May 9th Morning Market Report
May 9, 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:
- 9:00am
- Neel Kashkari Speaks
- 10:00am
- JOLTS Report (Job Openings and Labor Turnover Survey)
- Wholesale Trade Inventories M/M by U.S. Bureau of the Census, U.S. Department of Commerce
- 1:00pm
- Eric Rosengren Speaks
- 4:15pm
- Robert Kaplan Speaks
News Links:
Economic News Highlights:
- The Consumer Board Employment Trends Index rose sharply .81% since last month to 132.64 for April, versus a prior reading of 131.40 in March. The change represents a 4.1 percent gain in the ETI compared to a year ago. This is an indicator of solid job growth going into the summer months.JD.com Hits New All-Time High After Q1 Beat
- VIX index (the fear index) is currently at 9.73 the second lowest ever (9.39 is the all time low) – so the market is fearless (thus one reason why prercious metals keep falling)
- Apple valuation reaches %800 Billion yesterday driving up all three indexes (literally single-handedly skewing the markets upward)
Major Index Charts and Observations:
- S&P 500 – Currently at 2,389 – briefly broke the alltime high of 2400 yesterday, with confidence high, the market wants a breakout
- Dow 30 – Currently at 21,012 – near an all-time high, pushing on resistance, wanting a catalyst (like a big earnings event) for a breakout
- Nasdaq – Currently at 5,632 – still nearly parabolic in its rise, the Nasdaq is very bullish
- Russel 2000 – Currently at 1390 – has been trading sideways within a channel for months, a perfect scenario for Iron Condor traders
All major market indexes (except the RUT) are currently showing sings of being bullish for the Tuesday morning opening.
- charts below (except the RUT) are 20 day with hourly intraday candles to show overnight futures trading
Commodities:
All comodities have been taking a beating all week, except for Natural Gas that is essentally neutral.
- Silver currently 16.238 – Sitting near support at $16.25 silver continues to loose ground in a spectacular way. Currently netural to bearish.
- Gold currently 1221 – Gold is showing lower lows but is still trending downward within a really longterm downtrend. Demand is very low at the moment.
- Crude Oil currently $46.27 – Finally bounced above $46 with news that certain producing countries were goint to continue to restrict supply.
- Natural Gas currently 3.212 – Historically Natural Gas should be falling in price during this time of the year with a pause in usage demand. but instead has been ignoring fundamentals such as increasing supply as speculators have been trading it sideways within a 3.10 to 3.35 range.
Market Sectors:
- Bulls – XLK (technology) and XLY (consumer discretionary) are the most consistenly positive.
- Bears – XLE (Energy) has been down for the last month but did well yesterday lifted by statements from major oil producing countries that supply cuts could be extended into 2018.
(yesterday’s performance by sector)
(50 day performance by sector)
Major Currencies:
- The USD is currently at 99.37 the dollar finally gotten above $99
TRADING THOUGHTS
- Bearish on Comodities – with consumer confidence at an all time high (the VIX is at record lows) the are having a hard time holding their own.
- Cautiously Bullish Market Bias – All major market indexes (except the RUT) are currently showing sings of being bullish for the Tuesday morning opening.
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
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.
– – – – – – —
Legal Disclaimer
Tackle Trading LLC is providing this site and any related materials (including newsletters, blog post, videos, social media and other communications) 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 may not represent specific trades or transactions that we have conducted. In fact, we may use examples that are different or the opposite of transactions we have conducted or positions we hold. This site and any information or training therein is also not intended as a solicitation for any future relationship, business or otherwise between the members or participants and the moderators. No express or implied warranties are being made with respect to these services and products.
All investing and trading in the securities market involves risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments, is a personal decision that should only be made after thorough research, including a personal risk and financial assessment, and the engagement of professional assistance to the extend you believe necessary.
Tags:
Finance, Stocks, Market, Stock Market, Options, Trading, Tackle Trading, Stock Market Today, Stock Market News, Market Recap, Market Review, Forex, Commodities, S&P 500, Dow Jones, DJIA, Trading Videos, Active Trading, Active Traders, Day Trading
Loving this Morning Market Report Hector. Thanks
Thank you for the love Emily, 🙂
Thanks Hector! Appreciate the time you take to organize this important information for all of us 🙂