Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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click on the above image to view today's performance verification
Price Action Trade Performance for Today: +15.60 points or $1560 dollars in the Russell 2000 Emini TF ($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.
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To join our free chat room...registration instructions located at a different forum @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=5&t=630
Also, posted below are direct links to information about my price action 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=119&t=718. 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 price action 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=151&t=1432 -----------------------------
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The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events that had an impact on today's price action. Simply, I'm a strong believer that many variables (key market events) causes key changes in supply/demand and volatility that results in swing points and strong continuation price actions. Thus, I pay attention to these key market events from one trade to the next trade to give me the market context for my technical analysis. Just as important, these summaries becomes my archives to allow me to understand what was happening on any given trading day in the past...something I can not get from my broker statements alone.
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click on the above image to view today's price action of key markets
NEW YORK (CNNMoney) -- U.S. stocks dropped Tuesday after the Federal Reserve indicated it was unlikely it would offer more stimulus anytime soon.
Investors grew skittish after the Federal Reserve released minutes from its most recent open committee meeting around 2 p.m. The Fed's comments suggested that it was less likely the central bank would intervene to help the markets unless growth slows.
"The market expects another round of easing, and each time they get a sign that it might not be the case, stocks sell off," said Paul Powers, head of equity trading at Raymond James.
The Dow Jones industrial average (INDU) ended the day down 65 points, or 0.5%. The S&P 500 (SPX) shed 6 points, or 0.4%. The Nasdaq (COMP) fell 6 points, or 0.2%.
Financial stocks were among the biggest decliners Tuesday, with shares of Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500), JPMorgan Chase (JPM, Fortune 500), and Goldman Sachs (GS, Fortune 500) all falling more than 1%.
* Video - Second quarter hurdles ahead
U.S. stocks ended higher Monday after a manufacturing report showed prices rising less than expected, signaling that inflation may not be a near-term concern. Last week saw several disappointing reports on housing and durable goods, which caused investors to retreat a bit.
Prior to that, stocks had largely been on a tear, with the Dow and S&P 500 ending their best first quarter in over a decade. The Nasdaq had its best first quarter since 1991.
The focus later this week will be on the jobs report for March, which is due out Friday. However, U.S. stock markets will be closed in observance of Good Friday, and bond markets will close early.
* Carlyle's Rubenstein: U.S. tax system a 'disgrace'
Economy: A report on factory orders for February came in below expectations after the report said activity picked up by 1.3% compared to expectations of 1.4%. January orders dropped by 1%.
Auto sales were in focus throughout the day. Chrysler Group said March was the best month for sales in four years. Ford (F, Fortune 500) sales rose 5% and GM (GM, Fortune 500) sales surged 14.2% in March from year-earlier levels.
Companies: Shares of Apple (AAPL, Fortune 500) hit a new all-time high Tuesday, after several analysts raised their price targets on the stock. One analyst predicted that shares, which recently cleared $600, could top $1,000.
Avon Products (AVP, Fortune 500) shares dropped Tuesday, following gains of more than 17% Monday, after the company rejected a $10 billion purchase offer from beauty company Coty Inc.
* Muddy Waters: Tread carefully in Hong Kong
Daily deals site Groupon (GRPN) remains in the spotlight following a report in Tuesday's Wall Street Journal saying that the Securities and Exchange Commission is probing its revision of its first set of results as a publicly traded company.
Shares of retailer Urban Outfitters (URBN) surged after the company gave upbeat guidance in a SEC filing.
* Make Europe's pain your gain
Currencies and commodities: The dollar gained against the Japanese yen and British pound, but fell versus the euro.
Oil for May delivery slipped $1.04 to $104.19 a barrel.
Gold futures for April delivery fell $33.10 to $1,646.90 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury dropped Tuesday, pushing the yield up to 2.29%.
World markets: European stocks ended lower. Britain's FTSE 100 (UKX) slid 0.6%, the DAX (DAX) in Germany dropped 1.05% and France's CAC 40 (CAC40) lost 1.6%.
