The Morning Market Report is a daily report delivered to Tackle Trading members. In this report, you’ll receive a summary of major market news, the list of that day’s economic calendar, information regarding th major markets indexes, industry sector performance, comodities, currencies. and links to usefull sites and/or stories.
The Morning Market Report is designed to compliment the Scouting Reports (available to Pro Members) on Mondays and the Market Recap during the rest of the week so make sure to refer to those reports first.
This report can be part of your 7 Step Process to Successful Trading. By helping you start at the top of the markets, choosing a trading strategy, and finding and analyzing potential trades. So don’t start trading uninformed; add the Morning Market Report to your daily routine.
Todays Economic Calendar (Eastern Time Zone):
8:30 AM – Manufacturing Index (see below)
10:30 AM – Housing Market Index
News Links:
Economic News Highlights:
- NY Fed’s Manufacturing Index – The New York Federal Reserve’s index of manufacturing conditions contracted for the first time in seven months in May, as new orders and shipments turned negative
- Oil Surges Up 3% – Oil prices extended sharp overnight gains in North American trading on Monday, after Saudi Arabia and Russia agreed to extend oil output cuts for a further nine months until March 2018 in a bid to erode a global crude glut.
- Oil prices have gained about 3% this week even after the most recent profit taking.
- North Korea Increasingly Defiant – North Korea said on Monday it had successfully conducted a mid- to-long-range missile test and would continue such launches “any time, any place”, defying UN Security Council resolutions and warnings from the United States.
- Global Stocks Rise Overnight – Global stock markets rose on Monday, as investors shrugged off another missile test by North Korea and threats from a cyberattack that spread around the globe at the weekend.
Major Index Charts and Observations:
- S&P 500 – Currently at 2,391 – Some bullish pre-market open momentum but the negative report by the Fed may dampen that.
- Dow 30 – Currently at 20,896 – essentially neutral trading this morning (might be catching its breath after running up hard)
- Nasdaq – Currently at 5,687 – Some bullish pre-market open momentum but the negative report by the Fed may dampen that.
- Russel 2000 – Currently at 1390 – Still within its trading range (an iron condor trader’s dream)
Commodities:
Comodities are rising this moring except for Natural Gas that is consolidating after an epic last week.
- Silver currently 16.768 – strong early morning gains – finally (see chart below)
- Gold currently 1234 – essentially neutral but with strong early morning gains (see chart below)
- Natural Gas currently 3.364 – break a critial resistance last week, now retracing. This morning will show if that previous resistance will hold and become support.
- Crude Oil currently $49.47 – has increased sharply in the last 4 days and continues to be bullish overnight
Market Sectors:
When looking for bulls and bears remember that “a rising tide lifts all boats” so choose your bulls in a bullish sector and choose your bears in a bearish sector to get an edge.
XLE (Energy) has been the most bearish for the last few months though it has been having a bullish retracement since last week.
XLK (technology) has been very bullish followed by XLY (consumer discretionary)
Currencies:
- The USD is currently at 98.73 – the dollar has started to fall again against other currencies.
- Bitcoin has retraced to $1,745 afer briefly hitting 1,800 last week (remember bitcoin is volatile)
- Ethereum – $91.60; continuing to climb, to learn more listen to Tackle Trading Podcast #216
TRADING THOUGHTS
- Comodities – the comoditiesare bullish this morning except for natural gas
- Market Bias – the markets are mixed this morning be cautious (if you can’t decide on a direction focus on cashflow strategies).
Tackle Trading 25 Stock List
The Tackle 25 is a list of stocks vetted by Tackle Trading to span various market sectors and are chosen for their effectiveness as part of a monthly cashflow system.
Below is how the are trading for this morning’s trading day.
You can follow daily trade adjustments and updates on Twitter, Facebook, or text “follow @tackletrading” to 40404 to get text alerts!
If you are not a Pro Member and following the Stock & Option Picks, then check it out! There is a Promo code for Free 15 day trial: THETA
Hector Duenas Jr. started his trading journey during the height of the tech bubble in 2001 as part of the 90% that looses money in the stock market.
A Rich Dad conference in 2016 changed his life and now he writes the Morning Market Reports for Tackle Trading.
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