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 Post subject: June 5th Friday 2009
PostPosted: Fri Jun 05, 2009 9:04 pm 
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Key WRB Price Action

2min Regular Session Chart - The price action (key change in supply/demand) that had the most impact on today's price action ocurred @ 0948am est via providing resistance and trade signals for bearish reversals.

In addition, today's intraday lows occurred after finding support from a key WRB price action from yesterday that was key in providing support in yesterday's price action.

As for my trading today, I missed the a.m. trading session and only did a few trades in the late afternoon trading session.

FYI - The above discussion is about one key WRB price action even though there were other key WRB price actions that occurred during the trading day that could be used to confirm entry signals, exit signals, profit targets et cetera.

Simply, knowledge of different types of key WRB's is what results in a complete understanding of the price action being traded as it is occurring in real-time.


http://www.thestrategylab.com/WRBAnalysisTutorials.htm

http://www.thestrategylab.com/TradingReports.htm

Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name NihabaAshi. You can review each trade from entry to exit along with commentary and an occasional trading tip because its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=60&t=209

My Trading Performance: +7.00 Emini ES points

Attachment:
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Stocks Mixed After Jobs Report
Markets struggle after government reports smaller-than-expected job losses. Dow ends higher for 11th of 13 weeks.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 5, 2009: 6:14 PM ET

NEW YORK (CNNMoney.com) -- Stocks struggled Friday at the end of another up week for Wall Street as investors welcomed a report showing that the pace of job losses is starting to slow, but showed caution after the market's recent advance.

The Dow Jones industrial average (INDU) added 13 points, or 0.1%. The S&P 500 (SPX) index lost 2 points or 0.3% and the Nasdaq composite (COMP) ended near unchanged.

Stocks had been up and down through the morning as investors digested the jobs report in the aftermath of a good run on Wall Street.

"The report was a big positive surprise," Stephen Stanley, chief economist at RBS Securities, said of Friday's better-than-expected jobs number. "We thought it would happen at some point this year, but not this soon."

He said that the report has been corroborated by other recent readings on the labor market, such as the weekly jobless claims numbers.

"I think we've probably turned the corner and seen the worst of the monthly job losses," he said. "But we're still far from a flat jobs outlook. The report shows things are still bad, but they are getting worse at a slower pace."

Bets that the economy is starting to stabilize have fueled an advance that has lifted the Dow off of 12-year lows since early March. The Dow has now gained in 11 of the last 13 weeks, adding 32.2%,. That's the Dow's best 13-week run since the period ending November 1982, according to Dow Jones market data.

Jobs report: Employers cut roughly 345,000 jobs from their payrolls in May, the Labor Department reported Friday morning, surprising economists who were expecting another 520,000 job cuts.

Employers cut a revised 504,000 jobs in April.

The report added to other recent signs that the pace of job cuts is starting to slow. However, a recovery in the labor market typically lags a broader recovery, and that was reflected by a rise in the unemployment rate.

According to a separate survey, the unemployment rate rose to 9.4%, a 26-year high, from 8.9% in April. Economists surveyed by Briefing.com were expecting it to rise to 9.2%.

Experts remain divided on whether the worst is over for the labor market. In particular, the bankruptcy filings of Chrysler and General Motors (GMGMQ) could result in more job losses.

Autos: After the close Friday, it was announced that an appeals court ruling has cleared the way for Chrysler to exit bankruptcy, probably Monday afternoon. The ruling set aside an Indiana pension fund's objections and allows Chrysler to sell a majority of its assets to a new company to be called the Chrysler Group.

The new company will be owned primarily by a United Auto Workers union trust, Italian automaker Fiat and the U.S. government.

GM will sell its Saturn brand to car dealership operator Penske Automotive Group (PAG, Fortune 500).

Earlier this week, GM sold its Hummer line to China's Sichuan Tengzhong, a machinery company. The sales are part of GM's plan to sell its four "non-core" U.S. brands, including Pontiac and Saab.

Separately, GM will reportedly help finance private equity firm Platinum Equity's purchase of bankrupt auto parts supplier Delphi Corp.

Friday is GM's last day as a Dow component. On Monday, it will be swapped with tech leader Cisco Systems (CSCO, Fortune 500).

Citigroup: The Federal Deposit Insurance Corp. is reportedly looking to shake up Citi's management, putting CEO Vikram Pandit's job at risk. The financial firm has received billions in government aid and was also recently told to raise $5.5 billion as a result of the government "stress tests."

