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 Quote:
I only took a few trades today because of power outages and ISP connection problems due to winds from Hurricane Irene.
Trade Performance for Today: +0.70 points or
$70.00 dollars in the Russell 2000 Emini TF ($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, all trades were posted real-time in the
free #FuturesTrades chat room. Today's
#FuturesTrades trading chat room logs provides details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed...all archived
@ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=93&t=983.
To join our
free chat room...
registration instructions located at a different forum
@ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=5&t=630Also, 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).
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.
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).
Trading Plan Daily Routine @
http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=142&t=1168 -----------------------------
Market Summaries The below summaries by
Bloomberg,
CNNMoney and
Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events 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 results in swing points and strong continuation price actions. 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. Just as important, these summaries becomes my
archives to allow me to understand what was happening on any given trading day in the past...something I can not get from my broker statements alone.
U.S. Stocks Rally Amid Optimism About Economic Recovery Aug. 29 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. Stocks rose, sending the Standard & Poor's 500 Index to the highest level in almost a month, amid optimism the economy will recover and after Hurricane Irene failed to shut financial markets.
Stocks Rally In Wake Of Hurricane Attachment:
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click on the above image to view today's price action of key markets By Hibah Yousuf and Ben Rooney August 29, 2011: 4:46 PM ET
NEW YORK (CNNMoney) -- Stocks rallied Monday, following a trifecta of positive news: A Greek bank deal, a solid U.S. consumer spending report and relief that Hurricane Irene caused less damage than expected.
"Irene didn't live up to the hype, and that's a huge relief," said Hamed Khorsand, analyst at BWF Financial. "It's good for insurers, but it really comes down to the broader economy. Consumers can keep going with their regular spending habits instead of being sidetracked."
The Dow Jones industrial average (INDU) added 254 points, or 2.2%, to close at 11,539. The S&P 500 (SPX) rose 33 points, or 2.8%; to 1,210. The Nasdaq Composite (COMP) gained 82 points, or 3.3%, to 2,562.
Despite the recent strength -- stocks staged a solid advance last week -- the major indexes are still in the red for the year.
In fact, August remains on track to be the worst month for stocks in more than a year. The Dow is off nearly 5%, the S&P 500 is down 6.4% and the Nasdaq is 7% lower.
Trading volume remained light Monday as the New York subway system and commuter rail services slowly return to full service.
0:00 / 2:56 Trader's coach: 'Embrace the chaos'
With the weather story behind them, investors turned their attention to assessing the impact of Hurricane Irene, which was less dire than feared.
That helped lift insurance company stocks Monday. Travelers Companies Inc. (TRV, Fortune 500) rose 5%, Hartford Financial Services Group (HIG, Fortune 500) surged 13%, and Allstate (ALL, Fortune 500) shares climbed more than 8%, making the two insurers among the top gainers on the S&P 500. MetLife (MET, Fortune 500) and Chubb Corp. (CB, Fortune 500) spiked between 4% and 5%.
* Hurricane Irene may have caused billions in damageInvestors were also keeping an eye on Europe's ongoing debt problems. Greece reclaimed the spotlight after EFG Eurobank Ergasias and Alpha Bank -- two of the country's big lenders -- announced plan to merge. That helped boost shares of the National Bank of Greece (NBG), which surged 36.5%.
"The market is energized because this deal is a sign that something is being done to help alleviate the European debt crisis," said Peter Tuz, president at Chase Investment Counsel.
Economy: Personal income rose 0.3% in July, while spending climbed 0.8% during the month. Economists were expecting income to tick up 0.4%, spending to edge up 0.5%.
Pending home sales fell 1.3% in June, according to the National Association of Realtors. Sales were expected to fall 1.4%, after rising 2.4% the prior month.
Companies: Bank of America (BAC, Fortune 500) announced that it has agreed to sell 13.1 billion shares, or half of its stake, of China Construction Bank in a private transaction for $8.3 billion. The bank's stock rose 7.8%.
Financial stocks Citigroup (C, Fortune 500), UBS (UBS) and Morgan Stanley (MS, Fortune 500) also moved higher.
Despite widespread flight delays stemming from the storm, shares of major airlines were higher.
Jetblue (JBLU), Southwest (LUV, Fortune 500), AMR Corp., (AMR, Fortune 500) Delta (DAL, Fortune 500) and United Continental (UAL, Fortune 500) were all up between 5% and 7%.
