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 Post subject: July 5th Tuesday 2011 Emini TF (No Trades Personal Day Off)
PostPosted: Wed Jul 06, 2011 8:56 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 due to chart vendor problems. Simply, I only had broker quotes but my independent chart vendors were down. Also, tomorrow July 6th Wednesday I have personal appointments and will not be trading. Thus, I'll be back to trading on July 7th Thursday.

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=92&t=924.

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 (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 Bloomberg (YouTube Video) - U.S. Stocks Decline as Moody's Cuts Portugal Rating

July 5 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, following the biggest weekly rally since 2009 for the Standard & Poor's 500 Index, as gains by energy producers weren't enough to overcome Portugal losing its investment-grade credit rating at Moody's Investors Service.

Image CNNMoney.com - Dow, S&P Snap 5-Day Winning Streak
Attachment:
070511-Key-Price-Action-Markets.png
070511-Key-Price-Action-Markets.png [ 513.44 KiB | Viewed 298 times ]

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

By Hibah Yousuf July 5, 2011: 4:27 PM ET

NEW YORK (CNNMoney) -- U.S. stocks ended little changed Tuesday, as investors took a step back after last week's stellar gains and remain wary about Europe's financial future.

The Dow Jones industrial average (INDU) finished down 13 points, or 0.1%. Hewlett Packard (HPQ, Fortune 500) and financial leaders JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) were among the biggest laggards. Chevron (CVX, Fortune 500), Walt Disney (DIS, Fortune 500) and IBM (IBM, Fortune 500) posted the biggest gains.

The S&P 500 (SPX) slipped 2 points, or 0.1%, and the Nasdaq composite (COMP) gained 10 points, or 0.4%.

Netflix's (NFLX) stock was the best performing stock on both the S&P and Nasdaq indexes. Shares jumped 8% to all-time highs after the company said it is expanding its streaming services to 43 counties in Latin America and the Caribbean later this year.

Stocks started the second half of the year firing on all cylinders Friday, posting the strongest weekly gains in two years, as upbeat reports on the U.S. economy outweighed concerns about Greece. U.S. markets were closed Monday for Independence Day.

* The scariest risks to the economy

"We're coming into an overbought market this week, after huge gains five days in a row last week," said Fred Dickson, chief market strategist at D.A. Davidson & Co. "It looks like traders are taking some money off the tables."

Investors were also juggling news on the lingering European debt crisis.

Standard & Poor's warned Monday that a plan for European banks to roll over some of Greece's debts into longer-term bonds would still be considered a default.

The plan, floated by European officials, is part of an effort to negotiate another bailout for the debt-stricken nation by involving the private sector.

Meanwhile, the European Union over the weekend officially approved the final $17 billion installment of a $156 billion bailout for Greece. The funds are expected to keep Greece solvent through the summer.

* Stupid central banker tricks

Stocks took a brief dip Tuesday afternoon after Moody's cutPortugal's debt rating by four notches, pushing it into junk territory.

Investors will also proceed with caution given the economic data-heavy agenda this week, culminating Friday with the Labor Department's June jobs report.

Economy: The Commerce Department said factory orders rose 0.8% in May, after falling 0.9% in April. Economists were expecting orders to edge up 1%.

Companies: Shares of China's top search engine Baidu (BIDU) rose 1.8% after it reportedly signed a deal with Microsoft (MSFT, Fortune 500) to provide English-language search results in China.

Baidu's main rival, Google (GOOG, Fortune 500), has failed to gain traction in the Chinese market.

* Video - Netflix shares hit all-time high

World markets: European stocks ended mixed. Britain's FTSE 100 added 0.1% and the DAX in Germany slipped 0.1%. France's CAC 40 slipped 0.6%.

* How to find 'safe' stocks in China

Asian markets finished mixed. The Shanghai Composite ticked up 0.1%, while the Hang Seng in Hong Kong lost 1% and Japan's Nikkei was little changed.

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

Oil for August delivery gained $1.95, or 2.1%, to settle at $96.89 a barrel.

