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 Post subject: October 24th Monday 2011 Emini TF ($TF_F) points +10.80
PostPosted: Mon Oct 24, 2011 9:52 pm 
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Joined: Sat Jan 10, 2009 1:06 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)

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click on the above image to view today's trading summary

Trade Performance for Today: +10.80 points or $1080.00 dollars in the Russell 2000 Emini TF ($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=95&t=1034.

To join our free chat room...registration instructions located at a different forum @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=5&t=630

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=144&t=1237

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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 Rise on Takeovers and Caterpillar Earnings

Oct. 24 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rallied, almost wiping out this year's decline in the Standard & Poor's 500 Index, amid takeover deals, higher-than-estimated earnings at Caterpillar Inc. and progress in talks to tame Europe's debt crisis.

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Market Update

4:30 pm : Strong buying today gave the stock market its third straight gain. In that time the S&P 500 has marched nearly 4% higher, crossing above the 1250 line for the first time in more than two months.

Trade ahead of the open was somewhat subdued. Participants appeared neither surprised nor disappointed that officials from Europe failed to unveil the makings of a comprehensive plan intended to restore the health of the region's financial conditions. Monthly manufacturing and services reports from the eurozone were also mixed at best, but some took encouragement that China reported overnight an increase in manufacturing activity, as measured by the HSBC Manufacturing PMI.

Corporate news flow was somewhat limited. Among the more notable announcements, Dow component Caterpillar (CAT 91.77, +4.38) posted earnings that exceeded what Wall Street had expected. The industrial machinery outfit complemented the report with a strong earnings forecast. The stock climbed to a two-month high, but its strength couldn't carry the Dow as high as the other major equity averages.

The Nasdaq staged the strongest gains of the primary indices. Its outsized gain was helped along by tech stocks, which settled the session 1.9% higher. Some merger and acquisition activity helped inspire interest for tech issues. Shares of RightNow Tech (RNOW 42.94, +6.98) surged in response to news that it will be purchased for $43 per share, a premium of 20% over last Friday's closing price, by Oracle (ORCL 32.87, +0.75). Owners of ORCL applauded the move, bidding the stock up to a three-month high.

On a related note, CIGNA (CI 45.34, +0.64) announced that it will pay $55 for each outstanding share of HealthSystems (HS 53.71, +13.55). The offer represents a premium of about 40% above where HS settled last week. News of the planned acquisition sent shares of SXC Health Solutions (SXCI 43.37, -13.05) down sharply due to concerns that the company's business may no longer be needed by HealthSystems.

Commodities also climbed today, giving the CRB Commodity Index a 2.4% gain. The move was led by oil, which surged to a two-month high and settled pit trade with a gain of more than 4% at $91.27 per barrel.

The greenback gave up an early gain to end the day on a down note. It had only been up modestly this morning, but a bounce by the euro undercut the dollar and left it to trade 0.2% below a currency-weighted basket by day's end.

Advancing Sectors: Materials +2.3%, Financials +2.2%, Tech +1.9%, Industrials +1.7%, Health Care +1.4%, Consumer Discretionary +1.4%, Energy +1.2%
Declining Sectors: Utilities -0.4%, Consumer Staples -0.6%, Telecom -0.9%DJ30 +104.83 NASDAQ +61.98 NQ100 +2.1% R2K +3.3% SP400 +2.9% SP500 +15.94 NASDAQ Adv/Vol/Dec 2095/1.89 bln/485 NYSE Adv/Vol/Dec 2516/927 mln/519

3:30 pm : Crude oil prices surged today, trading to their best levels since early August. On the session futures rallied 4.4% to close at $91.27 per barrel. Futures rallied on the better than expected econ data out in China, as well as strength in equities based on optimism for a deal getting done to help the euro-zone. Natural gas had a very quiet session, chopping around just shy of the flat line and posting declines of 0.8% to settle at $3.60 per MMBtu.

Precious metals did the majority of their rallying in electronic trade. Both metals did manage to trade to their best levels, at $1663.30 and $32.04 respectively, in pit trade but closed below those highs. On the session gold ended up 1% at $1652.00 per ounce, while silver finished up 1.4% at $31.64 per ounce. Copper futures surged 7% to settle at $3.46. Better-than-expected econ data in China, coupled with optimism about a deal getting done in the euro zone, boosted prices today.DJ30 +78.64 NASDAQ +54.09 SP500 +16.10 NASDAQ Adv/Vol/Dec 2006/1.5 bln/550 NYSE Adv/Vol/Dec 2451/620.1 mln/596

3:00 pm : Only an hour remains in today's trade. Action has been decidedly positive all session.

