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 10:29 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: August 19th Wednesday 2009 Emini ES points +24.25
PostPosted: Wed Aug 19, 2009 4:11 pm 
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 wrbtrader. 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=281

Tough trading until I continue hammering at the flag pattern (see #futuretrades log) for a breakout. Simply, after catching a breakout (upside)...I just held on until my profit target for a profitable trade that put me up nicely in points for the day and above my profit goal of +20 Emini ES points.

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: +24.25 Emini ES points

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



Stocks Finish With Gains
A jump in commodities gives Wall Street a boost as investors shrug off morning weakness to recharge the advance.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: August 19, 2009: 4:16 PM ET

NEW YORK (CNNMoney.com) -- Stocks gained Wednesday, fighting back from early losses, as investors scooped up oil and other commodity shares following a nearly 5% rally in crude prices.

The Dow Jones industrial average (INDU) gained 61 points, or 0.7%, according to early tallies. The S&P 500 (SPX) index added 7 points, or 0.7%. The Nasdaq composite (COMP) rose 13 points, or 0.7%.

Stocks slumped in the early going, but managed to trim declines as the morning wore on, eventually staging a rally. A spike in oil prices and the underlying stocks helped drive the advance, after the Energy Information Administration reported a surprise drop in crude inventories.

Wall Street rallied Tuesday after Home Depot's profit report and forecast reassured investors worried about struggling consumers. But the volume was light, even for late summer, which traders say suggests little conviction on the part of buyers. Light volume also makes stocks more volatile.

"You're carrying a lot of dead weight because there aren't as many participants right now, but considering all that, it's still doing well," said Dan Genter, president and CEO at RNC Genter Capital Management. "We're still within 2% or 3% of the 2009 highs from last week."

The nearly five-month advance has hit some turbulence over the last week as investors have weighed expectations for a recovery with indications that any recovery will be tepid. While recent reports show manufacturing and housing are starting to stabilize, consumer spending remains sluggish and unemployment continues to rise.

Genter said that a period of upside earnings surprises and signs of stabilization in the economy have given both institutional and retail investors some relief lately.

"Optimism may not be high, but investors have at least moved to a neutral position," he said. "They are still not spending, but they aren't hoarding cash to the same extent either."

Oil prices jump: Crude prices surged after the government's weekly inventory report showed a surprise drop in supplies. U.S. light crude oil for September delivery rose 4.7%, or $3.23, to settle at $72.42 a barrel on the New York Mercantile Exchange.

A rally in crude prices gave a boost to oil stocks, including Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500). The Amex Oil index gained 1.5%.

HP: After the close Tuesday, Hewlett-Packard (HPQ, Fortune 500) reported lower quarterly sales and earnings that topped analysts estimates. Mark Hurd, the company's CEO said business is stabilizing, but it is too soon to say the economy has turned a corner.

The tech leader also boosted its current-quarter earnings forecast and reiterated its full-year revenue forecast. Shares drifted lower Wednesday.

Among other movers, shares of Dow component Alcoa (AA, Fortune 500) declined on a Goldman Sachs downgrade, according to published report. The brokerage cut its rating on the aluminum stock because it has surged sharply in recent weeks and industry conditions could deteriorate.

World markets: Asian markets tumbled, with the Chinese market losing 5% on worries about the economy. The Shanghai Composite has lost almost 20% in two weeks, a decline that is typically measured as a bear market.

China is seen as an indicator of the health of the global economy. It is also a big buyer of American and European products. Should it experience a bigger slowdown, that would pressure an already fragile U.S. recovery.

European markets tumbled through the morning, but ended the day in mixed territory.

Bonds: Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.45% from 3.51% Tuesday. Treasury prices and yields move in opposite directions.

Other markets: COMEX gold for December delivery rose $5.60 to settle at $944.80 an ounce.

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

Market breadth was positive. On the New York Stock Exchange, winners topped losers on volume of 700 million shares. On the Nasdaq, advancers beat decliners three to two on volume of 1.65 billion shares.

Image

Yahoo! Finance

3:30 pm : Commodities were buoyed by a weak dollar this session. The Dollar Index is down 0.6%.

Crude oil future strength was not reliant on the weak dollar, however. Crude oil popped to session highs following bullish inventory data this morning. The futures prices continued to rise throughout the session and the September contracts closed at $72.42 per barrel, up 4.7%.

Natural gas was not able to hold on to substantial gains following a spike off of this morning's inventory data. September natural gas futures closed just 0.6% higher at $3.11 per contract.

