10 Minute Read

Market Recap August 1, 2017

August 1, 2017

By | No Comments

MR

 

MARKET SNAPSHOT
Dow21963.92+72.80(0.33%)
Nasdaq6362.91+14.82(0.23%)
SP 5002476.31+6.05(0.24%)
10-yr Note+13/322.251
NYSEAdv 1771Dec 1141Vol 826.6 mln
NasdaqAdv 1509Dec 1359Vol 1.8 bln

 

IN THE NEWS HIGHLIGHTS:

  • Global markets rally.
  • Another batch of generally upbeat earnings reports.
  • Top-weighted technology and financials sectors outperform.
  • Rate-hike concerns tempered a bit following disappointing June Personal Income & June Construction Spending figures.
  • Crude oil plunges following six-session rally, weighs on energy stocks.
  • US dollar see minor relief.

 

RECAP– The markets ticked higher following the opening bell and traded sideways for the rest of the day. Crude oil plunged after hitting the $50 mark and US dollar saw some relief.

In-depth look of daily news at Briefing.com (CLICK HERE)

In-depth look at after hours movers (CLICK HERE)


Economic Calendar

Today

  • August 1: ISM Manufacturing PMI – Actual: 56.3  Forecast: 56.4  Previous: 57.8  
    • Growth in manufacturing increased as expected.

 

Upcoming Reports

  • August 2: ADP Non-Farm Employment Change
  • August 2: Crude Oil Inventories
  • August 3: Unemployment Claims
  • August 3: ISM Non-Manufacturing PMI
  • August 4: Average Hourly Earnings m/m
  • August 4: Non-Farm Employment Change
  • August 4: Unemployment Rate

 

FedWatch September 20 Rate Hike Probability for August 1: 1.4% (View the probability chart here)


A Look At The S&P 500 Chart – KEY Levels

  • RSI is above 50.
  • On Balance Volume is below its moving average.
  • The market opened higher, but then continued to trade flat throughout the day.

 


A Look Into the Heat Map

Mixed day in the market as Financials continued to outperform.

 

(click on symbol for chart)
SPX – Bullish
DOWBullish
NasdaqBullish
Russell Bullish

VIX – 10.09

COMMODITIES

Oil (USO)Bullish – Currently forming a bullish reversal pattern, and inverted cup and handle/ascending triangle. A low had been put in at $42, then again at $44, and now at $46. The bullish trigger for this should be above $47. Broke past our trigger which we previously identified. With the current momentum, it could run well to $50.
Ag (DBA)Bearish
GLD Bullish
SLVBearish

THE DOLLAR

UUP USD weighted ETF – Bearish – The US dollar has been on a bear run. We’re waiting for support to be put in as this run has been very significantWith the dollar breaking under 93, look for 92 to be the next level that support can potentially be formed.

 


SOLON’S TRADING THOUGHTS

The market is currently at resistance following a turbulent week where resistance was tested multiple times. This will be a big week of economic data as multiple reports will be released, including jobs data.

This is a great time to break out some of your favorite earnings plays and at the very least practice in a paper account. Make sure to be mindful of the earnings date prior to placing a trade. The following companies are reporting earnings over the next several days:

With the VIX closing at 10, this continues to be an opportune time to buy protective puts on a portfolio as a hedge during the summer lull before they go up in price again. The summer is usually characterized by flat trading before a selloff just before or in the beginning of Fall. Be mindful of seasonality. We usually tend to see a sharp selloff in late summer or early autumn.


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


Legal Disclaimer

Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis. This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise. Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products. By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials. In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.

 

All investing and trading in the securities market involves a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax and accounting advisers, to determine whether such trading or investment is appropriate for that user.

 

 

Chart Modal

Tackle Trading