|NYSE||Adv 1145||Dec 1763||Vol 467.0 mln|
|Nasdaq||Adv 943||Dec 1850||Vol 1.58 bln|
IN THE NEWS HIGHLIGHTS:
- Apple (AAPL) retraces a good portion of its post-earnings gain.
- July ADP Employment Change misses estimates (178K actual vs 187K consensus).
- Crude oil rallies on further supply decreases.
- US dollar slightly lower.
RECAP– The market sold off in the morning, but an afternoon rally saw it close flat on the day. Crude oil rallied following an EIA inventory report that indicated further decreases in supply. The US dollar closed slightly lower following a turbulent day.
In-depth look of daily news at Briefing.com (CLICK HERE)
In-depth look at after hours movers (CLICK HERE)
- August 2: ADP Non-Farm Employment Change – Actual: 178K Forecast: 187K Previous: 191K
- This result is a wash. This month’s figure came in slightly lower than expectation while last month’s number was revised upward by 33K. Both figure would be considered average and acceptable by the Federal Reserve’s standards.
- August 2: Crude Oil Inventories – Actual: -1.5M Forecast: -3.2M Previous: -7.2M
- 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 2: 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 sold off in the morning, but an afternoon rally saw it close rather flat.
A Look Into the Heat Map
The market was generally weak today with Apple (AAPL) being the lone standout.
VIX – 10.28
Oil (USO) – Bullish – Oil completed a bullish reversal and hit our target of $50. At this area, $50 may prove to be a strong area of resistance and the upper end of a trading range.
Ag (DBA) – Bearish
GLD – Bullish
SLV – Bearish
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 significant. With 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
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.