Friday is Citi's last day as a Dow component. On Monday it will be swapped with insurance firm Travelers (TRV, Fortune 500).

Company news: In other corporate news, miner Rio Tinto has walked away from a $19.5 billion merger with Chinese company Chinalco, instead choosing to set up a joint venture with rival BHP Billiton (BHP).

Bonds: Treasury prices tumbled, raising the yield on the benchmark 10-year note to 3.83% from 3.71% Tuesday. Treasury prices and yields move in opposite directions.

Other markets: In global trading, Asian markets ended higher and most European markets ended higher.

In currency trading, the dollar gained versus the euro and yen.

U.S. light crude oil for July delivery fell 37 cents to settle at $68.44 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery slipped $19.70 to settle at $962.60 an ounce.

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Yahoo! Finance

4:25 pm : Stocks surrendered early gains as enthusiasm for a better-than-expected nonfarm jobs report faded. For the rest of the session stocks generally traded sideways before closing in mixed fashion.

Participants bid stocks higher in the first few minutes of trading after receiving word that payrolls fell by 345,000 during May. Given that the number of job losses were below the 520,000 that were expected and that they declined from the 504,000 that were registered in April, many participants warmed to the notion that macro conditions may be improving, or at least resisting further deterioration.

That consideration aside, unemployment has reached a near 26-year high of 9.4%, up from 8.9%.

The initial lift among stocks took the S&P 500 to fresh 2009 highs, but listless trading left stocks susceptible to an early selling effort, which left stocks to trade in a relatively narrow range for the rest of the session.

Industrial stocks (+0.8%) were able to trade with solid gains for the entire session, helping the blue chip Dow Jones Industrial Average keep a marginal lead over the other major indices during the session. General Electric (GE 13.54, -0.21) lagged, though.

Semiconductor stocks (-1.9%) also showed weakness after the Semiconductor Association forecast a 21% year-over-year decline in 2009 worldwide sales. That caused Intel (INTC 15.92, -0.21) to trade lower and weigh on the Nasdaq Composite.

Meanwhile, the S&P 500 finished lower amid broader weakness as its declining issues outnumbered its advancers by nearly 2-to-1.

Financials (-1.5%) and materials stocks (-1.1%) were among the weaker performers in the S&P 500. Weakness in the materials sector mostly stemmed from a drop in commodity prices, which saw the CRB Commodity Index slide roughly 0.7%.

The downturn in commodities was especially noticeable in gold prices, which shed 2.0% to settle at $962.50 per ounce.

General weakness among commodities came as the Dollar Index jumped 1.7% in its best single session advance by percent since January.

Traders continued their selling efforts against Treasuries. That took the benchmark 10-year Note roughly one full point lower, which has pushed its yield to six-months highs above 3.8%.DJ30 +12.89 NASDAQ -0.60 NQ100 +0.0% R2K -0.3% SP400 -0.1% SP500 -2.37 NASDAQ Adv/Vol/Dec 1217/2.31 bln/1448 NYSE Adv/Vol/Dec 1460/1.26 bln/1539

3:35 pm : The CRB Commodity index traded lower by 0.8% as the dollar strengthened. Much of the lag on the CRB could be attributed to weakness in precious metals.

August gold futures traded lower by 2.0% to close at $962.50 per ounce and July silver futures closed 3.2% lower at $15.39 per ounce. Both precious metals traded substantially lower after the better-than-expected Nonfarm Payroll number, which led to the dollar making its biggest session advance since April.

The energy commodities traded modestly higher this session.

Natural gas was the leader with a 1.8% gain. The natural gas futures traded between $3.71 and $3.99 per contract and finished a fairly volatile session at $3.89 per contract.

Crude oil experienced a rather quiet session. The July futures traded in positive territory during the late morning, but closed in the red, down 0.5%, at $68.43 per barrel.DJ30 +18.91 NASDAQ -5.27 SP500 -3.77 NASDAQ Adv/Vol/Dec 1127/1.93 bln/1542 NYSE Adv/Vol/Dec 1345/901 mln/1627

3:00 pm : The Dow is back into positive territory, but it is fighting to hold on to its gain. Its counterparts continue to trade with losses.

