-cover ratio of 3.47, dollar demand of $121.5 billion -- the highest since January -- and an indirect bidder participation rate of 31.3%. For comparison, the prior auction drew a bid-to-cover of 3.06, dollar demand $107.1 billion, and indirect bidder participation rate of 37.9%. An average of the past six auctions results in a bid-to-cover of 3.36, dollar demand of $117.4 billion, and an indirect bidder participation rate of 31.7%. DJ30 -13.96 NASDAQ -10.54 SP500 -1.73 NASDAQ Adv/Vol/Dec 1084/1.02 bln/1427 NYSE Adv/Vol/Dec 1331/400 mln/1573

1:00 pm : Following the prior session's precipitous drop, participants showed a willingness to wade back into the market this morning. However, the lack of conviction among buyers has been apparent. In turn, stocks are back in the red.

The major market averages opened in positive territory, but were unable to generate any kind of upward momentum in the early going. The lack of follow through buying comes in the face of a weaker dollar, which is currently down 0.3% against a basket of major foreign currencies.

The dollar's weakness today has been relatively steady. Despite that, commodities have also pulled back from morning levels. The CRB Commodity Index sported a gain comfortably above 1% this morning, but it is now up just 0.4% for the day. Oil prices had been up more than 2% at their session high, but they are now up a much more tame 0.7% at $98.40 per barrel.

Even though both oil prices and the broad equity market have drifted lower, energy stocks continue to sport impressive gains. As a group, energy plays are up 1.4%, which is more than double what any other sector has achieved.

In contrast, financials have lagged all session. The sector's 0.5% loss is largely owed to weakness among bank stocks.

Homebuilders are also having a lackluster session. Buying in the space was spurred this morning by a stronger-than-expected new home sales report for April, but the group has given back gains amid the broad market's pullback. DJ30 -14.87 NASDAQ -9.81 SP500 -1.34 NASDAQ Adv/Vol/Dec 1031/945 mln/1453 NYSE Adv/Vol/Dec 1347/370 mln/1541

12:30 pm : Stocks are slogging along with slight losses. The lackluster action comes after the major market averages had started the session with modest gains. The opening bid had appeared to be the result of a willingness among buyers to slowly wade back into action after the prior session's sell-off. However, buying interest has been without conviction, which has allowed stocks to drift back to the red.DJ30 -17.74 NASDAQ -9.92 SP500 -1.45 NASDAQ Adv/Vol/Dec 1016/860 mln/1449 NYSE Adv/Vol/Dec 1356/335 mln/1521

12:00 pm : The Nasdaq is underperforming its counterparts, although by only a relativley narrow margin. Its weakness comes as large-cap tech plays like Intel (INTC 22.70, -0.16), Cisco (CSCO 16.27, -0.08), and Microsoft (MSFT 24.10, -0.07) come under pressure. Overall, the tech sector is down 0.4% today.DJ30 -16.65 NASDAQ -9.88 SP500 -1.04 NASDAQ Adv/Vol/Dec 1078/755 mln/1352 NYSE Adv/Vol/Dec 146/290 mln/1403

11:30 am : The major equity averages remain mired near the neutral line. The muddled action comes even though the dollar is trading with a 0.4% loss near its session low.

Most of the dollar's downturn today is owed to renewed strength in the euro, which is up 0.8% to $1.412. The sterling pound is in strong shape, too; it was last quoted with a 0.6% gain at $1.618. However, the dollar has advanced against the yen, which was recently quoted with a 0.3% loss at 82.10 yen per dollar. DJ30 +10.41 NASDAQ -3.59 SP500 +2.02 NASDAQ Adv/Vol/Dec 1150/640 mln/1230 NYSE Adv/Vol/Dec 1643/245 mln/1181

11:00 am : Stocks have slipped during the course of the past 30 minutes. The downturn has left the major equity averages to trade in mixed fashion.

The broader market's pullback has caused the energy sector to surrender some of its gain. Despite that, the energy sector continues to trade with a 1.6% gain, which is more than double what any other sector has achieved.

Financials have been lagging this session. The sector's slide to a 0.2% loss comes as banking plays come under pressure. Weakness among banking issues has the KBW Bank Index down 0.4%. DJ30 +5.49 NASDAQ -2.16 SP500 +1.97 NASDAQ Adv/Vol/Dec 1123/486 mln/1206 NYSE Adv/Vol/Dec 1540/198 mln/1238

10:35 am : Commodities are trading higher except for a select few including natural gas (-0.3%), lean hogs (-0.6%).

Crude oil has been in positive territory all session. The energy component hit session highs of $99.97/barrel minutes ago and is now up 1.9% at $99.51/barrel.

Natural gas has been the laggard in the energy markets after it sold-off when pit trading began. During its morning sell-off, it fell into negative territory, dropped ~2% and hit new session lows of $4.35/MMBtu. In current activity, it's down 0.3% at $4.38/MMBtu.

Both gold and silver has been trading in positive territory all session and are showing a similar chart to crude oil. Gold hit new session highs of $1527.90/oz. about five minutes ago and is now up 0.7% at $1526.50/oz. Silver just hit new session highs as well and is now trading just under that level at $36.23/oz. up 3.8%.

Grain markets just opened and popped higher. Corn futures are 2 cents higher at $7.56/bu, wheat is still down 3 cents at $8.00, even after popping higher at the open, and soybeans are up 10 cents at $13.84/bu.DJ30 +16.43 NASDAQ +2.00 SP500 +3.78 NASDAQ Adv/Vol/Dec 1480/320.1 mln/789 NYSE Adv/Vol/Dec 1929/136.2 mln/807

10:05 am : Energy stocks continue to climb in morning trade. The sector is now up 2.3%. Its rally has been helped along by a sharp bounce in oil prices to $99.70 per barrel, which makes for a 2.0% gain.

