TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

click on the above image to view today's trading summary

Trade Performance for Today: +13.50 points or $1350.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE.
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup.

In addition, today's #FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=91&t=883.

Also, posted below are direct links to information about my trade methodology and trading plan (there's a difference between the two) 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/bar analysis).

WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=5&t=180.

Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=138&t=1058

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Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.

Bloomberg (YouTube Video) - U.S. Stocks Decline Amid Economic Growth Concerns

June 6 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell for a fourth day amid concern economic growth is slowing and the Federal Reserve will boost capital requirements for the nation's largest banks.

CNNMoney.com - Stocks Slip On Investor Jitters

click on the above image to view today's price action of key markets

By Annalyn Censky
June 6, 2011: 4:33 PM ET

NEW YORK (CNNMoney) -- Losses in the financial sector weighed on the stock market Monday, as investors remain nervous about the country's economic outlook.

A variety of recent reports have showed the recovery slowed in May, and given that the Federal Reserve's $600 billion stimulus runs out later this month, investors are especially jittery about the strength of the economy going forward.

"There's a sense that liquidity has helped the market a lot more than it has helped the economy, and there is a day of reckoning ahead," said Uri Landesman, president of Platinum Partners.

The Dow Jones industrial average (INDU) fell 61 points, or 0.5%, with JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) the biggest drags on the blue-chip index. Of the Dow's 30 components, 23 posted losses.

The S&P 500 (SPX) shed 14 points, or 1.1%, and the tech-heavy Nasdaq (COMP) slipped 30 points, or 1.1%.

"Investors are really trading on emotions right now -- and unfortunately, most people are pessimistic," said Jack Ablin, chief investment officer of Harris Private Bank in Chicago.

U.S. stocks fell sharply on Friday, following a weak May jobs report.

The Dow and S&P have each declined roughly 5% since the beginning of May, amid weak reports on home prices, unemployment claims and manufacturing.

* Apple launches iCloud

Companies: Apple (AAPL, Fortune 500) investors adhered to the common Wall Street saying "buy on the rumor, sell on the news," Monday.

Shares of the tech giant fell 1.6% after CEO Steve Jobs' unveiled iCloud , a free service that will store and sync documents, photos and other content across Apple devices. (Read Fortune's live blog of the event at the Worldwide Developers Conference in San Francisco.)

* Video - Apple still shining bright

The biggest gainer in the S&P 500, Harley-Davidson (HOG, Fortune 500), saw its shares rise 2.8% after UBS Investment Research called the motorcycle maker a short-term buy, citing strong May sales.

Also bucking the day's downward trend, Starbucks (SBUX, Fortune 500) shares rose 1.7% after analysts at BMO Capital boosted their rating on the coffee retailer to "outperform." The analysts raised their price target for the stock to between $40 and $45 -- a more than 13% premium over Friday's closing price.

* June swoon - StockTwits

Currencies and commodities: The dollar rose against the euro and the British pound, but fell versus the Japanese yen.

Oil for July delivery slipped $1.21 to settle at $99.01 a barrel.

Gold futures for August delivery edged up $4.80 to settle at $1,547.20 an ounce.

Bonds: Treasury yields traded in spitting distance of six-month lows Monday. The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.01% from 3.00% late Friday.

* Meredith Whitney: States are worse than you think

World markets: European stocks ended their session mixed. Britain's FTSE 100 rose 0.2%, the DAX in Germany dipped 0.2% and France's CAC 40 fell 0.8%.

In Asian markets, Japan's Nikkei finished 1.2% lower. The Shanghai Composite and the Hang Seng in Hong Kong were closed for holidays.



Yahoo! Finance - Market Update

4:05 pm : Stocks finished near their worst levels of the session, and closed lower for a fourth consecutive day. Today's sell off pushed all three of the major averages to their lowest levels since March 23. Selling was paced by a 1.1% drop in both the S&P and Nasdaq while the Dow outperformed, slipping 0.5%.

