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Morning Market Report for Friday June 1, 2018

June 1, 2018

By | 1 Comment

Calendar


Economic News

  • LULU shatters earnings – Lululemon Athletica Inc’s shares were set to open at a record high on Friday as customers continued to flock to the athletic apparel maker’s stores in spite of intense online competition. Read More…
  • Employment Situation Report – the unemployment rate is the lowest that it has been since 1959!
    • Nonfarm payrolls – rose by 223,000 in May, higher than the consensus.
    • Jobless rate  – unexpectedly fell from 3.9% to 3.8%, compared to the consensus forecast for it to hold steady.
    • Average hourly earnings – advanced 0.3% month-on-month in May, above expectations for a 0.2% gain. That was higher than April’s increase of 0.1%.

Major Index Futures

  • Overall SummaryU.S. stock indexes lost ground Thursday, as a midnight deadline loomed for the Trump tariffs targeting Europe, Canada and Mexico.
  • S&P 500 futures down 0.7% yesterday, the broad large-cap index has support at 2650 and resistance at 2750. 
  • Dow 30 futures – the blue-chips lead the decline yesterday as the Dow fell 1.0%, the blue-chip index has support at 23,500 and resistance at 25,000. 
  • Nasdaq Composite – down 0.3% yesterday, the composite’s support level is at 7,000 and resistance at 7,500. 
  • SmallCap 2000 futures lost 0.87% yesterday, a welcome sight for iron condor traders who had been hit hard by the small-caps’ rally
  • Key Index Futures (Updated 6 days a week 23 hours a day) Interactive Charts
  • Futures for the Nasdaq 100 Futures differ in price but not action from the Nasdaq 5000 Index.

 

  • Interactive Charts – 
  • The charts below are for the futures so that you can have a head start on the market before it opens.

 


Commodities

  • Gold  – bearish trend – gold recovered and is back above 1300 but the trend is still bearish as gold is well below the 50-MA
  • Silver – bearish – Support at 16 and resistance at 17.
  • Crude Oil – bearish retracement – crude is holding on to 66.66 support, resistance is in the 73 to 74 range.
  • Natural Gas – bullish – crazy up one day and down another, support at 2.8 and resistance at 3.0
  • Key Commodity Futures

 

  • Interactive Charts

 


Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – The utility index has either lost less or gained more than the major indexes in each of the past five sessions. Also strong in the last month are XLE Energy and Technology XLK.
  • Bearish – XLP Consumer Staples are down and XLF fell yesterday

 

 

  • The chart below compares the last 20 days of sector performance in an easy to see chart. 
    • Interactive Major Sector ETF’s
  • My Current Favorite Key Industries ETF Charts 

 


Currencies

    • USD – $94.03 – Bullish,
    • The Charts Below are 3-Month Daily


Cryptocurrencies

  • Cryptocurrency 2-month Charts
  • Bitcoin – down 1.5% since yesterday
  • Litecoin – down 0.78% since yesterday
  • Ethereum – down 0.32% since yesterday
  • Ripple – down 0.58% since yesterday
  • Bitcoin Cash- down 1.73% since yesterday

 


Tackle Trading 25

      • Welcome to the new Tackle Trading Covered Call List for 2018
        • For Slightly Bullish Trends
          Naked Puts, Covered Calls, and for stocks over $100 Bull Put Spreads
        • For Neutral Trends
          – Iron Condors are great for stagnant stocks
        • For Slightly Bearish to Trends 
          – deep-in-the-money covered calls or Bear Call Spreads for stocks over $100
        • (be careful with overly aggressive directional trades like Shorting or buying Puts)

 

 


Final Trading Thoughts:

  • Bullish Market Bias –With the unemployment rate is the lowest that it has been since 1959 the market is poised to recover from yesterday based on stock market futures.

 


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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 loses money in the stock market.

A Rich Dad conference in 2016 changed his life and now he writes the Morning Market Reports, the Market Scoreboard, blogs, and appearances on the Coaches Show and the Cashflow Club for Tackle Trading. Hector specializes in cash-flow strategies such as Covered Calls on the Tackle 25 Watchlist, the Personal Gold System, Cashflow Condors, and speculating on Futures.

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One Reply to “Morning Market Report for Friday June 1, 2018”

  1. Avatar AdiPuplampu says:

    Thank you Hector, Have a great weekend

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