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 Post subject: July 20th Wednesday 2011 Emini TF ($TF_F) points +6.20
PostPosted: Thu Jul 21, 2011 1:01 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:
072011-wrbtrader-PnL-Blotter-Profit-620.png
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click on the above image to view today's trading summary

Trade Performance for Today: +6.20 points or $620.00 dollars in the Russell 2000 Emini TF ($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=941.

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 Bloomberg.com (Youtube Video) - U.S. Stocks Retreat as Debt Concerns Offset Apple Profit

July 20 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, a day after the best rally since March for the Standard & Poor's 500 Index, as concern the government will fail to increase the debt limit overshadowed higher-than-estimated earnings at Apple Inc.

Image CNNMoney.com - Stocks: Investors Sidelined By Debt Debate
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click on the above image to view today's price action of key markets

By Hibah Yousuf July 20, 2011: 4:35 PM ET

NEW YORK (CNNMoney) -- U.S. stocks ended little changed Wednesday, as investors moved to the sidelines to survey the latest twists in the debt ceiling drama.

The Dow Jones industrial average (INDU) fell 16 points, or 0.1%, with United Technologies (UTX, Fortune 500) and Microsoft (MSFT, Fortune 500) dragging on the blue chip index. Boeing (BA, Fortune 500) and Bank of America (BAC, Fortune 500) posted the biggest gains.

The S&P 500 (SPX) lost less than 1 point, or 0.1%, and the Nasdaq Composite (COMP) slipped 12 points, or 0.4%.

The market's softness came after U.S. stocks surged Tuesday, with the Dow staging its strongest one-day rally of the year, after President Obama indicated he would support a plan to raise the debt ceiling that had been floated by a bipartisan group of senators.

But investors remain cautious amid concerns that the Gang of Six's plan may not have enough time or support to make it through Congressional negotiations to increase the debt ceiling by Aug. 2.

"Until this debt ceiling issue is fully resolved, the market will bounce around," said Matt King, chief investment officer at Bell Investment Advisors. "This is the No. 1 issue for investors, and they don't have a ton of confidence right now."

* Hold up! Still no deal to raise the debt ceiling

After the debt ceiling debate plays out, King said the market will likely move higher -- thanks to healthy second-quarter earnings results.

Of the 88 S&P 500 companies that have reported earnings so far, 78% of them have beat expectations, according to Thomson Reuters.

"Earnings have been strong, and we expect they'll continue to be so," King said, "But they won't have a broad effect on the market until we can get beyond the debt ceiling issue."

Companies: Apple (AAPL, Fortune 500) reported blowout earnings after the bell Tuesday -- hitting all-time highs with its quarterly profit and revenue, with iPhone and iPad sales. Shares of Apple rose nearly 3%.

Yahoo (YHOO, Fortune 500) was the weakest performer on the S&P 500 and the Nasdaq, with shares falling almost 8%. The company reported weakness in display and search revenue, as well as a lower-than-expected outlook in its second-quarter earnings report Tuesday.

After the bell, Dow components American Express (AXP, Fortune 500) and Intel (INTC, Fortune 500) issued their quarterly results.

American Express' stock edged higher in-after hours trading after the credit card company delivered better-than-expected earnings and revenue.

Shares of Intel jumped more than 1% as the chipmaker beat forecasts for earnings and sales.

eBay (EBAY, Fortune 500) also announced results after the market's close. The company's stock rose 3% in after-hours trading after it topped earnings and sales estimates and raised its outlook.

Meanwhile, real estate site Zillow (Z) made its public debut on the Nasdaq on Wednesday under the ticker "Z." The company's stock soared 80%.

Tesla (TSLA) shares jumped 3% after the electric car company inked a deal to supply its electric battery and control technology to Toyota for $100 million, according to Tesla's filing with the Securities and Exchange Commission.

American Airlines announced a plan Wednesday to replace one of the largest commercial airline fleets, with hundreds of new leased airplanes from Boeing and Airbus. Shares of AMR Corp (AMR, Fortune 500)., the parent company for American Airlines, slipped 0.2%.

