CISCO


CISCO Futures
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http://www.cisco-futures.com
dljones@cisco-futures.com



Markets do NOT Turn on a Dime

D.L. Jones, June 8, 2005
Copyright 2005. All rights reserved.

Day traders often pay slavish attention to their tick data. In some cases this is a must, since they are trading in the noise, grabbing a couple of points while trading many times per day. This is not trading value, it is trading volatility (what the economists call noise trading). One has to be adept to trade volatility and avoid going down the tubes. On the other hand, markets offer an average of two or three change-in-value trades per day. Value trades are defined by the market. You can be guided by market information.
From Noise Trader to Insider

It is well known that directional markets (moving markets) run and pause, run and pause and so on until the last pause is not followed by a run, but rather by congestion. Each pause is a mini-congestion. While in a pause, you have difficulty telling whether the pause will continue or if the run will start up again. Pauses take time, in the neighborhood of an hour or so. We say "if it takes an hour to understand a change in value, the market is certainly not turning on a dime".

A value day trader begins the day understanding value at as many levels as possible: multi-day value (from Overlay Demand Curves), previous day value (from the Meta-Profile) and overnight value (from early morning trading if possible). Each value has a range, a support and resistance. Where do we get these values? Multi-day value comes from the Visual Graphic on the CISCO site, as does the latest day, Meta-Profile, CMaPS. In both cases you have the support and resistance for the period chosen.
Visual Graphics Information Links
Market Profiles/Meta-Profiles
The overnight value is estimated by eye, if enough trading activity is present. This is the third, shortest timeframe support/resistance pair, best used for market feel.

How can we have confidence in these values? They are not from guessing or chart reading. They come from solid market theory.
Auction Market Value Theory

Auction Market Value Theory is based on the fact that the market is a complex environment, self regulating and driven by feedback. Feedback is what we get from our ticker. It works like this: A pulse, say a 20 point jump in a future we are trading, shows up on our quoter. Everyone sees it at the same time. But not everyone reacts the same way or at the same speed. One trader might respond with an immediate buy order. Another may think about it for awhile and ultimately decide to sell, and so forth for the whole body of traders. The cumulative reaction of the market takes some time for everyone to get their vote in. How long? The original estimate for profiles was 30 minutes, on average. That may seem like a lifetime to the trader chasing ticks. But the market is going to respond at its own pace, in its own time. At CISCO, we measured the time of response, which turned out to be 25 minutes for the case we studied. The point is that the market is going to act at it's own speed, not at the pace you may wish.
Volatility


Pauses and Congestion for Thirty Minute Bars for DJM May 18, 2005
As noted above, we know that directional markets run, pause, run, pause and so on until the final pause is not followed by a run, i.e. the trend is over and congestion has set in. There is no better way to visually identify the pause-run process than with the Meta-Profile and half-hour bars tracking the trading ranges (CMaPS is the Meta-Profile name on the CISCO web site).

Figure 1. is a dual display of a standard Profile with TPOs on the left and the day in 30 minute bars (TPTs) on the right. We define a pause alert for this study as three TPTs on a price row in the 30 minute bars. Looking in the price range 103800 to 103740 we see the first pause alert of the day in the timeframe 07:30 to 09:00 (half hour bars $, A, and B). 

            Commodity:  DJM - DJIA (CBOT)  DAY
         Trading Date:  20050518
           Start Time:  07:00
            Stop Time:  15:30
         Profile Type:  30 minute


