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Morning Market Report for Wednesday June 6, 2018

June 7, 2018

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Economic News

  • U.S. trade deficit falls to seven-month low – as exports rose to a record high, lifted by an increase in shipments of industrial materials and soybeans. The Commerce Department said on Wednesday the trade gap dropped 2.1 percent to $46.2 billion, the smallest since September.
  • Solar stocks have tumbled  – after China decided to suspend construction of new solar farms and slash subsidies. That move could result in an oversupply in China’s solar market spilling over to the U.S. market. So solar stocks as an industry group are suffering, for example, First Solar (FSLR) fell sharply for a second straight day and SolarEdge (SEDG) fell further below the 50-day line.

Major Index Futures

  • Overall SummaryThe stock market was mixed as President Trump pushes forward with tariffs and continued uncertainty coming out of the Eurozone and Italy.
  • S&P 500 futures – basically flat up 0.07%, the broad large-cap index has support at 2650 and resistance at 2750. 
  • Dow 30 futures basically flat down 0.06%the blue-chip index has support at 23,500 and resistance at 25,000. 
  • Nasdaq Composite The Nasdaq composite rose 0.41% yesterday and climbed to a record high
  • SmallCap 2000 futures up 0.68%, small caps continue to rally and led the way on Tuesday
  • 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 is dancing near the 1300 level with is a significant resistance and support level.
  • Silver – nice bump this morning – Support at 16 and resistance at 17.
  • 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 falling back within its channel
  • 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 – $93.59 The US Dollar pulled back slightly off the highs it posted earlier in the week.
    • The Charts Below are 3-Month Daily

 

 

 

 

 


Cryptocurrencies

  • Cryptocurrency 2-month Charts – Cryptocurrencies rallied on Wednesday, as market sentiment improved and Bitcoin pushed past the $7,500 resistance mark.
  • Bitcoin – bearish – Most virtual currencies plunged in May after the U.S. Department of Justice opened a criminal investigation into the possibility that traders are manipulating the Bitcoin market. Virtual currencies have struggled to gain momentum since, with Bitcoin down 20% since early May.
  • Litecoin – bearish – was up nearly 4% since yesterday
  • Ethereum – bearish – the world’s second largest cryptocurrency by market cap, rising 2.69% since yesterday
  • Ripple – bearish – the third largest virtual currency, increased 1.42% since yesterday
  • Bitcoin Cash- bearish – trading firm Susquehanna International Group plans to offer Bitcoin futures and other digital coin products, joining other major finance players. As virtual currencies have grown in popularity, Wall Street traders have jumped on board by offering futures trading services.

 


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 – the market looks mixed this morning, some index futures are up and others are down. Gold and silver seem to be on the rise this morning and cryptocurrency has recovered a bit in the last 24 hours.
  • 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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