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 Post subject: July 26th Thursday 2012 Emini TF ($TF_F) points +8.90
PostPosted: Fri Jul 27, 2012 3:57 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: +8.90 points or $890 dollars in the Russell 2000 Emini TF ($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 #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for 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 in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=106&t=1281.

Also, posted below are direct links to information about my price action 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=119&t=718.

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 price action 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=163&t=1526

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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.

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Market Update

4:15 pm : After four consecutive losing sessions, U.S. indices and their European counterparts ended the day firmly in the black.

European trading was uneventful during the early part of the session. However, markets took off immediately after comments from European Central Bank President Mario Draghi. The central bank's president said officials are "ready to do whatever it takes to preserve the euro." Following the statement, risk assets spiked and never looked back. Spain's IBEX closed 6% higher, and Italy's MIB posted a 5.6% gain. Furthermore, France's CAC and German DAX also rose by 4% and 2.8% respectively.

Spain's 10-yr yield declined 44 basis points to 6.93% while the yield on Italy's 10-yr debt fell 39 basis points to 6.06%.

The risk rally contributed to a higher open in U.S. equities which sustained the opening levels throughout the day. The three main indices closed near session highs.

The energy sector led the charge as the SPDR Energy Select Sector ETF (XLE 69.00, +1.91) advanced nearly 3% while the materials and retail sectors lagged the broader market gains.

Major financials were one of the main beneficiaries of today's market advance. The SPDR Financial Select Sector ETF (XLF 14.49, +0.22) was up over 1.5%. American Express (AXP 57.76, +1.71) was higher by 3% while Citigroup (C 26.28, +0.49), and Bank of America (BAC 7.17, +0.10) advanced 2% and 1.4% respectively.

Communication solutions provider MetroPCS (PCS 8.59, +2.31) surged 37%. The advance came on the heels of a positive second quarter earnings report. In addition, the company expects to launch 4G service before quarter's end. Sprint Nextel (S 4.05, +0.68) also posted a considerable gain, climbing 20%. The firm's earnings beat expectations on increased iPhone sales.

Zynga (ZNGA 3.18, -1.90) was one of the weakest performers following a second quarter loss and slowing revenue growth. Its shares fell almost 40%. The significant weakness spilled over to Facebook (FB 26.85, -2.50) which receives 11% of its revenues from the company. Facebook was down more than 6% ahead of its after-hours earnings release.

Crude oil spent its entire floor session in positive territory, touching a session high of $90.47 per barrel. It gave up some of its gains as the day progressed, and settled with a 0.4% gain at $89.40.

Today's rally adversely impacted the dollar index which fell to near-term support at 82.67 before rebounding to 82.85. The British pound was the strongest performer against the dollar, up over 1.2% at 1.5685. The euro also rallied against the greenback, posting a 1.1% advance to 1.2285.

The latest weekly initial jobless claims count totaled 353,000, which is better than the 381,000 that had been expected, on average, among economists polled by Briefing.com. The latest tally is also down from the upwardly revised prior week count of 388,000. As for continuing claims, they fell to about 3.287 million from 3.300 million.

Roughly 115 companies are set to report their results after-hours. Some notable names include: Amazon (AMZN 220.01, +2.96), Coinstar (CSTR 59.22, -0.05), Facebook (FB 26.85, -2.50), and Starbucks (SBUX 52.41, +2.00).

The busy earnings schedule continues before Friday's open with names like AON (AON 46.48, +0.34), Chevron (CVX 108.27, +2.21), and Merck (MRK 43.33, +0.71) set to report.

Friday's economic data includes second quarter GDP at 8:30 AM ET and University of Michigan Consumer Sentiment at 9:55 AM ET.DJ30 +211.88 NASDAQ +39.01 SP500 +22.13 NASDAQ Adv/Vol/Dec 1615/1.88 bln/852 NYSE Adv/Vol/Dec 2247/898.1 mln/823

3:30 pm : Crude oil spent its entire floor session in positive territory, touching a session high of $90.47 per barrel moments after pit trade opened. It gave up some of its gains as the day progressed and settled with a 0.4% gain at $89.40 per barrel.

