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 Post subject: June 29th Monday 2009
PostPosted: Mon Jun 29, 2009 7:40 pm 
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Key WRB Price Action

15 min Chart - The price action (key change in supply/demand) that had the most impact on today's price action ocurred @ 0300am est via providing support and then later being used to confirm one Long signal around 1015am est.

However, I was unable to exploit such because I had given up on trading prior to the appearance of that Long signal. Yet, later in the trading day prior to the close...I felt like trading again. Usually when something weird happens it means I'm just a little tired or burnt out.

Trading Tip: On trading days where V bottoms occur like the one we saw today around 1000am est is often associated with a key change in supply/demand that had occurred in the premarket (overnight trading session) on in the prior trading day price action.

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/TradeStrategies.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=226

My Trading Performance: +3.25 Emini ES points

Attachment:
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Stocks Bounce Back
Wall Street advances at the start of a holiday-shortened trading week.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 29, 2009: 6:01 PM ET

NEW YORK�(CNNMoney.com) -- Stocks rallied Monday, with oil and technology shares leading the way as investors scooped up shares hit in the recent retreat, at the start of a holiday-shortened trading week.

Also in focus was Bernard Madoff, who was sentenced to the maximum 150 years in prison for orchestrating the biggest Ponzi scheme in modern history.

The Dow Jones industrial average (INDU) added 91 points, or 1.1%. The S&P 500 (SPX) index gained 8 points, or 0.9%, and the Nasdaq (COMP) added 6 points, or 0.3%.

All financial markets are closed Friday for the Independence Day holiday weekend. Ahead of that, a slew of economic reports are due, including readings on housing, manufacturing and the labor market.

Stocks are likely to be volatile this week due to the confluence of the holiday, the heavy spate of economic news and the quarter end, said Brian Battle, vice president at Performance Trust Capital Partners.

"Trading will be thinner than usual, particularly toward the end of the week, with a lot of guys taking off early ahead of the holiday," Battle said. "It's going to be very whippy and we shouldn't pay too much attention to 100-point swings."

Stocks could benefit Monday and Tuesday from some end-of-quarter machinations as market pros look to "window dress" their portfolios before closing the books. Generally, that impact is positive as money managers look to add the quarter's big winners to their portfolios.

Regarding the Madoff verdict, Battle said that Wall Street will be relieved that he got the maximum. But he said there may be concern that the scandal will mean increased government regulation of money management.

The Dow and S&P 500 have closed lower for the last two weeks as a more than 3-month rally has lost steam. The S&P 500 had surged more than 40% on bets that the economy is close to stabilizing. But worries that stocks have risen too far, too fast have dragged on sentiment lately.

The Nasdaq inched higher last week after falling the week before.

Reports are due Tuesday on consumer confidence, regional manufacturing and home prices.

On the move: Of the 30 Dow issues, 29 rose, with Alcoa (AA, Fortune 500) the lone decliner.

Rising oil prices boosted Dow oil components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500). Other big Dow gainers included Boeing (BA, Fortune 500), United Technologies (UTX, Fortune 500), Microsoft (MSFT, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), Procter & Gamble (PG, Fortune 500) and 3M (MMM, Fortune 500).

Apple (AAPL, Fortune 500) CEO and co-founder Steve Jobs is back on the job after a nearly 6-month medical leave, the company said Monday. Jobs is reportedly in the office a few days a week and working from home the other days.

Enterprise Products Partners (EPD) is buying fellow energy company Teppco Partners (TPP) in a $3.3 billion deal that creates the largest U.S. publicly traded energy partnership.

Watson Wyatt Worldwide (WW) will merge with fellow consulting firm Towers Perrin in an all-stock deal valued at $3.5 billion. The combined company will be called Towers Watson.

Market breadth was mixed. On the New York Stock Exchange, winners topped losers three to two on volume of 1.07 billion shares. On the Nasdaq, decliners beat advancers seven to six on volume of 2.04 billion shares.

Bonds: Treasury prices rallied, with the yield on the benchmark 10-year note falling to 3.48% from 3.54% Friday. Treasury prices and yields move in opposite directions.