Financials continue to underperform the broader market as today's 2.0% slide pushed the S&P 500 Financial Index to its lowest level since early December. Citigroup (C 38.07, -1.78) was the biggest decliner amongst heavyweights, losing 4.5%, but other banking giants like Bank of America (BAC 10.83, -0.45), Wells Fargo (WFC 26.26, -0.60), and JP Morgan Chase (JPM 40.53, -1.04) were also hit hard.

Energy shares were under pressure all session long, losing 2.0% collectively. Selling coincided with West Texas Intermediate crude oil slipping back below $100 per barrel to finish the day near $98.80. Exxon Mobil (XOM 80.29, -0.89) and Chevron (CVX 99.68, -1.32) were among the better performers in the space losing 1.1% and 1.3% respectively.

Apple (AAPL 338.04, -5.04) was back in the headlines today after making several announcements at the Apple Worldwide Developers Conference. Steve Jobs made his first public appearance since March and introduced the new OS X Lion operating system for Macs, as well as the iOS 5 operating system for mobile devices, and their new iCloud Internet media service. The stock remains range bound between $330 and $360 as it has for much of 2011.

Gold lost its luster with a late session slide as the yellow metal finished the day little changed near $1543 after hitting a session high of $1555. Shares of Newmont Mining (NEM 53.44, -1.31) were hit hard despite the flat finish in gold while Freeport-McMoran (FCX 49.79, -0.14) saw a modest loss.

Harley-Davidson (HOG 36.86, +0.99) gained 2.8% and finished as a top performer in the S&P 500 as rumors of a private equity takeover of the company pushed shares as high as $38.24 in early action.

An early morning sell off in the Treasury complex ran the 10-yr yield briefly above 3.04% before easing back to 3.00% over the final half hour of trading. Today's modest slide pushed the 10-yr yield up just one basis point.

The dollar index finished near its best levels of the session as a late-day sell off pushed the euro back below 1.46. The Australian dollar held steady near 1.0715 ahead of tonight's interest rate decision by the Reserve Bank of Australia. Analysts are expecting the central bank to hold its benchmark rate steady at 4.75%.DJ30 -61.30 NASDAQ -30.22 SP500 -13.99 NASDAQ Adv/Vol/Dec 587/1.65 bln/2013 NYSE Adv/Vol/Dec 628/726.2 mln/2385

3:30 pm : July crude oil shed 1.2% to close at $99.01 per barrel. Demand concerns, following last week's poor econ data, and discussions that OPEC will hike output production at Wednesday's meeting, pushed crude oil lower for the second session. July natural gas rallied for 2.6% to close at $4.83 per MMBtu. Forecasts for warmer weather across the country, expected to boost demand through air conditioning, helped prices trade back to near their 2011 highs at $4.879.

Despite strength in the dollar, precious metals finished higher today, with August gold gaining 0.3% to settle at $1546.80 per ounce while July silver finished up 1.8% to $36.84 per ounce. The flight to safety helped gold ended higher for a second straight session. DJ30 -44.20 NASDAQ -17.47 SP500 -9.57 NASDAQ Adv/Vol/Dec 805/1.1 bln/1743 NYSE Adv/Vol/Dec 810/642.6 mln/2137

3:00 pm : A late day rally pushed Treasuries off their worst levels of the session, but they still closed lower as a lack of data made for a quiet day across the complex. Some early selling pushed maturities to their worst levels of the day with prices hovering in a tight range for most of the session. After briefly crossing the 3.04% threshold this morning the 10-yr yield ended the day higher by one basis points near 3.00%. The yield curve finished near its steepest levels of the day with the 2-10-yr spread wider at 259.5, and the 10-30-yr spread also wider, trading 125.9. Auctions will dictate action this week as the data slate is unimpressive. Treasury will supply the market with $66 billion worth of 3-yr, 10-yr, and 30-yr paper over the next three days with $32 billion 3-yr notes set for auction tomorrow.DJ30 -53.96 NASDAQ -23.56 SP500 -11.91 NASDAQ Adv/Vol/Dec 792/1.22 bln/1770 NYSE Adv/Vol/Dec 801/514.0 mln/2181

2:40 pm : The market continues to hover near the lows, amid a relatively quiet mid-day trade. The S&P just slipped to session lows around 1289 in recent trade, leaving it slightly above technical support in the 1288/1286 zone.DJ30 -40.19 NASDAQ -16.63 SP500 -9.41 NASDAQ Adv/Vol/Dec 845/1.16 bln/1700 NYSE Adv/Vol/Dec 859/488.8 mln/2117

2:00 pm : The major market averages trade just near their worst levels of the session as selling has begun to pick up in early afternoon action. Selling continues to have a great impact on the broad-based S&P 500 which is currently trading down 0.7%. The other major averages trail just behind with the Nasdaq off 0.6% and the Dow lower by 0.4%.