         CISCO Meta-Profile
-------------------------++++++++++++++++++++++++++++++


    Price  TPOs                       TPTs
              Meta-Profile        30 Minute Bars
-------------------------++++++++++++++++++++++++++++++
       104920 L                                      L
       104900 LM                                     LM
       104890 LM                                     LM
       104880 LM                                     LM
       104870 LM                                     LM
       104860 LM                                     LM
       104850 HILM                              HI   LM
       104840 HILM                              HI   LM
       104830 HILM                              HI   LM
       104820 HILM                              HI   LM
       104810 HILM                              HI   LM
       104800 GHIJKLMNO                        GHI JKLMNO
       104790 GHIJKLMNO                        GHI JKLMNO
       104780 GHIJKLMNO                        GHI JKLMNO
       104770 GHIJKLMNO                        GHI JKLMNO
       104760 GHIJKLMNO                        GHI JKLMNO
       104750 GHIJKLMNO                        GHI JKLMNO
       104740 GHIJKLMNO                        GHI JKLMNO
       104730 GHIJKLMNO                        GHI JKLMNO
       104720 GHIJKLMNO                        GHI JKLMNO
       104710 GHIJKLMNO                        GHI JKLMNO
       104700 GHIJKLMNO                        GHI JKLMNO
       104690 GHIJKLN                          GHI JKL N
       104680 GHIJKLN                          GHI JKL N
       104670 GHIJKLN                          GHI JKL N
       104660 GHIJKLN                          GHI JKL N
       104650 GHIJKLN                          GHI JKL N
       104640 GIJK                             G I JK
       104630 GIJK                             G I JK
       104620 GIJK                             G I JK
       104610 GIJK                             G I JK
       104600 GIJK                             G I JK
       104580 GK                               G    K
       104570 GK                               G    K
       104550 GK                               G    K
       104540 GK                               G    K
       104530 GK                               G    K
       104520 GK                               G    K
       104510 GK                               G    K
       104500 GK                               G    K
       104480 G                                G
       104470 G                                G
       104460 G                                G
       104450 G                                G
       104430 G                                G
       104420 G                                G
       104400 FG                              FG
       104380 FG                              FG
       104370 F                               F
       104360 F                               F
       104350 F                               F
       104340 F                               F
       104330 F                               F
       104300 DF                            D F
       104290 DF                            D F
       104280 DEF                           DEF
       104270 DEF                           DEF
       104260 DEF                           DEF
       104250 DEF                           DEF
       104240 DEF                           DEF
       104230 DEF                           DEF
       104220 DEF                           DEF
       104210 DEF                           DEF
       104200 DEF                           DEF
       104190 DE                            DE
       104180 DE                            DE
       104170 DE                            DE
       104160 DE                            DE
       104150 CDE                          CDE
       104140 CD                           CD
       104130 CD                           CD
       104120 CD                           CD
       104100 CD                           CD
       104090 C                            C
       104080 C                            C
       104070 C                            C
       104060 C                            C
       104050 C                            C
       104040 C                            C
       104030 C                            C
       104020 C                            C
       104000 C                            C
       103990 C                            C
       103980 C                            C
       103970 BC                          BC
       103960 BC                          BC
       103950 BC                          BC
       103940 BC                          BC
       103930 BC                          BC
       103920 BC                          BC
       103910 BC                          BC
       103900 BC                          BC
       103890 BC                          BC
       103880 BC                          BC
       103870 B                           B
       103850 B                           B
       103840 B                           B
       103830 AB                         AB
       103820 AB                         AB
       103810 AB                         AB
       103800 $AB                       $AB
       103790 $AB                       $AB
       103780 $AB                       $AB
       103770 $AB                       $AB
       103760 $AB                       $AB
       103750 $AB                       $AB
       103740 $AB                       $AB
       103730 $A                        $A
       103720 $                         $
       103700 $                         $
       103650 $                         $
       103600 $                         $
       103450 Z                        Z
       103440 Z                        Z
       103420 Z                        Z
       103410 Z                        Z
       103400 Z                        Z
       103350 Z                        Z
       103340 Z                        Z
      *103320 Z                        Z
       103310 Z                        Z
       103300 Z                        Z
Figure 1. Half-hour bars for DJM May 18, 2005. All the time-place letters in the time bars (Figure 1. and Figure 2., as well) are in fact TPTs (That Price Ticked) rather than TPOs from clearing. However, for clarity we will refer to the left columns data as TPOs while the right, the half-hour bars, will be TPTs.

Starting at the bottom (103300) and reading up, the market opened at 103320 (Z period 07:00 to 07:30), ran up into $ period (07:30 to 08:00) and showed a pause alert (3 TPTs, $AB) in B period (08:30 to 09:00) in the price range 103740 to 103800. Then the market continued upward to 104150 for another alert (CDE), which lasted through only a single price tick, with continuation upward. Another pause alert occurred (DEF) from 104200 to 104280, where the upward trend restarted. Price then ran through G period (11:00 to 11:30) attaining 104800. The next period (H, 11:30 TO 1200) reached its high around 11:54. After that I period reached its high around 12:06 and ran down to 104600 around 12:24, recovering a bit to 104700. From 104800 on down to 104650 the triad GHI showed a pause alert.

