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 Post subject: June 24th Friday 2011 Emini TF ($TF_F) points +1.90
PostPosted: Sat Jun 25, 2011 9:53 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: +1.90 points or $190.00 dollars in the Russell 2000 Emini TF ($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=913.

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 (key market events) causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis. Thus, I pay attention to these key market events from one trade to the next trade to give me the market context for my technical analysis.

Image CNNMoney.com - Dow Slides For Seventh Week Out Of Eight
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click on the above image to view today's price action of key markets

By Ken Sweet June 24, 2011: 6:28 PM ET

NEW YORK (CNNMoney) -- Stocks slid deep into the red Friday, as disappointing news from Oracle and Micron Technology weighed heavily on tech stocks, offsetting slightly positive economic reports on U.S. gross domestic product and durable goods orders.

The Dow Jones industrial average (INDU) lost 115 points, or 1%; to close at 11,935. The Dow fell 0.6% for the week, its seventh weekly decline in the past eight weeks.

The blue chips were dragged lower by the Dow's tech components Microsoft, Intel (INTC, Fortune 500) and Cisco (CSCO, Fortune 500), and, separately, the drug company Pfizer (PFE, Fortune 500). Pfizer shares fell 3% after the FDA rejected its application for a new version of its pain medication oxycodone.

Shares of Pain Therapeutics (PTIE), which co-developed the drug with Pfizer, plunged 43%.

The S&P 500 (SPX) shed 15 points, or 1.2%, to 1,268; and the tech-heavy Nasdaq Composite (COMP) fell 34 points, or 1.3%, to 2,653.

Tech shares were also the biggest laggards on the Nasdaq and S&P throughout Friday's session, following disappointing results from Oracle (ORCL, Fortune 500) and Micron (MU, Fortune 500). Although Oracle's per-share earnings were in line with expectations, the company's hardware division struggled. Shares fell more than 4%.

"Oracle's results took all positive momentum out of the market," said Burt White, chief investment officer at LPL Financial.

Micron shares tumbled 13%, after the chipmaker posted a profit of 7 cents a share -- less than half of what analysts were looking for.

"A lot of these technology companies have exposure overseas as we continue to deal with the issues in Europe and Japan," said Frank Davis, director of sales and trading with LEK Securities. "Earnings may be impacted."

Meanwhile, investors continue to follow developments out of Europe, where an agreement was reached Thursday among Greek leaders, the European Union and IMF. The news helped U.S. stocks recover nearly all their losses in the last hour of trading on Thursday.

The European Union pledged to extend aid to Greece, as long as the country introduces another round of tax hikes and spending hikes -- in an effort to help the debt-stricken country avoid a default.

* Picking the dollar's bottom - StockTwits

Economy: The Commerce Department's final reading on first-quarter GDP came in at 1.9%. Economists had expected GDP to remain steady at the previous revision of 1.8%.

Durable goods orders rose 1.9% in May, slightly higher than the 1.5% increase economists had been expecting. That's an improvement from April's downwardly revised 2.7% decline in orders.

Companies: Google (GOOG, Fortune 500) said it received notice of an official complaint from the Federal Trade Commission, which is looking into whether the search giant abused its dominant position on the Web. Shares of the tech giant fell more than 1%.

Shares of Southern Union (SUG) jumped 17% after Williams (WMB, Fortune 500) offered to buy the pipeline company for $39 per share in cash. That tops Energy Transfer Equity's (ETE, Fortune 500) earlier bid for the company.

Newell Rubbermaid's (NWL, Fortune 500) stock was up 2%, after the consumer products maker named former Unilever (UN) executive Michael Polk as its new chief executive. Polk will succeed Mark Ketchum, who is retiring but will remain a director.

World markets: Weakness in U.S. stocks weighed on European markets Friday. Britain's FTSE 100 climbed 0.4%, while the DAX in Germany fell 0.4% and France's CAC 40 lost 0.1%.

