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 Post subject: June 23rd Tuesday 2009
PostPosted: Tue Jun 23, 2009 4:49 pm 
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Key WRB Price Action

5min Regular Session Chart - The price action (key change in supply/demand) that had the most impact on today's price action ocurred @ 1120am est. However, it did not confirm any trade signals.

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=221

My Trading Performance: +19.00 Emini ES points

Attachment:
062309NihabaAshiPnLBlotterProfit.png
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Stocks Struggle Ahead Of Fed
Wall Street churns amid a strong bond auction, weaker-than-expected existing home sales report and the Fed meeting.

By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 23, 2009: 5:50 PM ET

NEW YORK (CNNMoney.com) -- Stocks struggled Tuesday, with the Dow touching a fresh three-week low, as investors eyed a weaker-than-expected housing market report and geared up for the latest from the Federal Reserve.

The Dow Jones industrial average (INDU) fell 16 points or 0.2%. The S&P 500 (SPX) added 2 points, or 0.2% and the Nasdaq (COMP) ended just below unchanged.

After rallying 40% in 14 weeks, stocks, as represented by the S&P 500, have lost around 6% in just over a week. Bets that an economic recovery is brewing fueled the advance. But those bets turned to worries that the recession will drag on and the market has gotten ahead of itself.

"We went from economic news that was pretty dire to news that was just less dire," said Matt King, chief investment officer at Bell Investment Advisors. "But the news never turned positive."

"For the rally to keep going we need to start getting some good news," he said. "Yesterday's outlook from the World Bank certainly didn't help."

Stocks sank to three-week lows Monday after the World Bank's dour outlook on global growth and a selloff in commodities spooked investors.

Wednesday brings a slew of economic news. The May durable goods orders report is due before the start of trading. The May new home sales report is due out after the start of trading.

In Washington, the House Financial Services Committee holds a hearing on regulatory restructuring starting at 10:00 a.m. ET.

The weekly crude oil supply report from the Energy Information Administration is due at around 10:30 a.m. ET.

And the Fed will make an announcement about interest-rate policy around 2:15 p.m. ET.

Housing: Existing home sales rose 2.4% to a 4.77 million unit annualized rate in May from a 4.66 million unit annualized rate in April. That was short of forecasts for a rise to 4.82 million units, according to economists surveyed by Briefing.com. The median home price fell 16.8% year over year.

A Labor Department report said mass layoffs -- or layoffs affecting 50 people or more -- rose last month to tie a multi-year record hit in March, as the job market continued to struggle.
0:00 /3:45Eyeing the Fed's every move

The Federal Reserve began its two-day policy meeting Tuesday with an announcement expected Wednesday afternoon. The central bank is expected to hold interest rates steady at historic lows near zero. However, what the bankers say about the economy, the bond market and the outlook for inflation will be critical.

Company news: Boeing said it has again delayed the initial test flight of its new 787 jet because it needs to reinforce part of the aircraft. The flight had initially been planned for late 2007, but got postponed because of production problems and a labor strike.

Boeing (BA, Fortune 500) shares fell 6.5% and dragged on the Dow.

United Technologies (UTX, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) were the Dow's other big drags.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by a narrow margin on volume of 1.21 billion shares. On the Nasdaq, decliners topped advancers three to two on volume of 2.19 billion shares.

U.S. still tops: Ratings agency Moody's said that the U.S. government's credit rating was still triple-A but that it could be at risk if Washington can't start bringing its debt down.

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.63% from 3.68% Monday. Treasury prices and yields move in opposite directions.

The bond market showed little reaction after positive results from a $40 billion two-year Treasury auction. The auction showed strong demand, a positive as the government looks to raise funds to pay for its bailout and stimulus programs.

Other markets: U.S. light crude oil for August delivery rose $1.74 to settle at $69.24 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $3.30 to settle at $924.30 an ounce.

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

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Yahoo! Finance

4:25 pm : Stocks spent the session chopping along in a relatively narrow trading range. The lack of direction left the major indices to finish the session in mixed fashion.