Natural gas popped to a pit session high of $3.13 per MMBtu following better-than-expected inventory data that showed a build of 26 bcf when a build of 30 bcf was anticipated. Moments later, it slid into the red to a session low of $3.02 per MMBtu. However, buyers stepped in and pushed prices back up such that natural gas settled with a 1.0% gain at $3.10 per MMBtu.

Gold extended yesterday's gains following a slide by the dollar on renewed hopes of monetary easing after ECB President Mario Draghi stated that "sharing national sovereignty on EU level to come" and that the ECB is "ready to do whatever it takes to preserve the euro." The yellow metal climbed to a pit session high of $1620.00 per ounce and despite briefly dipping into negative territory, it managed to settle 0.5% higher at $1615.00 per ounce. Silver, on the other hand, lost steam after brushing a floor session high of $27.72 per ounce and fell into the red as it headed into afternoon pit action. It eventually settled for a 0.1% loss at $27.44 per ounce. DJ30 +202.94 NASDAQ +36.68 SP500 +20.77 NASDAQ Adv/Vol/Dec 1580/1536.5/893 NYSE Adv/Vol/Dec 2173/617 mln/858

3:00 pm : Heading into the final hour of trading, stocks are testing session highs. The Dow is up 1.7%, while the S&P 500 is advancing more than 1.6%.

Today's broad market rally is seeing most S&P 500 components advancing. However, Apple (AAPL 575.30, +0.33) is not one of them. Following Tuesday's disappointing earnings and lowered guidance, shares of the tech giant are hovering around the unchanged level.DJ30 +209.00 NASDAQ +36.82 SP500 +21.12 NASDAQ Adv/Vol/Dec 1575/1.42 bln/887 NYSE Adv/Vol/Dec 2173/573.2 mln/846

2:30 pm : Afternoon trading remains flat, slightly below session highs. The Dow and the S&P 500 are advancing 1.6% and 1.4% respectively, while the Nasdaq lags behind, up 1.1%.

Today's risk rally adversely impacted the dollar index which fell to near-term support at 82.67 before rebounding to its current level, near 82.90. The British pound is the strongest performer against the dollar, up nearly 1.2% at 1.5685. The euro has also rallied against the greenback, posting a 1% advance to 1.2285.DJ30 +197.23 NASDAQ +30.08 SP500 +19.22 NASDAQ Adv/Vol/Dec 1478/1.32 bln/971 NYSE Adv/Vol/Dec 2049/529.2 mln/937

2:00 pm : The major averages are holding onto this morning’s gains but have been trickling lower over the past half hour.DJ30 196.66 NASDAQ 30.93 SP500 19.17 NASDAQ Adv/Vol/Dec 1470/1211 mln/956 NYSE Adv/Vol/Dec 2025/491 mln/950

1:30 pm : Equities are maintaining their levels as investors await a slew of earnings reports following the closing bell. The Dow is up 1.5%.

Roughly 115 companies are set to report their results after-hours. Some notable names include: Amazon (AMZN 219.03, +1.98), Coinstar (CSTR 60.62, +1.35), Facebook (FB 27.40, -1.94), and Starbucks (SBUX 52.11, +1.70).DJ30 +187.54 NASDAQ +31.35 SP500 +20.72 NASDAQ Adv/Vol/Dec 1516/1.14 bln/899 NYSE Adv/Vol/Dec 2094/455.1 mln/878

1:00 pm : After testing session highs during the first hour of trading, stocks gave up some of the gains. The gap-up open stemmed from comments made by European Central Bank President Mario Draghi. Mr. Draghi attempted to alleviate investor concerns by assuring officials are "ready to do whatever it takes to preserve the euro." The comments sparked a rally in European markets which saw robust increases across the board. Spain's IBEX rallied 6% while Italy's MIB rose 5.6%. The Spanish 10-yr yield dropped by 45 basis points to 6.93%.

In the U.S., the energy sector is leading the charge, up nearly 2% while the materials and retail sectors lag the broader market gains. Crude Oil futures are modestly higher near $89.50.