The Semiconductor Index has underperformed the headline indices for the entire session. It is currently down 2.3% as participants push against semiconductor stocks and semiconductor equipment stocks in the wake of a semiconductor association's pessimistic forecast for 2009 global sales.DJ30 +7.04 NASDAQ -8.43 SP500 -3.82 NASDAQ Adv/Vol/Dec 1021/1.78 bln/1634 NYSE Adv/Vol/Dec 1291/823 mln/1681

2:30 pm : After being mired in slow, sideways trading, stocks have given up ground amid some renewed selling pressure. Still, stocks have yet to retest their session lows.

Nonetheless, weakness has become widespread as nine of the 10 major sectors now trade in negative territory. Only industrials (+0.5%) are still in positive ground; industrials have been outperforming the broader market for the entire session.DJ30 -11.36 NASDAQ -11.95 SP500 -4.38 NASDAQ Adv/Vol/Dec 1011/1.66 bln/1630 NYSE Adv/Vol/Dec 1236/762 mln/1735

2:00 pm : The broader market is trading along the unchanged mark, stuck in a sideways trade. Meanwhile, weakness has intensified in the financial sector, which is retesting its session lows as it falls to a 1.1% loss.DJ30 +39.45 NASDAQ -0.24 SP500 -0.01 NASDAQ Adv/Vol/Dec 1188/1.50 bln/1424 NYSE Adv/Vol/Dec 1577/689 mln/1373

1:30 pm : The stock market is back at the unchanged mark. Trading volume is relatively light.

Following this morning's release of the May nonfarm jobs report news flow has become very slow, which has left market participants without any clear cues.DJ30 +43.99 NASDAQ +0.76 SP500 +0.63 NASDAQ Adv/Vol/Dec 1213/1.41 bln/1384 NYSE Adv/Vol/Dec 1639/644 mln/1291

1:00 pm : Thanks to a much better-than-expected payrolls report, stocks were able to start the session with solid gains. However, stocks soon rolled over as early enthusiasm quickly faded.

According to the May payrolls report, 345,000 jobs were lost last month, which pushed the unemployment rate up to 9.4% from 8.9%. Economists were expecting 520,000 job losses and an unemployment rate of 9.2%.

Given that the number of layoffs were far fewer than expected, many participants have taken heart that economic conditions could be improving. That led to an early bullish bid, which helped take the S&P 500 to fresh 2009 highs in the opening minutes of trading. The upward move proved unsustainable, though, and stocks turned tail to head into negative territory. They have since bounced back to trade with a modest gain, but the trading range has been relatively narrow for the last couple of hours.

The sideways movement comes as stocks trade without a clear leader. Financials (-0.2%) and materials stocks (-0.3%), which have often been a rallying points for the broader market, are both in negative territory. Most of the materials sector's weakness comes from a drop in commodity prices, which stems from a 1.3% jump in the Dollar Index.

Industrial stocks (+1.4%) are showing strength, however. Their advance is helping the Dow trade a bit above its counterparts.

While stocks are holding on to modest gains, Treasuries continue to grapple with selling pressure. In turn, the benchmark 10-year Note is down just over one full point, which has its yield trading near fresh six-months highs. The Note's yield is currently above 3.8%.DJ30 +63.59 NASDAQ +5.31 SP500 +3.62 NASDAQ Adv/Vol/Dec 1266/1.31 bln/1322 NYSE Adv/Vol/Dec 1776/594 mln/1143

12:30 pm : Though gains remain slight, stocks are on track to finish higher for the third straight week. The S&P 500 is currently up almost 3% week-to-date.

Gains during recent weeks have helped take the S&P 500 to a 4.7% year-to-date gain. However, only recently has the Dow Jones Industrial Average made its way into positive territory for the year; the Dow is currently up just 0.4% year-to-date. Meanwhile, the Nasdaq is up an enviable 17.7% for the year.DJ30 +60.08 NASDAQ +6.01 SP500 +3.42 NASDAQ Adv/Vol/Dec 1246/1.22 bln/1316 NYSE Adv/Vol/Dec 1708/552 mln/1187

12:00 pm : Stocks are trading in a narrow range, and are generally unchanged in the last half hour.

However, oil prices have rebounded back to the unchanged mark. Crude prices currently stand at $68.80 per barrel.

