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Morning Market Report for Wednesday June 13, 2018

June 13, 2018

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Calendar


Economic News

  • U.S. producer prices rise more than expected in May – The Labor Department said on Wednesday its producer price index for final demand rose 0.5 percent last month, boosted by a surge in gasoline prices and continued gains in the cost of services, leading to the biggest annual increase in nearly 6-1/2 years. Read More…
  • Cryptocurrencies continued to decline  – The price of virtual coins was rocked by news over the weekend that South Korean cryptocurrency exchange Coinrail was hacked, prompting a sell-off in bitcoin. The incident sparked new concerns over cyber security at virtual coin platforms. The hack of Coinrail is also just the latest of numerous virtual currency exchange cyber attacks which has weighed on market sentiment.
  • AT&T wins bid to purchase Time Warner – A federal judge said Tuesday that AT&T’s $85.4 billion purchase of Time Warner is legal, clearing the path for a deal that gives the pay-TV provider ownership of cable channels such as HBO and CNN as well as film studio Warner Bros.

 


Major Index Futures

  • Overall SummaryThe Nasdaq composite demonstrated again why it’s the leading stock index, not only outperforming the other main indexes Tuesday but also hitting a record high. With technology leading the market, small caps also had a solid day. The Russell 2000 added 0.5% and also made a record high.
  • 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 the S&P 500 added 0.2%resistance at 2,800 and support at 2,700
  • Dow 30 futures the Dow closed a fraction lower, resistance at 25,350 and support at 23,850
  • Nasdaq Composite The Nasdaq climbed 0.6% as it topped its previous peak of 7697, marked last Thursday, resistance at 7,700 and support at 7,250
  • SmallCap 2000 futures 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 this 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, today silver is testing resistance near 17
  • Crude Oil – bullish on the longer term trend, found support at 64.40 and is rising again, near resistance at 66.50
  • 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 – $93.69 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

  • Bitcoin Tumbles as Security Concerns Linger –Bitcoin was trading at $6,462.50, falling 5.92% the Bitfinex exchange, as of 7:55 AM ET (11:55 GMT), its lowest level since February. Other digital coins were lower on Wednesday, with Ethereum, the world’s second largest cryptocurrency by market cap, falling 12.109% to $474.79 on the Bitfinex exchange. Ripple, the third largest virtual currency, decreased 10.21% to $0.54358 while Litecoin was at $95.422, down 11.90%.
  • 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:

  • Slightly Bullish Market Bias – Most indexes look higher this morning based on AT&T ruling optimism however, 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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