The Pause at (TPT) $AB
Referring to Figure 1., visual inspection shows a three TPT cluster in the half-hour bars starting at 103740 where time periods $, A and B overlap. The three period overlap continues to 103800. This is a classic 'pause'. The question is, has the pause stayed in place long enough for one to suspect that the run is over and congestion is setting in? Referring to the two minute tick bars in the Appendix, B period traded in the price range 103800 - 103740 in the two minute periods, 08:30 and 08:48. If you were watching, you would have seen two fast swoops into the three TPT area, with a touch only at 08:32. In all, price was in the 3 TPT neighborhood about 18 minutes.

How might you have guessed that this was a pause, not an incipient congestion? Since you know markets run and pause, the swift retracement from 103800 to 103740 and quick recovery of the upward trend might be obvious. But you have another tool to augment your market knowledge. Figure 2. below is a 15 minute profile. The appearance of the 15 minute TPT display at the end of the TPO B period clearly portrays the pullback in TPO B period followed by upward movement in the ensuing C and D TPT periods. Your market knowledge combined with the physical evidence of price behavior in B period (CD in TPTs) leads to your judgement that it is a pause, not a full scale congestion. Is there an absolute test that you can apply within seconds? No. The market's feedback process takes time.

The Pause at (TPT) CDE
Referring to Figure 1., visual inspection shows a single 3 TPT cluster, CDE, at 104150. This pause lasted only a few minutes (see Appendix table). On the 15 minute display in Figure 2. this is a very short pause indeed.

The Pause at (TPT) DEF
Again on Figure 1, visual inspection of the TPTs show another pause from 104280 to 104200. Price in D period ran to 104300, with E period retracing clear back to 104150. This large retracement could easily scare us out of the trade. But is it a congestion? The E period retracement was complete in the first 15 minutes. After that, F period was directionally up. The 15 minute TPTs showed clearly the continued strength (G and H are the TPTs corresponding to the TPO D). TPT H, I, J, K and L all showed directionality. So DEF is a pause, and a rather short one at that.

The Pause at (TPT) GHI
We have split the I and J periods so the GHI cluster on Figure 1. can be examined without confusion from the later trading. The GHI pause started at 104770. It dropped to 104600 and ended at 104700. The pause range 104800 to 10465 is rather wide, but, as seen in the DEF pause, a good sized retracement does not necessarily mean a congestion is starting. A look at the 15 minute display shows for the complete GHI period (MN, OP, QR are the 15 minute replacements for the 30 minute TPTs) that the most weight is near the bottom. This display is quite different from the previous pauses. Congestion is probably starting. The appearance of the first TPT J at 104690, at the lower part of the GHI cluster settles the matter. The directional move is over. The GHI pause has turned into a congestion. While you would certainly know that congestion has started by R period (104700 and below), experience could help you arrive at that conclusion sooner, in all probability.

Markets do NOT Turn on a Dime This market, which is fairly typical of most active markets, demonstrates that pauses and congestions take an hour or more to develop. The fact that markets are driven by feedback makes time delay a necessity. Only in the rare case of a catastrophic event are markets prone to 'turn on a dime'. 

            Commodity:  DJM - DJIA (CBOT)  DAY
         Trading Date:  20050518
           Start Time:  07:00
            Stop Time:  15:30
         Profile Type:  30 minute


