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 Post subject: June 12th Friday 2009
PostPosted: Fri Jun 12, 2009 5:03 pm 
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Key WRB Price Action

3min Regular Session Chart - The price action (key change in supply/demand) that had the most impact on today's price action ocurred Wednesday @ 1533pm est via providing support and confirming one Long signal off today's lows via the trading reports.

Simply, today's price action was uneventful due to the lack of key WRB price actions and that in itself resulted in using key WRB price actions fromt he prior trading days.

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

No trades today due to website work, personal appointment and family fun. However, you can still view the trades posted by other members of #FuturesTrades...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=214

My Trading Performance: +0.00 Emini ES points

* No Trades today due to website work, personal appointment and family fun.

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Dow Turns Positive For '09
Wall Street ends a mixed week little changed, but investors manage to push the blue-chip average into the plus column for the year.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 12, 2009: 4:17 PM ET

NEW YORK�(CNNMoney.com) -- Stocks churned Friday, at the end of a mixed week on Wall Street, that nonetheless left the Dow industrials in positive territory for the year for the first time since January.

The Dow Jones industrial average (INDU) gained 28 points, or 0.3%, according to early tallies, ending above its 2008 close of 8,776.39.

The S&P 500 (SPX) index added 1 point, or 0.1%, to a seven-month high.

The Nasdaq composite (COMP) fell almost 4 points, or 0.2%, after ending the previous session at an eight-month high.

For the week, the Dow and S&P 500 ended with modest gains, while the Nasdaq ended lower.

Stocks slumped through most of the session as weakness in energy and gold prices dragged on oil and metal stocks. But the selling eased up later in the session, and was offset by strength in select other sectors.

Unsubstantiated reports regarding the outcome of the Iranian presidential race caused the turnaround, said Joseph Saluzzi, co-head of equity trading at Themis Trading. He said reports that incumbent Mahmoud Ahmadinejad was unseated by challenger Mir Hossein Moussavi caused markets to recover.

However, the results of the election are not yet clear, with both men claiming victory.

"Rumors that the opposition won made people excited," Saluzzi said. "That combined with this late-day witching hour we tend to see and so you saw stocks come back."

He was referring to the market's tendency to switch direction in the last hour or so of the session.

Markets have rallied for three months straight, since bottoming March 9. In that time, the Dow has gained 34%, the S&P 500 40% and the Nasdaq 47%, as of Thursday's close.

But stocks have struggled this week as rising Treasury yields and higher commodity prices have fueled worries that inflation could choke off any early signs of recovery.

On Friday, Treasury prices rallied, lowering the corresponding yields. The yield on the benchmark 10-year note fell to 3.77% from 3.85% Thursday. The yield touched 4% during Wednesday's session for the first time since last October.

Stocks ended higher Thursday after the day's economic news fueled bets that the recession is waning. However, most of the advance lost steam in the last hour of trading.

A server issue at the New York Stock Exchange briefly interrupted the flow of orders for about 200 stocks in the late morning, including Dow components General Electric (GE, Fortune 500), Merck (MRK, Fortune 500) and Exxon Mobil (XOM, Fortune 500), the NYSE said. The stocks continued to trade electronically and outside the NYSE, but were temporarily halted on the exchange. Trading resumed at 12:10 p.m. ET.

Economy: Consumer sentiment was little changed in early June, falling just shy of forecasts. The University of Michigan's consumer sentiment index rose to 69 from 68.7, versus forecasts for a rise to 69.5.

Import prices jumped 1.3% in May, in line with forecasts. It was the largest monthly increase since last July, according to a Labor Department report released Friday morning. The increase was due largely to a jump in petroleum prices. Prices rose 1.1% in April.

Year-over-year import prices fell 17.6%, suggesting that inflation fears are not yet being realized.

Export prices rose 0.6% in May versus forecasts for a gain of 0.4%. Prices rose 0.4% in April.

Companies: BlackRock (BLK, Fortune 500) is buying BGI, the investment unit of British bank Barclays (BCS), in a $13.5 billion cash-and-stock-deal that will create the world's largest money manager. BlackRock shares fell 5% and Barclays fell 3%.

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

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

U.S. light crude oil for July delivery settled down 64 cents to $72.04 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell $21.30 to $940.70 an ounce.

Market breadth was negative and volume remained moderate for the fifth session in a row. On the New York Stock Exchange, losers beat winners five to four on volume of 660 million shares, according to early tallies. On the Nasdaq, decliners topped advancers eight to five on volume of 1.80 billion shares.