* Video - Retailers see boost in Irene's wakeWorld markets: European stocks ended higher. The DAX (DAX) in Germany rose 2.4% and France's CAC (CAC) 40 climbed 2.2%. Britain's FTSE (FTSE) 100 was closed for a holiday.
Asian markets ended the session mixed. The Shanghai Composite (SHCOMP) lost 1.4%, the Hang Seng in Hong Kong (HSI) added 1.4% and Japan's Nikkei (N225) rose 0.6%.
Currencies and commodities: The dollar fell against the euro and the British pound. The buck gained ground versus the Japanese yen.
Oil for October deliver added $1.90, or nearly 2.2%, to settle at $87.27 a barrel.
Gold futures for December delivery fell $5.70 to close at $1,791.60 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell slightly, pushing the yield up to 2.27% from 2.19% late Friday.
Market Update 4:30 pm : A strong, steady ascent gave the stock market another big gain. In turn, the S&P 500 has advanced more than 7% in just five sessions.
The stock market's upward momentum in recent days has been helped along by improved sentiment in Europe, where the major bourses have been
![Boxing fighting](./images/smilies/emoticonboxing.gif)
to overcome concerns about fiscal and financial instability among countries in the region's periphery. That said, reports of consolidation in Greece's banking industry were widely regarded as a step toward stabilizing the country's banking system, so most of Europe's major bourses bounced by more than 2%.
Strength abroad made it easier for the stock market to resume the upward climb that it began last week, when the S&P 500 finished in positive territory in four out of five sessions for a cumulative gain of almost 5% -- its first weekly advance in five weeks.
The most recent effort favored financials the most; they swung to a gain of more than 4%. Insurers were among the sector's top performers as traders regarded Hurricane Irene's damage to the Northeast as less severe than what had been feared potential. Banks were back in favor as they resumed their rally from the beat downs that were repeatedly suffered in recent weeks.
Although they weren't the day's top performers, pharmaceutical plays Pfizer (PFE 18.88, +0.67) and Bristol Myers Squibb (BMY 29.29, +0.57) staged impressive gains following positive results from a joint Phase III drug trial.
With stocks looking so strong and participants showing an increased tolerance for risk, small-cap stocks swung sharply higher. Collectively, small-cap stocks advanced almost 5%, as measured by the Russell 2000.
An increased preference for risk put pressure on safe havens like gold. Gold prices had started pit trade with a gain of more than 1%, but reversed course to close with a 0.3% loss at $1791.60 per ounce.
Treasuries were also pressured, but the benchmark 10-year Note managed to limit its loss. As a result, its yield remains below 2.30%.
Economic data neither added to nor detracted from the market's upward momentum. According to the latest numbers, personal income increased in July by 0.3%, which is slightly less than the 0.4% increase that had been broadly expected. However, spending spiked 0.8%, which bested the 0.5% increase that had been anticipated. Separately, pending home sales fell in June by 1.3%, which is slightly less than the 1.4% decline that had been generally expected.
Advancing Sectors: Financials +4.2%, Industrials +3.2%, Materials +3.0%, Tech 2.8%, Consumer Discretionary +2.9%, Energy +2.9%, Health Care +2.6%, Utilities +1.9%, Consumer Staples +1.8%, Telecom +1.2%
Declining Sectors: (None)DJ30 +254.71 NASDAQ +82.26 NQ100 +2.9% R2K +4.8% SP400 +3.9% SP500 +33.28 NASDAQ Adv/Vol/Dec 2267/1.62 bln/342 NYSE Adv/Vol/Dec 2820/912 mln/271
3:30 pm : The rally in equities, coupled with better-than-expected economic data helped Oct crude oil settle higher by 2.2% to $87.27 per barrel today. Crude oil's initial move higher came at the beginning of pit trade as it rallied roughly $1.50 off of overnight levels. Futures remained range-bound for the rest of the session, trading in a ~50 cent range. Sept natural gas futures shed 2.9% to close at $3.83 per MMBtu after Hurricane Irene's impact on the East Coast was far less destructive than originally thought.