The May Existing Home Sales report was the day's headlining news item, though it failed to produce a sustainable move in stock prices. Annualized existing home sales for May hit 4.77 million units, which is the highest rate since October, and up 2.4% from the previous month. However, expectations were set on a 3.0% month-over-month increase.

Trading was choppy both before and after the report's release.

Financial stocks finished 1.7% higher amid optimistic comments from widely followed analyst Richard Bove, who agreed that buying Citigroup (C 3.01, +0.01) now would be like buying it in the 1990s. Shares of Citigroup saw some of the most trading volume in the broader market.

Trading volume in the broader market was rather paltry as just 1.2 billion shares traded hands on the NYSE.

Still, participants showed considerable interest in materials stocks (+1.7%), thanks to an uptick in commodities prices amid a weaker dollar. With the Dollar Index losing 1.3%, the CRB Commodity Index rebounded 1.5% after dropping 2.7% in the previous session.

Gains were perhaps most impressive in crude oil futures, which finished 2.6% higher at $69.25 per barrel after shaking off an early fit of selling pressure. Thanks to the impressive advance by oil prices, energy stocks saw their gains reach 0.8%.

After trading with relative strength for the last several sessions, health care stocks faltered a bit before finishing unchanged. Still, Boston Scientific (BSX 9.51, +0.27) made an impressive move higher after issuing positive results from a defibrillator test.

Airline stocks fell 1.5%. Boeing (BA 43.87, -3.03) pushed back the first flight date of its long anticipated 787 Dreamliner. Just last week Boeing affirmed it would hold the plane's first flight by the end of the second quarter.

News flow will pick up tomorrow morning with the release of durable goods orders for May and May new home sales data. In the afternoon, the FOMC will release its latest policy statement, which is expected to keep interest rates unchanged, but close attention will be paid to whether the Fed will be using any new policy tools in its effort to right the U.S. economy.DJ30 -16.10 NASDAQ -1.27 NQ100 -0.2% R2K -0.6% SP400 -0.4% SP500 +2.06 NASDAQ Adv/Vol/Dec 1075/2.18 bln/1574 NYSE Adv/Vol/Dec 1418/1.21 bln/1577

3:30 pm : The major equity averages continue to chop around the unchanged level.

Commodities were able to recover 1.6% after yesterday's debacle. The session's move was made easier by a weak dollar. Energy commodities and precious metals were able to notch 1.4% and 0.8% gains, respectively.

Late in the morning, crude oil futures found traction and carried upward momentum into the afternoon. The new front month August futures finished up 2.6% at $69.25 per barrel, just off session highs.

A weak dollar was not enough to propel natural gas contracts higher, though. July natural gas contracts gave up early gains and closed down 1.5% at $3.88 per contract.

Gold futures opened higher but fell into negative territory in the middle of the day. August gold futures rose in the afternoon as the dollar faded, however. They were able to close 0.4% higher at $924.30 per ounce.

Silver traded in a similar V-shape pattern this session. The July silver futures, however, were able to net a 1% gain and closed at $13.85 per ounce.DJ30 -5.52 NASDAQ +4.73 SP500 +3.04 NASDAQ Adv/Vol/Dec 1187/1.81 bln/1449 NYSE Adv/Vol/Dec 1474/850 mln/1509

3:00 pm : In a choppy, see-saw session, the major averages are back on the move higher, after sliding slightly into the red just moments ago. The S&P 500 and Nasdaq are putting in small gains, while the Dow is now just about flat on the session.