New home sales for April were just posted. They hit an annualized rate of 323,000 units, which is a stronger pace than the rate of 300,000 units that had been expected, on average, among economists polled by Briefing.com. The April rate also marks an increase from the pace of 301,000 units that had been set in the prior month.

Following the release of the monthly new home sales figures, shares of homebuilders like KB Home (KBH 11.43, +0.08) and PulteGroup (PHM 7.65, +0.12) made strong moves higher. The broader market hasn't had much of a reaction, though. DJ30 +25.21 NASDAQ +5.31 SP500 +4.75 NASDAQ Adv/Vol/Dec 1214/160 mln/928 NYSE Adv/Vol/Dec 1620/77 mln/1044

09:45 am : Energy stocks have sprinted ahead to take a strong lead in the early going. The sector's 1.6% surge has been led by the likes of El Paso (EP 20.02, +1.04), Halliburton (HAL 47.59, +1.43), Hess (HES 78.02, +1.82), and Murphy Oil (MUR 67.80, +1.91). Although they are also sporting gains, Massey Energy (MEE 61.76, +0.56) and Spectra Energy (SE 27.25, +0.16) are relative laggards.

Health care stocks are at the other end of things. The sector's 0.4% loss makes it this morning's poorest performing sector. Medtronic (MDT 40.19, -1.07) is currently the heaviest drag on the space following its disappointing quarterly report. DJ30 +17.49 NASDAQ +2.58 SP500 +3.48 NASDAQ Adv/Vol/Dec 1371/40 mln/641 NYSE Adv/Vol/Dec 1768/35 mln/626

09:15 am : S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +7.50. Stocks across the globe slid sharply in the prior session as traders and investors reacted to disappointing data and renewed concerns about the fiscal conditions of countries in the eurozone periphery. Pressure has eased today, though. That has helped many overseas markets stabilize, or even move higher. In turn, domestic stock futures are showing moderate strength. The early bid has been further helped by a downturn in the dollar, which was last quoted with a 0.3% loss against a basket of major foreign currencies. Just yesterday the dollar hit its highest intraday level in two months. The dollar's decline has also rekindled interest in commodities, which are collectively up 1.1%, according to the CRB Commodity Index. A bullish call by Goldman Sachs for higher Brent Crude oil prices has helped the energy complex. Corporate news flow has been sluggish this morning. Data are also lacking, although new home sales numbers are scheduled for release at 10:00 AM ET.

09:05 am : S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +8.00. Commodities are up solidly this morning. Specifically, crude oil prices are up 1.8% to $99.50 per barrel in the first few minutes of pit trade. Natural gas prices are up a solid 0.6% to $4.42 per barrel. Among precious metals, gold prices are up a relatively tepid 0.4% at $1522 per ounce after it held up relatively well in the face of the prior session's sell-off. As for silver, it has rallied back to a 2.9% gain at $35.92 per ounce. Buying among commodities has been further bolstered by the greenback's pullback; the dollar was last quoted with a 0.3% loss.

08:35 am : S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +5.70. Europe's major bourses have steadied since the prior session. That has helped the EuroStoxx 50 trade 0.3% for the better. Germany's DAX has actually rebounded to a 0.8% gain. Germany's final reading on first quarter GDP showed that overall output increased by 1.5%, which is unchanged from the preliminary reading. The country's IFO Business Climate Survey for May registered at 114.2, unchanged from the prior month. Infineon Tech has been a primary leader in German trade. France's CAC is currently up 0.4%. The country reported that its Business Confidence Indicator for May came in at 107, which is down slightly from 109 in April. As for Britain's FTSE, it is up 0.6%, although some of its banking plays, like Lloyds Group (LYG) and Barclays (BCS), have been imbued by reports that analysts at Moody's are reviewing more than a dozen banks in the United Kingdom for possible downgrade.

Overnight trade in Asia saw markets muster modest gains. For instance, Japan's Nikkei eked out a 0.2% gain. Shinsei Bank and Furukawa were primary leaders. Even Sony (SNE) staged a strong gain, despite its recent cut to guidance. Resona Holdings and KDDI weighed on trade. Hong Kong's Hang Seng stretched to a 0.1% gain. That was helped by strength in energy giants CNOOC (CEO) and PetroChina (PTR). PetroChina was actually a source of weakness for the Shanghai Composite, which ended its trading day with a 0.3% loss. Financial issues were also a source of weakness. Their losses come amid ongoing speculation about higher interest rates.

08:05 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +5.20. Global selling pressure has steadied since yesterday. That has helped broad market stock futures trade in step with fair value. The major equity averages abroad have also been able to put together varied gains. Commodities have bounced back after they had been clipped in the prior session. It was just reported that analysts at Goldman Sachs raised their 2011 and 2012 forecast for Brent crude oil to $120 per barrel and $140 per barrel, respectively. Futures prices for Brent Crude oil were last quoted at $111.35 per barrel, up 1.1%. The dollar's pullback from the two-month intraday high that it set against a collection of competing currencies during the prior session has helped. It was last quoted with a 0.3% loss against that basket. No major earnings announcements or other meaningful corporate headlines are out this morning. The economic calendar is also light with new home sales representing the sole item of wide interest. Those numbers are due at 10:00 AM ET.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +2.50.

06:28 am : Nikkei...9477.17...+16.50...+0.20%. Hang Seng...22730.78...+19.80...+0.10%.

06:28 am : FTSE...5865.29...+29.40...+0.50%. DAX...7164.84...+43.30...+0.60%.

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

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