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Morning Market Report for Wednesday July 11, 2018

July 11, 2018

By | 7 Comments

Calendar

Things to watch for this morning: Today watch the results of the PPI-FD and the EIA Petroleum Status Report.


Major Index Futures

  • Overall Summary – The market overcame an afternoon dip and closed higher, extending the major indexes’ win streaks to four days. So, this rally may be slowing down, but yesterday’s action showed that stocks continue to be remarkably resilient.
  • S&P 500 futures The S&P 500 climbed more than 0.3%resistance at 2,800 and support at 2,700
  • Dow 30 futures  the Dow Jones industrial average led, adding 0.6%resistance at 25,500 and support at 24,000
  • Nasdaq Composite The Nasdaq composite barely escaped a loss. It ended the day with a fractional increase thanks to some late-day buyingresistance at 7,800 and support at about 7,400
  • SmallCap 2000 futures The small-cap benchmark hit a record high at the open, then reversed lower. It closed with a loss of 0.5%, Regional banks were broadly weaker Tuesday, a key reason for the small-cap index lag.
  • 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.

News

  • U.S. loan applications to refinance an existing home fell to their lowest level in over 17-1/2 years  – even as most 30-year home borrowing costs decreased last week. The seasonally adjusted index on homeowners’ requests for refinancing fell 3.8 %, this was the lowest weekly reading since December 2000.
  • Trump administration increases stakes in its trade dispute with China – threatening 10% tariffs on an extra $200 billion worth of Chinese imports late Tuesday, pushing the world’s two biggest economies ever closer to a full-scale trade war.
    The tariffs will not go into effect immediately but will undergo a two-month review process, with hearings August 20-23.
  • Cryptocurrencies  – overall were modestly higher but still remained near a one-and-a-half week-low. The coin market cap of total market capitalization was up at $254 billion at the time of writing compared to $253 billion on Tuesday.

Commodities

  • Gold  – bearish – gold bounced off support near the 1240- 1250 range with overhead resistance at 1300
  • Silver – bearish, near support near 16 with overhead resistance at  17
  • Crude Oil – bullish consolidation, pushing near resistance at 75, support is at 66.50
  • Natural Gas – sideways, trading within its range of 3.0 to 2.8 as it has done for several months
  • Interactive Charts

Sectors

  • The below are snapshots of the last two months of sector performance as well as dynamic charts. 
  • Bullish  – XLP, XLU, XLY and XLV are the strongest sectors.
  • Bearish – XLF, XLB and XLI are the weakest sectors.
  • Interactive Major Sector ETF’s

Currencies

    • USD – $93.88 consolidating or forming a base, within a longer-term uptrend
    • Bitcoin  – Bitcoin was trading at $6,379.80, inching up 0.02% on the Bitfinex exchange, as of 9:06 AM ET, but still remained near a nine-day low. Bitcoin has struggled to gain ground in recent months, falling nearly 70% since its peak of almost $20,000 in December.
    • Ethereum – rose 1.50% to $442.76
    • Ripple –  the third largest virtual currency, increased 0.21% to $0.44940
    • Litecoin – was at $70.070, up 4.65%.

 


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 Bearish Market Bias –Markets are set to open lower as the US versus China trade war escalates.
  • This will be my final Morning Market Report and I just wanted to say thank you to everyone that has supported this report.
  • Good luck trading today!

 If you are not a Pro Member and following the Stock & Option Picks, then check it out! There is a Promo code for Free 15 day trial:  THETA


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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7 Replies to “Morning Market Report for Wednesday July 11, 2018”

  1. JIMTURNELL says:

    Thanks for you help. I will miss you in the morning

  2. AdiPuplampu says:

    thank you Hector. Are you coming back?

    1. HectorDuenas says:

      Tackle Trading is looking to refocus students to the Trade Center, I am still doing the Market Scoreboard on the weekend.

  3. HectorDuenas says:

    I will miss this you all more than anyone can imagine; checking in each morning and reading everyone’s comments always made my day, it has truly been a labor of love producing the Morning Market Report.

  4. ROBERTMCKEE says:

    Thank you Hector! We’ve definitely found your analysis useful and sorry to see this come to an end. Looking forward to your weekend reports though!

  5. HectorDuenas says:

    Yes, I am grateful to still be a part of the weekend scouting reports. And look forward to jumping in from time to time on the podcasts, coaches show, or cashflow club as needed by the team. I am honored to everyone that made my morning routine part of their routine. Thank you all.

  6. CANDICEKELLER CANDICEKELLER says:

    I am so sorry they are stopping the Morning Market Report. It was a great guide and prep for the trading day. Thank you, Hector for all the effort you put into it over the months.

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