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 2:21 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: November 10th Tuesday 2009 Emini ES ($ES_F) points +11.50
PostPosted: Tue Nov 10, 2009 11:55 pm 
Offline
Site Admin

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

Written By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

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 involving WRB Analysis (wide range body analysis) because its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=67&t=359

Quote:
Once again, another late start to the trading day due to personal reasons and I won't be trading on Friday due to appointments for the kids. As for my trading today, very conservative and I stuck to the trading plan. I posted a key chart that showed what WRB S/R Zones I was watching at the time of the message post in #FuturesTrades. Chart link @ http://chart.ly/f2txsp and it helped tremendously with my afternoon trading session.


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 and volatility along with being able to exploit these changes via WRB Analysis (wide range body analysis).


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

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

Also, I strongly believe that profitable trading involves more than just trade signals and that's why most traders fail because they put all their efforts in trade signals while ignoring the impact on their trading results via market experience, discipline, money management, team collaboration, proper trading enviornment (home or office), market psychology, trader psychology (trading habits/routine and personal lifestyle). If you don't understand this perspective...please ask questions here at the forum for more info or you can tweet me on twitter @wrbtrader.

My Trading Performance: +11.50 Emini ES ($ES_F) points


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

Stocks Lose Steam
Dow pared gains, ending slightly higher with other indexes lower. Trading stayed in a tight range on investor caution after previous day's rally.
By Julianne Pepitone, CNNMoney.com staff reporter
Last Updated: November 10, 2009: 4:30 PM ET

NEW YORK (CNNMoney.com) -- Stocks ended mixed Tuesday, giving up some gains, as the market faltered after a triple-digit rally in the previous session.

The pullback after a day of choppy trade showed investors were cautious after a Monday jump that pushed the blue-chip Dow to its highest level in 13 months.

After reversing several times, the Dow Jones industrial average (INDU) closed up 20 points, or 0.2%, to close at 10,246.97.

The S&P 500 (SPX) slipped less than 1 point, or less than 0.1%, to end at 1,093.01, and the Nasdaq composite (COMP) fell 3 points, or 0.1%, to settle at 2,151.08.

David Babbs, head of trading at MF Global in London, said the lack of news this week means the market is "going to go sideways and wait for its next cue."

The market will likely remain in a tight band until the next Federal Reserve policy-setting meeting Dec. 16, said Don Humphreys, president of Voyager Wealth Management.

"After a rally like Monday's, there's always a chance for a pullback, but I think we'll tread water," Humphreys said. "Overall, the trend continues to be higher."

Tuesday could not sustain momentum from the rally Monday, which came after the Group of 20 said over the weekend that it would keep economic stimulus in place.

"We see that stimulus is still needed," said Peter Cardillo, chief market economist at Avalon Partners. "And as long as money is cheap, people will continue to invest."

A falling dollar boosted prices for gold, oil and other commodities, and Cardillo said investors will focus on those markets in absence of major reports -- as well as corporate news including earnings from Applied Materials (AMAT, Fortune 500), Wal-Mart (WMT, Fortune 500) and Walt Disney (DIS, Fortune 500).

Long-term focus. The Dow has soared 56% after hitting a 12-year low in March, and the blue-chip index is up 16.5% for all of 2009. The Nasdaq has jumped 36.6% this year.

Monday's rally was the Dow's third gain of more than 199 points in the past eight trading days. But despite roaring back from its March nadir the Dow is still 28% below the record high set in October 2007.

Analysts and investors alike have struggled to determine whether the recent rally is justified. Voyager Wealth's Humphreys says it depends on the timeline.

"Maybe the fundamentals aren't there for a quick kill, but that's a short-term basis," Humphreys said. "I think for longer-term investors, the fundamentals are there -- we are out of the worst of this recession."

Barring a change in federal interest rate policy, Humphreys said he expects a "flat to higher trend" in the market for the remainder of 2009 with the Dow ending the year above 10,000.

Economy: Most U.S. cities saw gains in the median price of single-family homes sold last quarter, said a report from the National Association of Realtors. The national median home price was $177,900 in the third quarter, up $7,000 from the previous quarter.

In other housing news, the Treasury Department said 650,000 troubled borrowers have been put into trial loan modifications under the Obama administration's foreclosure rescue plan.

Companies: Sprint Nextel (S, Fortune 500) said Monday that it plans to cut between 2,000 and 2,500 jobs in an attempt to reduce costs.

The European Commission has objected to Oracle's (ORCL, Fortune 500) proposed takeover of Sun Microsystems (JAVA, Fortune 500), which could threaten the deal.

