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Morning Market Report for Tuesday June 12, 2018

June 12, 2018

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Calendar


Economic News

  • U.S. Inflation Rises 2.8% in May – Inflation accelerated more than expected in May. Consumer price inflation rose by an annualized 2.8% in May the Labor Department said, up from 2.5% in the previous month. The consensus forecast was for a reading of 2.7%.  Core CPI, a key gauge of underlying consumer price pressures that excludes food and energy costs, increased by 0.2% from a month earlier, above the consensus forecast for growth of 0.1%. Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure precisely because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less.

 


Major Index Futures

  • Overall Summary – Markets sold off yesterday on geopolitical worries but most indexes ended slightly higher because the sellers (or bears) arrived in the final 15 minutes of trading.
  • For an in-depth look at the big picture for the market please see my analysis this week in the Market Scoreboard
  • S&P 500 futures –  rose +0.11% for the day on Monday, resistance at 2,800 and support at 2,700
  • Dow 30 futures – basically flat at +0.02%  for the day on Monday, resistance at 25,350 and support at 23,850
  • Nasdaq Composite – up 0.19% for the day on Monday, resistance at 7,700 and support at 7,250
  • SmallCap 2000 futures ended up 0.13% for the day on Monday, resistance at 1680 and support at 1580
  • 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

  • For an in-depth look at the big picture with commodities and thie weeks playbook please check out my review on the Commodity Scouting Report.
  • Gold  – bearish on the daily chart, but neutral on the weekly chart, gold is testing support at 1300
  • Silver – sideways, silver has been dancing between 16 and 17 and has remained neutral even as gold was breaking down
  • Crude Oil – bullish on the longer term trend, found support at 64.40 and is rising again
  • Natural Gas – bullish trend, above support at 2.8, watch for a breakout above 3.0, after that 3.25 would be next resistance level
  • Key Commodity Futures

 

  • Interactive Charts

 


Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • For an in-depth look at the sectors along with some potential plays please see my analysis in the Market Scoreboard
  • Bullish  – Real Estate (XLRE), Technology (XLK), and Consumer Discretionary (XLY) are the strongest 
  • Bearish – Consumer Staples (XLP) and Utilities (XLU) are the weakest sectors

 

  • 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 – $93.56 the dollar has been sideways to slightly bearish in the short term but still bullish in the longer-term trend, the upcoming Fed announcement could prop up the dollar again. 
    • For an in-depth look at factors affecting the currency situation please check out my analysis this week on the Commodity Scouting Report as well as the Market Scoreboard
    • The Charts Below are 3-Month Daily

 

 


Cryptocurrencies

  • Cryptocurrency 2-month Charts – Cryptocurrencies continued to fall on Tuesday, as virtual coins struggled to gain ground after a steep fall on Monday following news that South Korean exchange Coinrail was hacked. Read More…

 


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:

  • Mixed Market Bias – Most indexes look to open just above flat this morning. Most investors and traders (including myself are waiting for the Fed announcement).
  • If you haven’t checked out this week’s Scouting Reports start out your week with my analysis on both the Commodity Scouting Report as well as the Market Scoreboard
  • Good luck traders.

 


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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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