The financial sector (+1.4%) continues to be an area of strength, led by gains in large cap names such as Citigroup (C 3.02 +0.02) JP Morgan Chase (JPM 33.43 +0.56), Bank of America (BAC 12.15 +0.21), and Wells Fargo (WFC 22.88 +0.37). On the downside, the retail sector (-1.8%) is one of the biggest laggards today. Some noteable movers include Macy's (M 10.85 -0.52), Nordstrom (JWN 18.25 -0.69), and Abercrombie and Fitch (ANF 24.92 -0.75).DJ30 -14.9 NASDAQ +1.49 SP500 +3.08 NASDAQ Adv/Vol/Dec 1213/2745/1417 NYSE Adv/Vol/Dec 1415/3071/1524

2:30 pm : Following the announcement of its recent test results, Boston Scientific (BSX 9.57, +0.33) is among the most actively traded names in the S&P 500 this session. Citigroup (C 3.02, +0.02) is also among the most actively traded names; in a Barron's article, analyst Richard Bove agreed that buying Citigroup now would be like buying the stock in the 1990s.

Meanwhile, overall trading volume in the broader market is moderate. Roughly 1.4 billion shares traded hands in the NYSE during the previous session. DJ30 -0.46 NASDAQ +3.52 SP500 +3.70 NASDAQ Adv/Vol/Dec 1216/1.55 bln/1392 NYSE Adv/Vol/Dec 1491/707 mln/1459

2:00 pm : The stock market is paring recent gains as it drifts back to the unchanged mark. Though the stock market has been moving back and forth in positive and negative ground, trading in the S&P 500 remains confined to a relatively narrow 10 point range.

Crude oil prices have also fluctuated this session. Oil futures prices started the session in higher ground, but reversed course only to make an impressive rebound. Crude oil prices are currently up 1.9% to $68.80 per barrel. That has helped energy stocks hold a 0.5% gain.DJ30 -26.30 NASDAQ -4.50 SP500 -0.20 NASDAQ Adv/Vol/Dec 1086/1.45 bln/1510 NYSE Adv/Vol/Dec 1301/662 mln/1634

1:30 pm : A $40 billion auction of 2-year Notes with a yield of 1.15% was unveiled at 1:00 PM ET. The auction carried a bid-to-cover ratio of 3.2. Following the results, the 2-year Note is currently up just one tick, which has its yield at 1.11%. Meanwhile, the benchmark 10-year Note hasn't seen much of a change in support; it is up 7 ticks and yielding 3.65%.

The results from the test were generally pleasing, and seemed to support a generally upward, though choppy, trend in the broader stock market. However, stocks are making a bit of a pullback in what has been a relatively narrow trading range overall.DJ30 -8.47 NASDAQ +0.90 SP500 +1.47 NASDAQ Adv/Vol/Dec 1145/1.37 bln/1418 NYSE Adv/Vol/Dec 1421/621 mln/1493

1:00 pm : A lack of overall news flow has left the major indices seeking direction and trading in choppy fashion. Overall action is mixed.

Though the broader market has yet to set itself on a clear path this session, financial stocks have found themselves on an upward track. The sector was trading with a fractional loss late in the morning, but has rallied to a 1.9% gain. Some of the sector's strength traces back to positive comments from a highly regarded analyst about banks.

Telecom stocks are also moving higher as they outperform the broader market for the second straight session. The sector is up 1.2%.

Health care stocks have had a tough time of keeping up their recent role as an outperformer. The sector is currently down 0.1%, but Boston Scientific (BSX 9.60, +0.36) is making a solid gain after issuing positive results from a recent medical test.

Amid the lack of headlines this session, participants had their focus on existing home sales for May, which was released shortly after the opening bell. The data came in a bit below expectations and caused a knee-jerk selling effort. However, the broader market quickly recovered and choppy trading has ensued. DJ30 -14.67 NASDAQ -1.82 SP500 +1.23 NASDAQ Adv/Vol/Dec 1119/1.24 bln/1435 NYSE Adv/Vol/Dec 1364/560 mln/1534

12:30 pm : The stock market is back at the unchanged mark as the overall picture stays mixed. Currently, just four of the major sectors in the S&P 500 are trading with gains.

Telecom (+1.7%) remains the best performer.

Financials have made their way to a 1.5% gain as diversified bank stocks climb 2.3% and diversified financial services stocks climb 2.4%. Highly regarded investment analyst Richard Bove argued in a Barron's article that big banks could see dramatic increases in their net income.