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Yahoo! Finance

4:30 pm : Stocks spent most of the session confined to a narrow trading range in negative territory, but managed to move higher heading into the final leg of trading. Pronounced, late-session moves have been the norm this week, but this one was a bit sloppy as stocks had to fight to hold the advance.

Trading volume was exceptionally light this session, suggesting a lack of conviction in the market's moves and, certainly, a lack of participation. Only around 860 million shares traded hands on the NYSE. That's nearly half the level typically seen in the last 50 sessions.

The latest round of range bound trading came largely as a result of a lack of leadership. Materials stocks (-1.3%), which have provided leadership in recent weeks, were knocked lower as commodities came under pressure amid a rally in the U.S. dollar.

With the Dollar Index advancing 0.9%, the CRB Commodity Index fell 1.5%. Gold prices dropped 2.2% to finish at $940.50 per ounce. Crude oil futures pulled back from 2009 highs to finish 0.8% lower at $72.05 per barrel. News from Reuters that OPEC believes that worst appears to be over for the oil market didn't seem to provide much support.

The downturn in oil prices helped send energy stocks to a 1.0% loss. Oil and gas equipment stocks (-2.5%) and drillers (-2.0%) were among the weakest plays in the sector.

Semiconductor stocks also fell under pressure this session, sending the Semiconductor Index to a 1.8% loss. The downturn came in the face of a less severe-than-expected quarterly loss and in-line revenue outlook from National Semiconductor (NSM 13.59, -0.88). Weakness among semiconductors dragged the tech sector to a 0.2% loss and weighed on the Nasdaq Composite, causing it to underperform the other headline indices.

The upward push into the close helped drive gains in the rest of the market, though. Financial stocks (+0.7%), which were instrumental in the stock market's move from its March lows, had a choppy session before spiking into the close and finishing at session highs. Diversified financial services companies (+2.6%) and diversified banks (+1.6%) underpinned the late advance. Many of them are expected to start repaying government bailout funds next week, according to reports.

Investment services firm BlackRock (BLK 176.56, -6.04) trailed after updating its outlook to reflect its agreement to pay $13.5 billion for the global investors business from Barclays (BCS 19.27, -0.63).

Treasuries found continued support, even as The Wall Street Journal reported that the Fed is unlikely to significantly boost purchases of Treasuries. However, supportive comments from a Japanese official likely provided an underlying bid. In turn, the 10-year Note advanced 18 ticks, which has pushed its yield down to 3.78% after being near 4.0% just a couple of days ago.DJ30 +28.34 NASDAQ -3.57 NQ100 -0.5% R2K +0.1% SP400 -0.3% SP500 +1.32 NASDAQ Adv/Vol/Dec 1236/2.05 bln/1442 NYSE Adv/Vol/Dec 1369/857 mln/1623

3:30 pm : Stocks continue to trade in an uneventful session on light volume.

July crude oil opened substantially lower but climbed for the rest of the session. The futures contracts were never able to make it out of negative territory. They traded around the $72 level for most of the afternoon and closed down 0.8% at $72.05 per barrel.

Natural gas futures opened the pit trade at session lows of $3.74 per contract and rallied into positive territory by the late morning. The July contracts were not able to hold these gains, though, as they retreated into negative territory and closed down 2.0% at $3.85 per contract.

Precious metals finished a very weak session down 3.0%. The strong dollar provided a noticeable headwind.

Both gold and silver futures sold off hard at the beginning of the pit trade. Both metals recovered somewhat to session highs well below the previous session's close, but were not able to sustain momentum. July silver contracts finished down 3.9% at $14.88 per ounce and August gold contracts finished down 2.2% at $940.50 per ounce DJ30 +22.29 NASDAQ -7.44 SP500 +0.48 NASDAQ Adv/Vol/Dec 1109/1.7 bln/1560 NYSE Adv/Vol/Dec 1322/595 mln/1664

3:00 pm : After trading lower for the entire session and chopping around in tight range, the major averages lifted higher when Reuters reported that Mousavi won the Iranian election against Ahmadinejad with 65% of the vote. Not too surprisingly, CNBC quoted wires reports that both Mousavi and Ahmadinejad camps claiming victory. Mousavi may be viewed as "less radical" than Ahmadinejad.

It is also possible that the reaction in the markets may simply be an intraday technical squeeze after the market climbed above the mid-morning high.

