TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 6:03 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: August 14th Friday 2009 Emini ES points (no trades)
PostPosted: Sat Aug 15, 2009 7:08 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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=277

First of all, I did not trade today due to personal reasons involve getting the kids ready for going back to school this fall and a big soccer tournament that the kids were involved in.

However, you can still review the above log of #FuturesTrades to see what other members did in their trades along with reading their market commetary from one trade to the next trade.

FYI - You can ask me questions here at the forum or you can tweet me on twitter about anything related to today's trading or related to your own trading.

Image@ http://twitter.com/wrbtrader

In addition, posted below are direct links about my trade methodology or trading approach that enables me to identify key trading areas in the price action that represent changes in supply/demand along with being able to exploit the changes in supply/demand.


http://www.thestrategylab.com/WRBAnalysisTutorials.htm

http://www.thestrategylab.com/TradeStrategies.htm

However, don't be mistaken, I do not believe that profitable trading involves only trade signals and if you don't understand this perspective...please ask questions here at the forum for more info or you can tweet me on twitter.

My Trading Performance: 0.0 Emini ES points (no trades today)

------------------------------



Stocks End The Week With A Pullback
Wall Street lower after a surprise slide in consumer sentiment, but investors manage to trim losses by the close.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: August 14, 2009: 5:51 PM ET

NEW YORK (CNNMoney.com) -- Stocks slumped Friday, but managed to cut steeper losses by the close, after a weaker-than-expected consumer sentiment report raised worries about the strength of any economic recovery.

The Dow Jones industrial average (INDU) lost 77 points, or 0.8%. The S&P 500 (SPX) index fell 8 points, or 0.9%. The Nasdaq composite (COMP) lost 24 points, or 1.2%.

Stock declines were broad, but a few sectors recovered losses by the close. Some 24 of the Dow's 30 components fell, led by Boeing (BA, Fortune 500), IBM (IBM, Fortune 500), Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500), McDonald's (MCD, Fortune 500) and 3M (MMM, Fortune 500).

Stocks began the session slightly lower, as investors shrugged off reports that supported hopes for an economic recovery, including a mild reading on inflation and signs that factory production has started to pick up.

But the selloff soon picked up speed following the release of the consumer sentiment index. By the close, stocks had trimmed some of those losses.

The University of Michigan's consumer sentiment index dipped to 63.2 in August from 66 in late July. Economists surveyed by Briefing.com thought it would rise to 69.

"The report is concerning," said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc.

He said that despite the recent stock rally and signs that the recession is winding down, consumers are continuing to take a battering.

"The report underscores the pain consumers are feeling on both their income and balance sheets," he said. "And that's overshadowing any rally in stocks."

Stocks ended the previous session at 2009 highs, but ended lower for the week after a four-week advance. A more optimistic view from the Federal Reserve trumped weaker retail sales Thursday, but investors continue to look for signs of a recovery.

Between hitting a bottom on March 9 and Thursday's close, the S&P 500 rose 50%, making stocks vulnerable to a retreat Friday.

Economy: Other economic reports Friday pointed to the end of the recession, as the Federal Reserve hinted earlier in the week. Industrial production, a measure of factory output, rose 0.5% in July after falling 0.4% in the previous month. It was the first rise in 9 months and could indicate that manufacturing is bottoming. Economists thought it would rise 0.4%.

Capacity utilization rose to 68.5% from 68.1% in June. Economists thought it would rise to 68.3%.

The Consumer Price Index (CPI), a measure of consumer inflation, was unchanged in July, as expected. CPI rose 0.7% in June. The so-called core CPI, which strips out volatile food and energy prices, rose 0.1%, as expected. Core CPI rose 0.2% in June.

Banks: Colonial BancGroup (CNB) may have found a buyer for part or all of its assets in BB&T Corp. (BBT, Fortune 500), according to reports. Late Thursday, a judge ruled in favor of Bank of America (BAC, Fortune 500) in a suit looking to bar Colonial, which is on the verge of collapse, from transferring or liquidating $1 billion in assets.

Shares of Colonial BancGroup, a Southern regional bank, slumped 12% before being halted. BB&T shares gained 9.4%. BofA shares rose 2.3%.

