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 Post subject: July 13th Monday 2009
PostPosted: Mon Jul 13, 2009 9:12 pm 
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Key WRB Price Action

2min Regular Session Chart - One particular key change in supply/demand was @ 1008am est in the ICE Russell 2000 Emini TF futures was actually a Long signal from our APAOR and VTR strategies.

As for my trading today, 4 star rating (10 stars) mainly because I took a break (rest) from trading and to eat brunch at the time that Long signal appeared. Simply, I missed a great entry and could only watch it go up to leave me trading the junk late in the p.m. 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/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=61&t=242

My Trading Performance: +4.00 Emini TF (formerly ER2) points

Attachment:
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A Big Rally For Stocks
Wall Street advances as investors scoop up a variety of shares ahead of the first big wave of quarterly results
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: July 13, 2009: 5:38 PM ET

NEW YORK (CNNMoney.com) -- Stocks surged Monday, with financial and consumer shares leading the advance, as investors welcomed an analysts' improved outlook on Goldman Sachs one day ahead of its quarterly report.

The Dow Jones industrial average (INDU) jumped 185 points, or 2.3%. The S&P 500 (SPX) index added 22 points, or 2.5%. The Nasdaq (COMP) rose 37 points, or 2.1%.

Stocks gained through the morning, after a shaky start. But the advance got an extra boost after influential banking analyst Meredith Whitney upgraded her view on Goldman Sachs (GS, Fortune 500) and said that Bank of America (BAC, Fortune 500) could provide value for investors.

Both companies are due to report results this week, with Goldman due Tuesday and BofA due Friday. Other financial companies set to report include JPMorgan Chase (JPM, Fortune 500) on Thursday and Citigroup (C, Fortune 500) on Friday.

"I think a lot of what we're seeing today is around banks, following the comments on Goldman," said Tyler Vernon, chief investment officer at Biltmore Capital.

However, he said that Goldman Sachs, considered to be the strongest bank amid the collapse, is an anomaly and shouldn't be seen as reflective of other financials or other quarterly results.

JPMorgan and Bank of America are both Dow components. Four other Dow companies are due to report results this week: Johnson & Johnson (JNJ, Fortune 500), IBM (IBM, Fortune 500), General Electric (GE, Fortune 500) and Intel (INTC, Fortune 500).

This week brings the first big batch of quarterly financial results, with 31 of the S&P 500 companies due to report. S&P earnings are expected to have declined 36% in the second quarter versus a year ago, according to the latest Thomson Reuters estimates.

"Financials and tech will probably turn out well, but the rest will be kind of blah," Vernon said. "It will be similar to last quarter, where they meet or beat, but it's mostly due to cost cutting."

But unlike last quarter, meeting or beating on earnings won't be enough to push Wall Street higher, he said. Investors are going to want to see revenue growth and improved forecasts.

After the close, Dell (DELL, Fortune 500) said it expects to report a slight increase in revenue when its second quarter ends at the end of July. The computer maker also said it expects to see a small decline in gross margins, a key measure of profitability.

On the move: Stock gains were broad-based Monday with all 30 Dow stocks rising, led by oil components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500), tech leader IBM (IBM, Fortune 500) and financial components JPMorgan Chase (JPM, Fortune 500) and Travelers (TRV, Fortune 500).

Other big Dow gainers included Boeing (BA, Fortune 500), United Technologies (UTX, Fortune 500), 3M (MMM, Fortune 500), Coca-Cola (KO, Fortune 500) and Caterpillar (CAT, Fortune 500).

Stocks had been mixed Friday at the end of another down week on Wall Street. The Dow and S&P 500 have slumped for four straight weeks and the Nasdaq for three of the past four weeks. A spring rally propelled the broad market by 40% in three months, but since then investors have backed off amid worries that the recession could drag on.

Economy: The federal budget deficit increased in June, pushing the total budget shortfall to over $1 trillion in the first nine months of the fiscal year.

Reports are due Tuesday on June retail sales, June wholesale inflation and May business inventories.

Bonds: Treasury prices were little changed, with the yield on the benchmark 10-year note at 3.30%, near where it stood late Friday. Treasury prices and yields move in opposite directions.

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

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

U.S. light crude oil for August delivery fell 20 cents to settle at $59.69 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $10 to settle at $922.50 an ounce.

Market breadth was positive. On the New York Stock Exchange, winners beat losers five to one on volume of 1.19 billion shares. On the Nasdaq, advancers topped decliners by over two to one on volume of 1.95 billion shares.