Gold futures for August delivery rose $30.10 to settle at $1,512.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose Tuesday, pushing the yield down to 3.14% from 3.20% on Friday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Participants opted to sit on last week's gains, so the major equity averages spent the entire session chopping along before booking a mixed finish.

Even though the observance of Independence Day yesterday allowed stocks an extra 24 hours to rest after last week's climb -- the strongest in about two years -- the broad market moved sideways today. Underlying action was consistently without leadership.

The major averages saw some selling interest stem from news that analysts at Moody's downgraded Portugal's debt. Moody's has also been reviewing banks in China because audits may have understated the amount of money that the banks doled out to local governments.

Domestic bank stocks were out of favor all session. Their weakness weighed on the overall financial sector, which fell to a 0.6% loss.

Energy stocks were the best performers, as a group. The group was helped by the spike in oil prices during pit trade. Forward contracts saw oil prices push up by 2.1% to almost $96.90 per barrel. Ameron International (AMN 85.08, +18.81) surged in response to a takeover offer from National Oilwell Varco (NOV 80.02, +1.71). Exxon Mobil (XOM 81.60, -0.41) suffered a slight loss, even though reports suggested that a swelling Yellowstone River could complicate the company's efforts to clean it up after an oil leak was discovered recently.

Immucor (BLUD 26.99, +6.26), which will be required by TPG Capital, was another top performer, but the health care sector remained stuck in the red. The group settled with a 0.3% loss.

The dollar caught a nice bid on the back of Portugal's downgrade. At the close of trade, the greenback had advanced 0.6% against a collection of competing currencies, namely the euro, which dropped 0.9% to $1.442.

The only piece of domestic data on today's calendar was a 0.8% increase in factor orders for May. Orders had been expected to increase by 1.0%, though. Foreign data featured underwhelming PMI Services readings. The flow of data will remain slow for the rest of the week, but participants get their hands on a highly anticipated jobs report this coming Friday. The current consensus calls for the headline unemployment rate to remain at 9.1%.

Advancing Sectors: Energy +0.5%, Consumer Discretionary +0.4%, Tech +0.2%, Materials +0.1%
Declining Sectors: Consumer Staples -0.1%, Telecom -0.2%, Health Care -0.3%, Industrials -0.6%, Utilities -0.6%, Financials -0.8%DJ30 -12.90 NASDAQ +9.74 NQ100 +0.4% R2K +0.2% SP400 +0.1% SP500 -1.79 NASDAQ Adv/Vol/Dec 1296/1.56 bln/1266 NYSE Adv/Vol/Dec 1462/907 mln/1546

3:35 pm : A flight to safety, following a warning on Chinese banks from Moody's, helped precious metals rally throughout the session. August gold finished higher by 1.9% to $1512 per ounce, while Sept silver closed up 5% to $35.40. Both metals have extended their rallies in afterhours trade, with gold trading to fresh highs at $1515.40, while silver has put in highs at $35.56.

August crude oil ended up 2.1% to $96.89 per barrel, on light volume trade, in what was a technical break out. It put in session highs at $97.48, its best levels since June 15, in afternoon trade but pulled back from those highs heading into the close. August natural gas finished the day higher by 1.5% to $4.38 per MMBtu. DJ30 +12.60 NASDAQ +12.40 SP500 +0.91 NASDAQ Adv/Vol/Dec 1287/1.3 bln/1278 NYSE Adv/Vol/Dec 1555/541.1 mln/1454

3:00 pm : Stocks continue to plod along without much direction. Overall action has been largely lackluster since the open.

Participation also remains paltry. In fact, only an hour remains in today's trade and fewer than a half billion shares have traded hands on the NYSE. Trading volume was also thin last week, mostly because so many traders were on vacation ahead of the holiday yesterday, when U.S. markets were closed in observance of Independence Day. DJ30 -16.31 NASDAQ +5.98 SP500 -2.06 NASDAQ Adv/Vol/Dec 1180/1.11 bln/1369 NYSE Adv/Vol/Dec 1454/455 mln/1561

2:35 pm : In the wake of Portugal's downgrade by Moody's, the dollar has extended its advance so that it is now up 0.6% against a basket of major foreign currencies. That makes for a fresh session high.