Retailers: Abercrombie & Fitch (ANF) reported a fiscal second-quarter loss versus a year-ago profit due to weak sales, higher costs and more markdowns. The loss was steeper than expected. The teen clothing retailer also reported weaker revenue that topped estimates. Shares gained 3.5% Friday.

J.C. Penney (JCP, Fortune 500) reported a smaller-than-expected quarterly loss Friday, but also issued a current-year forecast that is lower than what many analysts were expecting. Shares fell 6.1%.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by seven to three on volume of 1.09 billion shares. On the Nasdaq, decliners topped advancers three to one on volume of 1.96 billion shares.

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.56% from 3.60% Thursday. Treasury prices and yields move in opposite directions.

The government auctioned $75 billion in debt this week as part of its efforts to reduce the deficit and fuel its recovery efforts.

Oil and gold: U.S. light crude oil for September delivery fell $3.01 to settle at $67.51 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery fell $7.80 to settle at $948.70 an ounce.

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

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

Image

Yahoo! Finance

4:20 pm : A broad-based decline following the latest dose of data resulted in the S&P 500's first weekly decline in five weeks.

There was some modest buying into the close that helped the stock market break out of its narrow afternoon trading range, which spanned just five points, and close above 1000. Still, the extended sideways drift made for an extremely subdued session. Participants showed their lack of interest by trading just over 1 billion shares on the NYSE.

Stocks went on their slide immediately after the University of Michigan's preliminary consumer sentiment survey for August hit news wires just before 10:00 AM ET. The survey's reading retreated to its lowest level since March by coming in at 63.2, which was well below the 69.0 that was widely expected.

July CPI and core CPI were released ahead of the opening bell. They caused little reaction since they were spot on with expectations, which called for a flat reading and a 0.1% monthly increase, respectively.

Industrial production data for July was also released before the session's start. The data showed a slightly stronger-than-expected 0.5% increase, thanks to inventory rebuilding and the reopening of auto plants.

Though losses were broad-based, materials stocks caught the brunt of the selling effort. Their 2.7% loss was the worst of any major sector and it negated the previous session's 2.1% gain.

Retailers also had a weak session. They shed 1.7% following downside guidance from JCPenney (JCP 31.23, -2.11). The dour outlook overshadowed the company's better-than-expected second quarter earnings results. Nordstrom (JWN 27.88, -1.88) shared in the weakness, despite reporting in-line earnings and raising its outlook.

Defensive-oriented stocks outperformed on a relative basis. Health care and telecom both fell just 0.3%, while consumer staples stocks slipped 0.1% and utilities finished just below the unchanged mark.

Financials helped the broader market pare its losses into the close. The financial sector had been down more than 2% at its session low, but finished with a much more modest 0.5% loss. Regional banks (+1.6%) and diversified financial services firms (+0.4%) provided the sector with support.

Despite paring losses in late trade, more than 85% of the components in the S&P 500 finished in the red Friday. That underpinned the stock market's first weekly decline in five weeks, even if it was a relatively tame 0.6%.DJ30 -76.79 NASDAQ -23.83 NQ100 -1.1% R2K -2.0% SP400 -1.4% SP500 -8.64 NASDAQ Adv/Vol/Dec 585/1.94 bln/2084 NYSE Adv/Vol/Dec 859/1.09 bln/2159

3:30 pm : Weakness was felt in the commodities space as well as in the equity markets this session, following the release of a worse-than-expected Michigan Sentiment preliminary survey. Strength in the dollar exacerbated this move. The CRB Commodity Index was down 2.8% this session.

Losses in energy commodities exceeded the broader losses in the market. Lessened hopes that an economic recovery would boost oil demand created a sharp sell-off. September crude oil finished 4.6% lower at $67.29 per barrel. Natural gas futures actually opened the pit trade higher. However, selling pressure did not let up throughout the session. The September natural gas futures closed down 2.7% to $3.25 per contract.