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

U.S. light crude oil for August delivery rose $2.33 or 3.4% to settle at $71.49 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell 30 cents to settle at $940.70 an ounce.

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

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Yahoo! Finance

4:05 pm : There were hardly any cues for market participants to follow this session. Still, buyers showed confidence and bid stocks higher in broad-based fashion.

Aside from some early gyrations, stocks spent nearly all of the session moving sideways with the S&P 500 stuck between 925 and 928, which translated to gains from 0.7% to 1.0%. A lack of clear leadership seemed to restrain stocks from moving higher and breaking above the intraday highs registered in recent weeks.

All 10 major sectors in the S&P 500 logged healthy gains. Financials (+1.4%), utilities (+1.3%), telecom (+1.2%), and energy (+1.3%) all made similar gains.

Energy stocks were bolstered by higher oil prices, which finished 3.4% higher at $71.49 per barrel. The gains came despite news that the IEA cut its annual oil demand forecasts through 2013. That was countered by news that China is looking to boost its oil reserves by 160%.

Health care stocks (+0.5%) lagged for the entire session, but were able to recover from morning losses. The sector's weakness spanned health care facilities, health care tech, and health care distributors amid ongoing efforts to reform health care, which have often made for unsuccessful endeavors in past years.

Tech stocks had showed relative strength in the early going, but also lagged the broader market into the close. They finished with a gain of 0.7%. Apple (AAPL 141.97, +0.47) was an early leader in the group, but surrendered its gains despite news that chief executive Steve Jobs will return to work at Apple after being on medical leave. Relative weakness in other large-cap tech stocks caused the Nasdaq to underperform its counterparts.

Participants can expect a few more headlines starting tomorrow, when the June Consumer Confidence Index is released shortly after the opening bell. The ADP Employment report for June, ISM Manufacturing report, and pending home sales data are due Wednesday. Thursday marks the release of the government's official Nonfarm Payrolls report for June, as well as the latest initial jobless claims data and factory orders for May. U.S. markets are closed Friday in observance of Independence Day -- the holiday-shortened week could make for light trading volume; as such, hardly 1 billion shares traded hands on the NYSE this session.DJ30 +90.54 NASDAQ +5.84 NQ100 +0.2% R2K -0.5% SP400 +0.7% SP500 +8.24 NASDAQ Adv/Vol/Dec 1177/1.97 bln/1471 NYSE Adv/Vol/Dec 1826/975 mln/1178

3:35 pm : Stocks continue to trade in a very narrow range this afternoon. Stocks are trading on weaker-than-expected volume. The Nasdaq is underperforming the two other headline indices.

Energy is currently a leading sector, netting a 1.3% gain. The strength in energy comes as energy commodities are up 1.6% on the session. At the same time, though, the weakest commodity this session was natural gas. August natural gas contracts finished 4.1% lower at $3.93 per contract. Crude oil, on the other hand, supported the energy commodities' advance this session. August crude oil contracts rose steadily throughout the day and finished up 3.4% at $71.49 per barrel.

Gold finished a rather quiet session relatively unchanged. The futures contracts finished down $0.40 at $940.60 per ounce after recording a session low below $935 per ounce in the morning. September silver futures traded below $14 per ounce after crossing that mark soon after the open. Silver futures closed at $13.93 per ounce, 1.2% lower on the session.DJ30 +89.63 NASDAQ +8.61 SP500 +8.59 NASDAQ Adv/Vol/Dec 1281/1.61 bln/1368 NYSE Adv/Vol/Dec 1911/685 mln/1089

3:00 pm : After drifting a few points lower, the S&P 500 has found support at the 925 level. Though gains remain healthy and broad-based, there aren't any leaders to take the broader market up another leg.

Meanwhile, Treasuries have pared some of their earlier gains. The benchmark 10-year Note is now up 11 ticks after being up some 20 ticks earlier today. Still, the Note's yield remains below 3.5%.DJ30 +80.79 NASDAQ +5.35 SP500 +7.03 NASDAQ Adv/Vol/Dec 1254/1.48 bln/1384 NYSE Adv/Vol/Dec 1859/605 mln/1117

2:30 pm : The major indices have eased their way lower, though they remain within close range of earlier levels.