Whether it was news of the Iranian election or solely a technical movement, the event(s) turned the Dow and S&P positive while the Nasdaq continues to lag in negative territory. Overall, volume and news flow remain light heading into the last hour of trading for the week.DJ30 +18.21 NASDAQ -9.99 SP500 +0.19 NASDAQ Adv/Vol/Dec 603/1578/943 NYSE Adv/Vol/Dec 244/537.2/289

2:30 pm : Stocks continue to trade with losses. Energy stocks (-1.5%) and materials stocks (-1.8%) remain the primary points of weakness.

Treasuries continue to find support, though. In turn, the 10-year Note is up roughly 18 ticks, which has pushed its yield down to 3.78%DJ30 -9.15 NASDAQ -18.05 SP500 -3.56 NASDAQ Adv/Vol/Dec 931/1.40 bln/1705 NYSE Adv/Vol/Dec 1116/466 mln/1835

2:00 pm : The Dow recently poked back into positive territory, but is back to trading just below the neutral line. Meanwhile, the S&P 500 is at afternoon highs, though the upward move remains rather constrained.

Losses are still steepest in the Nasdaq Composite. Its decline comes largely as a result of weakness in large-cap tech issues, which are dragging the Nasdaq 100 to a 1.2% loss.DJ30 -1.06 NASDAQ -19.50 SP500 -2.96 NASDAQ Adv/Vol/Dec 897/1.33 bln/1706 NYSE Adv/Vol/Dec 1119/438 mln/1807

1:35 pm : Action remains quiet and slow moving. In-line with this session's sideways trading, stocks are currently unchanged week-to-date.

Similar to recent sessions, trading volume is also low. At its current pace, trading volume on the NYSE will not break 1 billion shares this session.DJ30 -12.47 NASDAQ -22.45 SP500 -4.60 NASDAQ Adv/Vol/Dec 860/1.25 bln/1759 NYSE Adv/Vol/Dec 1051/407 mln/1883

1:05 pm : Participants appear content to keep stocks restricted to their recent trading ranges. As such, the major indices are moving sideways in early afternoon action; the S&P 500 is right in the middle of the range it has woven during the past 10 sessions.

The sideways action comes amid a lack of positive leadership. One of the market's recent, primary leaders, materials stocks (-1.9%), are grappling with selling pressure as basic commodities get knocked around by a resurgent U.S. dollar. Though the Dollar Index has pulled back to trade with a still-strong 0.7% gain, losses in the CRB Commodity Index have intensified so that it trades with a 0.9% loss.

The weakness among commodities is easily visible among oil prices, which are currently down 1.0% to $71.90 per barrel. That has put a damper on the energy sector, which is down 1.5% this session after climbing more than 3% in the previous four sessions.

Tech stocks are also showing weakness this session. That has weighed considerably on the Nasdaq Composite, which has lagged the other headline indices for the entire session. Weakness is particularly strong among semiconductor stocks for the second straight session; semiconductors are down 3.1%.

Small- and mid-cap stocks are also having a tough time. In turn, the Russell 2000 is down 1.0% and the S&P 400 is down 1.3%.

Defensive stocks are showing strength this session, however. In turn, health care (+1.0%), telecom (+0.4%), utilities (+0.3%), and consumer staples (+0.1%) are all moving higher.

Financials are also up, though. The sector has mustered a modest 0.1% gain, overcoming weakness in shares of insurers. Hartford Financial (HIG 12.95, -1.13) is down after announcing a $750 million discretionary equity issuance plan and its intention to participate in Capital Purchase Program. Meanwhile, Progressive (PGR 15.57, -0.40) announced a 50 million share repurchase program.

Elsewhere in the sector, investment services company Ameriprise Financial (AMP 24.72, -0.97) priced a 36 million common share offering priced at $25.00 per share. BlackRock (BLK 172.99, -9.61) has failed to win favor after issuing an updated outlook and paying $13.5 billion for the BGI business from Barclays (BCS 19.08, -0.82).DJ30 -4.08 NASDAQ -20.03 SP500 -3.68 NASDAQ Adv/Vol/Dec 879/1.16 bln/1703 NYSE Adv/Vol/Dec 1025/385 mln/1890

12:30 pm : Action remains quiet and the stock market has spent the last hour in a relatively narrow trading range. That range resides in the middle of the stock market's recent 10-day trading range, which has spanned from roughly 925 to 955.

With stocks stuck in such a narrow range for so long, it appears participants are currently willing to trade stocks in a steady, methodical manner along 2009 highs. Still, some pundits predict the tight range could lead to a break out, though the direction of such a move remains unknown.