Asian markets ended mixed. The Hang Seng (HSI) in Hong Kong gained 1.3%, while Japan's Nikkei (N225) fell 0.6%. The Shanghai Composite (SHCOMP) was closed for early April's Tomb Sweeping holiday.
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4:30 pm : Weakness among stocks was exacerbated with the release of the most recent FOMC meeting minutes, which contained some surprisingly hawkish verbiage, but stocks were able to pare their losses in late afternoon trade.
Limited leadership and weakness among Energy and Financial stocks left the broad market to drift lower in morning and early afternoon trade. Selling intensified once it was learned that that members of the Federal Open Market Committee took the collective position that forward guidance is conditional on economic developments, making dates for policy subject to revision in response to significant changes in the economic outlook. Although this mindset should not have come as a surprise, many market participants turned against stocks because of the belief that further quantitative easing may not be as probable as previously thought.
The S&P 500 traded down to a loss of about 1%, which put it in line with its prior session low, before it was able to find support. Stocks then spent the final 90 minutes slashing losses.
The Nasdaq was able to hold up better than either of its counterparts for the duration of the day. Although it still logged a modest loss, it was propped up by Apple (AAPL 629.32, +10.69). Already the largest stock by market cap, shares of AAPL logged a new record high in response to positive analyst commentary. The stock is now up a whopping 55% year to date.
The idea of fewer dollars in circulation provided a catalyst for the dollar to trade higher after it had been essentially flat all morning. By day's end it was up 0.7% against a basket of major foreign currencies.
The confluence of the FOMC's hawkish tone and the gain by the greenback took most commodities sharply lower. The CRB Index logged a 0.5% loss, but that didn't capture the dive in precious metals prices, which closed pit trade before the FOMC minutes were released.
Treasuries were also cut down aggressively. The action swung the yield on the benchmark 10-year Note up to almost 2.29% after it had traded only narrowly above 2.15% this morning.
Actual data was limited today, but factory orders increased by 1.3%, which is on par with the 1.4% increase that had been expected, on average, among economists polled by Briefing.com. Britain posted its best PMI Construction number since 2010 and China's PMI Services reading set a six-month high.
Advancing Sectors: Utilities +0.1%
Declining Sectors: Telecom -0.1%, Consumer Discretionary -0.1%, Tech -0.1%, Health Care -0.1%, Industrials -0.6%, Consumer Staples -0.6%, Financials -0.7%, Materials -0.9%, Energy -1.0%DJ30 -64.94 NASDAQ -6.13 NQ100 -0.1% R2K -0.7% SP400 +0.3% SP500 -5.66 NASDAQ Adv/Vol/Dec 769/1.79 bln/1768 NYSE Adv/Vol/Dec 1057/816 mln/1942
3:30 pm : Crude oil traded in negative territory for its entire pit session, but in mid-morning action it almost made it to the even line before being backed down. A hawkish tone to the minutes from the most recent FOMC meeting stocked further selling as participants considered the implications of taking plans for further quantitative easing off of the table. The action left the energy component to settle pit trade with a 1.2% loss at $104.02 per barrel. Natural gas spent the better part of its floor session in positive territory, chopping around $2.18 per MMBtu before inching up to $2.19 per MMBtu to close pit trade with a 1.9% gain.
Among precious metals, gold prices experienced some volatility in its pit session. The yellow metal settled floor trade at $1672.10 per ounce for a 0.5% loss. Along the way it set a session low of $1668.60 per ounce, but even that has been surpassed in electronic trade as the implications of the FOMC's hawkish comments come into play. Gold futures prices were recently quoted at $1643 per ounce in electronic trade. Silver spent its morning in negative territory, but trended upwards to eventually break into the black. It settled pit trade just above the unchanged mark for a 0.1% gain at $33.13 per ounce, but was recently quoted at $32.56 per ounce in electronic trade. DJ30 -95.70 NASDAQ -15.37 SP500 -9.93 NASDAQ Adv/Vol/Dec 710/1.33 bln/1810 NYSE Adv/Vol/Dec 865/485 mln/2100
3:00 pm : Stocks are only narrowly above their session lows as the final hour of the day arrives. However, the dollar is at its best level of the day.