         CISCO Meta-Profile
-------------------------++++++++++++++++++++++++++++++
                  
    Price  TPOs                               TPTs
              30 Minute Profile           15 Minute Bars                     
-------------------------++++++++++++++++++++++++++++++
       104920 L                                              X
       104900 LM                                             X Z
       104890 LM                                             X Z
       104880 LM                                             X Z
       104870 LM                                             X Z
       104860 LM                                             X Z
       104850 HILM                                 PQ        XYZ
       104840 HILM                                 PQ        XYZ
       104830 HILM                                 PQ        XYZ
       104820 HILM                                 PQ        XYZ
       104810 HILM                                 PQ        XYZ
       104800 GHIJKLMNO                          NOPQ   S  V XYZ1 3
       104790 GHIJKLMNO                          NOPQ   S  VWXYZ1 3
       104780 GHIJKLMNO                          NOPQ   S  VWXYZ1 3
       104770 GHIJKLMNO                          NOPQ   S  VWXYZ1 3
       104760 GHIJKLMNO                          NOPQ   S  VWXYZ1 3
       104750 GHIJKLMNO                          NOPQ   S  VWXYZ123
       104740 GHIJKLMNO                          NOPQ   S  VW  Z123
       104730 GHIJKLMNO                          NOPQ   S  VW  Z1234
       104720 GHIJKLMNO                          NOPQ   S  VW  Z1234
       104710 GHIJKLMNO                          NOPQ   ST VW  Z1234
       104700 GHIJKLMNO                          NOPQR  STUVW  Z1234
       104690 GHIJKLN                            NOPQR  STU W   12
       104680 GHIJKLN                           MNOPQR  STU W   12
       104670 GHIJKLN                           MNOPQR  STU W   12
       104660 GHIJKLN                           MNOPQR  STU W   1
       104650 GHIJKLN                           MNO QR   TU W   1
       104640 GIJK                              MN  QR   TU
       104630 GIJK                              M    R   TU
       104620 GIJK                              M    R   TU
       104610 GIJK                              M    R   TU
       104600 GIJK                              M    R   TU
       104580 GK                                M         U
       104570 GK                                M         U
       104550 GK                                M         U
       104540 GK                                M         U
       104530 GK                                M         U
       104520 GK                                M         U
       104510 GK                                M         U
       104500 GK                                M         U
       104480 G                                 M
       104470 G                                 M
       104460 G                                 M
       104450 G                                 M
       104430 G                                 M
       104420 G                                 M
       104400 FG                               LM
       104380 FG                               LM
       104370 F                                L
       104360 F                                L
       104350 F                                L
       104340 F                                L
       104330 F                                L
       104300 DF                          G   KL
       104290 DF                          G   KL
       104280 DEF                         G  JKL
       104270 DEF                         G  JKL
       104260 DEF                         G  JKL
       104250 DEF                         G IJKL
       104240 DEF                         GHIJKL
       104230 DEF                         GHIJKL
       104220 DEF                         GHIJK
       104210 DEF                         GHIJK
       104200 DEF                         GHIJK
       104190 DE                          GHIJ
       104180 DE                          GHIJ
       104170 DE                          GHIJ
       104160 DE                          GHI
       104150 CDE                        FGHI
       104140 CD                         FGH
       104130 CD                         FGH
       104120 CD                         FG
       104100 CD                         FG
       104090 C                          F
       104080 C                         EF
       104070 C                         EF
       104060 C                         EF
       104050 C                         EF
       104040 C                         EF
       104030 C                         EF
       104020 C                         EF
       104000 C                         EF
       103990 C                         EF
       103980 C                         EF
       103970 BC                      C EF
       103960 BC                      C EF
       103950 BC                      C EF
       103940 BC                      C EF
       103930 BC                      CDEF
       103920 BC                      CDE
       103910 BC                      CDE
       103900 BC                      CDE
       103890 BC                      CDE
       103880 BC                      CDE
       103870 B                       CD
       103850 B                       CD
       103840 B                       CD
       103830 AB                    A CD  
       103820 AB                    A CD  
       103810 AB                    A CD  
       103800 $AB                 68A CD  
       103790 $AB                 68ABCD    
       103780 $AB                 68ABCD    
       103770 $AB                 68ABCD    
       103760 $AB                 68ABC     
       103750 $AB                 68ABC     
       103740 $AB                 68 BC     
       103730 $A                  68 B    
       103720 $                   68      
       103700 $                   68      
       103650 $                   6       
       103600 $                   6       
       103450 Z                  4        
       103440 Z                  4        
       103420 Z                  4        
       103410 Z                  4        
       103400 Z                  4        
       103350 Z                  4        
       103340 Z                  4        
       103320 Z                  4        
       103310 Z                  4        
       103300 Z                  4
Figure 2. Fifteen-minute bars for DJM May 18, 2005. All the time-place letters on are in fact TPTs (That Price Ticked) rather than TPOs from clearing. However, for clarity we will refer to the left columns data as TPOs while the right will be TPTs.