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Yahoo! Finance

4:20 pm : Thanks to leadership from the financial sector, the broader stock market was able to overcome an early fit of selling pressure and march higher for the remainder of the session. Stocks finished at session highs in what was their best single-session percentage advance in six weeks.

Well regarded Wall Street analyst Meredith Whitney encouraged buying in the financial sector by indicating that bank stocks have strong potential in the near-term and by stepping out to upgrade Goldman Sachs (GS 149.44, +7.57) ahead of its latest quarterly earnings announcement, which is scheduled for tomorrow. Expectations are high for Goldman, given its best-of-class status.

Strength among regional banks (+6.3%) and diversified banks (+8.0%) helped the KBW Banking Index spike 6.5%. Meanwhile, the broader financial sector also surged 6.5% in its best single session advance by percent in almost two months.

Financials have been challenged in recent weeks to provide leadership to the broader market. Participants have been allowing the sector to consolidate after surging approximately 120% from its March low to its May high. However, the financial sector's renewed strength induced buying in the broader market this session; that led all 10 major sectors to finish with gains of at least 1%.

The financial sector had an easier time taking center stage amid a dearth of data. Data picks up tomorrow, though, as earnings announcements, corporate forecasts, June PPI, June retail sales data, and business inventory data for May hit news wires.DJ30 +185.16 NASDAQ +37.18 NQ100 +2.0% R2K +2.6% SP400 +2.4% SP500 +21.92 NASDAQ Adv/Vol/Dec 1927/1.93 bln/705 NYSE Adv/Vol/Dec 2526/1.19 bln/489

3:30 pm : The major indices are moving sideways as they hold on to solid, broad-based gains.

Meanwhile, commodities closed pit trading in mixed fashion, leaving the CRB Commodity Index to trade at the unchanged level.

Gold prices climbed an enviable 1.0% to settle at $922.00 per ounce. Silver settled 1.0% higher at $12.77 per ounce.

Energy prices were pressured, though. Crude oil prices closed 0.3% lower after paring losses in excess of 2%. Crude futures contracts settled with oil priced just shy of $59.70 per barrel.

Unable to recover from losses, natural gas prices dropped a sharp 3.3% to close at $3.26 per contract.DJ30 +143.97 NASDAQ +28.31 SP500 +17.00 NASDAQ Adv/Vol/Dec 1775/1.50 bln/846 NYSE Adv/Vol/Dec 2408/752 mln/582

3:00 pm : The financial sector remains a key, underpinning component of this session's strength as participants enter the final hour of the trading session. Goldman Sachs (GS 148.83, +6.96) is among the best performers in the sector as traders push the stock higher following its upgrade by Meredith Whitney ahead of the company's earnings announcement tomorrow morning. Expectations are high for Goldman considering that many believe the company's franchise is among the best in its business.

Regional Bank Fifth Third Bancorp (FITB 7.04, +0.50) is also seeing handsome gains. It is currently a leader among regional banks, which are up nearly 5% as a group.

Bank of America (BAC 12.70, +0.82) is providing leadership to diversified bank stocks, which are up 6.2%. Bank of America was labeled as being the cheapest relative to book value by Meredith Whitney.DJ30 +148.05 NASDAQ +29.02 SP500 +17.28 NASDAQ Adv/Vol/Dec 1756/1.38 bln/849 NYSE Adv/Vol/Dec 2399/685 mln/589

2:30 pm : Gains remain strong and broad-based, ranging from the energy sector's 0.8% advance to the financial sector's 4.9% spike.

Treasuries have run into a flurry of selling pressure, which has taken the 10-year Note 10 ticks into the red so that its yield stands at 3.34%.

The Volatility Index is down a sharp 8.7%, which has the VIX at 26.5. Its low for the year stands at 24.80, which was reached July 1.DJ30 +146.39 NASDAQ +29.84 SP500 +17.75 NASDAQ Adv/Vol/Dec 1767/1.1 bln/802 NYSE Adv/Vol/Dec 2413/624 mln/567

2:00 pm : Stocks continue to trade with impressive gains, but in quiet fashion.

Treasuries have also led a quiet session. The benchmark 10-year Note has spent virtually all of the late morning and afternoon oscillating within just a few ticks of the unchanged mark. That has kept the Note's yield generally pinned at 3.3% all session.DJ30 +136.48 NASDAQ +25.95 SP500 +15.79 NASDAQ Adv/Vol/Dec 1699/1.15 bln/856 NYSE Adv/Vol/Dec 2338/565 mln/621

1:30 pm : After trading sideways for more than an hour, stocks have moved another leg higher and are now at fresh session highs.