Asian markets finished the week on a high note. The Shanghai Composite soared 2.2%, the Hang Seng in Hong Kong rose 1.9% and Japan's Nikkei added 0.9%.

* U.S. taps strategic oil reserve

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

Oil for August delivery settled up 14 cents to $91.16 a barrel.

Gold futures for August delivery fell $17.90 to $1,502.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, yielding 2.86%.

Image

Image Yahoo! Finance - Market Update

4:35 pm : The resumption of selling pressure amid rekindled concerns over Europe resulted in another weekly loss for stocks. The market has mustered only one weekly gain, which was actually only an incremental move higher, since April.

News that Greece has agreed to a five-year austerity plan with the EU and IMF has been regarded as a positive, but participants remain mindful of the challenges related to passing the plan in parliament, implementing it, and then upholding it. Failure in any facet would prolong the country's troubles.

Traders were reminded that Greece isn't the only country in the eurozone periphery that is grappling with fiscal and financial problems when rumors surfaced that several Italian banks are undercapitalized. Questions and concerns about the financial future of countries in the eurozone periphery detracted from a pleasing IFO reading from Germany, which is the largest economy in Europe, and generally regarded as the most financially sound.

Domestic data proved pleasing, but the positive response dissipated after the open. To the surprise of many economists, first quarter GDP was revised upward to reflect growth of 1.9%. Durable goods orders for May jumped 1.9% after an upwardly revised 2.7% decline in the prior month, but orders less transportation increased by 0.6% after a 0.4% decline in the prior month. The consensus among economists polled by Briefing.com had called for a 1.8% increase in total orders and a 0.7% increase in orders less transportation.

Selling was somewhat restrained in the early going, but pressure gradually picked up. The major market averages ultimately settled near their session lows with losses of at least 1%. That underpinned another weekly loss for stocks. Although this week's move lower was only fractional, it was enough to offset last week's incremental advance, which was the market's first weekly gain since April.

Financials drove most of this week's decline; the sector lost about 1% during the course of the past five trading days, including its 0.7% slide this session.

Energy stocks and tech stocks were this session's worst performers, though; both groups fell almost 2%. Drillers and oil service plays were among the worst performers in the energy space, while Oracle (ORCL 31.14, -1.32) led large-cap tech issues lower after the firm's quarterly report revealed inconsistent demand among its major segments. Oracle's better-than-expected bottom line was shrugged off.

Defensive-oriented utilities made up the only major sector that managed to settle in positive territory. As a group, utilities had been up more than 1% in early action, but were dragged down amid broad market weakness to finish the session with a 0.2% gain.

An interest in safety renewed buying among fixed income plays. In turn, the yield on the benchmark 10-year Note fell to a new 2011 low several basis points below 2.90%, which had been a point of resistance in recent sessions.

Share volume was robust this session, but for clarification, the total was inflated by all of the reconstitution and rebalancing going on in the Russell Indices at the close of trade.

Advancing Sectors: Utilities (+0.2%)
Declining Sectors: Materials (-0.6%), Financials (-0.7%), Consumer Staples (-0.7%), Telecom (-0.8%), Consumer Discretionary (-1.0%), Health Care (-1.2%), Industrials (-1.2%), Tech (-1.8%), Energy (-1.9%)DJ30 -115.42 NASDAQ -33.86 NQ100 -1.7% R2K -0.6% SP400 -0.8% SP500 -15.05 NASDAQ Adv/Vol/Dec 1060/2.87 bln/1494 NYSE Adv/Vol/Dec 1071/1.74 bln/1894

3:30 pm : It was a quieter session for commodities, following yesterday's volatile trade. Strength in the dollar, once again, pressured some commodities. August gold shed 1.3% to close at $1500.90 per ounce. Gold prices traded below the $1500 level to lows at $1498.50, its lowest levels since May 20. Gold shed over 50 points in the last two trading sessions of the week to mark its largest weekly decline since early May July silver finished off 0.9% to $34.70 per ounce.