The left column is the same as in Figure 1. On the right, the 30 minute TPTs are now 15 minutes. There are potentially two 15 minute TPTs for each TPO, but if price trades in a single 15 minute period there will be just one. Appendix Two Minute Bars for DJ DEL-MO/YR 06 05 MO/DY/YR 05 18 05 

$ Period
 7:20: 0   103300   103340   103300   103340       17
 7:22: 0   103350   103410   103350   103410       11
 7:24: 0   103440   103450   103400   103450       10
 7:26: 0   103400   103400   103400   103400        1
 7:28: 0        0        0        0        0        0

Z Period
 7:30: 0   103600   103650   103600   103650        6
 7:31:59   103700   103780   103700   103780        9
 7:33:59   103760   103800   103750   103780        8
 7:35:59   103770   103770   103740   103740        3
 7:37:59   103720   103770   103720   103770        5
 7:39:59   103730   103750   103720   103720        3
 7:41:59   103740   103750   103700   103700        6
 7:43:59   103740   103740   103720   103730        4
 7:46: 0   103750   103750   103750   103750        1
 7:48: 0   103730   103730   103720   103720        2
 7:50: 0   103700   103700   103700   103700        1
 7:52: 0   103740   103750   103740   103750        2
 7:54: 0   103780   103780   103740   103740        4
 7:56: 0   103780   103800   103780   103790        4
 7:58: 0   103800   103800   103760   103760        2

A Period
 8: 0: 0   103800   103810   103800   103810        2
 8: 2: 0   103800   103800   103770   103800        4
 8: 3:59   103790   103790   103790   103790        1
 8: 6: 0   103800   103800   103780   103800        3
 8: 7:59   103750   103830   103750   103750        8
 8:10: 0   103800   103800   103800   103800        1
 8:11:59   103750   103780   103750   103780        2
 8:14: 0   103750   103760   103750   103760        2
 8:15:59   103730   103780   103730   103780        2
 8:18: 0   103760   103780   103760   103780        2
 8:19:59        0        0        0        0        0
 8:22: 0   103750   103750   103730   103740        6
 8:23:59   103750   103750   103750   103750        1
 8:26: 0   103770   103770   103770   103770        1
 8:27:59   103750   103790   103750   103780        5

B Period
 8:30: 0   103750   103830   103740   103820        7
 8:32: 0   103830   103900   103800   103900       21
 8:33:59   103930   103950   103920   103950       15
 8:36: 0   103970   103970   103930   103930        5
 8:37:59   103940   103940   103900   103900        6
 8:40: 0   103880   103900   103850   103880        7
 8:41:59   103890   103930   103890   103930        5
 8:44: 0   103940   103950   103880   103900       16
 8:45:59   103890   103890   103850   103850        3
 8:48: 0   103830   103840   103770   103800       11
 8:49:59   103840   103890   103830   103850        6
 8:52: 0   103840   103850   103830   103850        4
 8:53:59   103870   103920   103870   103920        3
 8:56: 0   103930   103930   103830   103850        3
 8:57:59   103840   103840   103840   103840        1

C Period
 9: 0: 0   103900   103900   103880   103900        5
 9: 2: 0        0        0        0        0        0
 9: 3:59   103920   103950   103920   103930        7
 9: 6: 0   103950   103970   103940   103950        8
 9: 7:59   103920   104000   103920   103990       17
 9:10: 0   104000   104080   104000   104020       20
 9:11:59   104000   104030   103950   103950        7
 9:14: 0   103980   103980   103950   103970        6
 9:15:59   103980   103980   103930   103930        4
 9:18: 0   103950   103980   103930   103980        6
 9:19:59   104000   104050   104000   104000        3
 9:22: 0   104000   104000   103950   104000        3
 9:23:59   104040   104050   104000   104000        5
 9:26: 0   104050   104100   104050   104080       10
 9:27:59   104070   104150   104070   104150       14

D Period
 9:30: 0   104100   104250   104100   104250       11
 9:32: 0   104230   104270   104220   104270       15
 9:33:59   104290   104300   104250   104250       11
 9:36: 0   104260   104280   104200   104210       10
 9:37:59   104200   104210   104170   104170        8
 9:40: 0   104180   104200   104180   104200        4
 9:41:59   104180   104210   104180   104200        5
 9:44: 0   104180   104200   104180   104180        3
 9:45:59   104200   104200   104150   104150        3
 9:48: 0   104170   104170   104130   104130        3
 9:49:59   104150   104170   104130   104170        5
 9:52: 0   104200   104200   104150   104150        5
 9:53:59   104200   104200   104180   104190        3
 9:56: 0   104200   104210   104200   104200        3
 9:57:59   104230   104240   104230   104240        2