This session's gains are bringing stocks back into close range of being unchanged year-to-date. Currently, the S&P 500 is down 0.8% this year.DJ30 +147.82 NASDAQ +27.46 SP500 +16.90 NASDAQ Adv/Vol/Dec 1673/1.07 bln/855 NYSE Adv/Vol/Dec 2349/519 mln/585

1:00 pm : Participants are pushing stocks higher in broad-based fashion. Their buying effort has been encouraged by strength in financial stocks, which began to show leadership when esteemed analyst Meredith Whitney upgraded Goldman Sachs (GS 149.25, +7.38) and indicated that bank stocks have strong short-term potential.

In turn, shares of GS are butting up against their six-month high and the broader financial sector is up more than 4%. Should the sector's advance hould, it would be its best single session advance by percent in nearly two months.

Leadership from the financial sector has helped take all 10 major sectors into positive territory. The broad-based gains and concerted buying effort among financials hasn't helped CIT Group (CIT 1.23, -0.23), though. The regional lender is in discussions to improve its liquidity position.

Industrial outfit Fastenal (FAST 31.16, -0.57) is also trading as a laggard. It was the only relatively widely-held company to report earnings results this morning. The company fell short of expectations.

Earnings announcements will pick up during the coming days. A barrage of economic releases will also come into play as participants look for trading cues. DJ30 +116.31 NASDAQ +21.09 SP500 +13.78 NASDAQ Adv/Vol/Dec 1559/980 mln/954 NYSE Adv/Vol/Dec 2236/476 mln/679

12:30 pm : The major indices have eased off of their session highs and are now trading in a narrow, sideways range. However, they continue to trade with broad-based gains.

Energy stocks remain laggards. However, the sector has managed to overcome early losses to trade with a 0.1% gain. The turnaround has come largely from the broader market's positive tone, which has outweighed a decline in oil prices. Oil prices were down more than 2% earlier, but are now down 1.4% to $59.05 per barrel.DJ30 +120.54 NASDAQ +21.24 SP500 +13.49 NASDAQ Adv/Vol/Dec 1582/902 mln/909 NYSE Adv/Vol/Dec 2255/437 mln/656

12:00 pm : Financial stocks have extended their gains so that the sector is now up 4.3% in what is becoming its best single-session percentage advance since a 7.2% surge in May. However, not every financial holding is performing so well; shares of small, regional lender CIT Group (CIT 1.27, -0.26) are down significantly following news that the company is in active discussions regarding a series of measures to improve its near-term liquidity position. Moody's has since downgraded the company's credit rating.DJ30 +131.57 NASDAQ +24.46 SP500 +14.73 NASDAQ Adv/Vol/Dec 1577/812 mln/876 NYSE Adv/Vol/Dec 2277/396 mln/606

11:30 am : Stocks were recently drifing sideways after reaching their best levels of the session, but they are now moving another leg higher.

Decliners are relatively limited as energy stocks trade with a 0.1% loss. Energy is the only major sector to trade in the red.

Even airlines are faring well. As a group, airlines are up 1.1% in the face of an article from The Wall Street Journal that stated the recession, plunging travel, and tough lending standards are weighing on the industry. The article was bold enough to say that if conditions don't improve by winter there could be bankruptcy filings.DJ30 +114.27 NASDAQ +15.48 SP500 +11.41 NASDAQ Adv/Vol/Dec 1357/688 mln/1052 NYSE Adv/Vol/Dec 2047/336 mln/799

11:00 am : After retreating into the red, stocks are back on the advance and are now at session highs. Financials continue to provide leadership as the sector ascends to a 3.1% gain.

Industrials are also showing strength, though not to the same extent as the financial sector. Industrials are currently up 1.4% as Dow component General Electric (GE 11.36, +0.58) provides leadership. The conglomerate and economic bellwether is scheduled to unveil its latest quarterly results on Friday morning.DJ30 +81.09 NASDAQ +8.24 SP500 +8.02 NASDAQ Adv/Vol/Dec 1214/555 mln/1142 NYSE Adv/Vol/Dec 1787/274 mln/994

10:35 am : Commodity markets remain weak this morning, feeling additional pressure from modest gains in the dollar.

After failing to hold early morning gains, August crude oil fell to fresh lows of $58.32 per barrel and is currently trading 2.1% lower at $58.61 per barrel.

August natural gas remains in negative territory, currently 3.2% lower at $3.266.