Corporate news flow was somewhat slow this morning, but the pace will pick up after the close. That's when the latest rush of quarterly reports will be made. On deck are companies like Amgen (AMGN 58.96, +0.37), Netflix (NFLX 118.18, +1.14), and Texas Instruments (TXN 31.58, +1.12). Tomorrow morning brings 3M (MMM 82.19, +1.71), BP Plc (BP 41.92, -0.43), Coach (COH 62.79, +2.25), Deutsche Bank (DB 39.48, +0.76), and UPS (UPS 70.86, +0.80). DJ30 +130.33 NASDAQ +64.71 SP500 +17.89 NASDAQ Adv/Vol/Dec 2030/1.30 bln/500 NYSE Adv/Vol/Dec 2475/530 mln/535

2:30 pm : Stocks recently slipped off of their afternoon perch, but were quick to stabilize. The move lower came as not as a result of any headline or catalyst, but more likely because a few participants opted to challenge today's gains by pocketing some profits. With today's advance, stocks are up about 3.5% in three sessions.DJ30 +108.84 NASDAQ +60.03 SP500 +15.04 NASDAQ Adv/Vol/Dec 2035/1.18 bln/485 NYSE Adv/Vol/Dec 2475/485 mln/500

2:00 pm : Stocks moved another leg higher in recent trade. That makes for new session highs across the major averages.

Even in the face of such broad strength, defensive-oriented stocks continue to struggle. That has left the utilities sector to trade with a 0.4% loss and the consumer staples sector to trade with a 0.5% loss. Worse still, telecom stocks are down 0.9%, collectively. DJ30 +123.07 NASDAQ +65.15 SP500 +17.64 NASDAQ Adv/Vol/Dec 2020/1.10 bln/485 NYSE Adv/Vol/Dec 2465/450 mln/510

1:30 pm : The major equity averages continue to boast robust gains as they trade near their best levels of the day. Sentiment has been positive since the beginning of the session.

The dollar has slowly moved deeper into negative territory. It now trails a basket of major foreign currencies by 0.3%. The dollar has been especially weak against the euro, which was last quoted with a 0.7% gain at $1.394. DJ30 +102.18 NASDAQ +57.80 SP500 +14.83 NASDAQ Adv/Vol/Dec 1950/980 mln/520 NYSE Adv/Vol/Dec 2420/405 mln/550

1:00 pm : Stocks are up nicely at midday, but they were initially a bit slow to build on last week's strong finish.

Early signals were mixed because a manufacturing survey from China showed an increase in activity, but manufacturing and services data from Europe were rather underwhelming. Market participants also continue to await a comprehensive plan from Europe's officials addressing the region's financial problems.

However, financials and materials stocks were quick to offer early support. Both sectors quickly bounced to gains in excess of 1%. Both sectors are currently up 1.8%.

Tech stocks were slower to join the effort, but the sector has since made a gradual ascent to a 2% gain. Oracle (ORCL 32.56, +0.44) has been applauded for its intended purchase of RightNow Tech (RNOW 42.81, +6.85) for $43 per share, or a 20% premium over where shares of RNOW settled last week. General strength among tech stocks has helped give the Nasdaq a gain that is more than double that of the Dow.

Caterpillar (CAT 92.26, +4.87) has been a steady source of support for the Dow, thanks to an upside earnings surprise and strong guidance, but the blue chip Index has been undermined by many of its more defensive components, which have traded with marked weakness all session. DJ30 +90.98 NASDAQ +56.08 SP500 +13.39 NASDAQ Adv/Vol/Dec 1950/915 mln/505 NYSE Adv/Vol/Dec 2400/375 mln/535

12:30 pm : Action in the first 30 minutes was a bit lackluster, but nonetheless positive. Stocks then began to stage a steady ascent that has taken all three major market averages to solid gains. They remain near their best levels of the session as they enter early afternoon trade.DJ30 +98.85 NASDAQ +58.63 SP500 +14.77 NASDAQ Adv/Vol/Dec 1950/820 mln/480 NYSE Adv/Vol/Dec 2420/340 mln/495

12:00 pm : Buyers appear to be taking a bit of a breather after bidding up the broad market to a strong gain in excess of 1%. The effort actually took the S&P 500 back over the 1250 line, but the benchmark Index has been slow to extend the move.