The greenback now boasts a 0.9% gain against a basket of major foreign currencies after it had been drifting along narrowly above the neutral line for most of the day. Its rally comes in response to the hawkish tone of the verbiage of minutes from the most recent FOMC meeting. DJ30 -114.13 NASDAQ -17.49 SP500 -11.88 NASDAQ Adv/Vol/Dec 660/1.23 bln/1860 NYSE Adv/Vol/Dec 815/445 mln/2160
2:30 pm : Stocks remain stuck near session lows. Although that means the broad market is still wrestling with a sizable loss, the Nasdaq's decline has been more moderate.
While unable to fully fight off sellers, the Nasdaq is still in better shape than either of its counterparts. Its loss has been limited because of help from large-cap Tech issues like Apple (AAPL 627.89, +9.26). Shares of the heavyweight have also helped the Nasdaq 100 limit its loss to only 0.4%, which is roughly half of what the broad market has suffered. DJ30 -101.19 NASDAQ -14.75 SP500 -11.01 NASDAQ Adv/Vol/Dec 700/1.14 bln/1815 NYSE Adv/Vol/Dec 880/400 mln/2090
2:05 pm : The verbiage of the minutes from the most recent FOMC meeting has featured a more hawkish tone than what many market participants had anticipated. Both stocks and commodities have taken a dive in response, reflecting the view that the potential for further quantitative easing may be diminishing. That, of course, contrasts with the view that many took one week ago when Fed Chairman Bernanke's acknowledgement of weak job conditions was regarded as a tacit sign that monetary policy will likely remain accommodative.DJ30 -74.55 NASDAQ -7.94 SP500 -8.23 NASDAQ Adv/Vol/Dec 840/990 mln/1625 NYSE Adv/Vol/Dec 1050/340 mln/1885
1:30 pm : Still without much leadership, stocks have been unable to trim any more of their losses. That's left the broad market to move sideways in a narrow range for the past hour or so.
The dollar has had a quiet day. Since the open it has held on to an incremental gain over a collection of competing currencies. The lackluster action comes after it logged a slight loss in the prior session. DJ30 -56.12 NASDAQ -6.08 SP500 -6.38 NASDAQ Adv/Vol/Dec 875/895 mln/1585 NYSE Adv/Vol/Dec 1085/310 mln/1825
1:00 pm : The broad market is off of its session low, but still down markedly as trade enters the second half of the session. Focus remains on the forthcoming release of minutes from the most recent FOMC meeting.
Both the Dow and S&P 500 slipped into negative territory in early trade, but the Nasdaq was propped up by strength in Apple (AAPL 627.66, +9.03) -- the largest stock by market cap. Shares of AAPL set a new record high following positive analyst commentary.
Rather than take their cues from the Tech sector, participants opted to pressure shares of Financial and Energy issues. The two sectors were down more than 1% before they were able to find support. What's more, their weakness imbued the broad market, limiting leadership. More specifically, Tech, Telecom, and Consumer Discretionary stocks are the best performers, but they are all mired near the neutral line.
There haven't been many headlines to act as catalysts for trade, or at least none of great consequence. The only data of note has been a surprisingly strong PMI Construction number from Britain, a six-month best for China's PMI Services reading, and a relatively in-line increase of 1.3% in domestic factory orders. Potentially the highlight of the afternoon is the release of minutes from the most recent FOMC meeting at 2:00 PM ET. Market participants will be combing the minutes for new insights into the perspectives and opinions of U.S. central bankers, especially as they pertain to the macro environment and monetary policy. DJ30 -53.70 NASDAQ -4.55 SP500 -6.10 NASDAQ Adv/Vol/Dec 855/820 mln/1570 NYSE Adv/Vol/Dec 1035/285 mln/1865
12:30 pm : Stocks recently found support and are now trying to trim their losses. The challenge, though, is that leadership is limited with heavyweight sectors like Energy and Financials down about 1% while the Tech sector tries to shake off its modest loss.
