May 10 Morning Market Report
May 10, 2017
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.
So don’t start trading uninformed; add the Morning Market Report to your daily routine.
Todays Economic Calendar:
- 10:30m
- Crude Oil Inventories
- 12:30pm
- Eric Rosengren Speaks
- 1:20pm
- Neel Kashkari Speaks
News Links:
Economic News Highlights:
- Trump abruptly fired FBI director James Comey last night.
- Disney revenue consensus on earnings
- Office Depot beats profits on earnings (reducing ocsts by closing stores)
- Nvidia earnings sent the stock skyrocketing
- Disney revenue fell below forecasts and investors continue to be concerned about higher programming costs at ESPN.
- Time revenue fell short of estimates as print ad sales decline. The company also slashed its quarterly dividend to four cents per share from 19 cents a share.
- Yelp saw revenue miss forecasts. Its current-quarter revenue outlook is short of consensus estimates, the company cited future difficulties.
- Priceline had mixed earnings. Revenue very slightly below forecasts. Also gave weaker-than-expected current-quarter earnings guidance.
- EA earnigns were in line with estimates
Major Index Charts and Observations:
- S&P 500 – Currently at 2,391 – keeps hitting its head on resistance at 2400
- Dow 30 – Currently at 20,975 – some of today’s earnings weigh down this index behind the others
- Nasdaq – Currently at 5,676 – it might slow down but the Nasdaq is not ready to stop its climb yet, still bullish
- Russel 2000 – Currently at 1390 – continues to trade within its channel making it a good iron condor candidate
All major market indexes (maybe not so much the Nasdaq) took a very slight of a pullback after Trump firing the head of the FBI hit the newswires
- charts below are 3 month daily
Commodities:
The two week freefall has stabablized overnight with some concerns overs Trump’s firing of the FBI chief. Comodities have all had very slight upward movement in overnight trading.
- Silver currently 16.319
- Gold currently 1224
- Crude Oil currently $46.56
- Natural Gas currently 3.257
Market Sectors:
- Bulls – XLK (technology) and XLY (consumer discretionary) are the most consistenly positive. If looking for bullish stock picks choose from within these sectors.
- Bears – XLE (Energy) and XLF (Financials) have been week.
(yesterday’s 1 day performance by sector)
Major Currencies:
- The USD is currently at 99.38 the dollar has finally stablized above $99. In the long-term (next few months) it is still bearish.
- Bitcoin is on tear raging forward like a bull to all time highs recently of over $1700 per bitcoin.
TRADING THOUGHTS
- Comodities – the two week freefall has stabablized overnight with some concerns overs Trump’s firing of the FBI chief.
- Market Bias – markets are mixed, the Dow may be weighed down, and S&P may be neutral, and the Nasdaq may continue to rise.
ONE MORE THING…
I just recently finished reading (actually listening on Audible) to The Complete Turtle Trader by Michael Covel. I wanted to share some of the main take away points:
- Follow the Trend – the traders were taught to buy strength and sell weakness.
- Fundamentals Rule – You don’t need to know all the fundamentals because they are already baked in the current price.
- Shun the Media – experts on TV will say one thing to the public and personally trade a different way.
- Position Sizing is Critical – you control risk by cutting your losers quick, and incrementing your position on winners and letting them run.
- Trading Streaks – if you are loosing keep decreasing your entry size until you get on a winning streak again.
- Diversification – is achieved by investing across all markets; stocks, comodities, currency, etc.
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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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Thank you for a fabulous report Hector. Definitely makes my life easier. Have a god day. Adi
Awesome, AdiPuplampu. I am so grateful that you took the time to let me know 🙂