Steel stocks are trading in mixed fashion. That has the industry group, as a whole, trading near the unchanged mark. U.S. Steel (X 37.01, +0.10) is up modestly, but Schnitzer Steel (SCHN 60.05, -1.31) is down markedly ahead of its earnings announcement tomorrow morning.

H&R Block (HRB 15.52, +0.10) and Apollo Group (APOL 66.60, -1.90) are both scheduled to unveil their latest quarterly results after this session's closing bell.DJ30 +68.32 NASDAQ +5.18 SP500 +6.18 NASDAQ Adv/Vol/Dec 1227/1.38 bln/1381 NYSE Adv/Vol/Dec 1767/557 mln/1189

2:00 pm : Action has become rather subdued this afternoon. Still, stocks are holding on to solid gains.

Even airline stocks are sporting an impressive 1.0% advance, undeterred by higher oil prices. Crude is up 3.6% to $71.65 per barrel.

Shares of Boeing (BA 42.80, +0.92) are providing leadership to the airline industry. The company's stock has rebounded since it came under pressure last week amid news that the first flight of the company's much-delayed 787 Dreamliner has been further postponed. Shares of BA lost 13.5% last week.DJ30 +74.06 NASDAQ +5.93 SP500 +7.18 NASDAQ Adv/Vol/Dec 1236/1.30 bln/1352 NYSE Adv/Vol/Dec 1823/519 mln/1133

1:30 pm : News flow remains slow and stocks have been undeterred from their sideways drift.

After a recent pullback, oil prices are rallying. Crude oil contracts were recently pricing the stuff at $71.75 per barrel, up nearly 3.8%.DJ30 +85.85 NASDAQ +10.61 SP500 +7.90 NASDAQ Adv/Vol/Dec 1283/1.20 bln/1289 NYSE Adv/Vol/Dec 1838/475 mln/1095

1:00 pm : A lack of news flow gave way to choppy trading in the early going, but buyers stepped in and sent stocks higher in broad-based fashion. However, the S&P 500 has spent the last two hours trading in a rather narrow range after reaching climbing to the intraday highs that it set during the last two weeks.

All 10 major sectors are in the green. Even health care stocks, which were down more than 1% earlier, are now up 0.2%. The sector's relative weakness comes amid ongoing efforts to reform health care, which have often made for unsuccessful endeavors in past years.

Energy stocks spent much of the morning sporting the best gains as oil prices ticked higher. Both energy stocks and oil prices have since pulled back, though. The energy sector is up 1.0% after being up more than 1.5% earlier, while oil prices have pulled back from a gain in excess of 3% to trade with a 2.6% gain at $71.00 per barrel. Oil's gains come amid news that China is looking to boost its oil reserves, but the IEA cut its oil annual demand forecasts.

The Nasdaq is trailing its counterparts by a small margin, despite strength in large-cap tech stocks like Apple (AAPL 142.89, +0.454) and Microsoft (MSFT 23.86, +0.51). Apple saw its shares spike in volume amid news that Steve Jobs will return to work at Apple, while Microsoft has made gains after analysts at Deutsche Bank raised their target for the stock.DJ30 +83.96 NASDAQ +11.21 SP500 +7.54 NASDAQ Adv/Vol/Dec 1308/1.13 bln/1263 NYSE Adv/Vol/Dec 1847/444 mln/1083

12:30 pm : The stock market continues to move sideways. Broader market bias remains upbeat.

The Dow is sporting a modest lead over its counterparts. The blue-chip index is being led by shares of integrated energy giants Exxon Mobil (XOM 70.50, +1.45) and Chevron (CVX 66.84, +0.89), which are being helped by higher oil prices. Oil was last quoted at $71.30 per barrel, up 3.1%.

Economic bellwether General Electric (GE 11.76, +0.01) is a laggard in the Dow. The company's Chief Executive, Jeff Immelt, said the downturn in the economic cycle is over, according to Dow Jones. DJ30 +88.50 NASDAQ +12.49 SP500 +8.24 NASDAQ Adv/Vol/Dec 1330/1.02 bln/1220 NYSE Adv/Vol/Dec 1865/398 mln/1041

12:00 pm : The S&P 500 is trading sideways after running into some resistance around the 927 level, which corresponds with the intraday highs that have been reached during the last two weeks.