E Period
10: 0: 0   104220   104250   104200   104200        7
10: 2: 0   104190   104200   104150   104150        5
10: 3:59   104160   104170   104150   104150        3
10: 6: 0   104180   104180   104180   104180        1
10: 7:59   104200   104200   104200   104200        1
10:10: 0   104230   104230   104200   104220        4
10:11:59   104200   104200   104170   104170        2
10:14: 0   104180   104200   104150   104200        7
10:15:59   104190   104220   104180   104220        4
10:18: 0   104200   104200   104180   104200        3
10:19:59   104230   104250   104200   104250        4
10:22: 0   104240   104280   104240   104280        4
10:23:59        0        0        0        0        0
10:26: 0   104240   104240   104240   104240        1
10:27:59   104270   104270   104250   104250        4

F Period
10:30: 0        0        0        0        0        0
10:32: 0   104260   104260   104260   104260        1
10:33:59   104230   104250   104230   104230        3
10:36: 0   104250   104300   104240   104250        5
10:37:59   104240   104250   104220   104240        5
10:40: 0   104200   104230   104200   104230        2
10:41:59   104200   104230   104200   104230        3
10:44: 0   104220   104250   104220   104240        4
10:45:59   104250   104250   104250   104250        1
10:48: 0   104280   104280   104280   104280        1
10:49:59   104270   104370   104270   104350       15
10:52: 0   104340   104380   104340   104380        5
10:53:59   104370   104400   104350   104370        9
10:56: 0   104380   104380   104350   104370        5
10:57:59   104380   104380   104350   104350        2

G Period
11: 0: 0   104380   104420   104380   104420        3
11: 2: 0   104450   104500   104420   104450       13
11: 3:59   104470   104500   104450   104500        7
11: 6: 0   104510   104530   104500   104500        8
11: 7:59   104530   104580   104500   104580       12
11:10: 0   104570   104650   104570   104650       17
11:11:59   104630   104680   104600   104650        9
11:14: 0   104680   104680   104650   104680        3
11:15:59   104650   104730   104640   104730       17
11:18: 0   104740   104790   104730   104750       17
11:19:59   104770   104800   104730   104730       11
11:22: 0   104710   104730   104650   104670       10
11:23:59   104700   104700   104660   104680        3
11:26: 0   104700   104700   104680   104680        2
11:27:59   104700   104700   104670   104670        7

H Period
11:30: 0   104660   104660   104650L  104650        2
11:32: 0   104670   104670   104650L  104650        2
11:33:59   104680   104680   104680   104680        1
11:36: 0   104670   104700   104670   104700        2
11:37:59   104730   104750   104680   104750        6
11:40: 0   104780   104800   104750   104750        8
11:41:59   104760   104800   104700   104700        6
11:44: 0   104730   104750   104680   104680        5
11:45:59   104660   104680   104660   104680        2
11:48: 0   104670   104700   104670   104700        4
11:49:59   104750   104750   104730   104730        2
11:52: 0   104700   104750   104700   104750        2
11:53:59   104760   104850H  104760   104850       14
11:56: 0   104800   104800   104750   104760        4
11:57:59   104750   104800   104750   104780        4

I Period
12: 0: 0   104770   104800   104770   104800        3
12: 2: 0   104780   104830   104780   104820        3
12: 3:59   104850   104850   104770   104770        5
12: 6: 0   104780   104800   104780   104800        2
12: 7:59   104760   104760   104750   104750        2
12:10: 0   104720   104720   104650   104680        7
12:11:59   104660   104660   104640   104640        3
12:14: 0   104650   104680   104650   104680        4
12:15:59   104650   104650   104650   104650        1
12:18: 0   104610   104610   104600   104600        4
12:19:59   104620   104620   104600   104600        2
12:22: 0        0        0        0        0        0
12:23:59   104620   104650   104600   104650        3
12:26: 0   104680   104680   104680   104680        1
12:27:59   104700   104700   104700   104700        1