Other markets:Global markets were mixed. Asian shares finished the session in positive territory, and European stocks ended slightly lower.

The dollar rose off 15-month lows, jumping slightly against the euro and the British pound. The greenback inched up on the Japanese yen.

The price of U.S. crude oil fell 38 cents to settle at $79.05 a barrel.

Treasurys were steady Tuesday, after a record $25 billion offering of 10-year notes attracted strong demand. The 10-year yield fell to 3.47% from 3.48% late Monday.

The government is selling $81 billion worth of debt this week in a quarterly refunding. Treasury will auction $16 billion in 30-year bonds later in the week.

Market breadth was negative. On the New York Stock Exchange, losers topped winners by three to two on volume of 900 million shares. On the Nasdaq, decliners topped advancers almost nine to four on volume of 1.9 billion shares.

Image

Yahoo! Finance

4:30 pm : The stock market spent most of the session trading without clear direction as participants took a bit of a breather following the previous session's heady advance. That left the major indices to settle in mixed fashion.

Stocks oscillated throughout the session as the U.S. dollar fluctuated against other major currencies after it dropped sharply in the previous session. The greenback initially found support as the British pound weakened in the wake of news that credit analysts at Fitch said Britain is the most likely of the major economies to lose its AAA credit rating. Representatives from the United Kingdom maintain that the credit rating remains safe. That helped the pound trim its losses and undercut the dollar; the Dollar Index finished flat after being up as much as 0.3%.

The dollar's failure to sustain its gain helped materials stocks reverse a loss of more than 1% to settle with a modest gain of 0.2%. Monsanto (MON 73.66, +3.66) provided late leadership to the sector after it had lagged into midafternoon trade. Investors had been unimpressed with the company's reaffirmed 2010 outlook, but comments during its investor conference helped improve their mood.

Financials had also lagged for most of the session, but failed to make their way into positive ground. In turn, they finished with a 0.5% loss. AIG (AIG 37.59, +1.41) helped provide support to the sector, though. According to Bloomberg.com, Moody's said the insurer will be able to repay its Federal Reserve credit line and much or all of the Treasury's investment if financial markets stabilize.

Though stocks finished in mixed fashion, the Dow was able to set a fractionally better 2009 closing high. Meanwhile, the S&P 500 continues to encounter resistance as it approaches its own 2009 highs; it settled flat.

Treasuries saw some mixed interest this session, too. The benchmark 10-year Note was up modestly in early trade, but surrendered its gains following the results from a $25 billion auction of 10-year Notes. The auction attracted a bid-to-cover ratio of 2.8, which is above the recent average of 2.6, but below the last auction's bid-to-cover of 3.0. The auction also produced a yield of 3.47%. The 10-year Note was able to reclaim gains and settle fractionally higher, however.

Advancing Sectors: Health Care (+0.5%), Utilities (+0.3%), Materials (+0.2%), Consumer Discretionary (+0.1%), Consumer Staples (+0.1%)
Declining Sectors: Financials (-0.5%), Industrials (-0.3%)
Unchanged: Energy, Tech, TelecomDJ30 +20.03 NASDAQ -2.98 NQ100 +0.3% R2K -0.9% SP400 -0.2% SP500 -0.07 NASDAQ Adv/Vol/Dec 873/2.01 bln/1798 NYSE Adv/Vol/Dec 1269/1.07 bln/1749

3:30 pm : The market is attempting to climb towards the morning highs after recently breaking though the unchanged level.

Meanwhile, commodities finished modestly lower this session. Energy commodities finished 1.2% lower and precious metals finished 0.5% lower. However, recent weakness in the dollar has lifted the materials sector in particular. Now up 0.6%, the sector was down more than 1% mid-session. Shares of Monsanto (MON 74.20 +4.20) have been particularly strong over the last two hours. The company is currently hosting an investor event after reaffirming its FY10 earnings outlook this morning.

Gold futures traded about the flat line for most of the session as the dollar was range bound. The December gold futures hit a session high at $1109.70 per ounce when the dollar index hit a session low. They finished up fractionally at $1102.50 per ounce. Silver futures ended 1.5% lower this session. The December futures managed to break into positive territory for a brief period in the morning before retreating into negative territory and closing at $17.22 per ounce.

Natural Gas futures sold off at the open. The December futures moved sideways for the rest of the session and closed down 4.3% at $4.48 per contract.

December Crude oil futures rose throughout the morning. After hitting a session high at $80.51 per barrel, they sold off sharply before finding support at $78 per barrel. They closed down 0.5% at $79.04 per barrel.DJ30 +23.05 NASDAQ -0.80 SP500 +1.19 NASDAQ Adv/Vol/Dec 906/1.67 bln/1763 NYSE Adv/Vol/Dec 1326/790 mln/1674

3:00 pm : The S&P 500 recently made its way up from negative territory to the neutral line, but it has been unable to extend the upturn and make anything more than a fractional gain.

