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Morning Market Report for Thursday June 7, 2018

June 7, 2018

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Calendar


Economic News

  • U.S. weekly jobless claims drop as labor market gains steam – The number of individuals filing for initial jobless benefits decreased by 1,000 to 222,000 the Labor Department said. The robust labor market and firming inflation have cemented expectations the Federal Reserve will raise interest rates next week. Many economists believe the U.S. central bank will hike rates two more times after its June 12-13 policy meeting to prevent the economy from overheating.
  • U.S. reaches deal with China’s ZTE – that would lift a ban on buying from U.S. suppliers, allowing China’s No. 2 telecommunications equipment maker to get back into business. The deal involves ZTE changing its board and management within 30 days and paying a $1 billion fine and putting $400 million in escrow, among other conditions.

Major Index Futures

  • Overall Summary – On Wednesday, winners thumped losers on the Nasdaq by a nearly 2-1 ratio. Technically speaking, that’s good. It means the rally is accelerating. And except for the short sellers, when a stock hits new highs, every shareholder is grinning.
  • S&P 500 futures –  The S&P 500 outperformed with 0.9% gains, closing above 2750 means that the next resistance target is 2,800
  • Dow 30 futures The Dow Jones industrial average topped them all, rising 1.4%, finally closing above 25,000 is a very good sign for the blue-chip index, next resistance level could be at 25,500 or even 26,000
  • Nasdaq Composite – the Nasdaq composite rose 0.67% and scored a fourth gain in a row and racked up new all-time highs on Wednesday.
  • SmallCap 2000 futures up 0.68% again, small caps continue to rally and set new highs
  • 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  – sideways – gold closed above 1300 which is a good sign since 1300 is a strong support level
  • Silver – bullish again and pushing up against 17 a strong resistance level
  • Crude Oil – bearish  – Crude oil continues to pull back despite an EIA inventory report that showed a greater than expected decrease in supplies.
  • Natural Gas – bullish trend pushing up against 3 a significant 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 and Technology XLK are strong and so is energy.
  • Bearish – XLP Consumer Staples is the weakest sector, but  energy, utilities, and financials have also been lagging lately

 

 

  • 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 – $93.28 The US Dollar continues to slid this week
    • The Charts Below are 3-Month Daily

 

 

 

 

 


Cryptocurrencies

  • Cryptocurrency 2-month Charts –Cryptocurrencies were mostly higher on Thursday, as investors continued to be bullish about bitcoin and other digital currencies.
  • Bitcoin –Bitcoin is bearish for the month and was rising 0.58% tsince yesterday.
  • Litecoin – bearish – was down 0.89% since yesterday
  • Ethereum – bearish – the world’s second largest cryptocurrency by market cap, fell 0.43% since yesterday
  • Ripplethe third largest virtual currency, increased 0.93% since yesterday
  • Bitcoin Cash- bearish – U.S. investment giant Fidelity is looking to enter the cryptocurrency space and could set up its own exchange. The firm is hiring a number of people for crypto, digital asset and blockchain projects, including a DevOps System Engineer to help create a new crypto exchange, according to media reports.

 


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 – I am nuetral this morning on stocks but bullish on natural gas and on precious metals.
  • 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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