Precious metals both opened the pit trade lower. Gold futures spiked on the dollar's slide and held marginal gains thereafter. December gold futures finished 0.6% higher at $944.80 per ounce. Silver futures did rise during the pit trade, however, the dollar's move lower was not enough to get the September contracts back to the unchanged level. They close at $13.88 per ounce, down 0.6%. DJ30 +49.73 NASDAQ +8.51 SP500 +4.77 NASDAQ Adv/Vol/Dec 1557/1.70 bln/1049 NYSE Adv/Vol/Dec 1657/697 mln/1325

3:05 pm : Gains remain strong and broad-based as stocks move sideways into the final hour of trade. The tone comes in complete contrast to the weakness that was exhibited in the early going.

Market participants continue to await earnings announcements, though the pace of announcements has slowed in recent weeks and the number of market-movers due to report have also dwindled. In turn, only a handful of companies are scheduled to post results tonight. Retailers Hott Topic (HOTT 7.38, +0.15) and Limited (LTD 14.47, +0.50) lead the list.DJ30 +70.80 NASDAQ +12.53 SP500 +6.08 NASDAQ Adv/Vol/Dec 1603/1.56 bln/982 NYSE Adv/Vol/Dec 1755/639 mln/1210

2:35 pm : The major averages continue to trade with fairly strong, broad-based gains with energy and healthcare two of the best performing sectors.

One interesting story of note is that there has been some "market chatter" circulating regarding the possibility of a second economic stimulus package, which some participants believe was a positive catalyst for the stock market. However, this was later downplayed when, according to a bloomberg.com article, White House Spokesman Robert Gibbs said "there is no imminent economic announcement." DJ30 +73.7 NASDAQ +12.5 SP500 +6.9 NASDAQ Adv/Vol/Dec 1634/1432.4/937 NYSE Adv/Vol/Dec 1811/588.8/1120

2:00 pm : Stocks are moving sideways after entering a rather narrow trading range, which is just below the S&P 500's psychologically significant 1000 mark.

Still, gains remain impressive, especially after considering that all three major indices started the session in negative territory with broad-based losses.

Trading volume is relatively low this session, though volume in the NYSE is on pace to eclipse the number of shares that were traded in the previous session.DJ30 +82.45 NASDAQ +15.15 SP500 +8.76 NASDAQ Adv/Vol/Dec 1621/1.34 bln/919 NYSE Adv/Vol/Dec 1856/549 mln/1080

1:30 pm : The major indices have moved another leg higher to trade at their best levels of the session.

While stocks are now up in broad-based fashion, Treasuries have lost some of their initial luster. The benchmark 10-year Note had been up more than 20 ticks in the early going, when stocks were trading with widespread weakness, but the Note is now up just 7 ticks. Still, the yield on the Note remains below 3.5%, thanks to today's gains.DJ30 +87.22 NASDAQ +13.99 SP500 +8.89 NASDAQ Adv/Vol/Dec 1587/1.24 bln/967 NYSE Adv/Vol/Dec 1845/514 mln/1091

1:00 pm : Renewed selling pressure in overseas markets imbued the U.S. indices with weakness in the early going, but a midday spike in buying interest has carried stocks to a healthy gain.

With the global indices under pressure in overnight and early morning action, U.S. stocks followed suit by faltering in the first few minutes of trade. The negative bias prompted a push against Deere (DE 43.83, -1.26) and Hewlett-Packard (HPQ 43.96, +0.00), even though both posted better-than-expected earnings for the latest quarter. However, Deere's pessimistic outlook and Hewlett-Packard's reaffirmation of its guidance seemed to provide fodder for sellers. In turn, industrials (+0.1%) and tech stocks (+0.5%) have been underperforming for the entire session.

The tone in the early going wasn't helped by investment guru Warren Buffett's prediction in a New York Times article that the U.S. economy is on a slow path to recovery now that it is out of the emergency room. The comments were in-line with those already offered during recent weeks by many market pundits and are the kind that has had many wondering whether recent gains in the stock market have become overextended.

Nonetheless, the energy sector has emerged from an initial loss of roughly 1% to trade with a 2.3% gain and lead a broader market recovery following bullish weekly oil inventory data, which have oil futures prices up a sharp 3.8% to $71.80 per barrel.

The run up in oil prices has helped provide leadership to other commodities. That has carried the CRB Commodity Index to a 1.0% gain after being flat in morning trade.

The gains by other commodities and basic materials have sent the materials sector up 1.4%, which is second only to the energy sector.

