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Market Recap July 18, 2017

July 18, 2017

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MR

 

MARKET SNAPSHOT
Dow21574.73-54.99(-0.25%)
Nasdaq6344.27+29.87(0.47%)
SP 5002460.62+1.47(0.06%)
10-yr Note+15/322.261
NYSEAdv 1409Dec 1488Vol 695.7 mln
NasdaqAdv 1239Dec 1597Vol 1.76 bln

 

IN THE NEWS HIGHLIGHTS:

  • Senate pulls health-care bill; will focus on ACA repeal without immediate replacement.
  • Goldman Sachs (GS) & Bank of America (BAC) slip despite upbeat earnings.
  • Nasdaq puts in all time high.
  • Crude oil sees strong gains.
  • US dollar breaks down at support.

 

RECAP– The market dipped significantly mid-day but a late afternoon rally saw it close flat. Crude oil saw a strong rise today despite giving up much of its gains and the US dollar broke down at support just under 95.

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

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


Economic Calendar

Today

  • Nothing major today.

 

Upcoming Reports

  • July 19: Building Permits
  • July 19: Crude Oil Inventories
  • July 20: Unemployment Claims

 

FedWatch July 26 Rate Hike Probability for July 18: 3.1% (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 saw the market recover from early selling as it struggles to hold at resistance.

 


A Look Into the Heat Map

The market mixed today with certain large-cap companies outperforming.

 

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

VIX – 9.89

COMMODITIES

Oil (USO)Bearish
Ag (DBA)Bearish
GLD Bullish
SLVBearish

THE DOLLAR

UUP USD weighted ETF – Bearish

 


SOLON’S TRADING THOUGHTS

The market is continuing to consolidate as we enter earnings season. 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. Highly liquid companies such as JNJ, IBM, AXP, MS, UBS, QCOM, V, EBAY, GE, and many others will be reporting earnings in the upcoming days. Make sure to use this opportunity to at least practice paper trading strangles, inverted butterflies, and iron condors in a paper account as it is a valuable learning experience.

With the VIX closing below 10, this would 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. 


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