Still, gains are broad-based as all 10 of the major sectors are in the green. Energy stocks (+1.5%) remain the best performers, but consumer discretionary stocks (+1.4%) are making a strong run as shares of retailers (+1.4%) garner support. Tech (+1.1%), industrials (+1.0%), and financials (+1.0%) are also making considerable headway.

Financial stocks had been trading with relative weakness in the early going as regional banks came under pressure. The selling effort against regionals has since subsided so that the group now trades with a 1.4% gain. The SPDR KBW Regional Banking ETF (KRE 18.67, +0.03) is up much more modestly, but still well above its lows, which were registered when the ETF was down 3.9%.

Separately, Bernie Madoff has been sentenced to 150 years in prison for committing fraud against investors, according to media sources.DJ30 +85.70 NASDAQ +12.98 SP500 +8.17 NASDAQ Adv/Vol/Dec 1275/926 mln/1256 NYSE Adv/Vol/Dec 1846/358 mln/1037

11:25 am : Stocks continue to trade near recently reached session highs, as only the health care sector (-0.1%) trades with a loss.

Earlier today, Boston Fed President Rosengren said that U.S. GDP is expected to be positive in the second half of 2009, according to Dow Jones.DJ30 +76.93 NASDAQ +8.18 SP500 +7.40 NASDAQ Adv/Vol/Dec 1182/786 mln/1294 NYSE Adv/Vol/Dec 1807/299 mln/1044

11:00 am : Stocks have rebounded from an early bout of selling and now trade near session highs. Energy stocks (+1.8%) remain the best performers, while health care stocks (-0.1%) continue to lag.

Small-cap stocks are seeing some selling pressure of their own. As such, the Russell 2000 is down 0.3% as nearly 70% of its components trade lower.

As for mid-caps, the S&P 400 is up a healthy 0.6%.DJ30 +85.25 NASDAQ +6.58 SP500 +7.64 NASDAQ Adv/Vol/Dec 1172/664 mln/1277 NYSE Adv/Vol/Dec 1798/256 mln/1022

10:35 am : Crude has extended early morning gains and is now approximately 2.3% higher at $70.77 per barrel following news of planned reserve increases in China along with word that the IEA cut its demand forecast by 3 million barrels per day through 2013. Crude is trading just off session highs of $70.92. Natural gas, however, remains in negative territory and is back below the $4.00 level, currently down 2.6% at $3.99.

Precious metals are lower as the dollar is showing modest gains. Gold is 0.4% lower at $935.60 per ounce, while silver is showing a sharper decline and is currently 1.9% lower this morning at $13.860 per ounce.DJ30 +56.98 NASDAQ -1.26 SP500 +3.48 NASDAQ Adv/Vol/Dec 931/501.3 mln/1458 NYSE Adv/Vol/Dec 1544/184.8 mln/1186

10:00 am : A choppy start has given way to selling pressure, though losses aren't severe at this point. Among the major sectors in the S&P 500, health care (-1.1%) remains the only to trade with a loss of at least 1%.

However, energy (+0.5%) and technology (+0.2%) are the only two major sectors sporting gains.

Treasuries are making strong gains in the early going. The benchmark 10-year Note is up a healthy 20 ticks, which has pushed its yield below 3.5%.DJ30 -0.31 NASDAQ -7.60 SP500 -1.64 NASDAQ Adv/Vol/Dec 758/310 mln/1538 NYSE Adv/Vol/Dec 1085/119 mln/1580

09:45 am : The stock market is oscillating in the first few minutes of trading. The gyrations have taken stocks off of their initial gains and momentarily into the red.

Health care stocks have failed to recover. The sector is down 1.0% as health care tech, health care equipment, and managed health care companies all move markedly lower. Their weakness comes amid ongoing efforts to reform health care, which has often been an unsuccessful endeavor in past years.

