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)


Trade Performance for Today: +0.00 points or $0.00 dollars in the Russell 2000 Emini TF ($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=906.

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.

CNNMoney.com - Stocks Rise As Investors Grapple with Greece

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

By Hibah Yousuf June 20, 2011: 4:39 PM ET

NEW YORK (CNNMoney) -- U.S. stocks managed decent gains Monday, even as investors remained cautious about Greece's debt crisis.

After slipping about 0.3% in the opening minutes, the major indexes turned higher, with the Dow Jones industrial average closing (INDU) up 76 points, or 0.6%.

Financial stocks JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) were the biggest laggards, while DuPont (DD, Fortune 500) and Caterpillar (CAT, Fortune 500) led the gains.

The S&P 500 (SPX) rose 7 points, or 0.5%, and the Nasdaq composite (COMP) rose 13 points, or 0.5%. Biogen Idec (BIIB, Fortune 500) was the best performer on both indexes, with shares rising more than 4%.

The gains were limited as investors grappled with the latest news on the Greek debt crisis. European finance ministers said Monday that the country won't receive fresh loans until mid-July.

"All eyes are on the Greek debt situation and whether more help is on the way," said Sameer Samana, an analyst at Wells Fargo Advisors. He said ongoing developments in Greece will likely continue to drive market action, as investors wait for the debt-ridden country to pass more austerity measures.

White House spokesman Jay Carney said Monday that the Obama administration believes that Greece's debt situation can be resolved with Europe's help, but "it does create a headwind."

* For Greece: Promise of more money - and pain

Greek debt woes have been pressuring stock markets around the world in recent weeks, as investors worry that the country will default on its debt and the crisis will spread to other countries. The Dow and S&P 500 are down about 6% since the start of May, while the tech-heavy Nasdaq has lost nearly 9%.

Adding fuel to the fire, credit agency Moody's said Friday that it was putting Italy on watch for a possible credit rating downgrade.

Despite Moody's warning, the Dow managed to break its six-week losing streak last week.

Companies: Ford Motor Co. (F, Fortune 500) plans to invest $1 billion to revamp its struggling Lincoln brand, the Wall Street Journal reported Sunday, citing dealers briefed on the plan. Shares of the automaker rose 1.3%.

PNC Financial Services Group (PNC, Fortune 500) said early Monday that it will buy the U.S. retail banking division of Royal Bank of Canada (RY) for $3.45 billion. Shares of PNC were down 2%, while share of Royal Bank edged up 0.2%.

Shares of land driller Nabors Industries (NBR) fell 1.8%, after the company trimmed its second-quarter outlook.

Chinese social networking site Renren (RENN) is slated to report results after the market close. Shares of Renren, which went public last month, rose 8%. The stock has declined 50% from its IPO price.

* Europe's sickly banks

World markets: European stocks finished slightly lower. Britain's FTSE 100 slumped 0.1%, the DAX in Germany slipped 0.2% and France's CAC 40 dropped 0.6%.

Asian markets ended the session mixed. The Shanghai Composite lost 0.8%, the Hang Seng in Hong Kong slipped 0.4% and Japan's Nikkei ended just above breakeven.

* Video - Greece takes toll on bank stocks

Currencies and commodities: The dollar was flat versus the euro and the British pound, and gained slightly against the Japanese yen.

Oil for July delivery rose 16 cents, or 0.2%, to settle at $93.26 a barrel, following steep losses from the previous week.

Gold futures for August delivery gained $2.90 to settle at $1,542.00 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.96% from 2.94% late Friday.



Yahoo! Finance - Market Update

4:20 pm : Renewed concerns about the fiscal future of Greece caused stocks to wobble before some broad buying gave the major equity averages some solid gains in afternoon action. Although some sellers tried to fade the advance in the final hour of trade, stocks were still able to settle with solid gains.