The Dow recently set a new session low, but neither the Nasdaq nor the S&P 500 confirmed the move. In fact, the Nasdaq only came in contact with the flat line, but found support there. DJ30 -38.94 NASDAQ +0.42 SP500 -4.98 NASDAQ Adv/Vol/Dec 1127/1.02 bln/1420 NYSE Adv/Vol/Dec 1273/415 mln/1703

2:05 pm : Although only a modest move in the scope of today's trade, stocks have slipped in recent action. The move lower comes in response to news that analysts at Moody's have downgraded Portugal's debt.

Meanwhile, the dollar has only moved modestly higher, though not quite to its best level of the day. Still, it now trades with a 0.4% gain against a basket of major foreign currencies. DJ30 -15.52 NASDAQ +7.22 SP500 -2.01 NASDAQ Adv/Vol/Dec 1210/970 mln/1320 NYSE Adv/Vol/Dec 1457/370 mln/1517

1:30 pm : Treasuries have managed to maintain a steady bid during today's trade. In turn, the yield on the benchmark 10-year Note has been trimmed to about 3.15%.

Meanwhile, the dollar is up a solid 0.3% against a basket of major foreign currencies. Most of that move has come against the euro, which was last quoted with a 0.5% loss at $1.447. DJ30 -1.48 NASDAQ +9.08 SP500 -0.50 NASDAQ Adv/Vol/Dec 1208/850 mln/1304 NYSE Adv/Vol/Dec 1446/340 mln/1503

1:00 pm : The stock market has spent the entire session listlessly chopping along near the neutral line. Commodities are in strong shape, though.

Followng the best weekly performance in about two years, participants are resting on their laurels. In turn, stocks have spent the first few hours of today hugging the flat line.

Limited news flow has made for a dearth of trading catalysts, although Immucor (BLUD 27.00, +6.27) is being bought by TPG Capital and Ameron International (AMN 84.45, +18.18) is being acquired by National Oilwell Varco (NOV 80.25, +1.94).

As a group, energy stocks are in the best shape today. The sector's 0.7% bounce has been helped along by a run up in oil prices, which were last quoted at $96.90 per barrel with a 2.0% gain.

Gold and silver are also strong this session. They currently trade with respective gains of 1.9% and 4.2%. Such strength has helped gold and silver stocks, but the rest of the basic materials sector is mired near the neutral line.

Financials have been under pressure all session. At the moment, the group's 0.8% loss makes it the worst performing sector in the S&P 500. Bank stocks have been the biggest drags on the space; collectively, they are down 1.2%, according to the KBW Bank Index. DJ30 -2.69 NASDAQ +6.82 SP500 -0.97 NASDAQ Adv/Vol/Dec 1169/775 mln/1323 NYSE Adv/Vol/Dec 1401/310 mln/1541

12:30 pm : Broad market trade remains quiet, but precious metals and mining plays have attracted plenty of support amid a jump in gold and silver prices, which were last quoted with gains of 1.9% and 4.3%, respectively. Newmont Mining (NEM 54.51, +0.77) and Barrick Gold (ABX 46.05, +1.27) are among the best performers in the space. Overall, though, the basic materials sector is up just 0.2%.DJ30 +2.54 NASDAQ +5.55 SP500 -0.99 NASDAQ Adv/Vol/Dec 1149/695 mln/1336 NYSE Adv/Vol/Dec 1390/280 mln/1547

12:00 pm : The broad market continues to chop along. Action has been both listless and lackluster. Part of the pause in action is because of an absence of trading catalysts. Participants also appear to be resting on last week's advance, which was the strongest weekly performance in about two years.DJ30 -3.33 NASDAQ +4.08 SP500 -2.02 NASDAQ Adv/Vol/Dec 1077/605 mln/1389 NYSE Adv/Vol/Dec 1306/245 mln/1621

