13 Minute Read

Morning Market Report for Thursday June 13, 2018

June 14, 2018

By | 1 Comment

Calendar

 


Economic News

  • Fed Announcement – The Fed funds rate, or what the U.S. central bank charges firms on overnight loans, has now hit the 1.75%-2% range. That’s the highest level since September 2008. But that rate also stands well below a 12-year high of 5.25%, first marked in June 2006.  The Fed said economic activity was rising at a “solid rate.”
    The Fed also said that it “expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2% objective over the medium term.” In other words, expect more rate hikes to come.
  • U.S. weekly jobless claims continue to fall – new applications for U.S. unemployment benefits continued to fall last week and the number of Americans on jobless rolls declined to a near 44-1/2-year low. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 218,000 for the week ended June 9.
  • U.S. retail sales post biggest gain in six months – The Commerce Department said on Thursday retail sales jumped 0.8 percent last month, the biggest advance since November 2017. As consumers bought motor vehicles and a range of other goods even as they paid more for gasoline.
  • U.S. import prices increase solidly in May –  boosted by a surge in the cost of petroleum products and food, but underlying imported inflation remained benign. The Labor Department said on Thursday import prices increased 0.6 percent last month.

 


Major Index Futures

  • Overall SummaryThe market traded flat until the FOMC statement this afternoon and proceeded to sharply sell-off following a hawkish FOMC statement which included an unexpected fourth interest rate hike.
  • S&P 500 futures the S&P 500 lost 0.40%resistance at 2,800 and support at 2,700
  • Dow 30 futures the Dow closed -0.47% lower, resistance at 25,350 and support at 23,850
  • Nasdaq Composite The Nasdaq lost only 0.11% resistance at 7,700 and support at 7,250
  • SmallCap 2000 futures – ended the day down 0.34%, 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

  • 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, today silver is testing resistance near 17
  • Crude Oil Crude oil inventories saw a larger than expected decrease in supply which subsequently saw the price of oil rally after its release.
  • Natural Gas – bullish consolidation pattern, watch for a potential 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. 
  • 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 – $94.08 The US Dollar paradoxically dropped despite yesterday after the Fed coming out significantly more hawkish than expected and indicated that there will be an additional rate hike for 2018. However, the trend is still bullish.
    • The Charts Below are 3-Month Daily

 

 

 


Cryptocurrencies

  • Overview – Cryptocurrencies rallied on Thursday, however, cryptocurrency prices were still much lower this week, with the coin market cap of total market capitalization down from its highs earlier this year.
  • Cryptocurrency 2-month Charts – 

 


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 –The market is on track to open higher this morning after strong retail sales data, while investors assessed the European Central Bank’s move to end its stimulus program and the Federal Reserve’s guidance on monetary policy.
  • 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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One Reply to “Morning Market Report for Thursday June 13, 2018”

  1. Great report as always. Thank You.

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