Recent strength in the dollar has weighed on precious metals, which are currently trading just above session lows. Gold is currently 0.2% lower at $910.40 per ounce, while Sept silver is 1% lower at $12.53 per ounce.DJ30 +8.31 NASDAQ -9.03 SP500 -0.74 NASDAQ Adv/Vol/Dec 775 /382.9 mln/1527 NYSE Adv/Vol/Dec 1225/196.4 mln/1507

10:00 am : The broader market continues to retreat as this session's opening gains are pared. Still, financials are sporting a solid 2.3% gain.

Declines are the steepest among energy and materials stocks. They are both down 1.1%.

Oil prices are now down 2.0% to $58.65 per barrel after opening pit trade with a modest gain.

The decline in oil prices has undercut the CRB Commodity Index, which is now up just 0.2%.DJ30 +13.98 NASDAQ -12.85 SP500 +0.50 NASDAQ Adv/Vol/Dec 757/221 mln/1424 NYSE Adv/Vol/Dec 1185/123 mln/1456

09:45 am : Finanical stocks are looking strong in the first few minutes of trading. The sector is up a robust 2.7% as bank stocks climb following Meredith Whitney's upgrade of Goldman Sachs (GS 145.24, +3.37) and her encouraging comments about the short-term potential for banks. In turn, the KBW Banking Index is up more than 3%.

Meanwhile, the broader market has surrendered most of its initial gains. Some selling pressure began to take hold just ahead of the opening bell and it has since caused stocks to roll over. DJ30 +28.34 NASDAQ -5.84 SP500 +2.97 NASDAQ Adv/Vol/Dec 846/132 mln/1262 NYSE Adv/Vol/Dec 1348/86 mln/1209

09:15 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +3.60. U.S. indices look as if they will start the session in positive ground, helped by strength among financial stocks following encouraging comments about banks from esteemed analyst Meredith Whitney. The improved tone is even helping to prop up energy stocks ahead of the opening bell, though oil prices have reversed their opening gains to trade with a 0.6% loss at $59.55 per barrel. Overall news flow remains slow this morning and there aren't any major data or earnings releases scheduled for today. That will leave participants without many trading cues, which could make for some interesting action, though not necessarily exciting action.

09:00 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +4.60. Stock futures appear to be holding firm after improving from overnight and early morning levels. The improved tone follows encouraging comments about financial firms from highly regarded Wall Street veteran Meredith Whitney. Whitney's firm upgraded shares of Goldman Sachs (GS), which reports its latest results Tuesday morning. Whitney has also helped win early favor for Bank of America (BAC) by stating that relative to book value BAC is the cheapest of the banks during an interview on CNBC.

08:30 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +5.40. U.S. stock futures have improved from earlier levels. Action in Europe is decidedly positive, though. Specifically, Germany's DAX is up 1.3% as Siemens (SI) and Daimler (DAI) provide leadership. France's CAC is up a healthy 0.9% as advancing issues outnumber decliners by 4-to-1. Total (TOT) is currently providing the most leadership. Financial outfits Societe Generale and Axa (AXA) are trading as laggards, however. Gains are also broad-based in Britain's FTSE, which is up 0.9%. BP PLC (BP) is currently the session's primary leader following reports that company has signed a new exploration project. According to Dow Jones, BP has signed a memorandum of understanding with the State Oil Company of Azerbaijan to jointly explore and develop structures in the Caspian Sea. Asian markets weren't so fortunate Monday. Japan's Nikkei fell 2.6% as 95% of its components posted declines. According to news sources, Japan's opposition party won the most seats in a Tokyo metropolitan election on Sunday. That is expected to increase pressure on the incumbent prime minister. In Hong Kong, the Hang Seng shed 2.6%. Financial companies were primary laggards as HSBC (HBC), China Construction Bank, and China Life led losses.

08:00 am : S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -0.40. There aren't any market-moving earnings or economic releases in store for this morning. There is news from Reuters that U.S. Treasury Secretary Geithner said it was too soon to decide whether the U.S. economy would need a second government stimulus package to recover from recession, though. The comments aren't novel, but they speak to an ongoing question regarding whether the economy's footing remains tenuous or recently perceived green shoots have taken firmer root. Additional clues will be presented later this week as a deluge of economic data comes over news wires and several widely-held companies step to the podium to make their latest quarterly announcements and offer updated forecasts. Stock futures for this morning are currently flat.

06:21 am : S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -10.10.

06:21 am : Nikkei...9050.33...-237.00...-2.60%. Hang Seng...17254.63...-453.80...-2.60%.

06:21 am : FTSE...4123.88...-3.30...-0.10%. DAX...7575.05...-1.30...0.00.

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