Treasuries have attracted some additional buying interest in recent trade. That has the benchmark 10-year Note up more more than 10 ticks, taking its yield a little closer to its two-week low near 2.15%. DJ30 -59.45 NASDAQ -4.88 SP500 -6.50 NASDAQ Adv/Vol/Dec 780/745 mln/1645 NYSE Adv/Vol/Dec 995/260 mln/1890
12:05 pm : Stocks have fallen another leg lower in recent trade. That leaves the major equity averages are their worst levels of the day.
Financials and Energy continue to lead the slide. Both sectors are now wrestling with losses in excess of 1%. What's more, their weakness has imbued the broader market so that nearly every other major sector is now in the red -- the Telecom and Consumer Discretionary sectors have paused at the neutral line. DJ30 -68.12 NASDAQ -9.36 SP500 -7.05 NASDAQ Adv/Vol/Dec 875/655 mln/1525 NYSE Adv/Vol/Dec 1105/225 mln/1765
11:30 am : A flurry of selling pressure has undercut the major equity averages. The action has taken the Dow down to a new session low. Still, its loss remains only modest in size.
Financials and Energy stocks are leading the downside action. Both sectors are grappling with losses of 0.8%, which makes them today's poorest performing groups. Energy stocks, in particular, have been hurt by players in the oil and gas drilling industry, whereas Financials have been hampered by losses among the likes of Bank of America (BAC 9.56, -0.12), JPMorgan Chase (JPM 45.38, -0.44), Morgan Stanley (MS 19.52, -0.29), and Goldman Sachs (GS 123.15, -1.75). DJ30 -38.15 NASDAQ +1.41 SP500 -3.76 NASDAQ Adv/Vol/Dec 930/515 mln/1400 NYSE Adv/Vol/Dec 1235/190 mln/1600
11:00 am : The Nasdaq has worked its way up to a modest gain with help from large-cap Tech stocks. The group's strength has given the broader Tech sector a 0.4% gain, which is tied with the Consumer Discretionary sector for best performing sector.
Neither the Dow nor the S&P 500 have been able to make their way out of the red. Despite their weakness, overall losses remain relatively limited in size and scope. DJ30 -18.02 NASDAQ +6.35 SP500 -1.97 NASDAQ Adv/Vol/Dec 955/430 mln/1325 NYSE Adv/Vol/Dec 1255/155 mln/1545
10:30 am : Crude oil prices had tried to trade higher after opening pit trade with a modest loss, but sellers redoubled their efforts shortly after the energy component crossed the neutral line. That has left it to trade with a 0.7% loss at $104.45 per barrel.
Natural gas prices were down to about $2.12 per MMBtu prior to the open of pit trade, but they have managed to trade up to $2.19 per MMBtu for a 1.9% gain.
Precious metals continue to chop along with sizable losses. Specifically, gold prices are down 0.5% to $1671 per ounce, while silver sits at $32.85 per ounce with a 0.8% loss. DJ30 -13.25 NASDAQ +5.52 SP500 -1.85 NASDAQ Adv/Vol/Dec 885/295 mln/1350 NYSE Adv/Vol/Dec 1140/115 mln/1600
10:00 am : Stocks have shown no real reaction to the latest monthly factory orders figures. Factory orders increased by 1.3% during February. That is only slightly less than the 1.4% increase that had been broadly expected among economists polled by Briefing.com.
Potentially the main event of the day, minutes from the most recent FOMC meeting aren't due for release until 2:00 PM ET. Market participants will be combing the minutes for new insights into the perspectives and opinions of U.S. central bankers, especially as they pertain to the macro environment and monetary policy. DJ30 -19.45 NASDAQ +3.11 SP500 -2.66 NASDAQ Adv/Vol/Dec 845/125 mln/1240 NYSE Adv/Vol/Dec 1125/60 mln/1500
09:45 am : Both the Dow and the S&P 500 are down with slight losses, but strength in shares of heavyweight Apple (AAPL 628.70, +10.07) has kept the Nasdaq near the neutral line. Helped by positive analyst commentary, shares of AAPL hit a new record high above $630 per share only minutes ago.