11:30 am : The tech sector, which is the largest by market weight, has had a quiet session; it has spent most of the day stuck near the neutral line. Semiconductor plays have been a particular point of weakness, as indicated by the Philadelphia Semiconductor's 1.1% loss. However, large-cap tech plays like Google (GOOG 531.85, +10.82) is providing support to the space. Its shares have been helped by an analyst upgrade.DJ30 -16.39 NASDAQ +1.82 SP500 -3.40 NASDAQ Adv/Dec 1020/1445 NYSE Adv/Dec 1173/1738

11:00 am : Financials remain a key source of weakness this session. The sector's slide to a fresh session low has left it with a 1.2% loss, which makes it the only major sector down in excess of 1%.

Energy stocks, up 0.5% as a group, continue to trade with relative strength, but that's mostly due to higher oil prices, which were last quoted with a 1.5% gain at $96.35 per barrel. Ameron International (AMN 84.45, +18.18) is a top performer following news that it will be acquired by National Oilwell Varco (NOV 79.45, +1.14) for a premium of about 28% over AMN's closing price from last week. Elsewhere in the sector, Exxon Mobil (XOM 81.87, -0.14) is down only modestly amid news that the company continues to clean up a crude oil leak into the Yellowstone River. DJ30 -25.54 NASDAQ -2.79 SP500 -4.40 NASDAQ Adv/Vol/Dec 977/405 mln/1453 NYSE Adv/Vol/Dec 1113/165 mln/1758

10:35 am : Despite modest strength in the dollar index, commodities are trading higher today. Silver and wheat are showing the most notable gains, while the only few commodities trading lower this morning include aluminum and the livestock sector.

In the energy markets, crude oil has been in positive territory all morning. Crude hit new session highs at $96.99/barrel (continuous futures contract) about 15 minutes ago, but has pulled back and is now 1.7% higher at $96.57/barrel.

Natural gas has been in positive territory all morning as well and broke through the $4.40 level. After pulling back slightly along with crude in recent trade, the energy component is 0.2% higher at $4.34/MMBtu.

Precious metals are showing nice gains today with silver one of the best performing commodities this morning. Both gold and silver futures have shown a rather steady trend higher all session and are currently near new session highs. Gold is now up 1.9% at $1510.10/oz and silver is 3.9% at $35.01/oz.

In the ag space, overnight, wheat futures rose 22 cents (or +3.6%) to $6.34/bushel, corn gained 13 cents (or +2.1%) to $6.09/bu, while soybeans rose 0.9% to $13.24/bu. Floor trading just began in the grain pits, and the three commodities opened mixed. Wheat is currently 4.3% higher a t$6.38/bu, corn is up 1.9% at $6.08/bu and soybeans are 1.1% higher at $13.27/bu. DJ30 -14.00 NASDAQ -3.18 SP500 -2.58 NASDAQ Adv/Vol/Dec 1017/227.3 mln/1274 NYSE Adv/Vol/Dec 1168/105.5 mln/1548

10:00 am : The major equity averages are at the neutral line. They haven't showed any real reaction to May factory orders, which spiked 0.8% after a 0.9% decline in May. Despite the strong bounce, it was still less than the 1.0% increase that had been expected, on average, among economists polled by Briefing.com.

The flow of economic data this week will remain slow, but Friday brings the official unemployment report, which will be a major catalyst for trade. The consensus among economists surveyed by Briefing.com calls for the headline unemployment rate to remain at 9.1%. DJ30 -6.93 NASDAQ +1.40 SP500 -2.48 NASDAQ Adv/Vol/Dec 978/135 mln/1307 NYSE Adv/Vol/Dec 1158/75 mln/1613

09:45 am : Financials have fallen sharply in early trade. The sector is already down 1.0% as shares of diversified financial services plays like JPMorgan Chase (JPM 41.06, -0.51) come under pronounced pressure. Insurers like Hartford Financial (HIG 26.66, -0.39) are also in weak shape.