Not surprisingly, broad-based bearish sentiment and a strong dollar also moved precious metals futures prices lower. Both gold and silver futures opened the pit trade higher as the dollar index traded in negative territory for the session. However, a recovery in the dollar and a weak market sent prices lower. December gold futures fell 0.8% to close at $948.70 per ounce as September silver fell 1.8% to close at $14.72 per ounce.DJ30 -140.50 NASDAQ -35.85 SP500 -15.23 NASDAQ Adv/Vol/Dec 500/1.60 bln/2172 NYSE Adv/Vol/Dec 710/750 mln/2312

3:00 pm : Shares of financial stocks recently made a sudden upturn to trim losses. The sector is still down 0.8%, though.

Bank of America (BAC 17.34, +0.34) is a primary leader within the financial sector. It is now trading at its best level of the year.

The financial sector's upward move gave the broader market a modest lift, but the S&P 500 remains stuck within its recent trading range.DJ30 -130.90 NASDAQ -35.78 SP500 -14.47 NASDAQ Adv/Vol/Dec 489/1.47 bln/2183 NYSE Adv/Vol/Dec 666/684 mln/2347

2:30 pm : The S&P 500 has spent the last four hours trading sideways in a narrow range, which has spanned just five points. The sideways drift has made for an unexciting session.

Participants' lack of interest this session is reflected by the exceptionally low level of trading volume, which only recently broke above 600,000 shares on the NYSE.DJ30 -137.25 NASDAQ -36.65 SP500 -15.25 NASDAQ Adv/Vol/Dec 449/1.35 bln/2202 NYSE Adv/Vol/Dec 615/625 mln/2386

2:00 pm : Losses among the major indices remain considerable, but declines are steepest among small-caps. As such, the Russell 2000 is down 2.8%.

ShoreTel (SHOR 6.72, -1.08), SatCon Tech (SATC 1.88, -0.30), and Gladstone (GLAD 8.69, -1.25) are leading losses in the small-cap index, while Genworth Financial (GNW 8.05, -0.70) and ETrade (ETFC 1.30, -0.10) lead losses in the broader S&P 500.DJ30 -138.00 NASDAQ -35.91 SP500 -14.90 NASDAQ Adv/Vol/Dec 446/1.28 mln/2178 NYSE Adv/Vol/Dec 603/581 mln/2378

1:30 pm : News flow has slowed dramatically since this morning. That has made for a quiet afternoon of trading and left the major indices to continue drifting along sideways without any real volatility.

Expected volatility for the market is up, though, as the Volatility Index climbs more than 3% to 25.6.DJ30 -136.19 NASDAQ -36.19 SP500 -15.35 NASDAQ Adv/Vol/Dec 446/1.19 bln/2180 NYSE Adv/Vol/Dec 598/547 mln/2377

1:00 pm : A broad-based decline has the S&P 500 trending toward its first weekly decline in five weeks. The relatively dour mood among participants follows the latest dose of data.

Participants made little of news that July CPI was flat from the previous month and that core CPI increased 0.1% month-over-month, primarily because the readings were precisely in-line with expectations. News that industrial production made its first increase of the year by rising a stronger-than-expected 0.5% in July was also met with little enthusiasm, though the uptick reflects inventory rebuilding and the reopening of auto plants.

Indifference among participants gave way to early selling pressure, which was exacerbated by news that consumer sentiment has turned for the worse in August. According to the University of Michigan's preliminary survey, consumer sentiment retreated to its lowest level since March by coming in below expectations at 63.2.

Stocks in the S&P 500 have since slid to the 995 mark, where they have spent the last few hours drifting sideways. Weakness remains widespread as roughly 90% of the companies listed in the S&P 500 trade with losses.

Losses are steepest among materials stocks, which actually fared the best in the previous session. The sector is currently down 3.1%, which completely erases Thursday's 2.1% gain.

Defensive-oriented stocks have been able to limit their downward move. As such, the consumer staples sector and the utilities sector are both down 0.6%.

Though the scope of underlying losses in the broader market is mixed, their generally weak showing has the broader market trending toward a week-to-date loss of 1%.DJ30 -130.22 NASDAQ -35.07 SP500 -14.33 NASDAQ Adv/Vol/Dec 435/1.11 bln/2166 NYSE Adv/Vol/Dec 604/512 mln/2346

12:30 pm : The S&P 500 continues to trend along just above the 995 level. Weakness remains widespread with declining issues outnumbering advancers in the S&P 500 by approximately 15-to-1.DJ30 -153.04 NASDAQ -38.29 SP500 -16.79 NASDAQ Adv/Vol/Dec 416/1.03 bln/2163 NYSE Adv/Vol/Dec 550/478 mln/2374

12:00 pm : The S&P 500 has eased up a bit since registering a session low just beneath 995, which has been considered a technical support line even though stocks slipped a few points below that mark earlier this week.