Precious metals were weighed on by the rally in equities today, which signaled that the risk switch was switched back on -at least mometarily. Both metals sold off sharply following the open of equities, with gold future shedding approximately 40 points, while silver futures dropped around 70 cents. Dec gold finished lower by 0.3% to $1791.60 per ounce, while Sept silver shed 0.9% to finish at $40.55 per ounce.DJ30 +240.71 NASDAQ +76.69 SP500 +28.68 NASDAQ Adv/Vol/Dec 2232/1.2 bln/351 NYSE Adv/Vol/Dec 2816/568.9 mln/293
3:00 pm : Stocks recently stretched to an incrementally improved session high, but have begun to drift off of that mark. Still, the S&P 500 continues to sport a gain of about 2.5%, comfortably above the 1200 line. The stock market hasn't closed above that mark in two weeks.
Share volume hasn't been all that robust this session. That is likely making it easier for stocks to stage such strong gains, since buy orders are being placed into a relatively smaller pool of trades. Reduced numbers come after many trading desks on the East Coast were emptied in response to weather evacuation warnings, which effectively sent many traders on an early start to their Labor Day vacations.DJ30 +233.03 NASDAQ +72.70 SP500 +29.50 NASDAQ Adv/Vol/Dec 2211/1.05 bln/355 NYSE Adv/Vol/Dec 2763/485 mln/2765
2:30 pm : An appetite for riskier issues has been particularly beneficial to small-cap stocks, which have swung to a gain of almost 4%, as measured by the Russell 2000. That would make for a heady follow-up to the already rich 2.6% gain that the Russell 2000 staged this past Friday. Although it is still about 16% below its summer high, the Russell 2000 has already rebounded about 12% from the summer low that it set just a couple of weeks ago.DJ30 +233.18 NASDAQ +71.75 SP500 +29.64 NASDAQ Adv/Vol/Dec 2190/955 mln/280 NYSE Adv/Vol/Dec 2752/445 mln/280
2:00 pm : The stock market has been drifting sideways along its session high for the past hour. The effort has stocks on pace for their fifth gain in six sessions, including an incremental gain of less than 0.1%.
Broad, steady strength has almost every name in the S&P 500 is sporting a gain today. Home Depot (HD 33.83, -0.17), Monsanto (MON 69.95, -0.73), and Newmont Mining (NEM 62.10, -0.07) are among the handful of names that have failed to generate a gain. DJ30 +220.50 NASDAQ +67.57 SP500 +27.68 NASDAQ Adv/Vol/Dec 2180/895 mln/380 NYSE Adv/Vol/Dec 2765/420 mln/270
1:30 pm : All three major equity averages have extended their gains in recent trade. They are now at their best levels of the day.
Even though stocks are at new session highs, Treasuries have managed to limit their losses. Specifically, the benchmark 10-year Note is down about 3/4 of a point. That keeps the Note's yield at less than 2.30%.
Meanwhile, the dollar is down just 0.1% against a basket of major foreign currencies. DJ30 +211.00 NASDAQ +67.16 SP500 +27.05 NASDAQ Adv/Vol/Dec 2175/793 mln/365 NYSE Adv/Vol/Dec 2735/375 mln/280
1:00 pm : Financials are leading another broad-based bounce that has the S&P 500 up more than 2% to trade narrowly above the 1200 line.
Buying interest ahead of the open was largely bolstered by positive action in Europe, where news of consolidation in Greece's banking industry was generally regarded as a step toward a more sound banking system in the country. The decidedly positive response to that news sent Greece's Athex 20 almost 18% higher and inspired Europe's major bourses climb more than 2%.
Such a positive backdrop made it easier for stocks to resume the upward trend that they began last week, when the S&P 500 advanced in four out of five sessions (including an incremental gain of less than 0.1%) for a weekly gain of almost 5%. The performance made for the stock market's best weekly showing since the end of June.
Support for stocks is broad today -- all 10 major sectors are up by 1% or more -- but financials have attracted the most interest from participants. The sector's spike to a 3.3% gain has come amid a want for banks following the beat downs of past weeks and a desire for insurers after Hurricane Irene's damage to the Northeast appeared to be less severe than what had been feared potential.
