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 look over yesterday’s Market Recap click here https://tackletrading.com/market-recap-may-15-2017/
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):
8:30 AM – Housing Start Permits (see below)
9:15 AM – Industrial Production
10:00 AM – Retail Sales
Economic News Highlights:
- Hoursing Permits for New Home Starts fell for the second month in a row. Read more…
- S&P and NASDAQ Close At Record Highs – The S&P closed at 2402 yesterday and is set to open strong again this morning. The Nasdaq closed at 6,149 (but then again the Nasdaq has been hitting a record high every other day!)
- North Korea might be linked to Cyber Attacks – researches say some recent evidence points to North Korea in the recent widespread WannaCry ransomware attacks. Read More…
- Oil prices are still advancing (though slowly) as Russia and Saudia Arabia have agreed to decrease production for 9 moths (all the way until March 2018)
- The US Dollar Continues to Slide Down – reaching an overnight low of 98.37 (the lowest level in the last six months).
- Brittish Inflation reaches 4 year high – U.K. price rose in April by 2.7% compared with a year earlier. That is the highest increase since September of 2013
- Home Depot – reported higher than expected quarterly profits for this morning’s earnings report. Read more…
Major Index Charts and Observations:
Markets are set to open strong from yesterday’s close. There has been strong bullish momentum this moring but the disapointing houseing permits report should have dampened investor confidence (except when traders have no fear like the present time and are irrationally bullish). Remember “the trend is your friend.”
- S&P 500 – Currently at 2,402
- Dow 30 – Currently at 20,981
- Nasdaq – Currently at 5,712
- S&P VIX – Curently 10.32
- Russel 2000 – Currently at 1393 – Still within its trading range, but with a rise since yesterday (like the rest of the markets).
Commodities:
Comodities are rising this moring except for Natural Gas that is consolidating after an epic last week.
- Silver currently 16.752 – after falling hard recently is consolidating this week.
- Gold currently 1234 – essentially neutral and with the VIX at near record lows may not be in favor at the moment for increase
- Natural Gas currently 3.314 – has been consolidating from gains last week. Now is sitting above 3.300 support
- Crude Oil currently $49.18 – after a rally last week has traded sideways so far this week.
Market Sectors:
Yesterday you could have thrown a dart with your eyes closed and hit a winning trade (maybe I’m exagerating). All major sectors were positive. Below is five day chart showing the performance for all major sectors; notice how XLE (energy) has been turned positive recently.
I was able to find some bearish trades yesterday with department stores.
Currencies:
- The USD is currently at 98.18 – the dollar continues to fall again against other currencies.
- Bitcoin has retraced to $1,739 afer briefly hitting 1,800 last week (remember bitcoin is volatile)
- Ethereum – $90.39; to learn more listen to Tackle Trading Podcast #216
TRADING THOUGHTS
- Comodities – the comodities are all slightly bullish (oil more than gold) this morning except for natural gas that is consolidating.
- Market Bias – The markets have no fear (VIX is at 10.31) and may ignore negative economic news and still be bullish.
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 the are trading for this morning’s trading day.
Book Review:
I just finished listening to the audio book Currency Wars by James Richards. The book starts by explaining how the US and other world governments are preparing to wage future wars without firing bullets but instead by disrupting the enemy with currency wars. Below are some of the concepts covered in the book that might be of interest to traders:
The aggregate demand equation explained C+I+G+NE = GDP- Why the random walk theory for markets is false
- An explanation of law of diminishing returns
- How the markets a not rational
- The spending multiplier effect & its current failure
- How fear is much more powerful than greed in markets
- The geopolitical ramifications of certain heavyweight nations’ decisions
- The abuse of fiscal & monetary policies
- The Complexity theory
- The concept of money = energy
- How Dubai is the mod (Comparable to Casablanca during WW2 & Berlin during the cold war) as a center of world smuggling
- A comparison of fiat money versus gold as currency
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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One Reply to “Morning Market Report 5/16”
love the morning report!!,
Thanks
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