Gains are also being had by materials stocks (+0.7%) and energy stocks (+0.4%) as basic materials and commodities prices climb amid a weaker dollar.DJ30 -21.84 NASDAQ -3.89 SP500 -0.17 NASDAQ Adv/Vol/Dec 1071/1.13 bln/1460 NYSE Adv/Vol/Dec 1252/506 mln/1625

12:00 pm : The S&P 500 has made its way back into positive ground, but the Nasdaq and the Dow continue to trade with modest losses.

Health care stocks are surrendering their gains as the broader market recovers. Health care stocks are up just 0.1%, though Boston Scientific (BSX 9.55, +0.31) continues to sport an impressive gain. Boston Scientific announced positive results from a recent test for some of its defibrillators.DJ30 -1.44 NASDAQ -0.36 SP500 +1.57 NASDAQ Adv/Vol/Dec 1104/1.02 bln/1403 NYSE Adv/Vol/Dec 1291/453 mln/1565

11:30 am : Stocks are on the mend after recently reaching fresh session lows. The upward move has helped telecom stocks extend their gains, which are the best of any major sector -- telecom is now up 1.4%. Telecom was the only major sector to log a gain in the prior session.

Weakness is considerable among industrial stocks, which are down 1.3% as shares of industrial conglomerate General Electric (GE 11.33, -0.19) go on the slide.

Consumer discretionary stocks are also seeing considerable weakness. The sector has shed 1.1% as shares of retailers drop 1.8%.DJ30 -20.18 NASDAQ -6.46 SP500 -0.85 NASDAQ Adv/Vol/Dec 1000/875 mln/1488 NYSE Adv/Vol/Dec 1101/392 mln/1738

11:00 am : The major indices have been moving lower amid choppy trading. The descent has slowed, though, as the S&P 500 reaches the 890 level.DJ30 -35.83 NASDAQ -7.69 SP500 -1.63 NASDAQ Adv/Vol/Dec 1021/754 mln/1408 NYSE Adv/Vol/Dec 1123/329 mln/1683

10:30 am : After yesterday's sell-off, commodities are modestly higher in early morning activity on a weaker dollar. Crude oil is approximately 0.5% higher at $67.85 per barrel.

Despite gains in crude, natural gas is modestly lower. Natural gas is currently trading at $3.86, down 7.7 cents.

Gold is also higher, posting small gains of 0.3% at $923.40 per ounce. Silver is 0.4% higher at $13.76 per ounce.DJ30 -22.28 NASDAQ -6.48 SP500 -1.59 NASDAQ Adv/Vol/Dec 1049/562 mln/1290 NYSE Adv/Vol/Dec 1304/239 mln/1423

10:00 am : Existing home sales for May came in at an annualized rate of 4.77 million units, which is slightly below the rate of 4.82 million units that was widely forecast. May sales also mark the highest annualized sales rate since October's rate of 4.94 million units.

Given that data for April was revised moderately lower to reflect an annualized rate of 4.66 million units, sales for May reflect a month-over-month increase of 2.4%, which is below the 3.0% increase that was widely expected.

Meanwhile, the House Price Index for April decreased 0.1%. It was expected to decline 0.4%.

The data come as the most meaningful dose of news this session. Stocks are showing a negative reaction to the data.

Early movers: Trading up -- ALVR +15.2%, GRH +14.2%, ALGN +12.2%, SCS +10.9%, CRMT +10.3%, CVGW +9.5%, PCS +9.2%, MTL +8.7%, ONTY +8.6%, CSE +8.2%, DRE +8%, SONC +7.4%, PAY +7.3%, UBS +7.2%, NM +7.1%, AGNC +6.8%; Trading down -- CYT -15.7%, HALO -12.6%, FREE -12.6%, ATU -11.9%, FHI -11.5%, RMBS -11%, PRXL -9.3%, UEC -9%, MTXX -8.6%, KV.A -8.3%, SWHC -7.5%, BPI -7%, HXL -7%, BA -6.8%DJ30 +3.25 NASDAQ -1.62 SP500 +2.13 NASDAQ Adv/Vol/Dec 1280/338 mln/983 NYSE Adv/Vol/Dec 1573/152 mln/1064

09:45 am : Despite a positive tone to premarket trading, the major indices are moving lower following a choppy start. The overall picture is now rather mixed.