Wells Fargo (WFC, Fortune 500) agreed to pay an $85 million civil penalty for allegedly forcing borrowers into more costly mortgages, the Federal Reserve said. Shares of the bank rose 1%.

* Video - Traders hit buy button on E*Trade

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

Oil for August delivery rose 64 cents to settle at $98.14 a barrel.

Gold futures for August delivery dropped $4.20 to settle at $1,596.90 an ounce.

Economy: The National Association of Realtors said existing home sales declined 0.8% in June to an annual rate of 4.77 million.

* EU summit on Greece debt

World markets: European stocks finished higher. Britain's FTSE 100 added 1%, France's CAC 40 advanced 1.6% and Germany's DAX gained 0.4%.

Asian markets ended mixed. The Shanghai Composite declined 0.1%, while the Hang Seng in Hong Kong ticked up 0.5% and Japan's Nikkei rose 1.2%.

Bonds: The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 2.93% from 2.89% late Tuesday.

Image

Image Yahoo! Finance - Market Update

4:25 pm : Financials traded with strength all session, but the broader market failed to follow it higher. In turn, the major averages ended the day mixed.

The mood among participants was positive ahead of the open, but once trade began stocks slid and spent the rest of the session chopping along. Financials, which climbed to a 1.1% gain, failed to stir broader buying interest.

E*Trade (ETFC 14.72, +1.77) was a top performer among financial issues following news that Citadel, which has a near 10% stake in the company, urged it to call a special meeting to maximize value. Better-than-expected earnings from US Bancorp (USB 26.14, +1.11) made the stock a leader among banking plays.

Apple (AAPL 386.90, +10.05) took center stage in the earnings show, though. The company's blowout quarter sent the up to a record high. Yahoo! (YHOO 13.48, -1.11) was at the opposite end of the spectrum; disappointment over the firm's financial forecast overshadowed its in-line earnings results to send the stock to a new 2011 low. Still, Riverbed Tech (RVBD 32.05, -9.35) and Fortinet (FTNT 21.61, -5.17) were the Nasdaq's worst performers in the wake of their quarterly reports. Although the pair lacks weight, the steepness of their losses hampered the Nasdaq, which lagged its counterparts just about all session.

Economic data remained light. Today's only release was the June existing home sales tally, which showed that an annualized sales rate of 4.77 million units. The consensus among economists polled by Briefing.com had called for annualized sales of 4.93 million units. That comes a day after housing starts were reported to have hit their highest rate since January.

With sovereign debt concerns of Europe cooled in the wake of a successful debt auction by Portugal, the dollar drifted lower again today. Its 0.4% loss this session has also left it down 0.4% for the week.

Advancing Sectors: Financials +1.1%, Utilities +0.6%, Industrials +0.2%
Unchanged: Telecom, Materials
Declining Sectors: Energy -0.3%, Health Care -0.4%, Consumer Staples -0.4%, Tech -0.4%, Consumer Discretionary -0.6%DJ30 -15.51 NASDAQ -12.29 NQ100 -0.4% R2K -0.3% SP400 -0.2% SP500 -0.89 NASDAQ Adv/Vol/Dec 1042/1.88 bln/1543 NYSE Adv/Vol/Dec 1662/796 mln/1326

3:30 pm : This morning's crude oil inventory was somewhat of a nonevent, as Sept crude oil futures, which eventually finished higher by 0.5% to $98.40 per barrel, traded sideways following its release. Futures did eventually pullback into negative territory, notching lows at $96.93 per barrel. The weakness, however, was short lived as futures rebounded off those lows to trade back into positive territory. August natural gas shed 0.6% to close at $4.51 per MMBtu. Prices dropped sharply following the open of pit trade, but were able to rebound throughout the remainder of the day to end just shy of unchanged.