With European Union finance ministers calling on Greece to pass new austerity measures and the country's prime minister losing confidence, participants were inclined to sell stocks this morning. The euro was also put under pressure; it fell more than half of a percent against the greenback before it rallied back for a fractional gain.

Stocks also garnered support as traders showed a willingness to brush aside concerns related to Greece. Buying became broad in that nine of the 10 major sectors traded with solid gains for most of the session. Financials made up the only major sector that split its time between positive and negative territory before the group settled with a slight loss.

Financials recovered from morning losses for a time, but the sector was ultimately weighed down by a bevy of investment banks and diversified financial services stocks that had their targets and estimates cut by analysts at Citigroup. PNC Financial (PNC 56.66, -1.13) was actually one of the worst plays in the financial space following news that it will pay about $3.5 billion for the U.S. retail banking operations of RBC.

An empty economic calendar may have cut into the number of cues available to traders, but that has helped direct focus toward the FOMC's mid-week policy statement. The statement takes on added significance with the expiration of the Fed's second round of quantitative easing sets to expire soon. World markets are also wondering what the Fed has planned amid the precarious conditions that currently loom over countries in the eurozone periphery.

Advancing Sectors: Health Care (+1.0%), Consumer Discretionary (+0.9%), Materials (+0.8%), Industrials (+0.8%), Consumer Staples (+0.7%), Telecom (+0.6%), Utilities (+0.6%), Energy (+0.4%), Tech (+0.3%)
Declining Sectors: Financials (-0.1%)DJ30 +76.02 NASDAQ +13.18 NQ100 +0.5% R2K +0.9% SP400 +0.8% SP500 +6.86 NASDAQ Adv/Vol/Dec 1451/1.64 bln/1104 NYSE Adv/Vol/Dec 2029/786 mln/967

3:30 pm : It was a relatively quiet session for commodities, as the dollar chopped around the flat line. July crude oil finished up 0.3% to $93.26 per barrel. It recouped overnight losses after the dollar gave back its overnight gains, but was unable to extend that rebound much above the flat line, closing with modest gains. July natural gas ended up 0.2% to $4.33 per MMBtu.

August gold ended higher by 0.2% to $1542 per ounce, while July silver closed up 0.8% to $36.03 per ounce. Both metals spent most of the session chopping around the flat line. They eventually traded into positive territory, but were unable to take out earlier highs and finished with modest gains on the session. DJ30 +58.16 NASDAQ +8.73 SP500 +4.40 NASDAQ Adv/Vol/Dec 1296/1.3 bln/1236 NYSE Adv/Vol/Dec 1852/542.7 mln/1143

3:00 pm : Stocks have stemmed their afternoon descent, and while they have reclaimed some of their gains, they remain shy of session highs.

The dollar continues to drift along in a tight trading range. It had been up solidly this morning, but as currency traders began to brush aside concerns about Greece's precarious fiscal position, the euro rebounded at the dollar's expense. In turn, the Dollar Index has been mired near the neutral line for the past several hours. DJ30 +76.33 NASDAQ +15.43 SP500 +7.19 NASDAQ Adv/Vol/Dec 425/1.15 bln/1109 NYSE Adv/Vol/Dec 1957/465 mln/1025

2:30 pm : Although financials have been a source of broad market weakness in recent action, few of the other sectors have actually displayed leadership. That has left the major equity averages to drift to new afternoon lows during the course of the past couple of hours. The generally listless action comes on a day with neither major corporate announcements nor economic data. Although the economic calendar is empty today, the calendar for the rest of this week is highlighted by the latest FOMC policy statement, which takes on added significance as the Fed's second round of quantitative easing sets to expire and world markets wonder what will come of Greece's troubled fiscal state.DJ30 +66.94 NASDAQ +12.43 SP500 +6.12 NASDAQ Adv/Vol/Dec 1375/1.06 bln/1132 NYSE Adv/Vol/Dec 1898/425 mln/1075

2:00 pm : The stock market has surrendered some more of its gain, but underlying strength remains broad. In fact, financials, down 0.2%, make up the only major sector that has failed to remain in positive territory. Within the financial sector, Wells Fargo (WFC 26.78, -0.55) is the worst performer by percent lost, while Janus Capital (JNS 9.42, +0.20) is the sector's top percentage gainer.DJ30 +57.18 NASDAQ +12.38 SP500 +5.08 NASDAQ Adv/Vol/Dec 1395/985 mln/1112 NYSE Adv/Vol/Dec 1896/389 mln/1050

1:30 pm : Stocks have eased off of their daily highs in recent trade, but they continue to sport solid gains for the session.