The change in mood this session has resulted in broad-based gains, which have helped the S&P 500 eclipse the previous session's highs and break through near-term resistance levels, which had stood around 990.DJ30 +74.07 NASDAQ +12.88 SP500 +7.67 NASDAQ Adv/Vol/Dec 1566/1.15 bln/962 NYSE Adv/Vol/Dec 1780/474 mln/1128

12:30 pm : Stocks are holding on to their recent gains, but have pulled back modestly from session highs.

Gains are now broad-based as nine of the 10 major sectors in the S&P 500 trade with gains. Industrials make up the only sector to trade with a loss; the sector is down fractionally.

The broad-based advance comes in stark contrast to this morning's action. In the first few minutes of trade weakness was widespread as health care represented the only sector to trade with a gain. Health care is now up 1.1%.DJ30 +68.09 NASDAQ +9.84 SP500 +6.94 NASDAQ Adv/Vol/Dec 1456/1.05 bln/1074 NYSE Adv/Vol/Dec 1686/438 mln/1218

12:00 pm : The major indices have successfully made their way into positive territory. The advance has actually taken the S&P 500 above the previous session's highs and several points above the 990 mark, which represented a sort of near-term level of resistance.

Nearly every major sector in the S&P 500 is now at its best level of the session. With that, the energy sector is up 1.9% and the health care sector is now down just 0.1%; they represent the best and worst performing sectors this session, respectively.DJ30 +53.43 NASDAQ +5.96 SP500 +5.15 NASDAQ Adv/Vol/Dec 1367/894 mln/1127 NYSE Adv/Vol/Dec 1555/376 mln/1315

11:30 am : Utilities stocks (+0.1%) have joined health care (+0.4%) and energy (+0.8%) in the green. The upward push by the utilities sector comes as electric utilities like Southern (SO 31.03, +0.14) and multi-utilities like DTE Energy (DTE 34.57, +0.57) advance.

Industrials stocks continue to be hampered by weakness. In turn, the sector remains near its session low as it trades with a 0.9%. Deere (DE 43.39, -1.70) remains a primary laggard in the sector.DJ30 -12.69 NASDAQ -5.87 SP500 -1.23 NASDAQ Adv/Vol/Dec 1087/768 mln/1389 NYSE Adv/Vol/Dec 1157/328 mln/1683

11:00 am : The energy sector has jumped out to a strong 0.9% gain following bullish weekly oil inventory data, which sent oil futures prices sharply higher. Oil prices are now up 2.0% to $70.55 per barrel; they were up nearly 3% in the minutes immediately following the inventory report.

Meanwhile, the broader market continues to contend with weakness and remains in negative territory.DJ30 -25.24 NASDAQ -7.72 SP500 -2.51 NASDAQ Adv/Vol/Dec 1008/637 mln/1438 NYSE Adv/Vol/Dec 1033/284 mln/1765

10:30 am : Stocks recently made an upward push, but were rebuffed upon reaching the unchanged mark. Meanwhile, commodities are trading in mixed fashion, which has the CRB Commodity Index moving along the neutral line.

Oil prices started the session more than 1% lower, but they recently reversed course to trade with a modest gain ahead of the latest weekly inventory report, which showed a draw of 8.40 million barrels. A build of 1.2 million barrels was expected, so oil prices have responded by building on their recent advance to trade with a 2.8% gain at $71.20 per barrel.

Meanwhile, natural gas prices are up 1.6% to $3.15 per contract.

Gold prices are down a considerable 0.5% to $933.40 per ounce. That's less than $2 above their August lows, which were set on Monday.

Silver prices are also under pressure. Silver futures were last quoted at $13.81 per ounce, down 1.1%.

The weakness in metals comes even though the U.S. dollar has shed 0.2%, according to the Dollar IndexDJ30 -28.87 NASDAQ -8.67 SP500 -3.59 NASDAQ Adv/Vol/Dec 854/452 mln/1495 NYSE Adv/Vol/Dec 852/214 mln/1905

10:00 am : Stocks have pared a portion of their initial losses, but they are still contending with selling pressure. Health care stocks remain the only major sector to sport a gain -- they are now up 0.4%, as a group.

Industrial stocks are now the worst performing sector in the S&P 500. Weakness in shares of Deere (DE 42.95, -2.15) is dragging the sector to a 0.8% loss. Deere actually posted much stronger-than-expected earnings this morning, but overshadowed that news by forecasting a considerable decline in equipment sales.