Energy stocks are showing early strength. The sector has run up to a 0.7% gain. Its move has been helped along by a 1.7% jump in oil prices to $96.50 per ounce. DJ30 -8.06 NASDAQ -0.37 SP500 -2.70 NASDAQ Adv/Dec 963/1250 NYSE Adv/Dec 1141/1548

09:15 am : S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +1.20. Stock futures are mixed this morning. The lack of direction comes after participants return from an extended holiday weekend to a dearth of trading cues. In the backdrop is listless action abroad, where both the bourses of Europe and the major averages of Asia have been mired in muddled trade. Data out of Europe generally underwhelmed again. There hasn't been any domestic data. Corporate news flow has been limited, but it has been learned that National Oilwell Varco (NOV) will acquire Ameron (AMN) for $85 per share, which is a premium of about 28% over the stock's closing price last week. Additionally, Immucor (BLUD) will be acquired by TPG Capital for $27 per share, or a premium of about 30% over its closing price last week. Although stock futures are mixed ahead of the open, commodities have caught a strong bid. Collectively, commodities are up 1.0%, as measured by the CRB Commodity Index. Their strength comes in the face of a firmer dollar, which was last quoted with a 0.3% gain against a collection of competing currencies.

09:05 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +0.50. Commodities are sporting some strong gains this morning. Specifically, gold prices are up 1.9% to $1510.70 per ounce. Silver prices have ascended 4.3% to $35.15 per ounce. As for oil prices, they are up 1.5% to $96.40 per barrel in early pit trade. Natural gas prices are up 1.6% to $4.40 per MMBtu. Altogether, strength among commodities has the CRB Commodity Index up 1.0%.

08:35 am : S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -0.50. Amid mixed action in Europe, the EuroStoxx 50 has mustered a 0.3% gain. Germany's DAX is up just 0.1% at the moment. Automakers Daimler and Volkswagen have been sources of support, but their efforts have been offset by weakness in Man SE and RWE AG. France's CAC has fallen to a 0.4% loss. Carrefour has been a heavy drag on action there. France Telecom has also encountered concerted selling interest following a downgrade by analysts at Nomura. Britain's FTSE is up only fractionally. Reckitt Benckiser and Tullow Oil are leaders, while Intertek Group and Rio Tinto (RIO) lead a list of laggards. Recent economic data out of the European region was largely lackluster. The PMI Services reading for the United Kingdom made an incremental increase to 53.9 from 53.8 in May. France's final reading for June PMI Services slipped to 56.1 from the preliminary 56.7. Germany's final PMI for June dropped to 56.7 from the preliminary 58.3. The overall eurozone PMI Services reading came in at 53.7 after it had been at 54.2 in the preliminary report. Eurozone retail sales for May were also reported; they fell 1.1% after they had increased by 0.9% in April.

Overnight action in Asia ended with 0.1% gain for Japan's Nikkei. Tokyo Electric Power was a top performer, but Yaskawa Electric Corp was among the weaker issues. Hong Kong's Hang Seng slipped 0.1%. Mainland China's Shanghai Composite closed with a 0.1% gain. Reports indicate that concerns about a potential rate hike continue to linger. Separate reports suggest that recent audits may have underestimated local government loans from banks by about a half-trillion dollars.

08:00 am : S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: +1.50. Trade resumes today after an extended holiday weekend allowed the stock market to take a three-day breather after it had put together its best weekly performance in about two years. The tone this morning is more mixed, though. Corporate news flow is slow coming off of the holiday weekend. Factory orders figures for May make up the only item on the economic calendar; they are due at 10:00 AM ET. Foreign data featured more underwhelming data, this time in the form of PMI Services readings from Germany, France, the United Kingdom, and even the broader eurozone. The major bourses of Europe are mixed in the wake of those reports. Asia's major averages also saw mixed interest in overnight action. Reports indicate that banks in China could be liable for losses related to local government loans that were underestimated in recent audits.

06:24 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +8.00.

06:24 am : Nikkei...9972.46...+7.40...+0.10%. Hang Seng...22747.95...-22.50...-0.10%.

06:24 am : FTSE...6030.93...+13.40...+0.20%. DAX...7467.73...+24.80...+0.30%.

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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