Trading volume is exceptionally low this session. Not quite halfway through the session, less than 400,000 shares have traded hands on the NYSE so far.DJ30 -11.94 NASDAQ -22.77 SP500 -4.88 NASDAQ Adv/Vol/Dec 826/1.04 bln/1734 NYSE Adv/Vol/Dec 968/374 mln/1923

12:00 pm : Stocks continue to trade in the red amid a lack of positive leadership. Losses remain most intense among energy (-1.7%) and materials stocks (-2.0%).

Weakness among consumer discretionary stocks has intensified to take the sector to a 1.3% loss. Retailers, down 1.1%, are causing a considerable drag on the sector.

Meanwhile, Treasuries continue to find support. In turn, the benchmark 10-year Note is yielding less than 3.8% after yielding nearly 4% ahead of the prior session's open.DJ30 -18.75 NASDAQ -25.03 SP500 -5.37 NASDAQ Adv/Vol/Dec 752/951 mln/1793 NYSE Adv/Vol/Dec 917/368 mln/1965

11:30 am : Stocks are on the backslide after putting together a nice rebound. Trading within the benchmark S&P 500 is now mixed as half of the major sectors trade with gains.

Defensive-oriented stocks dominate the line up of advancing sectors. As such, health care is up 1.0%, telecom is up 0.6%, utilities are up 0.4%, consumer staples are up 0.2%.

Financial stocks are also making gains, though. The sector is up 0.2% as diversified banks (+0.8%) and diversified financial services stocks (+2.3%) provide leadership to the sector.

BlackRock (BLK 171.84, -10.76) is a laggard in the sector, however. The company had its ratings knocked one notch lower by Standard & Poor's following BlackRock's decision to acquire Barclays Global Investors for $13.5 billion from Barclays (BCS 19.27, -0.63). Barclays said the sale would make it well-capitalized, according to reports.DJ30 -10.81 NASDAQ -22.53 SP500 -4.50 NASDAQ Adv/Vol/Dec 757/841 mln/1745 NYSE Adv/Vol/Dec 944/358 mln/1921

11:00 am : Stocks have rebounded since coming under pressure in the first part of the session. The Dow Jones Industrial Average has actually made its way into positive ground after being down as many as 50 points; the Dow is currently trading just below the neutral line.

The relative strength in the Dow comes as aerospace and defense company Boeing (BA 51.37, +0.71) and financial giant Bank of America (BAC 13.54, +0.57) provide leadership. Tech giant IBM (IBM 108.78, -0.62) is a primary laggard.DJ30 -2.46 NASDAQ -19.14 SP500 -3.17 NASDAQ Adv/Vol/Dec 763/707 mln/1683 NYSE Adv/Vol/Dec 985/313 mln/1841

10:35 am : Commodities are trading with weakness as the U.S. dollar makes an impressive rebound.

As such, gold prices are currently down 2.3% to $939.20 per ounce, while silver prices have slipped 3.7% to $14.92 per ounce.

Oil prices are down 1.3% to $71.75 per barrel, while natural gas prices are off by 2.0% at $4.01 per contract.DJ30 -29.48 NASDAQ -26.55 SP500 -6.13 NASDAQ Adv/Vol/Dec 659/549 mln/1744 NYSE Adv/Vol/Dec 791/252 mln/1978

10:00 am : The major indices have moved a leg lower since starting the session with sizable losses. The decline is broad-based as only the health care sector (+0.5%) remains in positive territory.

The relative strength exhibited by health care stocks comes as managed health care stocks make a 1.0% advance after several weak sessions. Heading into Friday, managed health care stocks dropped in six of the last seven sessions. During that time, the group shed more than 11%.

Just released, the preliminary University of Michigan Consumer Sentiment Survey for June came in at 69.0, which is a bit below the 69.5 that was widely expected, but marginally higher than the 68.7 that was registered in the previous survey.

Early movers: Trading up -- SVNT +59.5%, APPY +32.4%, WH +20%, SVA +17.7%, SNIC +14.9%, RMBS +14.5%, SKS +12%; Trading down -- HOKU -28.1%, EZPW -11.6%, HGSI -10%, EOD -10%, OCLS -9.8%, AGD -9.8%, SAY -9.3%DJ30 -36.43 NASDAQ -21.52 SP500 -7.03 NASDAQ Adv/Vol/Dec 609/305 mln/1702 NYSE Adv/Vol/Dec 657/163 mln/2027

09:45 am : The stock market is trading with a sizable loss in the opening minutes. Declines are steepest among energy and materials stocks, which are both down 1.5%.