Shares of Apple (AAPL 341.11, -2.33) are seeing a sell-the-news reaction to the Apple Worldwide Developers Conference. At the conference CEO Steve Jobs made his first public appearance since March, and highlighted the new OS X Lion operating system for Macs, as well as the iOS 5 operating system for mobile devices, and their new iCloud Internet media service. Shares of the stock have been range bound between $330 and $360 for most of 2011.DJ30 -37.99 NASDAQ -15.11 SP500 -8.68 NASDAQ Adv/Vol/Dec 823/1.02 bln/1712 NYSE Adv/Vol/Dec 842/426.8 mln/2095

1:30 pm : The dollar index trades just off its best levels of the session as it looks to hold the 73.90 area. A 40 pip decline has the euro just below the 1.46 level as markets continue to wait on a second Greek bailout package. German factory orders and euro zone retail sales will impact tomorrow's trade. The pound has been knocked back below 1.64, and looks to hold its 50-day moving average near 1.6350. The Halifax Home Price Index will be released overnight. Markets will be focused on Thursday's interest rate decisions for both the European Central Bank and Bank of England.

Speaking of interest rate decisions, the Reserve Bank of Australia will opine early tomorrow morning with expectations showing the bank holding its benchmark rate steady at 4.75%. Traders will look at the accompanying statement for any clues as to when the central bank will produce its next move. The Aussie dollar is holding a gain of close to 10 pips at 1.0725 ahead of the decision. After slipping below the important 80 level the yen has weakened a bit to 80.20 per dollar as yen bulls and bears do battle at important support. Recent calls for the resignation of Japanese Prime Minister Naoto Kan have had minimal impact thus far, but may move the pair going forward as the situation comes into focus.DJ30 -20.51 NASDAQ -8.71 SP500 -6.39 NASDAQ Adv/Vol/Dec 914/935.1 mln/1613 NYSE Adv/Vol/Dec 924/390.4 mln/1992

1:00 pm : Stocks continue to hold small losses in an uneventful day of trading. Weakness has been led all session long by the S&P (-0.5%) with the Nasdaq (-0.4%) and Dow (-0.2%) trailing close behind.

Financials (-1.1%) have been under pressure since the onset of trade today with heavyweights Bank of America (BAC 10.96, -0.32), Citigroup (C 38.71, -1.14), JP Morgan Chase (JPM 40.94, -0.63), and Wells Fargo (WFC 26.52, -0.34) all trading lower.

Energy shares are among the worst performers today as a sell off in West Texas Intermediate crude oil has pushed the S&P 500 Energy Index down 1.1%. Heavyweights Exxon Mobile (XOM 80.68, -0.50) and Chevron (CVX 100.36, -0.64) are both holding losses of close to 0.6%.

Gold miners are seeing a mixed trade despite today's strength in the yellow metal. Buyers have run gold back above $1550 per ounce as the precious metal trades near its best levels since the beginning of May. Freeport-McMoran (FCX 50.13, +0.20) is seeing modest gains while Newmont Mining (NEM 53.92, -0.83) trades lower.

Shares of motorcycle maker Harley-Davidson (HOG 37.24, +1.37) are the top performer in the S&P 500 with shares climbing more than 3.5% on takeover chatter. The stock has slipped well off its best levels of the session, hitting a high of $38.24 in early trade.