August gold ended lower by 0.3% at $1597.70 per ounce, while Sept silver closed down 1.5% to $39.59 per ounce. Both metals spent pit trade pushing back toward the flat line, attempting to recoup losses from an overnight sell-off. Neither metal traded back to flat, but managed to end well above their respective lows. DJ30 -7.45 NASDAQ -10.52 SP500 +0.39 NASDAQ Adv/Vol/Dec 1025/1.5 bln/1529 NYSE Adv/Vol/Dec 1702/568.6 mln/1316

3:00 pm : Unable to extend its afternoon climb above the 1330 line, the S&P 500 has slipped in recent trade. That has stocks to trade mixed as they enter the final hour of the session.DJ30 -5.22 NASDAQ -9.04 SP500 +0.86 NASDAQ Adv/Vol/Dec 1030/1.35 bln/1505 NYSE Adv/Vol/Dec 1725/490 mln/1239

2:30 pm : The stock market's recent upturn has started to slow. The loss of momentum comes as the S&P 500 runs into the 1330 line, which is just shy of where it opened today's trade.

Meanwhile, the dollar has turned lower after it had spent most of the session trailing a collection of competing currencies by 0.3%; it is now down 0.5% for the day. DJ30 +14.72 NASDAQ -4.57 SP500 +3.04 NASDAQ Adv/Vol/Dec 987/1.27 bln/1545 NYSE Adv/Vol/Dec 1713/451 mln/1233

2:00 pm : Stocks have extended a recent upturn to their best levels since morning trade. The move comes amid a broad pickup in buying interest, although financials, now up 1.5%, continue to provide a primary source of support.

Utilities have also been strong performers this session. However, the sector's lack of weight has made its 0.9% gain of little consequence to the overall market. Nonetheless, investors in shares of Exelon (EXC 43.82, +0.46), Entergy (ETR 67.75, +0.96), American Electric (AEP 37.72, +0.33), and Duke Energy (DUK 18.91, +0.15) have been strong performers for their investors this session. DJ30 +6.51 NASDAQ -5.41 SP500 +2.34 NASDAQ Adv/Vol/Dec 942/1.18 bln/1572 NYSE Adv/Vol/Dec 1647/417 mln/1286

1:30 pm : Stocks have made a modest turn higher in recent trade. The move has put the S&P 500 back in positive territory so that it now trades with a narrow gain. As for the Dow, it is mired near the neutral line. The Nasdaq still has a way to go before it will have undone its loss.DJ30 +0.57 NASDAQ -0.42 SP500 +1.42 NASDAQ Adv/Vol/Dec 880/1.09 bln/1623 NYSE Adv/Vol/Dec 1540/385 mln/1369

1:00 pm : Despite a positive tone to premarket trade, the major market averages have spent the session chopping along in mixed fashion. Financials have performed well, though.

Strong gains by many bourses abroad helped perpetuate a positive tone ahead of the open. However, stocks took a slide at the start of the session. Their slip came without any clear catalyst.

Financials have traded higher, however. The sector has consistently sported a gain of more than 1% today. E*Trade (ETFC 14.91, +1.96) has been a top performer in the wake of word that Citadel disclosed a near 10% stake in the company, and that Citadel has urged E*Trade to call a special meeting to maximize value.

Apple (AAPL 388.10, +11.25) has been in focus following its latest quarterly report, which was strong enough to send the stock up sharply to a new record high. Still, shares of AAPL have been unable to keep the Nasdaq from underperforming its counterparts.

Consumer discretionary stocks, collectively down 0.6%, make up the poorest performing sector. Johnson Controls (JCI 39.65, -1.86) has been a heavy drag on the space, even though the company posted an upside earnings surprise for the latest quarter. The company's guidance was in line with what had already been forecasted on Wall Street.

The upbeat mood among early morning traders had helped take oil prices comfortably above $99 per barrel, but the energy component has since reversed course to trade with a 0.6% loss at $97.25 per barrel. The loss comes in the face of a greater-than-expected draw from weekly inventories.

