Morning Market Report 5/12
May 12, 2017
The Morning Market Report is a daily report delivered to Tackle Trading members. In this report, you’ll receive a summary of major market news, the list of that day’s economic calendar, information regarding th major markets indexes, industry sector performance, comodities, currencies. and links to usefull sites and/or stories.
The Morning Market Report is designed to compliment the Scouting Reports (available to Pro Members) on Mondays and the Market Recap during the rest of the week so make sure to refer to those reports first. To see yesterday’s Market Recap click here. https://tackletrading.com/market-recap-may-11-2017/
This report can be part of your 7 Step Process to Successful Trading. By helping you start at the top of the markets, choosing a trading strategy, and finding and analyzing potential trades. So don’t start trading uninformed; add the Morning Market Report to your daily routine.
Todays Economic Calendar (Eastern Time Zone):
10:00 AM – Business Inventories
10:00 AM – Consumer Sentiment
10:30 AM – Charles Evans Speaks
12:30 PM – Patrick T. Harker Speaks
1:00 PM – Baker-Hughes Rig Count
News Links:
Economic News Highlights:
- Consumer Price Index – gained .2% in April month to month as expected, however year over year it was slightly below expectations (2.2% vs the expected 2.3% and easing back from the 2.4% seen in March)
- Retail Sales – rose 0.4% in April month to month, below forecasts. This means that US retail sales did not bounce back as much as expected.
- Oil prices have gained about 3% this week even after the most recent profit taking.
- Fiat Chrysler Automobiles is recalling more than 1.25 million pickup trucks worldwide to address a software error linked to reports of one death and two injuries.
- JC Penny – reported better than expected earnings but in-store sales fell. Ad this to news from Macy’s and Nordstrom and the retail sector is doing very poorly recently.
Major Index Charts and Observations:
- S&P 500 – Currently at 2,389 – after being unable to break 2400 has been consolidating. This morning’s economic news may trigger a higher opening.
- Dow 30 – Currently at 20,919 – essentially neutral to slightly lower. Not expecting much today at the opening again.
- Nasdaq – Currently at 5,672 – still bullish, consolidated yesterday. This morning’s economic news may trigger a higher opening.
- Russel 2000 – Currently at 1390 – Still within its trading range, edging slightly upward since yesterday.
- charts below are 5 day hourly charts (except for RUT which is 3 month daily)
Commodities:
Comodities have all stopped their downtrends and are now neutral (with Crude Oil and Natural Gas bullish).
- Silver currently 16.462 – essentially neutral but strong early morning gains (see 5 day hourly chart below)
- Gold currently 1231 – essentially neutral but strong early morning gains (see 5 day hourly chart below)
- Natural Gas currently 3.389 – has been bullish as it heads into EIA Natural Gas Report today at 10:30am
- Crude Oil currently $47.95 – has increased sharply in the last 3 days with some recent profit taking
Market Sectors:
When looking for bulls and bears remember that “a rising tide lifts all boats” so choose your bulls in a bullish sector and choose your bears in a bearish sector to get an edge.
XLE (Energy) has dominated the couple two days with the spike in oil and natural gas prices but has been bearish for the last few months.
XLK (technology) and XLY (consumer discretionary) – have been the most most bullish year to date.
Currencies:
- The USD is currently at 99.14 the dollarstablized above $99 this week but started going south after this morning (see the dollar against other currencies below)
- Bitcoin was $1,794
- Ethereum – $88.98; to learn about ETH listen to Tackle Trading Podcast #216
TRADING THOUGHTS
- Comodities – the comodities have left the bearish (especailly natural gas) camp with the recent surges in oil (funny how that works)
- Market Bias – The Nasdaq looks bullish, the S&P slightly bullish, and the Dow neutral for the market open.
Tackle Trading 25 Stock List
The Tackle 25 is a list of stocks vetted by Tackle Trading to span various market sectors and are chosen for their effectiveness as part of a monthly cashflow system.
Below is how they did respectively sorted Implied Volatility (a measure of the relative cost of that stock’s options).
You can follow daily trade adjustments and updates on Twitter, Facebook, or text “follow @tackletrading” to 40404 to get text alerts!
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 looses money in the stock market.
A Rich Dad conference in 2016 changed his life and now he writes the Morning Market Reports for Tackle Trading.
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Finance, Stocks, Market, Stock Market, Options, Trading, Tackle Trading, Stock Market Today, Stock Market News, Market Recap, Market Review, Forex, Commodities, S&P 500, Dow Jones, DJIA, Trading Videos, Active Trading, Active Traders, Day Trading
thanks Hector. have a great weekend
have a great weekend too AdiPuplampu
Love this report!!
Thanks Hector
Great way to start the day. Thanks Hector!