Energy stocks have resumed their downtrend. After advancing to a 0.9% gain yesterday, the sector is off by 0.8% this morning. The swings come in the wake of a 0.5% weekly loss. In the preceding week they booked a 3.0% weekly decline. As an aside, oil prices have been unable to extend a recent upturn into positive territory; in turn, the energy component has slid back to $104.65 per barrel for a 0.6% loss. DJ30 -23.39 NASDAQ -0.42 SP500 -3.42 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA
09:15 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +2.50. Stock futures have gradually improved their position with the approach of the open. The effort has stock futures trading flat relative to fair value, although most of Europe's major bourses remain in the red with varied losses and the dollar is holding on to an incremental gain against a basket of major foreign currencies. Still without many market moving headlines, many market participants are anxious for the release of minutes from the most recent FOMC meeting, but they won't be released until 2:00 PM ET. Prior to that, though, participants will get a small dose of data with the release of monthly factory orders figures at 10:00 AM ET.
09:05 am : S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: +1.80. Crude oil prices are down 0.5% to $104.73 per barrel in early pit trade, but that's actually about $0.50 better than the lows that were set earlier in electronic trade. Natural gas prices have also improved their position, pushing up from about $2.12 per MMBtu in electronic trade up to $2.17 per MMBtu for a 0.6% gain.
Precious metals prices have had a choppy start to trade that has left gold to trade with a 0.1% loss at $1667.60 per ounce, while silver sits at $32.91 per ounce with a 0.6% loss.
Overall action in the commodity complex has the CRB Index down almost 0.2%.
08:35 am : S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -1.30. Domestic stock futures remain under moderate pressure as Europe's major market averages trade with varied losses. Germany's DAX is currently down 0.2%. Financials are a source of weakness there. As such, Deutsche Bank (DB 49.45, -0.53) and Commerzbank are among the bourse's poorest performers. However, Allianz is displaying some strength. France's CAC is currently off by 0.6% as Credit Agricole, France Telecom, and Air France succumb to selling for varied losses. In contrast, Alcatel-Lucent (ALU 2.33, +0.01) and Total (TOT 51.63, -0.73) are both up nicely. Britain's FTSE is presently off by 0.2%. Banking plays are having a heavy drag on trade. The latest PMI construction report from Britain made a surprising improvement to 56.7, which marks its highest level since summer of 2010.
Overnight action in Asia saw Japan's Nikkei slide to a 0.6% loss. Mizuho Financial (MFG 3.30, +0.00) and Mitsubishi UFJ (MTU 5.16, +0.00) weighed on action. Toshiba and Mazda Motor added to the drag. Mitsui Chemicals and Tokyo Electric Power provided support, however. Hong Kong's Hang Seng ascended to a 1.3% gain. Banking issues, namely Bank of China, Industrial & Commercial Bank, China Construction Bank, Agricultural Bank, led the way. Evergrande Real Estate Group contributed to the effort. Kunlun Energy and NagaCorp were among the more distinguishable names that performed poorly. Mainland China's Shanghai Composite was closed for holiday observance.
Note: ticker quotes reflect premarket prices.
08:05 am : S&P futures vs fair value: -3.90. Nasdaq futures vs fair value: -2.80. Stock futures are down narrowly after the broad market booked a solid gain in the prior session. However, it has had a hard time building on that effort amid weakness in Europe, where traders have made note of an increasing debt yields in both Spain and Italy. Meanwhile, the euro is down only fractionally against the greenback. Amid so few catalysts market participants await monthly factory orders figures, scheduled for 10:00 AM ET, and the 2:00 PM ET release of minutes from the most recent FOMC meeting.
06:24 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -6.00.
06:24 am : Nikkei...10050.39...-59.50...-0.60%. Hang Seng...20790.98...+268.70...+1.30%.
06:24 am : FTSE...5862.16...-12.70...-0.20%. DAX...7048.94...-7.70...-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)
@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtraderhttp://www.thestrategylab.com
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