Energy giant Exxon Mobil (XOM 86.12, +0.88) is higher after reporting hairy second quarter results that included $7.5 billion in gains from divestitures and tax items.

Fellow Dow component and international industrial powerhouse 3M (MMM 90.50, +1.75) is higher after beating second quarter earnings estimates and reaffirming its full-year earnings guidance despite the challenging environment.

Major financials are also benefiting from today's market advance. The SPDR Financial Select Sector ETF (XLF 14.46, +0.19) is up over 1%. American Express (AXP 57.39, +1.31) is higher by 2.3% while Citigroup (C 26.31, +0.52), and Bank of America (BAC 7.18, +0.11) are advancing 2% and 1.7% respectively.

Zynga (ZNGA 3.11, -1.97) is one of the weakest performers today following a second quarter loss and slowing revenue growth. Shares are down almost 40%. The significant weakness spilled over to Facebook (FB 27.36, -1.98) which receives 11% of its revenues from the company. Facebook is down more than 6% ahead of its after-hours earnings release.

The latest weekly initial jobless claims count totaled 353,000, which is better than the 381,000 that had been expected, on average, among economists polled by Briefing.com. The latest tally is also down from the upwardly revised prior week count of 388,000. As for continuing claims, they fell to about 3.287 million from 3.300 million.

Separately, durable goods orders increased in June by 1.6%, which is more than the 0.3% increase that had been expected, on average, among economists polled by Briefing.com. The stronger-than-expected increase comes on the back of an upwardly revised prior month durable goods orders data that showed a 1.3% advance. Excluding transportation related items, durable goods orders decreased in June by 1.1%, which is actually worse than the 0.1% decrease that had been broadly anticipated. However, prior month data revisions made for a more moderate rise of 0.7%.

Pending home sales for June fell by 1.4%, which is worse than the 0.9% uptick that had been expected, on average, among economists polled by Briefing.com. The fall also makes for a negative turn from the 5.9% increase that was experienced in the prior month.DJ30 +186.33 NASDAQ +30.60 SP500 +18.09 NASDAQ Adv/Vol/Dec 1506/1.06 bln/901 NYSE Adv/Vol/Dec 2067/423.1 mln/899

12:30 pm : Stocks are lifting off session lows. The Dow maintains a 1.4% advance.

Communication solutions provider MetroPCS (PCS 8.62, +2.33) continues to surge, now up 37%. The advance comes on the heels of a positive second quarter earnings report. The company expects to launch 4G service before quarter's end. Sprint Nextel (S 3.99, +0.62) is also posting a considerable gain, up 18%. The firm's earnings beat expectations on increased iPhone sales.DJ30 +175.36 NASDAQ +28.77 SP500 +16.98 NASDAQ Adv/Vol/Dec 1526/971.3 mln/871 NYSE Adv/Vol/Dec 2084/389.1 mln/877

12:05 pm : Equities are at a session low following a ~1.5% gap up after ECB President Mario Draghi this morning made a pledge to preserve the euro. The S&P 500 is still up 1.0% as the Nasdaq slightly lags and the Dow outperforms by a narrow margin.

The energy sector is leading the charge, up nearly 2%, while the materials and retail sectors lag the broader market gains. Crude Oil futures are modestly higher, near $89.50.

Investors are also focused on corporate profits as we are in the heart of second quarter earnings season.

Energy giant Exxon Mobil (XOM 85.74 +0.50) is modestly higher after reporting hairy Q2 results that included $7.5 bln in gains from divestitures and tax items.

Fellow Dow component and international industrial powerhouse 3M (MMM 90.22 +1.47) is higher after beating Q2 EPS estimates and reaffirming its FY12 earnings guidance despite the challenging environment.DJ30 +152.84 NASDAQ +23.37 SP500 +14.21 NASDAQ Adv/Vol/Dec 1527/900 mln/845 NYSE Adv/Vol/Dec 2084/360 mln/900

11:30 am : Markets maintain their levels into European close. The Dow remains the strongest index, up 1.3%.