It was a much more uneventful session for August crude oil, which gained 0.2% to close at $91.16 per barrel. Crude did break below $90 to notch session lows at $89.82, but was able to retrace that selloff to finish near unchanged on the session. For the week, crude oil dropped ~2%. July natural gas finished up 0.9% to $4.23 per MMBtu, staging a modest rebound following yesterday's sizeable inventory-induced selloff.
DJ30 -111.41 NASDAQ -37.53 SP500 -14.55 NASDAQ Adv/Vol/Dec 920/1.5 bln/1580 NYSE Adv/Vol/Dec 949/611.6/2001

3:00 pm : Stocks head into the final hour of Friday's trade on pace for a fractional weekly loss. Any kind of a move lower would mark the resumption of the stock market's downtrend, which has seen only one weekly gain since April. That weekly gain was only an incremental advance.

The stock market's descent from the highs of early May has been largely driven by weakness among tech stocks, which fell more than 9% from the end of April through last week's trade. However, tech has actually managed to tick higher this week. The group is on pace for a weekly gain of almost 0.7%, even though tech stocks are collectively down 1.6% this session. The threat of another weekly loss for the broader market is largely owed to weakness among financials and consumer staples stocks, which are down 0.8% and 0.6%, respectively, today. For the week, though, they are down 1.0% and 1.6%, respectively. DJ30 -93.74 NASDAQ -32.98 SP500 -12.81 NASDAQ Adv/Vol/Dec 914/1.34 bln/1565 NYSE Adv/Vol/Dec 970 mln/520 mln/1977

2:30 pm : Treasuries continue to climb, even though the stock market has been stuck in a sideways drift. Demand for the safety of fixed income investments has taken the yield on the benchmark 10-year Note down to a new 2011 low of 2.85%.DJ30 -87.72 NASDAQ -28.72 SP500 -11.71 NASDAQ Adv/Dec 973/1489 NYSE Adv/Dec 1047/1884

2:00 pm : Stocks are off of their session lows, but losses remain marked. The Dow has done a better job than either of its counterparts of keeping control over the scope of its slide this session. The Dow's relative strength is largely owed to gains by blue chips like Kraft (KFT 34.51, +0.25) and DuPont (DD 51.56, +0.24).DJ30 -73.19 NASDAQ -26.32 SP500 -10.35 NASDAQ Adv/Vol/Dec 1021/1.16 bln/1435 NYSE Adv/Vol/Dec 1088/440 mln/1831

1:30 pm : Stocks recently slid to new session lows. That has left the broad market teetering on the line between a weekly gain and a weekly loss. Just last week the stock market netted its first weekly gain since April, although the actual advance was only fractional.

Amid the stock market's recent slip, Treasuries have ticked up to session highs. In turn, the yield on the benchmark 10-year Note is now down to just below 2.88%, which is its lowest level since November. DJ30 -87.08 NASDAQ -28.82 SP500 -11.80 NASDAQ Adv/Vol/Dec 963/1.06 bln/1482 NYSE Adv/Vol/Dec 1046/403 mln/1881

1:00 pm : Despite a strong finish to the prior session and some pleasing data this morning, stocks are back under pressure.

Even though Greece's agreement to a five-year austerity plan with the EU and IMF had a positive impact on the prior session's trade, many participants remain cognizant that the plan still has to be passed by the country's parliament, implemented, and then dutifully upheld. In a reminder that financial conditions remain tenuous among countries in the eurozone's periphery, rumors have been circulating that several Italian banks are undercapitalized.

The challenges and troubles of Europe have been of primary concern to participants today. Less attention has been paid to news that first quarter GDP was unexpectedly revised upward to reflect growth of 1.9%. Additionally, durable goods orders for May jumped a stronger-than-expected 1.9%, while orders less transportation increased a generally in-line 0.6%.

Selling interest has been broad for just about the entire session, but tech stocks have had to grapple with the worst of it. The sector has been backed down to a 1.6% loss after it had offered leadership in the prior session. Heavyweight Oracle (ORCL 31.13, -1.33) has been a major burden on the space following its latest quarterly report, which included an upside earnings surprise, but also unveiled that some of its segmented revenue was mixed.