Meanwhile, materials stocks have improved their position considerably. The sector has made its way into positive territory for the first time this session so that it now trades with a fractional gain. It had been down more than 1% earlier.

Though still in negative territory, financials have also improved their position after being down more than 1%. The sector is now trading with a modest 0.2% loss. DJ30 +18.22 NASDAQ -0.29 SP500 +0.02 NASDAQ Adv/Vol/Dec 917/1.52 bln/1738 NYSE Adv/Vol/Dec 1280/715 mln/1722

2:30 pm : The Dollar Index continues to oscillate as the greenback struggles to hold earlier gains against a basket of major foreign currencies. The Dollar Index is now trading with a fractional gain after being up as much as 0.3%.

The pullback in the greenback has helped the CRB Commodities Index halve its losses so that it is now down 0.5%.

Stocks have also garnered support, which has put the Dow back in positive territory. The S&P 500 hasn't been back in higher ground since late this morning.DJ30 +8.09 NASDAQ -4.95 SP500 -0.92 NASDAQ Adv/Vol/Dec 796/1.42 bln/1853 NYSE Adv/Vol/Dec 1161/667 mln/1824

2:00 pm : The benchmark 10-year Note has made its way back to a slight gain since coming under pressure and falling into negative territory in the wake of results from a $25 billion auction of 10-year Notes at 1:00 PM ET. The auction attracted a bid-to-cover ratio of 2.8, which is above the recent average of 2.6, but below the last auction's bid-to-cover of 3.0. The auction also produced a yield of 3.47%, which is a few basis points below what had been expected.

As for equities, the major indices continue to chop along in negative terriotry with modest losses. Action among equities has been largely listless since the start of trade.DJ30 -9.82 NASDAQ -8.17 SP500 -3.12 NASDAQ Adv/Vol/Dec 747/1.29 bln/1891 NYSE Adv/Vol/Dec 1011/609 mln/1974

1:30 pm : The stock market's recent upturn has run into resistance, which has left stocks to remain in negative territory.

This session's losses are especially steep among small-caps. Their weakness has taken the Russell 2000 to a 1.3% loss. Decliners outnumber advancing issues in the Russell 2000 by nearly 4-to-1. For comparison, declining issues outnumber advancers by little more than 3-to-1 in the broad-based S&P 500, while decliners and advancers are in near perfect balance in the Dow Jones Industrial Average.DJ30 -13.45 NASDAQ -8.50 SP500 -3.55 NASDAQ Adv/Vol/Dec 759/1.12 bln/1876 NYSE Adv/Vol/Dec 996/571 mln/1982

1:00 pm : Stocks are trying to trim their losses after surrendering an early gain that took the Dow fractionally higher to a new 2009 high and put the broader S&P 500 just a few points away from its best level of the year. The recent upturn has lifted stocks from session lows and helped keep losses modest.

The market's move lower has been accompanied by a rebound in the U.S. dollar. The dollar had shown signs of surrendering its gains earlier this session, but it has since rebounded so that the Dollar Index trades with a 0.2% gain. The greenback's upturn from its steep slide in the previous session has been helped by a weaker British pound, which came under pressure when credit analysts at Fitch said Britain is the most likely of the major economies to lose its AAA credit rating. Representatives from the United Kingdom have since stepped out to say that the credit rating is safe, though.

Still, the stronger dollar has been particularly burdensome for materials stocks, which have been among this session's worst performers. The sector is currently down 1.0% as commodities come under pressure -- the CRB Commodity Index is down 1.1%. Monsanto (MON 69.26, +0.74) did little for the sector by affirming its outlook for fiscal 2010.

Financials have also lagged this session. Pressure against the sector recently picked up so that it also now trades with a 0.8% loss. Bond insurer MBIA (MBI 3.82, -0.98) has been a drag on the sector after posting a steep loss for the latest quarter. AIG (AIG 37.84, +1.66) has offered some support, though. The stock has benefited from a Bloomberg.com report that indicated Moody's said AIG will be able to repay its Federal Reserve credit line and much or all of the Treasury's investment if financial markets stabilize.

Defensive-oriented holdings have generally been among the better overall performers this session. As such, utilities (+0.2%), health care (+0.4%), and consumer staples (+0.2%) are the only three major sectors currently trading in positive territory.