Financials, frequently influential in the broad market's more meaningful moves, have led the S&P 500 back above the 1200 line. A key consideration for some, though, is whether the stock market can hold the move and close above the psychologically significant mark. That's something that hasn't been done in two weeks. DJ30 +207.97 NASDAQ +65.92 SP500 +26.42 NASDAQ Adv/Vol/Dec 2156/725 mln/375 NYSE Adv/Vol/Dec 2735/345 mln/260
12:30 pm : The S&P 500 has managed to move above the 1200 line, which has acted as a line in the sand all session. The move above the mark hasn't been one of great momentum or strength. Rather, the stock market is just a single point above the psychologically significant line. That makes it uncertain whether or not stocks will be able to sustain the move.DJ30 187.16 NASDAQ +61.64 SP500 +24.17 NASDAQ Adv/Vol/Dec 2135/656 mln/365 NYSE Adv/Vol/Dec 2710/315 mln/270
12:00 pm : The S&P 500 continues to dance along the 1200 line, keeping its gain at slightly less than 2%. Meanwhile, the Nasdaq has managed to climb well in excess of 2% to a new session high.
The Nasdaq was also able to outperform its counterparts last week, after it had suffered outsized losses due to weakness among many of its tech-related components. Tech plays had been pressured amid concerns that a slowdown in broad economic activity would undermine business spending on technology. Internet-based issues like Yahoo! (YHOO 13.29, +0.56), eBay (EBAY 30.43, +0.98), and Amazon.com (AMZN 205.99, +6.72). DJ30 +177.17 NASDAQ +59.81 SP500 +22.97 NASDAQ Adv/Vol/Dec 2080/562 mln/390 NYSE Adv/Vol/Dec 2670/275 mln/290
11:30 am : Stocks rcently slipped a bit from their morning perch, but were quick to stabilize.
Selling pressure has remained relatively steady against teleocm and utilities stock, though. As a result, the two sectors are at morning lows, both with 0.9% gains. Although the pair remains in positive territory, their relative underperformance comes as participants trade with an improved sense of confidence and show a willingness to re-enter riskier names following the stock market's near 5% climb last week. Amid the market's volatility many investors had looked for stability from the stodgy businesses and relatively high dividend yields offered by the telecom and utilities sectors. DJ30 +154.28 NASDAQ +50.32 SP500 +19.62 NASDAQ Adv/Vol/Dec 2050/500 mln/410 NYSE Adv/Vol/Dec 2650/245 mln/300
11:00 am : The S&P 500 recently came in contact with the 1200 line, but was unable to attract the buying interest necessary to push past the psychologically significant mark.
Energy stocks have started to roll over. In fact, the sector has surrendered about half of what it had achieved in the early going. As such, energy stocks now trade with a collective gain of about 1.1%. The sector's reversal comes as heavyweight integrated plays like Chevron (CVX 97.13, +0.28) and Exxon Mobil (XOM 73.20, +0.56) lose support. DJ30 +160.90 NASDAQ +49.96 SP500 +20.19 NASDAQ Adv/Vol/Dec 2050/390 mln/360 NYSE Adv/Vol/Dec 2658/190 mln/253
10:35 am : Commodities are mixed today as the energy and ag sectors show gains, while the metals are in the red.
Crude oil futures have been in positive territory all morning and hit session highs of $87.62/barrel around the time equity markets opened. The energy component has since pulled back below the $87 area and is currently up 1.9% at $86.98/barrel. Natural gas, on the other hand, have been in the red all morning, but have been trending higher off its session low of $3.83/MMBtu since around 9:15am EST. Nat gas is now down 0.1% at $3.91/MMBtu.
Gold and silver futures sold off just over an hour ago and fell into negative territory. Gold fell as far as $1781.30/oz and currently remains below the $1800 level. Silver hit new session lows of $40.42/oz on the earlier weakness. Currently, gold is down 0.3% at $1793/oz, while silver is down 0.4% at $40.81/oz.DJ30 +175.01 NASDAQ +51.33 SP500 +21.36 NASDAQ Adv/Vol/Dec 2043/352 mln/365 NYSE Adv/Vol/Dec 2629/173 mln/276
10:00 am : Momentum behind the S&P 500 has faded a bit in the past few minutes. That has caused the broad market measure to take pause before coming within close reach of the psychologically significant 1200 line -- it has been two weeks since the stock market closed above that mark.
Financials continue to climb, however. The bunch is now up 2.5%, which puts the sector at a new morning high. Energy makes up the next best performing sector. As a group, they are up 2.1% with help from higher oil prices, which were last quoted with a 2.0% gain at $87.10 per barrel. DJ30 +166.50 NASDAQ +46.13 SP500 +19.23 NASDAQ Adv/Vol/Dec 1970/100 mln/255 NYSE Adv/Vol/Dec 2590/65 mln/180
09:45 am : Stocks are up sharply in the first few minutes of trade. That has the broad market up by almost 2% and approaching the 1200 line.