Economic data featured exisitng home sales for June. They hit an annualized rate of 4.77 million units, which is less than the 4.93 million units that had been widely expected. That comes a day after housing starts were reported to have hit their highest rate since January. DJ30 -9.91 NASDAQ -14.14 SP500 -0.03 NASDAQ Adv/Vol/Dec 836/1.03 bkn/1669 NYSE Adv/Vol/Dec 1424/360 mln/1481

12:30 pm : The Nasdaq has extended its downturn to trade at a new session low. Its slide has left it to lag its counterparts. Although Apple (AAPL 387.74, +10.99) remains a source of support for the tech-rich index, names like NVIDIA (NVDA 14.05, -0.17) and Microsoft (MSFT 27.08, -0.46) have been heavy drags.DJ30 -19.79 NASDAQ -18.31 SP500 -1.28 NASDAQ Adv/Vol/Dec 845/965 mln/1641 NYSE Adv/Vol/Dec 1439/335 mln/1448

12:00 pm : Treasuries haven't been able to attract any buying interest today. In turn, the benchmark 10-year Note is down about a dozen ticks. That has lifted its yield back above 2.90%.

Steady pressure against the greenback has kept the Dollar Index down about 0.3% all session. Most of that is due to a 0.3% gain by the euro to $1.420 and a 0.5% bounce by the yen to 78.73 yen per dollar. DJ30 -18.24 NASDAQ -11.47 SP500 -0.74 NASDAQ Adv/Vol/Dec 872/840 mln/1564 NYSE Adv/Vol/Dec 1527/292 mln/1349

11:30 am : Tech stocks provided leadership in the prior session by ascending to a gain of almost 3%. Today the sector is down 0.2%.

Apple (AAPL 388.60, +11.75) has managed to put together an outsized gain, though. The stock's 3% spike to a new record high has come largely in response to the blowout quarter that the company reported this morning. The announcement featured an underwhelming forecast, but Apple has become notorious for sandbagging on its guidance.

Despite strength in shares of AAPL, the tech-rich Nasdaq is lagging its counterparts. It has been weighed down by Riverbed Tech (RVBD 31.80, -9.60) and Fortinet (FTNT 20.93, -5.85), both of which are down more than 20% following their latest quarterly reports. DJ30 -7.45 NASDAQ -4.44 SP500 +0.90 NASDAQ Adv/Vol/Dec 890/715 mln/1500 NYSE Adv/Vol/Dec 1521/250 mln/1322

11:00 am : The major equity averages are mixed after attempting to stabilize from a flurry of selling at the open.

Financials continue to offer broad market support. The sector is up 1.2%. E*Trade (ETFC 14.91, +1.96) is a top performer in the space. Its 15% spike comes in the wake of news that Citadel had disclosed a near 10% stake in the company, and that Citadel has urged E*Trade to call a special meeting to maximize value.

Not all financials are performing well, though. PNC Financial (PNC 55.58, -0.25) actually posted an upside earnings surprise for the latest quarter, but its shres have fallen to a loss. DJ30 -4.54 NASDAQ -6.18 SP500 +1.69 NASDAQ Adv/Vol/Dec 885/580 mln/1492 NYSE Adv/Vol/Dec 1496/208 mln/1312

10:35 am : The dollar index is modestly lower this morning, which is providing some price support to commodities.

Crude oil has been in positive territory all session and was slowly trending higher until hitting session highs of $99.37/barrel a few after floor trading began. Following that high, crude fell ~$1.60/barrel in about 35 minutes and was near that level ahead of inventory data. Following the data, which showed a draw of 3.7 mln versus consensus that called for a draw of 2 mln barrels, crude oil ticked slightly higher and is now up 0.8% at $98.66/barrel.

Natural gas began to sell off 10 minutes after crude oil did earlier this morning and is now down 0.8% at $4.47/MMBtu.

Gold and silver have been in the red all session and continue to trade near session lows. Gold fell as far as $1581.40/oz and is currently down 0.7% at $1590.00/oz. Silver hit session lows of $38.22/oz and is now 3.3% lower at $38.90/oz.

Corn rose 6 cents in overnight trade to $6.93, but grains pits opened lower and corn gave back those gains and is now at $6.87/bu.DJ30 -28.83 NASDAQ -5.33 SP500 -1.57 NASDAQ Adv/Vol/Dec 798/489 mln/1549 NYSE Adv/Vol/Dec 1338/185 mln/1441

10:00 am : Stocks continue to come under pressure, save for financials. The financial sector has pushed up to a 1.1% gain in the face of broad market weakness. Aside from financials, utilities (+0.3%) make up the only other sector that has managed to put together any kind of a meaningful gain.