Major financials are some of the main beneficiaries of today's market advance. The SPDR Financial Select Sector ETF (XLF 14.44, +0.17) is up over 1%. American Express (AXP 57.01, +0.96) is higher by 1.7% while Bank of America (BAC 7.17, +0.10), and Citigroup (C 26.17, +0.37) are both seeing gains of close to 1.5%.DJ30 +159.43 NASDAQ +28.75 SP500 +15.45 NASDAQ Adv/Vol/Dec 1648/764.1 mln/734 NYSE Adv/Vol/Dec 2157/311.2 mln/769

11:00 am : Ahead of the European close, U.S. equities have pulled back slightly from session highs. The Dow leads the way, up 1.5% while the Nasdaq lags behind, up 1.2%.

Zynga (ZNGA 3.06, -2.02) is one of the weakest performers today following a second quarter loss and slowing revenue growth. Shares are down almost 40%. The significant weakness spilled over to Facebook (FB 27.64, -1.70) which receives 11% of its revenues from the company. Facebook is down more than 6% ahead of its after-hours earnings release.DJ30 +168.81 NASDAQ +33.41 SP500 +17.23 NASDAQ Adv/Vol/Dec 1646/631.1 mln/701 NYSE Adv/Vol/Dec 2193/262.2 mln/715

10:35 am : Earlier this morning, President Draghi made supportive comments, which resulted in a spike in the euro, commodities and equity markets around the world.

In the energy space, Sept crude oil rallied for over $2/barrel to the current session high of $90.47/barrel. Crude has since pulled back a little and is now at the $90 level. Oil is now +0.9% at $89.77/barrel.

July natural gas pushed into positive territory earlier on the sharp broad market strength, but was choppy ahead of the inventory data. Following the data, nat gas was choppy and is now +1.1% at $3.10/MMBtu.

In metals, August gold and Sept silver soared as well with gold rallying about $20/oz and silver rallying about $0.50/oz initially following the Draghi comments. Gold ran as high as $1621.50, while silver posted a HoD of $27.88. Gold is currently +0.4% at $1615.10/oz and silver is +0.5% at $27.59/oz.July copper rallying as high as $3.44 and is now up 4 cents this morning at $3.42/lb.DJ30 +188.72 NASDAQ +39.66 SP500 +18.62 NASDAQ Adv/Vol/Dec 1726/520.8 mln/583 NYSE Adv/Vol/Dec 2300/220 mln/588

10:05 am : Pending home sales for June fell by 1.4%, which is worse than the 0.9% uptick that had been expected, on average, among economists polled by Briefing.com. The fall also makes for a negative turn from the 5.9% increase that was experienced in the prior month.

The SPDR S&P Homebuilders ETF (XHB 21.28. +0.40) has responded to the data by slipping to session lows. However, it still holds a gain of 1.8%.DJ30 +219.86 NASDAQ +38.99 SP500 +19.97 NASDAQ Adv/Vol/Dec 1753/315.2 mln/505 NYSE Adv/Vol/Dec 2309/140.2 mln/482

09:45 am : Following a gap-up open, equities are continuing higher. The Nasdaq and the Dow lead the way with 1.7% gains.

One name to watch is Western Digital (WDC 38.98, +6.51) which posted a strong earnings beat, and is up nearly 20% in early trade.

Pending home sales are due out at 10 AM ET.DJ30 +215.32 NASDAQ +47.30 SP500 +21.25 NASDAQ Adv/Vol/Dec 1763/180.1 mln/411 NYSE Adv/Vol/Dec 2385/96.3 mln/349

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +18.50. Nasdaq futures vs fair value: +31.80. U.S. equity futures are pointing to a sharply higher open. The rise is driven by European Central Bank President Mario Draghi's comments aimed at restoring investor confidence. The gains in Europe are being paced by financial stocks with French banks leading the way. Credit Agricole and Societe Generale are both up more than 6%.

Durable goods data was released this morning with aircraft demand fueling a 1.6% increase. However, ex transportation, durable goods fell 1.1%.

Continuing claims fell to 3.287 million from a previous level of 3.30 million, while initial claims also declined to 353,000 from 381,000.