Financials are out in front with a 2.2% gain. The sector's strong climb has been backed by diversified financial service plays and various bank stocks. Insurers are also lending support after reports from the Northeast indicated that initial property damages from Hurricane Irene appear to be less severe than what had been feared possible.
Gold prices have come under pressure in recent trade. The precious metal had been up more than 1% earlier this morning, but is now down with a 0.6% loss at $1786 per ounce. DJ30 +170.59 NASDAQ +47.54 SP500 +20.08
09:15 am : S&P futures vs fair value: +15.20. Nasdaq futures vs fair value: +28.00. The stock market climbed almost 5% during last week's action. That made for the best weekly performance in eight weeks. With help from upbeat action in Europe, where news of consolidation among Greece's banks has been met with a decidedly positive response, domestic markets are currently expected to extend that move into the new week. There is also a sense of relief that US exchanges will open for normal trade after Hurricane Irene caused less damage to New York City than what had been feared possible. That said, share volume this session could still be reduced by the absence of traders who took weather evacuation warnings as opportunities for an early start to vacations planned around the Labor Day holiday.
09:05 am : S&P futures vs fair value: +15.20. Nasdaq futures vs fair value: +28.20. Domestic stock futures continue to trade with strength, thanks largely to a positive backdrop brought by upbeat trade abroad. A merger between Greek banks EFG Eurobank and Alphabank has been broadly regarded as a step toward strengthening Greece's banking system. In turn, the country's Athex 20 has surged almost 20%. That has helped bolster buying interest in the region's primary bourses. As such, Germany's DAX is now up 1.8%. It is presently led by the likes of K+S, E.On, Bayer and Adidas. Automakers BMW, Volkswagen, and Daimler have lagged. France's CAC has climbed to a 2.0% gain. All 40 of its components are in positive territory, but Vinci, Societe Generale, and ArcelorMittal (MT) -- all up in excess of 4% -- are the top performers there. Britain's FTSE is closed for holiday observance.
Overnight trade in Asia took Japan's Nikkei to a 0.6% gain. Mizuho Financial (MFG) was a primary leader. Aozora Bank was also a top performer. Toyota Motor (TM) and weighed on trade. Analysts at Moody's recently confirmed their Aa3 rating and stable outlook on the automaker. In the latest political news, Japan Finance Minister Noda was elected Prime Minister. Hong Kong's Hang Seng ascended to a 1.4% gain. Sinopec and China Construction Bank were primary leaders. Mainland China's Shanghai Composite fell to a 1.4% loss amid weakness in financials and real estate plays, both of which were undercut by reports about increased reserve requirements for lenders.
08:35 am : S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +21.20. Stock futures haven't shown much reaction to the latest income and spending numbers. Personal income increased by 0.3% during July. The consensus among economists at Briefing.com had called for a 0.4% increase. Spending picked up by 0.8%, though. That exceeded the 0.5% increase that had been broadly anticipated. Additionally, core personal consumption expenditure prices were up 0.2%, as had been generally expected among economists surveyed by Briefing.com.
08:05 am : S&P futures vs fair value: +12.40. Nasdaq futures vs fair value: +21.70. Stock futures are up solidly in an extension of last week's advance, which was the first weekly gain in more than a month. The positive tone ahead of the open has also been bolstered by strong performances by the major bourses of Europe, where news that a merger between EFG Eurobank and Alphabank -- a pair of Greece's financial plays -- has been taken as a sign of progress toward a more stable banking system in the corners of the continent. None of the blue chips or more widely held domestic names is making news this morning, but participants get a modest dose of data with monthly personal income and spending figures at the bottom of the hour. Pending home sales data are scheduled for 10:00 AM ET. Among other commonly tracked assets, gold prices are up 1.4% to $1823 per ounce while oil futures prices are up 1.0% to $86.20 per barrel in electronic trade. Treasuries are down modestly, but the dollar is currently unchanged against a collection of competing currencies.
06:47 am : [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +21.30.
06:46 am : Nikkei...8851.35...+53.60...+0.60%. Hang Seng...19865.11...+282.20...+1.40%.
06:46 am : FTSE...Holiday......... DAX...5603.88...+66.40...+1.20%.
Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries. ![good morning gm](./images/smilies/emoticonhello.gif)
Best Regards,
M.A. Perry
Trader and Founder of
WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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