Early movers: Trading up -- CERS +35.8%, BPOP +15.9%, AXL +10.2%, LZB +7.8%, SIGM +5.8%, FBP +5.4%, EDZ +5.2%, PRX +4.9%; Trading down -- YGE -12.4%, LFT -10.2%, ENS -9.3%, CGA -8.5%, ADPI -8.2%, WX -7.6%, GMR -6.9%, STP -6.6%, PWRD -6.3%, GRRF -6.2%, RTK -5.8%, CNTF -5.8%, OCLS -5.8%, SCSS -5.7%, CISG -5.4%, GA -5.2%DJ30 -32.42 NASDAQ -8.13 SP500 -3.54 NASDAQ Adv/Vol/Dec 833/270 mln/1443 NYSE Adv/Vol/Dec 732/151 mln/1953

09:45 am : Stocks are down markedly in the first few minutes of trade, but their losses haven't quite erased the gains that were registered in the previous session.

Health care is outperforming after underperforming in the previous session. Health care stocks made up the only sector to post a loss on Tuesday, but the sector is now the only one to post a gain this morning. Health care stocks are currently up a very modest 0.1%.

The broader market's early losses are being led by tech stocks. The tech sector, which is the largest by market weight in the S&P 500, is down 1.1% as Hewelett-Packard (HPQ 42.84, -1.12) leads losses despite topping earnings estimates for the latest quarter and reaffirming its outlook.DJ30 -56.45 NASDAQ -17.57 SP500 -7.08 NASDAQ Adv/Vol/Dec 772/167 mln/1423 NYSE Adv/Vol/Dec 653/106 mln/1971

09:15 am : S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -18.50. Stock futures continue to suggest that the major indices will surrender the gains that were registered in the previous session. The downbeat mood among morning participants comes in the wake of further selling pressure overseas. Recent sell-offs have been both sudden and sizable, which could suggest that participants are looking for more from data. Specifically, this week started on a weak note as investors dumped stocks upon learning that even though Japan's economy grew in the second quarter, it didn't grow as much as had been expected. This morning's participants are looking past stronger-than-expected earnings from Hewlett-Packard (HPQ) and Deere (DE), focusing instead on HP's reaffirmed forecast and Deere's expectation of weaker sales.

09:00 am : S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -18.80. Stock futures continue to trade with considerable weakness. Commodity prices are also under pressure. As such, gold futures prices are down 0.3% to $934.60 per ounce, which is just above their August low of $931.50 per ounce that was registered on Monday. Oil prices are down 1.1% to $68.45 per barrel in the first few moments of pit trading. The downward pressure comes ahead of the latest weekly inventory report, which is scheduled for 10:30 AM ET.

08:30 am : S&P futures vs fair value: -9.90. Nasdaq futures vs fair value: -19.50. Renewed selling pressure overseas has taken several major foreign markets into the red. Specifically, Germany's DAX is down 1.0% in a relatively broad-based decline that has declining issues outnumbering advancers by nearly 3-to-1 in the German bourse. Auomakers Volkswagen and Daimler (DAI) are among the primary laggards. In economic news, BusinessWeek reported that German producer prices fell nearly 8% year-over-year in July. That marked their biggest drop since records began in 1949. Consumer prices in Germany reversed last month for the first time since 1987. They fell 0.5% on the year. In France, the CAC is off by 0.7%. Its weakness is generally widespread. Energy giant Total (TOT) is leading losses, but financial outfits BNP Paribas and Societe Generale are also creating a considerable drag. As for Britain, its FTSE is down 0.7%. Banking outfits HSBC (HBC) and Standard Chartered are weighing on trade, but shares of Lloyds Group (LYG) are providing support after receiving an analyst upgrade. According to news reports, the Bank of England surprised many when it revealed Wednesday that its rate-setting committee was split on how far it should increase its money supply program via asset purchases. In Asia, Japan's Nikkei fell 0.8% as Kyocera (KYO) and Fast Retailing led losses. Exporters Honda (HMC) and Canon (CAJ) showed leadership, though. Hong Kong's Hang Seng shed 1.7% as banking issues slid.

08:00 am : S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -17.00. Renewed selling pressure overseas has stocks trading lower in premarket action and looking as if they will surrender the previous session's gains. Even better-than-expected earnings and a positive outlook from Dow component Hewlett-Packard (HPQ) have failed to induce a more positive mood among participants. Shares of HPQ are down more than 2% to $43.00 per share in premarket trading. Upbeat quarterly earnings from Deere (DE) have also been disregarded. Shares of DE are down nearly 1% to $44.70 per share ahead of the opening bell. There are no economic reports due today, nor are there any Fed or Treasury speakers expected to make statements.

06:32 am : S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -18.30.

06:32 am : Nikkei...10204.00...-81.00...-0.80%. Hang Seng...19954.23...-352.00...-1.70%.

06:32 am : FTSE...4643.59...-42.20...-0.90%. DAX...5184.66...-66.40...-1.30%.

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