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 Post subject: July 23rd Thursday 2009
PostPosted: Thu Jul 23, 2009 4:58 pm 
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Key WRB Price Action

1min Regular Session Chart - One particular key change in supply/demand was back to back via the intervals that closed @ 0956am and 0957am est for the S&P 500 Emini ES futures. As usual, if you miss exploiting those key price actions on the trading day that develops into a trend day...the remainder price action needs to be traded very carefully to prevent overtrading or worst.

As for my trading today, as stated in the #Futurestrades chat log link above on on twitter @wrbtrader...I had major data problems in my broker platform and ISP connection that prevented me from trading in the morning rally. However, I was able to later isolate the problem and then begin trading in the less desirable range price action but was fortunate in that the range was ranging upwards to prevent losses on my Long positions.

In addition, I manage to catch the breaking news of the MSFT missing it's numbers and that resorted in my biggest trade of the day in the Emini ES via a Short position exploiting that bearish news.

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=253

My Trading Performance: +14.50 Emini ES points

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Wall Street At 8-Month High
Better-than-expected results from corporations fire up a big rally, lifting the Dow back above 9,000. Nasdaq extends win streak to 12 days.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: July 23, 2009: 4:15 PM ET

NEW YORK�(CNNMoney.com) -- Stocks rallied Thursday, with the Dow jumping 200 points and hitting its highest point since November, as investors welcomed a series of better-than-expected quarterly results.

A home sales report that topped estimates also added to the gains.

According to early tallies, the Dow Jones industrial average (INDU) gained 187 points, or 2.1%, closing at its highest point since Nov. 5. The S&P 500 (SPX) index added 22 points, or 2.3%.

The Nasdaq composite (COMP) gained 47 points, or 2.5%. The Nasdaq has now closed higher for 12 consecutive sessions, its longest winning streak since January 1992.

Treasury bond prices plunged, raising the corresponding yields, as investors pulled money out of the safe-haven and put it into stocks. The dollar gained versus other major currencies. Oil and gold prices rose.

Stocks have been on the rise for the last week-and-a-half, bouncing after a four week retreat, as better-than-expected corporate reports have surprised investors.

"You are seeing companies in large part beating expectations in just about every sector, and while revenues are coming in a bit lower in a lot of categories, we seem to be able to look past that," said Jamie Cox, managing partner at Harris Financial Group.

Results: Ford Motor (F, Fortune 500) reported a second-quarter profit due to its efforts to reduce debt. The automaker also reported an operating loss that was narrower than a year ago and smaller than forecast. Ford's drop in revenue was also narrower-than-expected. Shares gained 7%.

Ford is the only U.S. automaker that was not forced to declare bankruptcy last quarter, as a result of the slowdown in auto demand and broad-based recession.

Dow component AT&T (T, Fortune 500) reported quarterly sales and earnings that fell from a year ago but topped estimates. The telecom benefited from its exclusive contract with Apple, as strong iPhone sales boosted subscriber growth. AT&T shares jumped 4%.

Fellow Dow component 3M (MMM, Fortune 500) reported weaker quarterly sales and earnings that topped estimates. Considered to be a bellwether for the economy due to the breadth of its businesses, 3M also lifted its forecast for full-year profit. Shares gained 4% and helped lift the Dow in the morning.

IBM (IBM, Fortune 500), Johnson & Johnson (JNJ, Fortune 500), Verizon Communications (VZ, Fortune 500), Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were the other big Dow gainers Thursday.

But another Dow component, McDonald's (MCD, Fortune 500), disappointed investors by reporting a bigger-than-expected drop in revenue and an in-line drop in earnings. Shares fell 3%.

Other company news: Bristol-Myers Squibb (BMY, Fortune 500) said late Wednesday that it will buy biotech company Medarex (MDX) for $2.4 billion.

Amazon.com (AMZN, Fortune 500) said Wednesday it would buy online shoe retailer Zappos.com for $807 million.

Market breadth was positive. On the New York Stock Exchange, winners topped losers by over six to one on volume of 730 million shares. On the New York Stock Exchange, advancers topped decliners four to one on volume of 1.94 billion shares.

Economy: The number of Americans filing new claims for unemployment rose to 554,000 last week from 524,000 in the previous week, according to a Labor Department report released Thursday morning. Economists thought claims would rise to 557,000, according to Briefing.com estimates.

June existing home sales rose to a 4.89 million unit annual rate from a revised 4.72 million unit rate in May, according to the National Association of Realtors. Sales were better than expected, with economists forecasting sales would rise to a 4.85 million annualized rate.

The median home price continued to slide, falling 15.4% versus a year ago.

Bonds: Treasury prices tumbled, raising the yield on the benchmark 10-year note to 3.67% from 3.54% Wednesday. Treasury prices and yields move in opposite directions.

Other markets: In global trade, European markets gained late in the day, while Asian markets ended higher.

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

U.S. light crude oil for September delivery rose $1.76 to settle at $67.16 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $1.50 to settle at $954.80 an ounce.

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