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Morning Market Report for Friday June 29, 2018

June 29, 2018

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Calendar


Economic News

  • U.S. consumer prices accelerated in the year to May – with a measure of underlying inflation hitting the Federal Reserve’s 2 percent target for the first time in six years. That was the biggest gain since March 2012 and followed a 2.0 percent rise in April. The PCE price index excluding the volatile food and energy components increased 0.2 percent for a sixth straight month. Read More…
  • Nike soars 10% after quarterly earnings – after reporting quarterly sales of $9.79 billion, beating analysts’ estimates of $9.41 billion. Nike also announced a four-year $15 billion buyback plan.
  • Fed’s stress test results send most bank stocks higher – Although the Fed blocked  Goldman Sachs (GS) and Morgan Stanley (MS) from boosting total payouts. The nation’s four largest lenders – JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C) – all said they will distribute more than $110 billion through dividends and stock buybacks.

Major Index Futures

  • Overall SummaryStocks played successful defense combined with bargain-hunting Thursday. The Nasdaq found support at its 50-day moving average, while the S&P 500 retested support of 2700 before bouncing back. The S&P 500 is currently cradling support of 2700 and resistance of it’s 50-day moving average with a possible breakout in either direction
  • S&P 500 futures trailed the composite with gains of 0.6% yesterday, resistance at 2,800 and support at 2,700
  • Dow 30 futures  trailed the composite with gains of 0.4% yesterday, resistance at 25,350 and support at 23,850
  • Nasdaq Composite – the composite advanced 0.8%  yesterday, resistance at 7,800 and support at about 7350
  • SmallCap 2000 futures – rose 0.28% yesterday, resistance at 1710 and support at 1610
  • 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.
  • The charts below are for the futures so that you can have a head start on the market before it opens.

Commodities

  • Gold  – bearish -at support near the 1250 range with overhead resistance at 1300
  • Silver – slightly bearish, at support at 16 with overhead resistance at  17
  • Crude Oil – bullish, Crude oil continued to surge with resistance finally put in at $74.
  • Natural Gas – continues consolidating near strong resistance at 3.000, and finding support at 2.900
  • Interactive Charts

Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – XLP, XLU, and XLY are strongest sectors though XLY had a strong pullback yesterday – this might be a great buying opportunity. 
  • Bearish – XLF and XLI are the weakest sectors, and XLB is also below the 50 MA.
  • Interactive Major Sector ETF’s

Currencies

    • USD – $94.51 closed flat as it remains above 95 on the Dollar Index for the second consecutive day.
    • Cryptos  – Bitcoin’s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals.
      • Bitcoin  – fell to as low as $5,774
      • Ethereum – the second-biggest cryptocurrency by value, fell 4 percent to $416
      • Ripple  – XRP also dropped 4 percent to $0.44, a 2018 low
      • Litecoin has fallen to $73.80


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:

  • Cautiously Bullish Market Bias – Index futures are up this morning thanks to Nike earnings and bank stocks rising after clearing the Federal Reserve’s stress test which is setting a positive tone on the day.
  • In summary, Oil continues to rally, gold and silver keep testing support, and cryptos keep inching down as the market looks to open optimistically up this morning.
  • Thank you.

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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 29, 2018”

  1. Avatar AdiPuplampu says:

    Thanks Hector, have a great weekend

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