Weakness in the two sectors is underpinned by a drop in oil prices and other basic commodity prices, which has occurred in the wake of a rebounding U.S. dollar. With the greenback up 1.0% against a basket of major foreign currencies, the CRB Commodity Index is down 0.6%. Week-to-date, the Dollar Index is down 0.4%, but the CRB Index is up 2.5%.DJ30 -28.65 NASDAQ -15.70 SP500 -6.03 NASDAQ Adv/Vol/Dec 629/170 mln/1587 NYSE Adv/Vol/Dec 654/108 mln/1952

09:15 am : S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -10.50. News flow remains slow, but a confluence of factors is taking stock futures lower this morning. First, in the prior session stocks showed an inability to hold above recent trading ranges and then finished in weak fashion, which has carried over into early trading. Also, the U.S. dollar is making an early, strong rebound, which is pressuring commodities. In turn, Gold was recently quoted 2.4% lower and oil was last quoted 1.6% lower at $71.50 per barrel. The downturn among commodities is undercutting energy stocks and materials stocks ahead of the opening bell. Last, overseas markets are showing weakness as the European bourses surrender early gains to trade with losses and Asian stocks close higher, but in weak fashion.

09:00 am : S&P futures vs fair value: -6.90. Nasdaq futures vs fair value: -9.80. Stocks in Europe started Friday with gains, but have since surrendered to trade with losses. In Britain, the FTSE is off by 0.6% with primary weakness exhibited by BP PLC (BP), BHP Billiton (BHP), and Rio Tinto (RTP). Barclays (BCS) is also under pressured, despite the company's indication that it will be well-capitalized after the sale of BGI, according to Dow Jones. In France, the CAC is down 0.6% as energy giant Total (TOT) and steel outfit ArcelorMittal (MT) lead the downward move. Germany's DAX is down 1.1%. Volkswagen is a primary laggard in the German bourse. In Asia, the MSCI Asia-Pacific Index moved ahead by 0.2% as improving economic data from mainland China helped support the view that the worst of the global recession is passing. Japan's Nikkei tacked on 1.6% to close above 10,000 for the first time in eight months as Japanese data showed that consumer confidence improved during May. Mitsubishi Heavy jumped amid news that it is close to securing a deal to construct the first large-scale coal gasification power plant in Australia. Nomura Holdings advanced after analysts at Merrill Lynch upgraded the stock. In Hong Kong, the Hang Seng closed 0.5% higher, but was unable to hold above 19,000, which has been a sort of resistance level for two weeks. In mainland China, the Shanghai Composite fell 1.9%, despite data showing advances in May retail sales and industrial output. According to a Dow Jones report, an official from China indicated that China is on track to meet 8% GDP.

08:30 am : S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -11.30. The Import Price Index for May climbed 1.3% month-over-month, which was a slightly smaller increase than the 1.4% advance that was expected. Meanwhile, the index for April was revised lower to reflect a 1.1% month-over-month increase. Year-over-year, the May Import Index declined 17.6%, which is generally in step with the 17.5% annual decline that was expected. Data from April was revised to reflect a 16.4% year-over-year decline after previously showing a 16.5% year-over-year decline. The data have had little impact on premarket trading; stock futures continue to point to a moderately lower start for the session.

08:00 am : S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -9.30. News flow is slow this morning, leaving market participants with few cues for premarket trade. In turn, a weak close to the prior session and declines in European indices are acting as primary catalysts behind a downward move in stock futures this morning. Oil prices are also pulling back after climbing to 2009 highs in Thursday's pit trade. According to Reuters, officials from OPEC indicated the worst appears to be over for the oil market, though demand is still shrinking. Crude was last quoted 1.9% lower at $71.30 per barrel in electronic trading. Market participants get a morsel of economic data when the Import Price Index for May is released at the bottom of the hour. Economists will be looking for signs whether recent weakness in the U.S. dollar has stoked inflationary pressure on imports. This morning the greenback is actually up 1.0%, but it shed 6.2% during May.

06:34 am : S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -3.80.

06:34 am : Nikkei...10135.82...+154.50...+1.60%. Hang Seng...18889.68...+98.70...+0.50%.

06:34 am : FTSE...4456.89...-5.00...-0.10%. DAX...5089.16...-18.90...-0.40%.

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