Commodities are more mixed. Despite a 0.3% decline in oil prices, which were last quoted at $92.75 per barrel, the CRB Commodity Index is up 0.2%. The mixed action comes as the dollar trades flat against a collection of competing currencies.

Meanwhile, Treasuries continue to trade with moderate weakness, which has the yield on the 10-year Note near, but still below, 3.00%. DJ30 +69.40 NASDAQ +15.61 SP500 +6.57 NASDAQ Adv/Vol/Dec 1452/915 mln/1049 NYSE Adv/Vol/Dec 1935/360 mln/1011

1:00 pm : Concerns about the challenges of remedying Greece's precarious fiscal position put pressure on stocks ahead of the open, but the tone of trade has gradually improved so that stocks are now up solidly.

Early trade was choppy and somewhat listless, but some passive buying interest helped prop up the major market averages for the first hour. Support has since broadened to take consumer discretionary plays, industrial issues, health care stocks, and telecom names up by approximately 1%.

Financials have had a hard time sustaining gains, however. The sector managed to recover from a fall in the early going, but its fractional gain has left it trailing the overall market. Investment banks and diversified financial services stocks have been pressured after analysts at Citigroup cut estimates and price targets on several names in the space. Several regional banks are also weak amid news that PNC Financial (PNC 56.50, -1.29) it will acquire for approximately $3.5 billion the U.S. retail banking unit of RBC.

Overall market strength has helped temper volatility, which had spiked sharply late in last week's trade. The Volatility Index was last quoted with a 7% loss.

Strength among stocks and waning volatility has caused some traders to rotate out of Treasuries. Despite that, the yield on the benchmark 10-year Note remains below 3.00%. DJ30 +70.54 NASDAQ +17.02 SP500 +6.79 NASDAQ Adv/Vol/Dec 1488/830 mln/1008 NYSE Adv/Vol/Dec 1941/325 mln/989

12:30 pm : A gradually improving tone of trade has taken the three major equity averages up to their best levels of the day. Their gains are all of similar order.

Treasuries are down in response to strength among stocks. The benchmark 10-year Note is now at its lowest level of the day. Still, its yield remains below the 3.00% mark. DJ30 +85.18 NASDAQ +18.79 SP500 +8.64 NASDAQ Adv/Vol/Dec 1474/750 mln/995 NYSE Adv/Vol/Dec 2005/300 mln/930

12:00 pm : Europe's major bourses were all down roughly 1% or more this morning, but they were able to pare losses into the close. In turn, Germany's DAX settled the day with a loss of just 0.2%. Meanwhile, France's CAC closed with a loss of 0.6%. Britain's FTSE fell 0.4% for the session.

The euro had also traded with weakness in the early going, but it has since rallied so that it now trades at $1.432, which makes for a 0.3% lead over the U.S. dollar.