Utilities stocks represent the only major sector that has managed to put together a gain. The defensive-oriented sector is currently up 0.4%, but it was up more than 1% this morning.

Weakness this session has also come amid the reconstitution of the Russell Indices. That event has simply made for another variable for participants to consider in the context of a precarious market. DJ30 -104.75 NASDAQ -31.62 SP500 -13.69 NASDAQ Adv/Vol/Dec 908/980 mln/533 NYSE Adv/Vol/Dec 914/370 mln/1978

12:30 pm : Stocks continue to muddle along in negative territory. There hasn't been a source of positive leadership all session.

Commodities continue to grapple with selling pressure, too. As such, the CRB Commodity Index is down 0.4%. Crude oil is having one of the heaviest drags on the CRB; oil prices were last quoted with a 1.0% loss at $90.20 per barrel. DJ30 -83.10 NASDAQ -24.96 SP500 -10.65 NASDAQ Adv/Vol/Dec 955/335 mln/1464 NYSE Adv/Vol/Dec 1037/893 mln/1855

12:00 pm : The yield on the benchmark 10-year Note is back below 2.90% to test its 2011 low. Strength among Treasuries comes amid renewed weakness in the equity market, where sellers have been inclined to sell despite the prior session's strong finish, which was helped along by news that Greece has agreed to a five-year austerity plan with the European Union and the International Monetary Fund. The plan will be put to vote by Greece's parliament on Tuesday. The event is expected to be provocative.DJ30 -78.54 NASDAQ -21.60 SP500 -9.33 NASDAQ Adv/Vol/Dec 999/810 mln/1389 NYSE Adv/Vol/Dec 1074/300 mln/1804

11:30 am : The dollar has managed to put together an impressive gain today. It is currently up 0.5% against a collection of competing currencies, including the euro, which is was last quoted at $1.418 for a 0.6% loss.

Week to date, the Dollar Index, which measures the greenback against a basket of major foreign currencies, is up a relatively tame 0.8%. It is up an even more impressive 1.3% for the month. For the quarter, though, it is down 0.4%. Worse still is its year-to-date loss of 4.4%. DJ30 -83.52 NASDAQ -19.51 SP500 -10.05 NASDAQ Adv/Vol/Dec 1022/655 mln/1327 NYSE Adv/Vol/Dec 1081/243 mln/1771

11:00 am : Stocks have extended their retreat during the course of the past hour. The slide has left the major market averages to trade at session lows with sizable losses.

Weakness is widespread today. Of the 10 major sectors, only utilities are in positive territory. The sector is presently up 0.5%, but it had been up more than 1% earlier. In contrast, tech stocks are in the worst shape. As a group, they are down 1.1%. DJ30 -90.14 NASDAQ -22.85 SP500 -10.58 NASDAQ Adv/Vol/Dec 862/535 mln/1472 NYSE Adv/Vol/Dec 970/190 mln/1863

10:30 am : Crude oil futures have been between ~90.50-91.50/barrel all morning, mostly chopping around the unchanged line. In current activity, the energy component is up 0.1% at $91.10/barrel.

Natural gas began a small uptrend since floor trading opened and just hit session highs of $4.23/MMBtu in recent trading activity. It's still near that high current, now at $4.21/MMBtu, up 0.5%.

Gold has trended lower this morning and extended those losses as it quickly dropped ~$6/oz. about 15 minutes ago. It fell as low as $1506.60/oz a short while ago and is now 0.7% lower at $1509/oz. Silver didn't show a quick decline earlier, but has been on a more steady downtrend this morning. Silver hit its own session lows of $34.52/oz. around the same time gold did earlier and is now down 1.1% lower at $34.63/oz.
DJ30 -103.99 NASDAQ -26.68 SP500 -11.22 NASDAQ Adv/Vol/Dec 1060/303.8 mln/1179 NYSE Adv/Vol/Dec 1399/102.6 mln/1331

10:00 am : Stocks have managed to attract some moderate buying interest, which has helped helped to stem the broader market's opening slide. Overall action remains lackluster, though.