Treasuries continue to trade near their worst levels of the day as a lack of data has been uninspiring. Prices continue to drift lower, forcing yields higher as trades prepare for tomorrow's $32 billion 3-yr note auction. Today's selling has run the 10-yr yield up to 3.04%, its highest level in a week.DJ30 -18.35 NASDAQ -9.00 SP500 -5.82 NASDAQ Adv/Vol/Dec 908/857.5 mln/1614 NYSE Adv/Vol/Dec 947/357.5 mln/1946

12:30 pm : Stocks continue to hover just below the flat line as a quiet session progresses here in the U.S. The major market averages have pared their losses, but still trade down as much as 0.3%.

Materials stocks are flat with large cap gold miners Freeport-McMoran (FCX 50.27, +0.34) and Newmont Mining (NEM 54.15, -0.60) seeing mixed trade despite gold trading up $12 per ounce at $1554. Recent gains have pushed the yellow metal back above the $1500 level and to its best levels since early May.DJ30 -6.58 NASDAQ -5.56 SP500 -3.77 NASDAQ Adv/Vol/Dec 910/772.8 mln/1576 NYSE Adv/Vol/Dec 920/326.6 mln/1935

12:00 pm : The major market averages linger in negative territory as the S&P paces today's decline, falling 0.3%. Slight losses continue in the Dow and Nasdaq with those two averages each trading lower by 0.1%.

Treasuries are back on their worst levels of the session thanks to the recovery in U.S. equity markets. The Treasury complex has been held hostage by a lack of data and macro events as some modest selling pressure is taking hold ahead of tomorrow's $32 billion 3-yr note auction. Today's selling has run the 10-yr yield back up to 3.04%, its highest levels in five days, as traders continue to add to their curve steepeners. The 260 level is back in play for the 2-10-yr spread with that level just above the current 259.6. Precious metals trade near their best levels of the day with gold up 11 dollars to 1553 and silver higher by 90 cents at 37.10.DJ30 -10.63 NASDAQ -4.15 SP500 -3.88 NASDAQ Adv/Vol/Dec 1041/676.2 mln/1438 NYSE Adv/Vol/Dec 1008/285.0 mln/1829

11:30 am : The major market averages have climbed off their worst levels of the session, but still trade in negative territory. Weakness in the broader S&P 500 is pacing the decline as the index trades down 0.3% while the Dow and Nasdaq are seeing losses of close to 0.1%

Energy shares are among the worst performers today with the S&P 500 Energy Index trading down 1.1%. Today's drop coincides with a 1.0% decline in crude oil prices that has dropped West Texas Intermediate to $99.25 per barrel. Heavyweights Exxon Mobil (XOM 80.68, -0.50 Chevron (CVX 100.09, -0.91) are outperforming the S&P Energy Index with losses of -0.7% and -0.9% respectively. Meanwhile, EOG Resources (EOG 111.52, +0.96) is the lone stock in the space trading in positive territory, currently trading higher by 0.7%. DJ30 -10.63 NASDAQ -0.74 SP500 -3.88 NASDAQ Adv/Vol/Dec 907/568.4 mln/1535 NYSE Adv/Vol/Dec 803/243.2 mln/2012

11:00 am : The major market averages continue to struggle in the early going with all three trading in negative territory. Today's selling has pushed the S&P 500 to its worst level since March 23 as the index trades lower for the fourth consecutive session. A 0.6% drop has the S&P leading the decline with both the Dow and Nasdaq outperforming with declines of 0.4%.

The S&P 500 Consumer Discretionary Index trades just below the flat line, down 0.3%, to outperform the broader S&P 500. Shares of motorcycle maker Harley-Davidson (HOG 37.51, +1.64) are the best performing among S&P 500 listings as rumors of a private equity takeover have provided a boost of 4.4%.DJ30 -41.13 NASDAQ -10.48 SP500 -7.71 NASDAQ Adv/Vol/Dec 766/444.6 mln/1646 NYSE Adv/Vol/Dec 734/191.9 mln/2043

10:30 am : Commodities are mostly lower this morning, but only partially due to strength in the dollar index, which is up 0.1%.

Energy markets are mixed with natural gas showing modest strength, while the rest of the complex is lower. Crude oil futures have been in the red all morning and are showing current session lows at $98.80/barrel. Shortly after the open of pit trading, crude rallied 1% to $100.10, but this was short-lived and crude is now back near session lows, at $99.06, down 1.2%

Natural gas on the other hand has been trading in positive territory all session and is currently up 0.3% at $4.15/MMBtu.