Initial weakness among Europe's major market averages and the euro was largely underpinned by concerns about Greece's fiscal future. Although those fears have faded with the progression of today's trade, problems related to Greece's precarious financial position persist. DJ30 +87.34 NASDAQ +14.63 SP500 +7.84 NASDAQ Adv/Vol/Dec 1409/660 mln/1054 NYSE Adv/Vol/Dec 1953/260 mln/957

11:30 am : Select semiconductor stocks are getting slapped with another round of concerted selling pressure. Advanced Micro Devices (AMD 6.77, -0.23) and Broadcom (BRCM 30.88, -0.73) are among the hardest hit names in the space. General weakness in the semiconductor space has weighed on the broader tech sector. In turn, the overall tech sector is mired at the flat line. It is the only major sector that hasn't put together any kind of a gain.DJ30 +79.35 NASDAQ +8.04 SP500 +6.77 NASDAQ Adv/Vol/Dec 1277/553 mln/1152 NYSE Adv/Vol/Dec 1876/215 mln/1006

11:00 am : The major equity averages are up with varied gains after a relatively choppy first hour of action.

Materials stocks had displayed early leadership, but the sector was recently backed down to the flat line. It has since rebounded to a 0.5% gain, but that is still shy of the heights that it reached in the early going. Consumer staples stocks continue to attract support, though. The sector is now up 0.7%, which makes it the top performing sector of the day.

Financials had been an early source of weakness, but the group has since bounced to a modest gain of 0.3%. The sector's improved position is partly attributable to strength in consumer lending plays like Capital One (COF 50.31, +1.47) and Discover Financial (DFS 23.74, +0.65). DJ30 +58.65 NASDAQ +4.85 SP500 +4.54 NASDAQ Adv/Vol/Dec 1147/433 mln/1241 NYSE Adv/Vol/Dec 1743/166 mln/1140

10:35 am : The dollar index has pulled back again, which has provided some strength to select commodities.

Crude oil futures have been in the red all session, excluding a brief push into positive territory earlier. Crude extended its uptrend when pit trading began as it gained about $1/barrel in the first 13 minutes of trade to rise break through the $93 level. In current, activity, the energy component is 0.3% lower at $92.75/barrel.

Natural gas broke back into positive territory about 45 minutes ago and is showing modest gains after trading in negative territory in the overnight session. Nat gas is now at $4.35/MMBtu, up 0.7%.

Gold and silver quickly trended upwards as pit trading earlier, until pushing into positive territory. Gold was trading near session highs of $1546.40 for over an hour, but just fell back near the unchanged line minutes ago. Silver rallied early along with gold, but has had a more gradual downtrend off it's earlier highs of $36.13/oz. Currently, gold is down 20 cents at $1538.90/oz and silver is down 0.1% at $35.70/oz.DJ30 +33.91 NASDAQ +1.68 SP500 +1.28 NASDAQ Adv/Vol/Dec 1159/287.7 mln/1197 NYSE Adv/Vol/Dec 1459/110.1 mln/1246

10:00 am : After a brief pause at the neutral line, the stock market has ticked up to an incremental gain. Materials stocks remain the top performing sector; they are up 0.6%, as a group. Favor for materials-related issues remains broad, too. In fact, only a handful of basic materials plays has failed to find higher ground -- Vulcan Materials (VMC 38.60, -0.27), Ball Corp (BLL 37.67, -0.15), and Owens-Illinois (OI 25.49, -0.09) are the sector's more recognizable laggards.DJ30 +25.73 NASDAQ +6.29 SP500 +1.47 NASDAQ Adv/Dec 1201/1069 NYSE Adv/Dec 1589/1123

09:45 am : Stocks have made an upward push in the opening minutes so that the major averages are now at the flat line. Materials stocks (+0.4%) and consumer staples plays (+0.3%) are early leaders, but their efforts have been undermined by pronounced weakness in the financial sector (-0.7%).