This session's decline has the stock market facing a week-to-date loss of roughly 1.4%. If the downbeat tone holds, this week will mark the first weekly decline for the S&P 500 in the last five weeks.DJ30 -147.45 NASDAQ -37.55 SP500 -16.34 NASDAQ Adv/Vol/Dec 418/947 mln/2130 NYSE Adv/Vol/Dec 550/441 mln/2355

11:30 am : The major equity averages had been moving sideways for the last hour, but a new fit of selling pressure has taken stocks to fresh lows and extended what are already considerable losses.

The Nasdaq's losses are slightly more significant than those of the Dow and S&P 500 due to its exposure to large-cap tech holdings like Apple (AAPL 165.79, -2.63), Cisco Systems (CSCO 21.05, -0.46), and Broadcom (BRCM 26.57, -1.00). The trio represents some of the Nasdaq's primary laggards.

Meanwhile, Treasuries continue to garner even more support. In turn, the benchmark 10-year Note is now up nearly one full point, which has sent its yield back below 3.5%. The yield on the Note has dropped more than 20 basis points since Wednesday. DJ30 -163.70 NASDAQ -38.70 SP500 -17.88 NASDAQ Adv/Vol/Dec 399/850 mln/2121 NYSE Adv/Vol/Dec 507/402 mln/2382

11:00 am : Stocks have extended their early decline to trade with a considerable loss. The broad decline continues to be led by the materials sector, which is down 3.3% in what is quickly becoming its worst single-session percentage loss since June.

Weakness in the materials sector stems from sharp declines among diversified metals and mining stocks (-4.5%), including Freeport-McMoRan (FCX 63.13, -2.94), which is handing back nearly all of the gains it made in the prior session. The significant drop by diversified metal mining stocks comes even though gold and silver prices are trading flat-to-modestly lower.DJ30 -143.52 NASDAQ -31.94 SP500 -14.91 NASDAQ Adv/Vol/Dec 427/708 mln/2060 NYSE Adv/Vol/Dec 517/339 mln/2325

10:35 am : Equity markets opened lower this morning and extended losses following negative UofM sentiment data and are currently trading near morning lows. Meanwhile, the US Dollar Index recently spiked, placing additional selling pressure on commodities this morning.

September crude oil traded modestly higher overnight, but began falling sharply shortly after the open of pit trading, falling to fresh lows of $68.95 per barrel. Crude is currently trading near those lows, down 1.8% at $69.26 per barrel.

September natural gas is modestly higher after pulling off recent highs of $3.408 hit prior to the open of floor trading. Natural gas is currently slightly high at $3.339 up $0.003.

December gold is off recent highs of $961.40 per ounce after falling into negative territory to new lows of $954.40 per ounce and is currently near the unchanged line at $957.20 per ounce.

September silver also fell into negative territory recently to $14.83 per ounce and is currently just above those lows, down 0.8% at $14.855 per ounce.DJ30 -122.58 NASDAQ -31.70 SP500 -14.35 NASDAQ Adv/Vol/Dec 452/559.9 mln/1979 NYSE Adv/Vol/Dec 533/271.5 mln/2270

10:00 am : The preliminary August consumer sentiment survey from University of Michigan came in at 63.2, which was well below the 69.0 that was widely expected. The disappointing reading has prompted a flurry of selling pressure that has knocked stocks markedly lower.

Now, only the conumer staples sector is in the green, though it is up just 0.1%. The other nine major sectors in the S&P 500 are in the red -- six of them are showing losses in excess of 1%.