Data hasn't done anything to reverse the selling effort. Exisitng home sales for June hit an annualized rate of 4.77 million units, which is less than the 4.93 million units that had been widely expected. The disappointing housing data comes a day after housing starts and building permits exceeded expectations. DJ30 -19.29 NASDAQ -3.10 SP500 -0.94 NASDAQ Adv/Vol/Dec 919/142 mln/1235 NYSE Adv/Vol/Dec 1296/64 mln/1313

09:45 am : Despite a positive tone to premarket trade, stocks have been hit with a flurry of selling at the open. That has left the broad market to slide to the neutral line.

Financials have been a source of early support, though. The sector is currently up 0.8%, which makes it the best performing group in early action. Bank stocks, collectively up 1.0% according to the KBW Bank Index, have underpinned the overall financial sector's strength this morning. DJ30 -8.59 NASDAQ +8.98 SP500 +0.93 NASDAQ Adv/Dec 776/1428 NYSE Adv/Dec 1374/1347

09:15 am : S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +16.20. The prior session's positive tone has been carried over into this morning's premarket trade with help from another round of strong quarterly reports and buying interest abroad. In turn, an increased tolerance for risk has helped lift oil prices by more than 1% to $99 per barrel ahead of the latest weekly inventory figures (10:30 AM ET). Meanwhile, gold prices are down 1% to $1584 per ounce after they had set a new record near $1608 per ounce earlier this week, and the dollar has extended its downturn from the prior session by another 0.3% this morning.

09:05 am : S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +16.50. Strength in Europe has the EuroStoxx 50 up 1.2% today. A relatively successful bond auction by Portugal has helped the mood in the region. Among the continent's major bourses, Germany's DAX is actually lagging a bit. It is currently up 0.5% with leadership from Commerzbank and Deutsche Bank (DB). Infineon Tech and Adidas AG have been sources of weakness, however. France's CAC has climbed to a 1.7% gain. Financial outfits are also leaders there. As such, Societe Generale, BNP Paribas, and Credit Agricole are top performers, with gains that range from 4% to more than 6%. Britain's FTSE is up 1.1%. Barclays Plc (BCS), Lloyds Group (LYG), and Royal Bank of Scotland (RBS) are top performers. Defensive-oriented issues like AstraZeneca (AZN) and Imperial Tobacco have been under pressure.

Overnight action in Asia took Japan's Nikkei to a 1.2% gain. Tokyo Electric was a top performer, as was Kansai Electric Power. TDK Corp and Fanuc Corp also contributed. Hong Kong's Hang Seng advanced 0.5%. China Mobile was a primary source of support there. China's Shanghai Composite failed to attract similar buying interest. Instead, it eased down to a 0.1% loss.

08:35 am : S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +16.50. A positive mood among premarket participants has oil prices up 1.1% to $98.90 per barrel this morning. Meanwhile, natural gas prices were recently quoted with a 1.2% gain at $4.56 per MMBtu. Precious metals are under pressure, however. Specifically, gold prices are down 0.9% to $1586 per ounce, while silver has slumped 3.9% to $38.66 per ounce. Weakness in gold and silver comes even though the dollar has declined by about 0.4% against a collection of competing currencies.

08:05 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +14.70. Stocks rallied for strong gains yesterday. The move has extended into this morning's premarket trade with help from Europe's major bourses, which are all up nicely for the second straight session. Another big batch of better-than-expected earnings has also helped maintain a positive tone among participants. Among the names that have reported recently, Apple (AAPL) has been in focus because of its blowout results. The stock is up more than 5% ahead of the open. The calendar remains light with wonthly existing home sales numbers due at 10:00 AM ET. Weekly oil inventory figures follow at 10:30 AM ET.

07:16 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +16.00.

07:16 am : Nikkei...10005.90...+116.20...+1.20%. Hang Seng...22003.69...+101.30...+0.50%.

07:16 am : FTSE...5847.97...+58.00...+1.00%. DAX...7219.61...+26.90...+0.40%.

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

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

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