Meanwhile, energy stocks are sporting a solid 1.0% gain. Their gain comes as oil prices extend an early advance to trade with a 2.2% gain near $70.65 per barrel.DJ30 +20.86 NASDAQ +0.07 SP500 +1.24 NASDAQ Adv/Vol/Dec 918/190 mln/1327 NYSE Adv/Vol/Dec 1296/79 mln/1287

09:15 am : S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +0.50. This morning's modestly positive bias has held steady so that stocks continue to look as if they will start the session slightly higher. The uptick comes despite a lack of positive catalysts or market-moving headlines and follows several choppy, thinly traded sessions last week. Last week's trading volume didn't pick up until the annual reconstitution of the Russell Indices and some end-of-quarter window dressing drove trading volume in the NYSE above 2 billion shares on Friday. Continued window dressing could drive volume during the next two sessions. That could be offset later in the week as participants ready themselves for the long, holiday weekend, though there will be plenty of data released later this week to keep up involvement.

09:00 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +0.30. Oil prices are up and flirting with the $70 per barrel mark in early pit trade. Contracts for August delivery were recently quoted at $69.80 per barrel, up 0.9%. The uptick in prices comes amid news that China is looking to boost its oil reserves by 160%. Meanwhile, the IEA cut its oil annual demand forecasts through 2013 by about 3 million barrels per day due to the recent economic slump. Those developments follow last Friday's decision by the House of Representatives to pass an energy bill that will require refiners, power plants and other businesses to cut their emissions.

08:35 am : S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +0.30. Trading between Europe and Asia is mixed as engineering giant Siemens (SI) is helping lead Germany’s DAX to a 1.6% gain. Allianz (AZ) is also providing strong support, but automaker Volkswagen is creating a drag. In France, the CAC is up 1.7% amid broad-based buying. Energy giant Total (TOT) is the primary leader, but financial outfit BNP Paribas is also showing considerable strength. Carrefour, Alcatel-Lucent, and Dexia are the only three stocks in the 40-member index to trade lower. As for Britain’s FTSE, BP PLC (BP) is leading it to a 0.9% gain. Banking outfits HSBC (HBC) and Barclays (BCS) are showing strength, as well. Analysts at Societe Generale upgraded shares of BCS. Meanwhile, there is weakness among metals and mining companies, namely Anglo American (AAUK), Xstrata, and Rio Tinto (RTP). According to Financial Times, Anglo American is sounding out potential investors for its Brazilian ore assets... In Asia, Japan’s Nikkei finished 1.0% lower. Fast Retailing was able to make a strong gain, but exporters like Canon and Toyota Motor (TM) created a considerable drag on trading. Financial issues like Daiwa Securities showed weakness. Reuters reported that the company tumbled on a share sale announcement. News that Japanese industrial output jumped 5.9% in May failed to catapult stocks to a sustainable advance. The jump in output was still short of a 7% rise that was forecast by Reuters analyst poll. In Hong Kong, the Hang Seng slipped 0.4%. Industrial and Commercial Bank of China was a key laggard, as was HSBC. According to The Wall Street Journal, People's Daily newspaper warned China's banks about the risks of loans they are pouring into state infrastructure projects.

08:00 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +2.50. Stock futures currently suggest that this holiday-shortened week will start on a positive note. News flow and data are lacking, so many media sources are focusing on Bernie Madoff's sentencing even though it won't have an impact on trading. The announcement is expected to be disclosed later today. There are only a handful of earnings announcements scheduled for release throughout this week, but data will pick up with tomorrow's release of the June Consumer Confidence Index, followed by the ADP Employment report for June, ISM Manufacturing report, and pending home sales data on Wednesday. Thursday marks the release of the government's official Nonfarm Payrolls report for June, as well as the latest initial jobless claims data and factory orders for May. U.S. markets are closed Friday in observance of Independence Day.

06:22 am : S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +0.80.

06:22 am : Nikkei...9783.47...-93.90...-1.00%. Hang Seng...18528.51...-71.80...-0.40%.

06:22 am : FTSE...4254.87...+13.90...+0.40%. DAX...4814.59...+38.30...+0.80%.

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