Although stocks have been performing well today, Treasuries haven't really suffered from much selling. In turn, the benchmark 10-year Note is only down a few ticks.

However, the dollar has turned lower after trading higher this morning. It had been up about 0.2% against a collection of competing currencies, but now it is down 0.2% against that very basket. DJ30 +92.04 NASDAQ +54.85 SP500 +13.94 NASDAQ Adv/Vol/Dec 1900/725 mln/500 NYSE Adv/Vol/Dec 2410/300 mln/500

11:30 am : All three major equity averages are now at new session highs, but the Nasdaq's gain is double that of the Dow. Tech stocks, up 2% as a group, continue to prop up the Nasdaq, while the Dow has been somewhat undermined by the weakness currently displayed by blue chips like AT&T (T 28.93, -0.20), Verizon (VZ 36.98, -0.44), Coca-Cola (KO 67.90, -0.29), and McDonald's (MCD 91.94, -0.38).DJ30 +101.12 NASDAQ +54.29 SP500 +15.30 NASDAQ Adv/Vol/Dec 1810/570 mln/535 NYSE Adv/Vol/Dec 2265/240 mln/595

11:00 am : Consumer staples stocks (-0.8%), telecom stocks (-0.7%), and utilities stocks (-0.6%) have descended to new session lows, but tech stocks (+1.4%) and financial stocks (+1.6%) are trading at or near their best levels of the day.

Renewed strength among tech issues has helped put the Nasdaq out in front of its counterparts. The move by the tech-rich Index comes amid help from large-cap players like Oracle (ORCL 32.56, +0.44), which has pushed higher in response to its announcement this morning that the company will acquire RightNow Tech (RNOW 42.81, +6.85) for $43 per share. The acquisition price represents a premium of about 20% over where shares of RNOW settled last week. DJ30 +54.34 NASDAQ +43.06 SP500 +10.72 NASDAQ Adv/Vol/Dec 1765/470 mln/525 NYSE Adv/Vol/Dec 2245/200 mln/600

10:35 am : The dollar index has moved back to the unchanged line, which has given some commodities a boost. Copper is the best performing commodity today, currently showing gains of 5.7% at $3.41/lb.

Crude oil futures is outperforming the rest of the energy sector after rallying over the past hour. Crude hit a new session high of $89.57/barrel in recent trade and is currently trading 2.1% higher at $89.27/barrel. Natural gas is up 0.3% at $3.64/MMBtu.

Precious metals have been in positive territory all session and are trading near their respective session highs. Gold ran as high as $1662.90/oz. earlier this morning and just below that level, now at $1654.40 +1.1%. Silver just hit a new session high of $31.89/oz. and is currently 1.8% higher at $31.75/oz.

Corn futures traded modestly higher overnight, but pulled back at the open of floor trading a few minutes ago. Corn is currently up 7 cents a t$6.57/bushel. Wheat is 1.4% higher at $6.41/bushel.DJ30 +81.25 NASDAQ +35.46 SP500 +11.23

10:00 am : Stocks have given back some of their morning gains, but the overall tone to early trade remains positive.

Caterpillar (CAT 91.39, +4.00) remains an early standout. The stock's spike to a two-month high comes in response to a better-than-expected quarterly report that was complemented by a strong forecast. The stock's strength has helped prop up shares of other agricultural and industrial machinery issues. DJ30 +37.39 NASDAQ +21.58 SP500 +5.71 NASDAQ Adv/Vol/Dec 1455/1.12 bln/565 NYSE Adv/Vol/Dec 1925/65 mln/670

09:45 am : The major equity averages are up nicely this morning. The effort has been led by financials and basic materials stocks, which are up 1.2% and 1.3%, respectively. Defensive sectors like telecom (-0.2%) and utilities (-0.5%) are trailing.

Commodities continue to tick higher, too. As such, the CRB Commodity Index is now up 0.9%.