Among materials-related plays, steel stocks are sporting impressive gains. U.S. Steel (X 41.56, +0.49) is a leader among its peers after the stock set an eight-month low in the final session of last week. Whole Foods (WFMI 56.95, +1.26) is a leader among consumer staples, thanks partly to an analyst upgrade. As for financials, the sector has been dragged down by sharp losses among heavyweights like Bank of America (BAC 10.56, -0.12) and JPMorgan Chase (JPM 40.25, -0.55). DJ30 +10.89 NASDAQ +4.64 SP500 +0.68 NASDAQ Adv/Dec 1192/1036 NYSE Adv/Dec 1552/1122

09:15 am : S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: -11.80. Stock futures are off of their premarket lows so that a mixed start to trade now looks likely. Initial weakness this morning came amid ongoing uncertainty regarding Greece's precarious fiscal condition and the difficulty of implementing appropriate remedies. Europe's major bourses have been hit especially hard by concerns over the matter; in turn, the continent's most widely followed averages are all down by about 1% or more. The euro has rallied back from an overnight loss against the greenback, though. In turn, the euro was last quoted with a fractional gain at $1.430. A downturn by the dollar has coincided with an upturn in the price of crude oil, which opened pit trade with a loss of roughly 1%, but was recently quoted with a loss of only 0.2% at $92.80 per barrel.

09:00 am : S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -14.30. Crude oil prices are being clipped in the first couple of minutes of pit trade; the commodity was last quoted at $92.10 per barrel, which makes for a 1.0% loss. Natural gas prices are currently up one penny to $4.334 per MMBtu. As for precious metals, gold prices are down fractionally to $1536.90 per ounce while silver is off by 0.4% to $35.60 per ounce. General weakness in the commodity complex has the CRB Commodity Index down by 0.4%.

08:35 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -15.30. Widespread weakness among Europe's major bourses has the EuroStoxx 50 down 0.8%, which puts the Index at a new three-month low. The downturn comes after eurozone officials failed to put into place new measures to stabilize Greece's tenuous financial state, leaving the country's fiscal future shrouded in uncertainty. Among the more widely followed bourses, Germany's DAX is down 1.1%. RWE AG and Commerzbank are its two worst performing components. Volkswagen is leading a short list of issues to incremental gains. France's CAC has fallen to a 1.3% loss. All 40 of its components have retreated into the red; nearly half of the lot is grappling with a loss of at least 2%. Britain's FTSE is off by 0.9%. Nearly 90% of its names are in negative territory, but financial plays Royal Bank of Scotland (RBS) and Lloyds Group (LYG) are among the heaviest drags on the FTSE. In economic data, the eurozone current deficit for April totaled 5.1 billion euros, which is greater than the downwardly revised deficit of 3.1 billion euros recorded for the prior month.

The latest action in Asia was largely lackluster. Japan's Nikkei logged a flat finish that saw Chubu Electric Power and Kansai Electric Power spike more than 7%. Panasonic put together a modest gain. It recently issued downside earnings guidance for fiscal 2012. Sony (SNE) settled as one of the worst performers; it fell almost 3%. Japan's latest data indicate that the country's trade balance for May improved to almost 854 billion yen from about 465 billion yen in the prior month. Its final Leading Index reading eased to 96.2 from the 96.4 posted in the preliminary report. Hong Kong's Hang Seng extended its slide to a new nine-month low. Property plays encountered some of the harshest selling pressure. Mainland China's Shanghai Composite closed with a 0.8% loss, which marked an extension of its downtrend. Financial issues generally led the way lower in the latest round of trade.

08:05 am : S&P futures vs fair value: -3.40. Nasdaq futures vs fair value: -17.30. The S&P 500 is coming off of its first weekly advance since April. However, the net gain was only incremental, so renewed weakness this morning is threatening to offset that move. Premarket pressure comes in response to rekindled selling interest abroad, where lackluster action in Asia has been followed by widespread weakness among Europe's major bourses amid ongoing uncertainty regarding the fiscal future of Greece. With such uncertainty at hand, the euro is down against the dollar; the currency was last quoted with a 0.4% loss at $1.422. There is little else for early traders to digest this morning -- no market-moving corporate announcements have been made and the economic calendar is empty.

06:57 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -15.00.

06:57 am : Nikkei...9354.32...+2.90...0.00. Hang Seng...21599.51...-95.80...-0.40%.

06:57 am : FTSE...5679.09...-19.70...-0.40%. DAX...7092.97...-71.10...-1.00%.

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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