J Period
12:30: 0   104690   104690   104670   104670        2
12:32: 0   104700   104700   104700   104700        1
12:33:59   104710   104760   104700   104760        3
12:36: 0   104780   104780   104780   104780        1
12:37:59   104800   104800   104740   104740        4
12:40: 0   104720   104800   104720   104780        4
12:41:59   104750   104750   104700   104700        4
12:44: 0   104670   104670   104660   104670        3
12:45:59   104680   104680   104680   104680        1
12:48: 0   104670   104710   104670   104710        3
12:49:59   104650   104650   104650   104650        1
12:52: 0   104670   104670   104620   104620        3
12:53:59   104600   104600   104600   104600        1
12:56: 0   104610   104650   104610   104630        3
12:57:59   104620   104620   104620   104620        1

K Period
13: 0: 0   104530   104540   104500   104500       10
13: 2: 0   104550   104640   104510   104640        6
13: 3:59   104650   104650   104630   104650        4
13: 6: 0   104670   104670   104670   104670        1
13: 7:59   104680   104700   104650   104670        5
13:10: 0        0        0        0        0        0
13:11:59   104700   104700   104700   104700        1
13:14: 0   104670   104670   104670   104670        1
13:15:59   104700   104740   104700   104730        4
13:18: 0        0        0        0        0        0
13:19:59   104700   104700   104700   104700        1
13:22: 0        0        0        0        0        0
13:23:59        0        0        0        0        0
13:26: 0   104730   104730   104700   104700        2
13:27:59   104760   104800   104750   104750        6

L Period
13:30: 0   104700   104700   104650   104680        4
13:32: 0   104700   104730   104700   104730        3
13:33:59   104750   104790   104730   104790        8
13:36: 0   104750   104750   104750   104750        1
13:37:59   104700   104730   104700   104730        2
13:40: 0   104750   104750   104700   104700        3
13:41:59   104750   104760   104750   104760        2
13:44: 0   104790   104790   104750   104750        4
13:45:59   104760   104770   104760   104770        2
13:48: 0   104750   104750   104750   104750        1
13:49:59   104800   104900   104800   104900       13
13:52: 0   104880   104880   104850   104850        2
13:53:59        0        0        0        0        0
13:56: 0   104900   104920   104900   104900        5
13:57:59   104880   104880   104850   104850        5

M Period
14: 0: 0   104800   104800   104800   104800        1
14: 2: 0   104750   104800   104750   104780        5
14: 3:59   104790   104800   104790   104800        4
14: 6: 0   104830   104850   104800   104800        3
14: 7:59   104750   104750   104750   104750        1
14:10: 0   104790   104790   104770   104770        2
14:11:59   104800   104800   104800   104800        1
14:14: 0   104770   104770   104770   104770        1
14:15:59        0        0        0        0        0
14:18: 0   104840   104870   104840   104870        5
14:19:59   104800   104850   104800   104850        4
14:22: 0   104880   104880   104880   104880        1
14:23:59   104850   104850   104840   104840        2
14:26: 0   104900   104900   104850   104850        2
14:27:59   104700   104700   104700   104700        1

N Period
14:30: 0   104720   104720   104700   104700        2
14:32: 0   104720   104720   104720   104720        1
14:33:59   104730   104730   104700   104700        2
14:36: 0   104740   104740   104650   104650        5
14:37:59   104660   104660   104650   104650        2
14:40: 0   104680   104780   104680   104780        3
14:41:59   104760   104800   104760   104780        3
14:44: 0   104800   104800   104730   104750        4
14:45:59   104700   104700   104700   104700        1
14:48: 0   104680   104700   104670   104680        4
14:49:59   104670   104700   104670   104700        4
14:52: 0   104670   104690   104670   104690        2
14:53:59   104700   104700   104670   104670        2
14:56: 0   104690   104720   104690   104720        5
14:57:59   104700   104700   104690   104690        2

O Period
15: 0: 0   104700   104750   104700   104710        4
15: 2: 0   104730   104750   104720   104750        5
15: 3:59   104760   104800   104700   104750        7
15: 6: 0   104740   104740   104730   104740        3
15: 7:59   104750   104750   104750   104750        1
15:10: 0   104770   104770   104750   104750        2
15:11:59   104730   104750   104700   104720        6
15:14: 0   104730   104730   104700   104710        6