While the broad market remains in the red with a modest loss, utilities stocks have managed to move sharply higher. The sector, is considered to be defensive in nature but without much market weight, is up an enviable 1.0%. Both multi-utilities and electric utilities are in strong shape. DJ30 -49.27 NASDAQ -11.54 SP500 -4.23 NASDAQ Adv/Vol/Dec 1074/170 mln/1104 NYSE Adv/Vol/Dec 1497/60 mln/1214

09:45 am : The major market averages are under moderate pressure in the first few minutes of trade. The weakness comes despite a strong finish to the prior session.

Tech stocks, which collectively make up the largest sector by market weight, have dropped to a marked loss of 0.8%. The sector's slide comes after it had displayed leadership yesterday. The sector's near 1% gain in the prior session came as many participants quickly moved to cover their short positions, which had been accumulating as the sector descended gradually during the course of recent weeks. Month to date, tech stocks are still down about 6%, collectively. DJ30 +38.68 NASDAQ -9.23 SP500 -2.90 NASDAQ Adv/Dec 1150/971 NYSE Adv/Dec 1621/1022

09:15 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: -5.00. An unexpected upward revision to first quarter GDP and a stronger-than-expected increase in durable goods orders have helped prop up stock futures. Although a somewhat mixed start to trade still appears to be in order, the broad market remains on pace for a weekly gain of almost 1%. Given the incremental gain staged last week, stocks are on pace for their second straight weekly advance after they had gone without a weekly gain since April.

09:05 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: -3.30. Commodities are mixed this morning. Specifically, crude oil prices are up a tepid 0.2% to $91.20 per barrel. Meanwhile, natural gas prices are flat at $4.19 per MMBtu. Among precious metals, gold prices are unchanged at $1520.50 per ounce, but silver was recently quoted with a 0.2% loss at $34.92 per ounce. In the backdrop, the dollar is up a little more than 0.1% against a collection of competing currencies.

08:35 am : S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: -6.30. Stock futures have ticked higher following a couple of solid pieces of data. First quarter GDP was revised upward to reflect growth of 1.9%. The consensus among economists surveyed by Briefing.com had called for GDP data to continue to reflect growth of 1.8%. Durable goods orders for May jumped 1.9%, which is greater than the 1.5% increase that had been widely anticipated. What's more, the greater-than-expected increase in orders came despite a marked upward revision to prior month orders, which fell 2.7%. Excluding transportation, durable goods orders increased by 0.6%. That wasn't quite as strong as the 0.7% increase that had been broadly expected, though. Orders less transportation for the prior month were revised upward to reflect a modest decline of 0.4%.

08:05 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -10.00. News that Greece has taken the first step toward shoring up its finances by agreeing to a five-year austerity plan with the European Union and International Monetary Fund helped the major market averages rally in the prior session to a mixed finish. There hasn't been any extension of the move this morning, though. Instead, stock futures are down modestly. The greenback has gained ground against competing currencies, however. As such, the Dollar Index was last quoted with a 0.3% gain. News of Greece's plan has been digested more recently by overseas markets, which have had a positive reaction. Overnight action in Asia was also helped by encouraging commentary from officials in China regarding progress in reducing price pressures; the threat that rising price pressures will have to be met with further rate hikes has been an ongoing threat to investors there. The bottom of the hour brings a couple of key reports, which could act as trading catalysts in today's session. Specifically, the latest durable goods orders numbers and revisions to first quarter GDP are scheduled to be released at 8:30 AM ET.

06:45 am : Nikkei...9678.71...+82.00...+0.90%. Hang Seng...22171.95...+412.80...+1.90%.

06:45 am : FTSE...5732.59...+58.20...+1.00%. DAX...7209.08...+59.60...+0.80%.

06:45 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -6.00.

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

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1.708.572.4885
Business Hours: 8am - 5pm est (Mon - Fri)
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