10 Minute Read

Market Recap August 9, 2017

August 9, 2017

By | No Comments



SP 5002473.98-0.90(-0.04%)
10-yr Note+5/322.246
NYSEAdv 886Dec 2043Vol 805.9 mln
NasdaqAdv 803Dec 2025Vol 2.03 bln




  • Caution following yesterday’s verbal spat between the U.S. and North Korea.
  • VIX jumps to one-month high, Treasuries rally amid risk-off sentiment.
  • Disney (DIS) drops after missing revenue estimates and announcing an end to its distribution agreement with Netflix(NFLX).
  • Crude oil closes finishes higher EIA shows decrease in supply.
  • US dollar down slightly as it traded most of the day flat.


RECAP– The market struggled early, but a later afternoon rally saw it close nearly flat. Crude oil rose on the day and was benefited by the EIA inventory report which showed a larger than expected decrease in supply. The US dollar traded mostly sideways.

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

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

Economic Calendar


  • August 9: Crude Oil Inventories – Actual: -6.5M  Forecast: -2.6M Previous: -1.5M


Upcoming Reports

  • August 10: PPI m/m
  • August 10: Unemployment Claims
  • August 11: CPI m/m
  • August 11: Core CPI m/m


FedWatch September 20 Rate Hike Probability for August 9: 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 above its moving average.
  • A late afternoon rally helped the market shrug off a sluggish day.


A Look Into the Heat Map

The market was mixed and difficult to pick out a trend. There has been some strength in Basic Materials as well as Healthcare.


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

VIX – 11.11


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


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.



We saw a very optimistic jobs report on Friday as well as last month’s figure being revised upward by 9K. That should help add a little extra momentum to current market conditions which is exhibiting a slight bullish bias. We are coming toward the end of summer, which is usually characterized by a lack of volatility and sideways movement. A shift in seasonality usually sees a correction either very late in the summer or early autumn.

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. We are coming toward the end of earnings season and have a few opportunities for earnings trades left. The following companies are reporting earnings over the next several days:

Volatility has started to pick in the the past few days while the market has been battling resistance. The VIX being outside of its Bollinger Band has been uncharacteristic.

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