With the rebound in oil prices, energy stocks have made their way to the unchanged mark after trading as much as 1.7% lower.DJ30 +45.75 NASDAQ +0.60 SP500 +2.11 NASDAQ Adv/Vol/Dec 1184/1.12 bln/1358 NYSE Adv/Vol/Dec 1630/503 mln/1240

11:30 am : Stocks are chopping along in what has generally become listless trading. Action is a bit mixed in the S&P 500, where six of the 10 major sectors are trading higher and advancing issues have a slight advantage over decliners.

Large-cap biotech stocks like Biogen (BIIB 51.49, -1.66), Celgene (CELG 44.04, -1.07), and Genzyme (60.31, -1.29) are lagging and weighing on the Nasdaq 100 (-0.1%). Biotech stocks had actually traded with strength in recent sessions, but are now under pressure as participants rotate out of the sector.DJ30 +33.80 NASDAQ -0.75 SP500 +0.54 NASDAQ Adv/Vol/Dec 1122/1.01 bln/1380 NYSE Adv/Vol/Dec 1535/451 mln/1320

11:00 am : After falling to a sizable loss, the major indices have rebounded so that the Dow is now sporting a solid gain and the S&P 500 and Nasdaq Composite trade near the unchanged mark.

Industrial stocks are sporting the best gains of any major sector. They are currently up 1.6% in what is shaping up to be an impressive week for the sector. Industrial stocks are up 6.5% week-to-date.DJ30 +48.69 NASDAQ -1.72 SP500 +0.28 NASDAQ Adv/Vol/Dec 1055/856 mln/1370 NYSE Adv/Vol/Dec 1422/381 mln/1369

10:30 am : Commodities are under pressure as the U.S. dollar goes on the mend after falling in five of the last six sessions. As such, the Dollar Index is up a sharp 1.3%, while the CRB Commodity Index is down 0.5%.

Precious metals are being hit particularly hard by the resurgent dollar. Gold prices are currently down 2.1% to $960.50 per ounce. Silver prices are down 4.0% to $15.25 per ounce.

The drop in precious metals prices is weighing heavily on shares of Newmont Mining (NEM 44.59, -2.85) and Yamana (AUY 10.67, -0.63), which are causing a drag on the materials sector in turn. Materials stocks are currently down 1.3%, more than other major sector.

Meanwhile, crude oil prices are pulling back after registering fresh 2009 highs in the prior session. Oil was last quoted at $67.90 per barrel, down 1.3%.

Natural gas prices are down, too. Contracts are being priced 1.5% lower at $3.75 each.DJ30 -0.69 NASDAQ -5.81 SP500 -2.36 NASDAQ Adv/Vol/Dec 939/666 mln/1436 NYSE Adv/Vol/Dec 1195/298 mln/1562

10:00 am : Initial gains have been pared as a sudden selling effort knocked all three major indices markedly lower. The S&P 500 and the Nasdaq Composite actually fell all the way to negative territory, but now trade near the unchanged mark. Meanwhile, the Dow Jones Industrial Average has managed to hold on to a respectable gain.

The Dow's relative strength comes amid leadership from industrial giants Boeing (BA 52.80, +2.23) and United Technologies (UTX 56.25, +1.12). Gains in the blue chip index are broad-based, though; 26 of the 30 Dow component's are trading higher.

Early movers: Trading up -- RSOL +43.3%, JTX +18.1%, ULTA +13.1%, HEB +13.1%, PMTI +12.8%, COWN +10%, BRY +9.6%, FR +8.9%; Trading down -- XIDE -11.9%, NVAX -10.7%, UDRL -9.9%, MWE -8.7%, FCBC -8.6%, AGQ -8.3%, AGEN -7.9%DJ30 +18.91 NASDAQ +0.40 SP500 -0.30 NASDAQ Adv/Vol/Dec 1191/393 mln/1069 NYSE Adv/Vol/Dec 1635/184 mln/1026

09:40 am : Stocks are making solid, broad-based gains in the first few minutes of trading. The upbeat tone actually started in premarket trading as participants anticipated the May nonfarm payrolls report, which showed far fewer job losses than expected and, in turn, helped reaffirm the positive bias.

However, health care stocks are trading with a 0.3% loss, lagging for the second straight session.