Amid the weakness in stocks, Treasuries are looking up. The benchmark 10-year Note is building on the previous session's gains by moving 15 ticks higher this session. That has its yield down around 3.5%.DJ30 -75.35 NASDAQ -22.26 SP500 -8.84 NASDAQ Adv/Vol/Dec 549/299 mln/1752 NYSE Adv/Vol/Dec 672/156 mln/2013

09:45 am : Stocks are sliding to modest losses in broad-based fashion. In turn, eight of the 10 major sectors are in the red. Losses are steepest among materials stocks, which actually registered the best gains of any major sector in the previous session. After climbing 2.1% Thursday, the materials sector is down 1.7% currently.

Defensive-oriented consumer staples stocks and utilities stocks are both up 0.3%. They make up the only two sectors to trade with a gain, which comes in contrast to the previous session when defensive issues lagged for the entire session.DJ30 -51.47 NASDAQ -13.82 SP500 -5.32 NASDAQ Adv/Vol/Dec 655/194 mln/1578 NYSE Adv/Vol/Dec 783/117 mln/1832

09:20 am : S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: -5.50. The stock market essentially enters Friday flat for the week. Today's action, then, could determine whether stocks make their fifth straight weekly advance. However, with stocks up some 15% during the last five weeks, market pundits continue to call for a pullback. But the willingness of investors to chase recent gains has provided a floor beneath the broader market's dips and has helped the stock market remain overbought. This morning's primary trading catalysts haven't caused much of a stir, though, so the sideways trend seen this week could persist through the closing bell. Specifically, July industrial production increased 0.5%, which is slighly better than the 0.4% increase that was widely expected. CPI data for July were in-line with expectations.

09:00 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -8.80. U.S. stock futures have eased back a bit to suggest a flat-to-lower start to the session. Meanwhile, overseas markets are making modest, but respectable gains. As such, Germany's DAX is up 0.3% as advancing issues take a slight edge over decliners. Allianz (AZ) is a primary leader in the German bourse, while Volkswagen is a primary laggard. In France, the CAC is up 0.6%. Total (TOT) is a primary leader. As for Britain, its FTSE is up 0.4% amid strength in energy giants BP PLC (BP) and Royal Dutch Shell (RDS.A). Royal Dutch Shell was upgraded by analysts at Citigroup. In economic news, Dow Jones reported that consumer prices in the 16 countries that use the euro fell 0.7% on the year in July. In June the year-over-year decline was 0.1%. Most of the major markets in Asia closed with healthy gains. Accordingly, the MSCI Asia Pacific Index finished 0.6% higher and Japan's advanced 0.8%. Komatsu and Hitachi Construction Machinery showed strength after Hitachi was upgraded. With trading in Asia concluded for the week, participants are looking forward to Japan's second quarter GDP report, which is due Monday. In Hong Kong, the Hang Seng mustered a 0.2% gain after being more than 1%. Hong Kong pulled out of its deepest recession since the Asian financial crisis as second quarter economic output jumped 3.3% from the previous quarter. Year-over-year, GDP fell 3.8%, but that was better than expected. The data prompted the Hong Kong government to increase its 2009 forecast. In mainland China, the Shanghai Composite faltered. It closed 3.0% lower, which marked a six-week closing low. Bank stocks were laggards.

08:30 am : S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: -3.30. Stock futures remain flat following the release of the July Consumer Price Index (CPI), which was unchanged month-over-month, as expected. That came after a 0.7% monthly increase in June. Meanwhile, the core CPI reading increased 0.1% month-over-month after increasing 0.2% in June. Economists, on average, expected the core rate to increase 0.1% for July. In year-over-year terms, total CPI fell 2.1%, which exceeded the 1.9% decrease that was expected. Core CPI increased 1.5%, which was just shy of the 1.6% increase that economists had come to expect.

08:00 am : S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: +1.50. This morning's focus is on the latest batch of economic data, which features the July Consumer Price Index at 8:30 AM ET and the July Industrial Production and Capacity Utilization Report at 9:15 AM ET. The preliminary August consumer sentiment survey from the University of Michigan follows at 9:55 AM ET. Broad market stock futures are flat ahead of the announcements.

06:21 am : S&P futures vs fair value: flat. Nasdaq futures vs fair value: flat.

06:21 am : Nikkei...10597.33...+80.10...+0.80%. Hang Seng...20893.33...+32.00...+0.20%.

06:21 am : FTSE...4768.93...+13.50...+0.30%. DAX...5415.79...+14.70...+0.30%.

Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr