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 Post subject: June 17th Friday 2011 Emini TF (No Trades Personal Day Off)
PostPosted: Fri Jun 17, 2011 11:54 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)

Quote:
No trades today although I had originally planned to do a few trades. Regardless, I'll return to normal trading Monday June 20th.

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=91&t=903.

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

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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 Shakes Off Six-Week Losing Streak
Attachment:
061711-Key-Price-Action-Markets.png
061711-Key-Price-Action-Markets.png [ 518.2 KiB | Viewed 295 times ]

click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer June 17, 2011: 5:27 PM ET

NEW YORK (CNNMoney) -- The Dow broke its six-week losing streak on Friday, ending the day with modest gains following a sharp decline in oil prices and another wave of mixed economic data.

However technology shares continued to struggle, with the Nasdaq posting a weekly decline of 1%. The S&P also broke its six-week losing streak, barely, gaining less than 0.1% for the week.

The Dow Jones industrial average (INDU) rose 43 points, or 0.4%, to close at 12,004. It was the first weekly gain for the blue chips since late April.

The S&P 500 (SPX) gained 4 points, or 0.3%, to 1,271.50; ending the week essentially unchanged.

"At the pace we've been selling off, you should expect bounces along the way, but the question is whether these short-covering bounces are part of a shift in market sentiment," said Quincy Krosby, market strategist with Prudential Financial.

Technology shares weighed on the broader market, after Research in Motion (RIMM) slashed its full-year earnings outlook by 30% and announced layoff plans after the market closed Thursday. Shares plummeted more than 20%.

* BlackBerry falling out of favor

Intel (INTC, Fortune 500) was the Dow's biggest laggard, falling 1%. In the S&P 500, shares of Apple (AAPL, Fortune 500), Google (GOOG, Fortune 500) and AMD (AMD, Fortune 500) were down 2% or more.

The tech-heavy Nasdaq Composite (COMP) fell 7 points, or 0.3%, to 2,616.

With less than an hour before the closing bell, credit agency Moody's said it was putting Italy on watch for a possible credit rating downgrade. The news took some steam out of Friday's rally, but it wasn't enough to end the Dow and S&P's modest gains.

The recent decline in oil prices and new developments out of Greece has helped give the markets a boost late this week, investors said.

Earlier this week, oil prices plunged more than 4% on Greek debt woes and are now trading at four-month lows. Oil prices settled down an additional 2% on Friday to $93.01 a barrel.

* The bull market is dead - StockTwits

"The froth we saw in commodities a month ago has dissipated and it's helping lower inflation expectations," said Jim Dunigan, managing executive of investments for PNC Wealth Management.

U.S. stocks closed mixed on Thursday, as weakness in the tech sector countered stronger-than-expected reports on the housing market and unemployment.

Economy: Investors got another mixed bag of economic data to work through. The University of Michigan consumer sentiment survey for June fell to a reading of 71.8, worse than the 73.5 reading that economists had expected.

While economic data has largely disappointed in recent months, there may be a slight uptick in optimism emerging.

The Conference Board's Leading Economic Indicators rose 0.8% in May, compared with the rise of 0.4% economists had forecasted.

Companies: Capital One (COF, Fortune 500) said late Thursday it plans to acquire online banker ING Direct, making it the fifth-biggest U.S. deposit gatherer. Shares of the bank fell 0.5%.

Shares of BankRate.com (RATE) fell 1% in its public debut. The financial data website priced its initial public offering at $15 a share late Thursday and started trading under the ticker "RATE."

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

Gold futures for August delivery rose $9.20 to $1,529.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.95% from 2.91% late Thursday.

* Is the U.S. like Greece?

World markets: Greece named a new finance minister early Friday. Former defense minister Evangelos Venizelos will replace George Papaconstantinou as finance minister.

Also related to the Greek debt situation, German Chancellor Andrea Merkel backed away from her earlier statement that private banks be required to help bail out Greece's economy.

European stocks closed solidly higher. Britain's FTSE 100 edged up 0.3%, the DAX in Germany was up 0.8% and France's CAC 40 gained 1%.

Asian markets ended the session lower. The Shanghai Composite dropped 0.8%, the Hang Seng in Hong Kong tumbled 1.2% and Japan's Nikkei shed 0.6%.

Image

Image Yahoo! Finance - Market Update

4:20 pm : A positive response to recent efforts to shore up Greece's fiscal woes helped stocks eek out their first weekly advance in seven weeks.

Both domestic equities and Europe's bourses bounced in response to news this morning that Greece has appointed a new finance minister and that German and French officials support quick implementation of plans to address the country's fiscal woes. However, Moody's reminded investors about the precarious fiscal conditions that exist among countries in the eurozone periphery by announcing that Italy's debt rating is on review for possible downgrade.

Although stocks were able to open on a strong note, support waned as the session progressed. The downward drift took the tech-rich Nasdaq to a modest loss, but the S&P 500 was able to sustain a modest gain, which proved to be enough to give the broad market average a weekly gain of less than one point. Still, that's the stock market's first weekly advance since April.

A 0.9% gain made financials the best performing sector of the session. Telecom, which advanced 0.8%, wasn't far behind. Energy and tech were at the other end of the spectrum; both sectors shed 0.3%. Energy was hurt by a 2% drop in oil prices to about $93 per barrel, while weakness in the tech sector was largely attributable to sharp losses among semiconductor stocks, which fell 1.4% as a group.

Research In Motion (RIMM 27.75, -7.58) was dumped aggressively today. The company's downside guidance took the stock to its lowest level in more than four years.

Participants were dealt a small dose of data today. The Consumer Sentiment Survey for June from the University of Michigan came in at 71.8, which is less than the reading of 73.5 that had been broadly expected among economists polled by Briefing.com. Leading Indicators for May increased by 0.8%, which is greater than the Briefing.com consensus call for a 0.4% increase.

Share volume surged this session, but not because investors rushed in from the sidelines. Rather, quadruple-witching options expiration increased the number of shares traded among regular participants.

Advancing Sectors: Financials (+0.9%), Telecom (+0.8%), Consumer Discretionary (+0.7%), Consumer Staples (+0.6%), Utilities (+0.6%), Industrials (+0.4%), Health Care (+0.2%)
Unchanged: Materials
Declining Sectors: Energy (-0.3%), Tech (-0.3%)DJ30 +42.84 NASDAQ -7.22 NQ100 -0.3% R2K +0.1% SP400 +0.2% SP500 +3.86 NASDAQ Adv/Vol/Dec 1294/2.40 bln/1241 NYSE Adv/Vol/Dec 1867/1.60 bln/1121

3:30 pm : Stocks have slipped toward session lows in response to headlines that suggest analysts at Moody's have put Italy's debt rating on review for possible downgrade. The announcement, which follows news of efforts to shore up Greece's finances, offers a blunt reminder of the precarious fiscal conditions that exist among countries in the eurozone periphery.

Commodities closed the week in mixed fashion as energy prices were pared, but precious metals pushed higher.

Oil prices were under pressure all session. The price of crude oil in the continuous contract came down by 2.0% so that the energy component closed pit trade just a penny above $93 per barrel. Natural gas prices had been up in the early going, but contracts inevitably closed with prices down 1.8% at $4.33 per MMBtu.

Precious metals had been weak early this morning, but were able to make a push higher and settle in positive territory. Specifically, gold gained 0.5% to end the day at $1538.10 per ounce, while silver settled at $35.77 per ounce to score a 0.6% gain. DJ30 +32.93 NASDAQ -9.39 SP500 +2.70 NASDAQ Adv/Vol/Dec 1054/1.66 bln/1414 NYSE Adv/Vol/Dec 1745/848 mln/1242

3:00 pm : Momentum from a recent buying effort has faded, but the S&P 500 is up enough so that it heads into the final hour of Friday's trade with its eye on a fractional gain for the week. The broad market measure hasn't scored a weekly gain since April.

Share volume remains relatively robust, but that's largely because of the quadruple-witching options expiration. Prior to the past few sessions, daily share volume on the NYSE has averaged less than 1 billion shares. DJ30 +60.74 NASDAQ -2.32 SP500 +5.68 NASDAQ Adv/Vol/Dec 1130/1.59 bln/1314 NYSE Adv/Vol/Dec 1885/815 mln/1098

2:30 pm : A recent flurry of buying has helped the S&P 500 and the Dow add to their gains while the Nasdaq has poked back into positive territory. The move coincides with a dip by the dollar, which is now down 0.7% against the euro, and down 0.6% against a bigger basket of major foreign currencies. There are no other apparent catalysts to account for the market's move out of its recent trading range.DJ30 +70.54 NASDAQ +0.27 SP500 +6.72 NASDAQ Adv/Vol/Dec 1184/1.48 bln/1261 NYSE Adv/Vol/Dec 1974/765 mln/998

2:00 pm : The broad equity market continues to trade with a narrow gain. It has been moving sideways in a relatively tight trading range for the past hour. That has the stock market sitting flat for the week.

The dollar continues to trade with a steady loss of about 0.5%, relative to a basket of major foreign currencies. Most of its weakness is owed to a stronger euro, which has rallied in response to recent efforts to shore up Greece's finances. The euro is still up almost 7% against the greenback year to date, despite its weakness ahead of the recent announcements. DJ30 +39.40 NASDAQ -6.05 SP500 +3.16 NASDAQ Adv/Dec 1062/1378 NYSE Adv/Dec 1735/1218

1:30 pm : Stocks continue to drift lower. The downward grind has left the three major equity averages to trade at new session lows.

Amid the stock market's weakening, the Volatility Index is climbing so that it is now down 3% for the session. Just yesterday it set a near three-month high.

Treasuries have started to tick higher in response to the recent action among stocks. In turn, the benchmark 10-year Note is at a session high, although it is still down a single tick. DJ30 +47.65 NASDAQ -3.27 SP500 +4.17 NASDAQ Adv/Dec 1139/1300 NYSE Adv/Dec 1835/1097

1:00 pm : Stocks started the session with solid gains, but support has since waned. The modest gains that remain have put the stock market on the edge of logging another weekly loss.

Trade this morning was broadly positive. The improved tone was brought about by news that Greece has appointed a new finance minister and reports that German and French officials have called for quick implementation of plans to help Greece shore up its finances and fiscal responsibilities. The news also drove buying in the euro.

Data also played a part in early buying interest. Participants were somewhat disappointed by a lower-than-expected reading in the Consumer Sentiment Survey for June from the University of Michigan, but that was overshadowed by a stronger-than-expected increase in the latest Leading Indicators.

Support for stocks has diminished during the course of the past couple of hours. That has let the Dow and the S&P 500 fighting to maintain modest gains. What's more, the downward drift has threatened to give the S&P 500 its seventh consecutive weekly loss.

Energy stocks and tech stocks are currently the heaviest drags on broad market trade. Both sectors are in the red with modest losses. While energy has been hurt by a 2.5% drop in oil prices to $92.60 per barrel, weakness among tech stocks is largely an extension of the sector's downtrend.

On an individual basis, Research In Motion (RIMM 27.88, -7.46) has been this session's worst performing name. Downside guidance prompted the stock's 20% drop, which has put it at its lowest level in more than four years. There haven't been many other major corporate announcements today. DJ30 +41.89 NASDAQ -2.85 SP500 +3.83 NASDAQ Adv/Vol/Dec 1184/1.15 bln/1224 NYSE Adv/Vol/Dec 1881/650 mln/1062

12:30 pm : A flurry of selling pressure has undercut stocks. The effort took the Nasdaq down to the neutral line, but it has yet to cross into the red. Meanwhile, both the Dow and S&P 500 have managed to hold on to modest gains.

Treasuries have had a hard time attracting support this session. That has kept the benchmark 10-year Note stuck in the red with a slight loss; its yield, at 2.95%, is at the mid-point of its weekly range. DJ30 +59.45 NASDAQ +2.22 SP500 +5.63 NASDAQ Adv/Vol/Dec 1362/1.06 bln/1050 NYSE Adv/Vol/Dec 2082/615 mln/850

12:00 pm : Shares of Research In Motion (RIMM 27.43, -7.90) had been declining gradually since February, but today they have plummeted more than 20% so that they now trade at their lowest level in more than four years. The intense selling pressure has come in response to the company's pessimistic earnings forecast, which is considerably less than what Wall Street had expected from the firm. With this session's drop, the stock is now down about 60% from its February high.

Peers of the company have shown a mixed reaction to the announcement. Shares of Nokia (NOK 6.05, +0.11) are up solidly today, although the stock has also succumbed to agressive selling pressure in recent weeks. Meanwhile, Apple (AAPL 322.92, -2.24) which makes the iPhone that rivals RIMM's BlackBerry, is down firmly today. DJ30 +78.11 NASDAQ +7.28 SP500 +8.39 NASDAQ Adv/Vol/Dec 1500/965 mln/900 NYSE Adv/Vol/Dec 2200/580 mln/710

11:30 am : The Dow continues to chop along within a 20-point trading range, but both the Nasdaq and S&P 500 have reclaimed gains in recent action.

Energy stocks and tech stocks continue to trail the broader market. The two sectors are each up only 0.2% at the moment. In contrast, telecom and utilities, both of which are traditionally considered defensive oriented, are sporting gains of 1.1%, which makes them today's top performers. Among telecom plays, Dow component Verizon (VZ 35.85, +0.61) is a primary leader, while American Electric (AEP 37.92, +0.57) is a percentage leader among utilities issues. DJ30 +72.43 NASDAQ +5.74 SP500 +8.16 NASDAQ Adv/Vol/Dec 1471/860 mln/921 NYSE Adv/Vol/Dec 2126/540 mln/765

11:05 am : Choppy action has eaten into the broad market's gain. Still, stocks are up a few points for the week. That's something that hasn't happened since April.

The Nasdaq is having a harder time holding on to its gain, however. Sellers have sent the tech-rich index to a session low, where it has been left to cling to a fractional gain. For the week, though, the Nasdaq is still down about 17 points, or less than 1%. DJ30 +71.75 NASDAQ +3.86 SP500 +6.96 NASDAQ Adv/Vol/Dec 1415/725 mln/954 NYSE Adv/Vol/Dec 2068/500 mln/799

10:35 am : Despite weakness in the dollar index this morning, only a handful of commodities are seeing strength.

Crude oil futures have been in the red all session and hit session lows of $92.12/barrel during the overnight session. Since the open of pit trading, crude has been trading between approx. $93-94/barrel and is currently down 1.3% at $93.72.

Natural gas has been in positive territory for most of this morning's activity and is now up one cent at $4.42/MMBtu.

Gold and silver futures both rallied almost an hour ago, pushing into positive territory. Gold climbed about $13/oz higher (or +0.9%) to new session highs of $1541.80/oz and is now up 0.5% at $1537.20/oz. Silver rallied 49 cents (or +1.4%) to $35.90/oz and is currently up 0.4% at $35.71/oz.DJ30 +67.32 NASDAQ +4.52 SP500 +6.81 NASDAQ Adv/Vol/Dec 1722/543.0 mln/719 NYSE Adv/Vol/Dec 2370/448.2 mln/442

10:05 am : Stocks recently slipped after running into some near-term, upward resistance and receiving a rather disappointing Consumer Sentiment Survey for June from the University of Michigan. The Sentiment Survey came in at 71.8, which is less than the reading of 73.5 that had been broadly expected among economists polled by Briefing.com. The June reading is also less than the 74.3 that had been posted for the prior month.

However, stocks have since made a nice bounce on the back of Leading Indicators for May. Indicators increased by 0.8%, which is greater than the Briefing.com consensus call for a 0.4% increase. Indicators for May also marked a strong turnaround from the 0.3% decline that was posted in the prior month.

Advancing Sectors: Consumer Discretionary (+1.3%), Telecom (+1.1%), Industrials (+1.1%), Consumer Staples (+1.0%), Financials (+1.0%), Health Care (+1.0%), Materials (+0.9%), Energy (+0.8%), Utilities (+1.0%), Tech (+0.5%)
Declining Sectors: (None)DJ30 +101.31 NASDAQ +13.90 SP500 +11.10 NASDAQ Adv/Dec 1606/681 NYSE Adv/Dec 2312/460

09:45 am : Stocks are up with solid gains this morning. The bid has been broad, but financials and health care have garnered the strongest support; both sectors are up by about 1%.

Energy issues are lagging this morning; the sector's 0.3% gain is less than half of what the broad market has already achieved. Such a relatively weak start comes amid lower oil prices, which were last quoted with a 1.6% loss at $93.40 per barrel. DJ30 +84.20 NASDAQ +17.38 SP500 +10.29 NASDAQ Adv/Dec 1582/617 NYSE Adv/Dec 2212/479

09:15 am : S&P futures vs fair value: +11.90. Nasdaq futures vs fair value: +16.00. Planning to stabilize Greece's fiscal condition has helped improve sentiment this morning. In turn, stock futures suggest that the cash market will open with a marked gain that is actually enough to put the S&P 500 in positive territory for the week. Should the move hold, stocks will score their first weekly gain in seven weeks. Still, quadruple-witching options expiration could drive enough volatility to challenge early strength. Also looming is the latest consumer sentiment reading from the University of Michigan (9:55 AM ET) and the latest in leading indicators (10:00 AM ET). Given the jittery nature of the market in recent weeks, any dose of disappointing data could be viewed as an excuse to sell into intraday gains.

09:05 am : S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +16.20. The tone of trade in Europe has improved markedly since the prior session, thanks to plans to stabilize Greece's fiscal condition. Reports indicate that the country has apponted a new finance minister and that officials from both France and Germany want new programs to be quickly implemented. Greece's Athex 20 is presently up 5.5%. Meanwhile, Germany's DAX is up 1.4%. Deutsche Bank (DB) is a primary leader there. K+S AG, Deutsche Boerse, Infineon Tech, and Henkel AG are the only four names in the bourse that are in the red. France's CAC has put together a 1.2% gain. GDF Suez and Technip are top performers. Carrefour is the only name in the 40-member index that has failed to find higher ground. Britain's FTSE is up a more modest 0.4% in Friday's trade. It has been led higher by metals and mining plays Xstrata, Anglo American, and Rio Tinto (RIO), while Kingfisher Plc has been a laggard. Eurozone data indicated that the region's trade deficit for April totaled 2.9 billion euros. That is greater than the 900 million euro deficit that was recorded in the prior month. Construction output in the eurozone increased by 0.7% in April after it had slipped 0.3% in the prior month.

Overnight action in Asia was weak again. Japan's Nikkei fell to a 0.6% loss. Shimizu Corp was one of the poorest performers. Tokyo Electric also dropped sharply, but Chubu Electric Power was a top performer. Hong Kong's Hang Seng shed 1.2% to settle at its lowest level in about nine months. Tencent Holdings was a primary source of weakness as it tumbled to a loss of more than 4%. Mainland China's Shanghai Composite closed with a 0.8% loss, which took the Composite to a new eight-month low. Weakness was broad, but financials were one of the heaviest burdens.

08:35 am : S&P futures vs fair value: +12.80. Nasdaq futures vs fair value: +13.70. Morning action among commodities is generally weak. Pressure on oil has prices down 1.3% to $93.72 per barrel ahead of pit trade. Natural gas was recently quoted with a 0.4% gain at $4.43 per MMBtu. Among precious metals, gold has limited its loss to just 0.1% so that it trades at $1528.60 per ounce. Silver is down a sharper 0.4% to $35.41 per ounce.

08:05 am : S&P futures vs fair value: +13.60. Nasdaq futures vs fair value: +16.20. Stocks head into Friday on pace for their seventh straight weekly loss, but broad market futures point to a positive start for the final session of the week. The upbeat tone comes as Europe's major bourses bounce in response to reports of progress in creating programs to remedy the fiscal woes faced by Greece. The news has also sent the euro up sharply against the greenback; the currency was last quoted with a 0.6% gain at $1.429. Corporate news flow remains light, but Research In Motion (RIMM) is making headlines for its pessimistic forecast, which has weighed heavily on the stock ahead of the open. As for data, the latest reading on consumer sentiment from the University of Michigan is scheduled for 9:55 AM ET. It will be followed immediately by the latest leading indicators reading at 10:00 AM ET. Separately, quadruple-witching options expiration today will almost certainly stoke share volume, and possibly add to volatility.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +10.00.

06:29 am : Nikkei...9351.40...-59.90...-0.60%. Hang Seng...21695.26...-257.90...-1.20%.

06:29 am : FTSE...5691.27...-7.50...-0.10%. DAX...7123.58...+13.40...+0.20%.

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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