Precious metals began trending upwards earlier this morning with gold and silver putting in new session highs ~30 minutes ago (Gold $1554.10, silver $37.28). Currently, gold is up 0.7% at $1552.60/oz and silver is 2.7% higher at $37.17/oz.DJ30 -27.51 NASDAQ -3.56 SP500 -5.44 NASDAQ Adv/Vol/Dec 732/291.4 mln/1628 NYSE Adv/Vol/Dec 666/138.5 mln/2074

10:00 am : All three of the major market averages are now in negative territory as the S&P 500 leads the decline with a loss of 0.4%.

Financial shares are lower by close to 1.0% in early action as European weakness in the sector has spread to U.S. trade. Heavyweights Wells Fargo (WFC 26.15, -0.71), JP Morgan Chase (40.49, -1.08), Citigroup (C 38.72, -1.11), and Bank of America (BAC 11.00, -0.28) are all lower by at least 2.0% with only a select few stocks in the sector seeing gains.DJ30 -43.89 NASDAQ -57.27 SP500 -5.43 NASDAQ Adv/Vol/Dec 1107/100.4 mln/1089 NYSE Adv/Vol/Dec 1207/60.8 mln/1399

09:45 am : Stocks are mixed at the onset of trading with as the Nasdaq trades up 0.1% while the Dow and S&P are seeing losses of 0.2%. Financials (-0.7%) are the weakest sector, with losses from European trade carrying over into the U.S. session while materials stocks are the top performers, trading collectively higher by 0.5%.

DJ30 -22.55 NASDAQ 2733.69 SP500 -2.78

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -3.50. Futures are pointing to a slightly lower open as a lack of economic data and earnings has traders looking for direction. Biotech and pharmaceutical stocks will be in focus today after the annual ASCO meeting took place over the weekend with an abundance of clinical data being released. The dollar index is holding a modest gain near 73.85 while gold is flat near $1543 per ounce and silver trades up 1.4% at $36.70.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -4.50. After a quiet overnight session Treasuries are trading at their worst levels as maturities across the complex are having difficulty pushing to new highs. Selling has run the 10-yr yield back up to 3.026% at the start of trade in the U.S. with a lack of data making for a listless session. The 2.95% level will provide support in the near-term as every attempt to breach that level has been thwarted. Steepening of the 2-10-yr spread continues with the spread widening to 257.7.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -11.00. Overnight action in Asia was quiet as Hong Kong and Shanghai were closed for the Dragon Boat Festival. Markets that were open closed mostly lower with Japan's Nikkei falling 1.2% to lead the decline. Sentiment was driven by a 27.6% slide in the stock of embattled Tokyo Electric Power after reports surfaced that the company will see a full year loss of over $7 billion and may be looking into bankruptcy protection. Indian shares bucked the trend, adding 0.2% with banking shares leading the advance. European markets (FTSE -0.1%, CAC -0.9%, DAX -0.4%) are weaker at midday with participants still awaiting word on any additional Greek bailout. Weakness in financials is apparent across the region with Britain's Lloyds Banking Group off 2.9%, France's Credit Agricole down 2.6%, and Germany's Deutsche Bank lower by 1.7%.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -11.00. Futures are pointing to a slightly lower open on the week as overseas markets have been generally quiet on the absence of any major headlines. The Socialists Party's six-year grip on power in Portugal has ended with Pedro Passos Coelho of the Social Democratic Party promising further austerity during his regime. In Japan, opposition leaders are calling for Prime Minister Naoto Kan to resign by the end of the month. Currencies are relatively quiet with the euro trading down 30 pips at 1.4605 while the yen has strengthened slightly to almost 80 per dollar. Most of the Treasury complex holds small gains with the 10-yr yield easing to 2.985%. There is no economic data scheduled for release.

06:37 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -8.00.

06:37 am : Nikkei...9380.35...-111.90...-1.20%. Hang Seng...Holiday.........

06:37 am : FTSE...5852.47...-2.50...0.00. DAX...7105.41...-3.60...-0.10%.

Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1.708.572.4885
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