Shares of real estate services company CB Richard Ellis (CBG 8.04, +0.38) are making impressive gains ahead of the May Existing Home Sales report, which is due at the top of the hour. Shares of CBG dropped 7.4% in the same session that the April Existing Home Sales report was released. The April data was in-line with expectations.DJ30 -8.77 NASDAQ +3.45 SP500 +0.79 NASDAQ Adv/Vol/Dec 1277/189 mln/875 NYSE Adv/Vol/Dec 1513/95 mln/1033

09:15 am : S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +3.30. Despite a pullback from earlier levels, stock futures suggest the major indices are poised for a higher start following the previous session's sharp decline. With the S&P 500 down more than 6% from its June high, which was reached less than two weeks ago, some traders are wondering whether the market is oversold on a short-term basis. Yet with the S&P 500 still up more than 30% from its March low, others believe stock prices have climbed too far too fast. There hasn't been any market-moving news to account for this morning's generally positive tone, so participants await the latest existing home sales data (10:00 AM ET) to provide support for buying or an excuse to push back.

09:00 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +5.80. Stock futures continue to point to a modestly higher start for the major equity averages. Grocer Kroger (KR) is seeing solid strength of its own after announcing first quarter earnings of $0.66 per share, which bested the consensus estimate of $0.61 per share, and forecasting in-line earnings for fiscal 2010 that range from $2.00 to $2.05 per share. The stock is up 1.2% to $22.05 per share in premarket trading. That comes on top of the 1.5% gain that shares of KR registered last session, when the broader market dropped roughly 3.1%.

08:30 am : S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +6.30. Germany's DAX is up a healthy 0.9% as 27 of its 30 components advance. Daimler (DAI) and Volkswagen are providing leadership after the index shed 3.0% in the previous session. In France, the CAC is up 0.3%. Carrefour and Total (TOT) are primary sources of support, but financial issues like those of Axa (AXA), Credit Agricole, Societe Generale, and BNP Paribas are undercutting gains. Financial stocks are also undercutting Britain's FTSE, which is up 0.5%. Standard Charter, Barclays (BCS), and Lloyds Banking (LYG) are the session's primary laggards. However, global financial giant HSBC (HBC) is showing strength, while GlaxoSmithKline (GSK) and Royal Dutch Shell (RDS.A) are also providing support. In Asia, stocks slumped after trading in the U.S. made a sharp turn lower on Monday. Japan's Nikkei slid 2.8% as broad-based losses took hold. Shizuoka Bank and Bank of Yokohama were able to log gains. Hong Kong's Hang Seng shed 2.9%. Hong Kong Electric Holdings, Hong Kong and China Gas, and CLP Holdings were the only three components of the 42-member index to make gains.

08:00 am : S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +5.30. Overall news flow continues to come in at a slow pace. Thus far, news that has made its way across the wires hasn't done much to provide market participants with trading cues. Even so, stock futures suggest a modest rebound from the prior session's sizable loss, which was the steepest single-session percentage drop in two months. The weakness was carried into Asian markets. European markets are making modest rebounds of their own, though. The Existing Home Sales report for May is due later this morning (10:00 AM ET); it is the only item on today's economic calendar. The report is expected to show an annualized rate of 4.82 million units sold, which would mark the highest level since October.

06:37 am : S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +5.80.

06:37 am : Nikkei...9549.61...-276.70...-2.80%. Hang Seng...17538.37...-521.20...-2.90%.

06:37 am : FTSE...4249.05...+15.00...+0.40%. DAX...4721.66...+28.30...+0.60%.

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