Treasuries also continue to slide. The benchmark 10-year Note is currently down a relatively sharp 23 ticks, which has pushed its yield up to fresh six-month highs of 3.80%.DJ30 +79.20 NASDAQ +14.49 SP500 +8.50 NASDAQ Adv/Vol/Dec 1395/213 mln/781 NYSE Adv/Vol/Dec 2042/111 mln/555

09:20 am : S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +9.50. There really haven't been any corporate headlines of consequence this morning, so participants have given nearly all of their attention to the May payrolls report, which indicated that 345,000 jobs were lost last month and unemployment now stands at 9.4%. Economists had been expecting 520,000 job losses and an unemployment rate of 9.2%. Though the unemployment rate now stands at a near 26-year high, the smaller-than-expected number of layoffs is helping support the notion job conditions aren't worsening. Given that employment is a lagging indicator, chatter about economic "green shoots" is picking up. Accordingly, stock futures currently point to a positive start for the major indices. Should the tone stay positive through the close, stocks will register their third straight weekly gain, which would also mark their eleventh weekly gain in twelve weeks.

09:00 am : S&P futures vs fair value: +9.60. Nasdaq futures vs fair value: +11.00. Gains are strong in Europe as Britain's FTSE climbs 2.1% amid a rebound in steel and metals companies Rio Tinto (RTP), BHP Billiton (BHP), and Anglo American (AAUK). The rebound follows news that Rio Tinto has issued a fully underwritten rights issue to raise roughly $15 billion in the wake of its terminatted transaction with Chinalco (ACH). HSBC (HBC) is a laggard, though. According to The Wall Street Journal, HSBC could still face large losses through its U.S. subsidiaries. In economic news, Dow Jones reported that U.K. factory gate prices for May fell for the first time since 2002, while input prices dropped at the fastest rate since 2001. Meanwhile, France's CAC is up 2.0% amid strength in energy giant Total (TOT) and steel giant ArcelorMittal (MT). Germany's DAX is up 1.7% amid broad-based gains. Deutsche Bank (DB) is a primary leader this session. Siemens (SI) and Allianz (AZ) are also providing leadership. In Asia, the MSCI Asia-Pacific Index closed 0.8% higher and Japan's Nikkei advanced 1.0% to register an eight-month closing high. The Nikkei's advance was helped along by resource and energy stocks, which were spurred by a climb in commodity prices. Inpex and Nippon Oil both tacked on solid gains. Automaker Mitsubishi Motors climbed after the company priced its electric vehicle below that of a rival model, while Mazda jumped after Nikko Citigroup raised its rating to Buy. In Hong Kong, the Hang Seng climbed 1.0%. Energy giants CNOOC (CEO) and PetroChina (PTR) advanced markedly. Shares of HSBC turned lower ahead of the benchmark index reweighting, which will cap the stocks weight at 15%, down from 20%. Aluminium firm Chalco also declined following Rio Tinto's decision to terminate its $19.5 billion deal with Calco's parent, Chinalco. In mainland China, the Shanghai Composite closed 0.5% lower.

08:30 am : S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +13.80. According to the latest Nonfarm Payrolls Report, 345,000 jobs were lost during May, and unemployment now stands at 9.4%. The consensus estimate called for 520,000 job losses and an unemployment of 9.2%. Manufacturing job losses totaled 156,000, which was more than the 150,000 losses that were expected. Meanwhile, data for April was revised to show 504,000 lob losses, up from 539,000, while unemployment stayed pegged at 8.9%. Manufacturing job losses were revised higher to show 154,000 from 149,000. Stock futures have spiked in the wake of the news. Should the strong tone hold into the opening, stocks will start trading Friday with a week-to-date gain in excess of 2%.

08:00 am : S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +4.80. Stock futures are trading higher ahead of the May nonfarm payrolls report, which is due at the bottom of the hour. With the ADP Employment Change already released on Wednesday and the latest in weekly initial claims released yesterday, economists are expecting job losses to total 520,000 and unemployment to rise to 9.2%. Such numbers certainly wouldn't reflect strong economic conditions, but many participants may be encouraged by the understanding that the worst job loss totals have past. However, there is a chance participants will search for deeper substance in the report. Separately, the Semiconductor Industry Association forecast a 21% year-over-year decline for 2009 worldwide sales. However, the association did project that sales will rebound in 2010. Shares of semiconductor stocks are trading in mixed fashion ahead of the opening bell.

06:36 am : S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +3.80.

06:36 am : Nikkei...9768.01...+99.10...+1.00%. Hang Seng...18679.53...+176.80...+1.00%.

06:36 am : FTSE...4444.73...+57.80...+1.30%. DAX...5076.34...+11.40...+0.20%.

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