Pending home sales will be released at 10 AM ET.

Treasury will auction $29 billion 7-yr notes.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +18.30. Nasdaq futures vs fair value: +32.50. Following a relatively stable morning session, Japan's Nikkei rose by nearly 1% into the close. The advance lifted the index off multi-week lows. Heavy machinery producer Hitachi Construction advanced nearly 5% after a guidance reduction which was less severe than what markets had expected.

Japanese technology stocks were mixed with Canon dropping almost 10% on reduced full-year guidance. On the other hand, Olympus advanced more than 9% after a joint venture with Terumo was announced.

In Hong Kong, the Hang Seng was mostly flat, closing up 0.1%.

After flat morning action, European markets have rallied broadly in light of the comments made by the European Central Bank President Mario Draghi. Mr. Draghi said the Central Bank is "ready to do whatever it takes to preserve the euro" in an attempt to restore investor confidence in the currency and the region.

In Germany, financials are benefiting most from today's rally. Allianz and Deutsche Bank are advancing about 4%, while Commerzbank is up 2.6%.

France's CAC is also being lifted by financials. Credit Agricole and Societe Generale are up by more than 6%. Lagging behind is communications technology provider Alcatel Lucent which is down 7%. The fall can be attributed to the company's loss of EUR 254 million, as well as plans to cut 5,000 jobs.

In Britain, consumer stocks are the biggest beneficiary with Unilever surging 6% and Diageo climbing 2%. Royal Dutch Shell is underperforming with a loss of 2.5% after announcing a 13% earnings decrease.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +19.00. Nasdaq futures vs fair value: +35.20. The latest weekly initial jobless claims count totaled 353,000, which is better than the 381,000 that had been expected, on average, among economists polled by Briefing.com. The latest tally is also down from the upwardly revised prior week count of 388,000. As for continuing claims, they fell to about 3.287 million from 3.300 million.

Separately, durable goods orders increased in June by 1.6%, which is more than the 0.3% increase that had been expected, on average, among economists polled by Briefing.com. The stronger-than-expected increase comes on the back of an upwardly revised prior month durable goods orders data that showed a 1.3% advance. Excluding transportation related items, durable goods orders decreased in June by 1.1%, which is actually worse than the 0.1% decrease that had been broadly anticipated. However, prior month data revisions made for a more moderate rise of 0.7%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +16.70. Nasdaq futures vs fair value: +32.80. After a mixed Wednesday session, markets are rallying in light of comments made by European Central Bank President Mario Draghi. Around 6 AM ET, the bank president made supportive comments, which resulted in an immediate spike in the euro and equity markets around the world. Mr. Draghi is being quoted as saying "sharing national sovereignty on EU level to come" and that the European Central Bank is "ready to do whatever it takes to preserve the euro." The euro spiked to the $1.2260 level. European equity markets have seen a notable upside reaction as well. Germany's DAX is now up 1.2%, while France's CAC has risen by 2.5% and Spain's IBEX rallied 3%. The 10-yr yield on Spanish bonds fell by more than 30 basis points to 7.04%.

U.S. stock futures have seen a sharp turnaround as well on the Draghi comments, with S&P futures spiking around 13 points, moving from negative to positive territory. S&P futures are now +13, while DJ futures are +118 and Nasdaq futures are +29.

Mario Draghi's comments eclipsed this morning's economic data out of Europe. Germany reported a slightly higher-than-expected GfK Consumer Climate which is designed to measure consumer confidence. The index came in at 5.9 while the markets anticipated a 5.8 print.

In addition, the Eurozone M3 money supply has expanded by 3.2% during the past year, while expectations called for a 2.9% increase.

Besides the unemployment data and durable orders due out this morning, the U.S. markets will look to a full slate of earnings. Also due out are pending home sales at 10 AM ET.

06:38 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +8.00.

06:38 am : Nikkei...8443.10...+77.20...+0.90%. Hang Seng...18892.79...+15.50...+0.10%.

06:38 am : FTSE...5510.65...+12.30...+0.20%. DAX...6397.68...-8.90...-0.20%.

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)
Image@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
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