There haven't been any major economic releases or outstanding commentary from Fed or Treasury officials out today, but market participants await the results from a $25 billion auction of 10-year Notes (1:00 PM ET). The benchmark Note is currently up several ticks ahead of the announcement. DJ30 -5.67 NASDAQ -6.52 SP500 -2.20 NASDAQ Adv/Vol/Dec 794/1.10 bln/1826 NYSE Adv/Vol/Dec 1028/522 mln/1930

12:30 pm : All three major indices have fallen to fresh session lows as losses are become increasingly broad based. As such, declining issues now outnumber advancers by more than 2-to-1 on the NYSE. Still, overall declines remain rather modest.

Fluor (FLR 44.53, -3.48) and MBIA (MBI 3.82, -0.98) are primary laggards in the broader market. Fluor came up short of earnings expectations and even trimmed its forecast for fiscal 2009, while MBIA posted a steep loss for its latest quarter.DJ30 -25.54 NASDAQ -9.73 SP500 -4.65 NASDAQ Adv/Vol/Dec 770/1.01 bln/1832 NYSE Adv/Vol/Dec 922/478 mln/2019

12:00 pm : The Dow recently made its way back into positive ground, but has since faltered. Meanwhile, the S&P 500 has failed to make it out of negative ground since falling to a loss little more than one hour ago.DJ30 -8.16 NASDAQ -9.14 SP500 -2.58 NASDAQ Adv/Vol/Dec 793/913 mln/1775 NYSE Adv/Vol/Dec 1016/429 mln/1889

11:30 am : Stocks continue to trade in the red, but losses remain moderate. Amid the slide, defensive-oriented holdings have found favor. That has helped give the utilities sector, health care sector, and consumer staples sector each a gain of 0.3%; they are the only three major sectors currently trading in positive territory.

Preference for less risky holdings has also helped Treasuries. In turn, the benchmark 10-year Note is up a solid 10 ticks. That has its yield down to 3.45%. Action in the 10-year Note could see some volatility later this session when the results of an auction of 10-year Notes are announced at 1:00 PM ET.DJ30 -5.74 NASDAQ -6.80 SP500 -3.15 NASDAQ Adv/Vol/Dec 820/800 mln/1712 NYSE Adv/Vol/Dec 1049/376 mln/1828

11:00 am : Early buying took the Dow to a fresh 52-week high and had the broader S&P 500 within striking distance of the same feat, but pressure has since mounted and taken all three major indices into negative territory.

Selling has been particularly strong among materials stocks, which are now contending with a 1.1% loss. The sector's move lower comes as commodity prices and the CRB Commodity Index oscillate. The CRB is now down 0.3% after recently trading with a gain of 0.2%.DJ30 -2.19 NASDAQ -5.47 SP500 -1.54 NASDAQ Adv/Vol/Dec 896/664 mln/1592 NYSE Adv/Vol/Dec 1126/313 mln/1721

10:30 am : The stock market pushed to new highs in recent trade as the US Dollar Index slid into negative territory minutes ago.

December crude oil was trading lower overnight and recently moved into positive territory, pushing to fresh highs of $80.34 per barrel of weakness in the dollar. Currently, crude is 1.9% higher at $80.37 per barrel.

December natural gas trended lower overnight before falling quickly at the open of pit trading, hitting new lows recently of $4.448 per MMBtu. Natural gas is trading just above session lows at $4.498 per MMBtu, down 3.7%.

Precious metals remained trading near the unchanged line as the dollar is modestly lower. December gold recently pushed back into positive territory, up 0.6% at $1107.50 per ounce, while December silver is trying to rally back in the black, but is currently 0.3% lower at $17.515 per ounce.DJ30 +28.04 NASDAQ +4.19 SP500 +2.23 NASDAQ Adv/Vol/Dec 1150/453.09 mln/1256 NYSE Adv/Vol/Dec 1445/220.57 mln/1353

10:00 am : The stock market's early trip to higher ground is coming under a bit of pressure. In turn, the major indices are handing back a portion of their early gains.

The Dollar Index has also handed back some of its early gains. It is now up just fractionally after having been up 0.2% less than an hour ago. The pullback in the greenback has helped send the CRB Commodity Index up to a 0.2% gain.