Meanwhile, the dollar is holding steady to a 0.2% gain over a collection of competing currencies. DJ30 +41.18 NASDAQ +22.46 SP500 +6.29 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +11.00. Stock futures have gradually garnered buying interest, such that a mildly positive start to the new week is now expected. The bid comes even though Europe's bourses have been backed down from earlier levels to trade near the neutral line. The action there comes amid a mixed batch of manufacturing and services data and ongoing efforts to establish a comprehensive plan aimed at improving European financial conditions. However, encouraging manufacturing data from China has helped preserve a generally positive mood among global participants. There is no domestic data of consequence on tap for today, but corporate announcements have thus far featured an upside earnings surprise from Caterpillar (CAT) and a couple of acquisitions. CIGNA (CI) will purchase HealthSpring (HS) for $55 per share, which is a near 40% premium over the stock's closing price on Friday. Oracle (ORCL) will acquire RightNow Tech (RNOW) for $43 per share, which is a premium of about 20% over the stock's closing price this past Friday.

09:05 am : S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +11.20. Commodities are generally performing well this morning. That has the CRB Commodity Index up 0.8%. Among the more widely tracked components, crude oil prices are up 1.1% to $88.40 per barrel in the opening minutes of pit trade. Meanwhile, natural gas prices are up 0.4% to $3.64 per MMbtu. Precious metals are also performing well. Specifically, gold prices are presently up 1.4% to $1659 per ounce, while silver is up 1.3% o $31.60 per ounce. The gains come in the face of a modest upward move by the dollar, which was recently quoted with a 0.2% gain against a basket of major currencies.

08:35 am : S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +9.70. Europe's major bourses have given back early gains to trade near the neutral line. A highly anticipated weekend summit between members of the European Union could not yet produce a comprehensive plan intended to shore up financial conditions in the region. There is still hope that something will take shape by mid-week. In Germany, the DAX is up just 0.2%. Thyssenkrupp, Volkswagen, and Infineon Tech have provided support, but Deutsche Boerse and Deutsche Telekom have counterbalanced them. Germany's Manufacturing PMI for October came in at 48.9, which is down from the 50.3 posted for September. The Services PMI improved to 52.1 from 49.7 month over month, though. In France, the CAC is currently down 0.1%. Alcatel-Lucent (ALU) and ArcelorMittal (MT) are atop the list of leaders, while GDF Suez and Total (TOT) weigh on action. France reported a preliminary October Manufacturing PMI reading of 49.0, which is up from the 48.2 posted in the prior month. However, the Services PMI fell to 46.0 from 51.5 in the prior month. Britain's FTSE is presently up 0.3% with help from Rio Tinto (RIO) and Anglo American, even though both stocks were recently downgraded by analysts at Goldman Sachs. Oil and gas issues Royal Dutch Shell (RDS.A) and BP Plc (BP) are both grappling with some relatively aggressive selling pressure. Data for the broader Eurozone featured a Manufacturing PMI of 47.3 for October, but that is down from the 49.1 recorded for September. The Eurozone Services PMI fell to 47.2 in October from 49.7 in September.

Overnight action in Asia was decidedly positive. That helped Japan's Nikkei climb to a 1.9% gain. It was led by the likes of Tokyo Electric Power, Yokogawa Electric, and TDK Corp. Olympus Corp. was an especially weak performer. Sony (SNE) shares also slid. Hong Kong's Hang Seng spiked to a 4.1% gain. Resource plays like Aluminum Corp. of China and CNOOC (CEO) staged the strongest gains. Data featured a preliminary HSBC Manufacturing Survey of 51.1. A reading below 50 would imply contraction in manufacturing activity. Mainland China's Shanghai Composite posted a 2.3% gain. Natural resource plays were also in favor there.

08:05 am : S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +7.00. Stocks booked big gains on Friday, helping to lock in the broad market's third straight weekly advance, but stock futures suggest that a flat start is in order for the new week. The calm comes after a weekend summit meeting between members of the European Union failed to produce any new or definitive plan regarding efforts to shore up fiscal and financial conditions in the region. Europe's bourses are currently trading along the neutral line, down from their session highs. Economic data from the region was generally mixed. Only a handful of earnings announcements have been made this morning. Caterpillar (CAT) posted an upside surprise and issued strong guidance. The stock is up almost 5% ahead of the open. There are no domestic economic items of consequence due for release today.

06:57 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +3.50.

06:57 am : Nikkei...8843.98...+165.10...+1.90%. Hang Seng...18771.82...+746.10...+4.10%.

06:57 am : FTSE...5512.95...+24.30...+0.40%. DAX...5988.36...+17.40...+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

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