Advancing Sectors: Consumer Discretionary (+0.3%), Consumer Staples (+0.2%), Health Care (+0.2%), Tech (+0.2%), Telecom (+0.2%), Utilities (+0.1%)
Declining Sectors: Financials (-0.5%), Materials (-0.4%), Industrials (-0.2%), Energy (-0.1%)

Early Movers: Trading up -- FLL +14.9%, CYD +12.4%, PCLN +11.6%, AVNR +11.3%, BZH +9.4%, JASO +8.7%, GEOY +8.7%, HRBN +6.8%, HMIN +6.2%, FOSL +6.2%, AIG +6%; Trading down -- OPXT -24%, PIKE -17.5%, TSYS -13%, MBI -12.3%, SDTH -11.3%, AGM -10.8%, CRI -10.6%, SOLR -9.9%, URI -8.8%, TIV -8.1%, ASBC -7.9%, FEED -6.7%, PLX -6.5%, ERTS -6.3%DJ30 +7.03 NASDAQ +3.16 SP500 +0.13 NASDAQ Adv/Vol/Dec 1123/284 mln/1215 NYSE Adv/Vol/Dec 1438/134 mln/1267

09:45 am : The major indices had been flat in the first few minutes of action, but they have since made an upward push. Gains are modest, though.

Financials are showing early signs of weakness, however. The sector is currently down 0.4%, while many of the others put together advances. Though the financial sector is lagging with a modest loss, the decline has only cut into a portion of its 3.6% advance in the previous session. DJ30 +6.80 NASDAQ +2.16 SP500 +0.59 NASDAQ Adv/Vol/Dec 1093/183 mln/1163 NYSE Adv/Vol/Dec 1331/100 mln/1335

09:15 am : S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -3.50. Stock futures point to a modestly lower start for the major indices as the U.S. dollar attempts to reclaim a small part of the losses that it incurred during the previous session. The uptick by the greenback has been helped by a slide in the British pound, which was pressured by news that credit analysts at Fitch said Britain is the most likely of the major economies to lose its AAA credit rating. Representatives from the United Kingdom have since stepped out to say that the credit rating is safe, which has helped the British pound trim some of its losses. There hasn't been much else for market participants to digest this morning, given that the economic calendar is vacant and that the latest batch of earnings results was small and rather mixed. However, market watchers await the results of an auction of $25 billion in 10-year Notes at 1:00 PM ET. The results will be used to assess the market's appetite for the benchmark security.

09:00 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -2.00. Though the U.S. dollar is up slightly in early trade, commodities are holding steady. As such, oil prices are generally flat at $79.45 per barrel. Gold prices are up a solid 0.2% to $1103 per ounce, though. The broader CRB Commodity Index is essentially unchanged.

08:30 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -2.00. U.S. stock futures continue to trade just a few points below fair value, while action in Europe is a bit subdued as Germany's DAX trades flat with its declining issues and advancing issures in near balance. Daimler (DAI) is a primary leader, but Volkswagen is among the laggards. In France, the CAC is down 0.2%. Energy giant Total (TOT) is a primary drag after providing leadership in the previous session. Britain's FTSE is generally flat as global banking outfit HSBC (HBC) provides leadership amid news that it plans to cut 5,000 jobs to help eliminate overlap from its acquisition of HBOS earlier this year. In other news, analysts at Fitch said Britain is most at risk among the big economies to lose its top-notch credit rating. That has caused the British pound to pull back against the U.S. dollar. In Asia, Japan's Nikkei gained 0.6%. Bank shares climbed after Japan's banking minister suggested less strict enforcement of capital requirements. In Hong Kong, the Hang Seng tacked on 0.3%. SINOPEC (SNP), Asia's top oil refiner, fell despite the decision from the mainland to fuel prices. PetroChina (PTR) gained, though. In mainland China, the Shanghai Composite eked out a 0.1% gain and the MSCI Asia Pacific Index closed 0.4% higher.

08:00 am : S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -2.50. After dropping sharply in the previous session, the U.S. dollar is attempting a modest recovery in early action. That has the Dollar Index up 0.2%, which has weighed a bit on stock futures. Overall news flow is a bit slow this morning, but Bloomberg.com reported that Moody's said AIG (AIG) will be able to repay its Federal Reserve credit line and much or all of the Treasury's investment if financial markets stabilize. That has shares of AIG up nearly 8% to $39.00 per share ahead of the opening bell. Shares of industrial outfit Fluor (FLR) are down almost 6% to $45.25 per share after posting an earnings miss for the latest quarter and trimming its outlook for fiscal 2009. The company did issue an in-line forecast for fiscal 2010, though. Meanwhile, Tyco International (TYC) reported a positive earnings surprise, which has helped lift its shares up 2.8% to $36.39 per share in premarket trade.

06:46 am : S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -1.80.

06:45 am : Nikkei...9870.73...+61.70...+0.60%. Hang Seng...22268.16...+60.60...+0.30%.

06:45 am : FTSE...5244.28...+9.10...+0.20%. DAX...5631.68...+11.80...+0.20%.

Go Back To TheStrategyLab.com Homepage
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)


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