Morning Market Report 5/17
May 17, 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 look over yesterday’s Market Recap click here https://tackletrading.com/market-recap-may-16-2017/
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):
7:30 AM – MBA Mortgage Applications Report (see below)
10:30 AM – EIA Crude Oil Inventories Report
Economic News Highlights:
- Market – The S&P and the NASDAQ are falling while Gold and Silver are surging this morning
- Mortgage Applications – more bad news; mortgage applicaitons decreased 4.1% fromteh prior week, refinancing is down 6%, and new purchases are down 3%
- Trump has the world concerned – first the President fires FBI director James Comey, then rummors of halting an investigation regarding Russian ties with former National Security Advisor Michael Flynn, then yesterday Trump Twitter statement that he shared information with Russia.
- NASDAQ’S Hits New High – High tech heavy hitters Microsoft (MSFT 69.41, +1.37), Amazon (AMZN 966.07, +8.10), and NVIDIA (NVDA 136.81, +2.50) boosted the Nasdaq (+0.3%) to another record high yesterday.
- The US Dollar Continues to Slide Down – breaking support and currently trading at $97.69 (the lowest level in months).
- Gold and Silver Continue to Surge – both precious metals have had five days of increases, and concerns over Trump are making them more attractive
- Target (TGT) – reported better than expetected earning and gave postive guidance moving forward (wow! this has been rare among the retail sector lately)
Major Index Charts and Observations:
Markets are set to open way down from yesterday’s close. The turmoil at the Whitehouse this week has spooked Market Futures overnight (the Nasdaq and the S&P are both down about 100 points this morning from yesterdays close).
- S&P 500 – Currently at 2,378 and falling!
- Dow 30 – Currently at 20,979 (essentially flat from yesterday)
- Nasdaq – Currently at 5,679 and falling!
- S&P VIX – Curently 11.88
- Russel 2000 – Currently at 1394 – Essentially unchanged since yesterday (Iron Condor’s dream)
Commodities:
Comodities are rising this moring except for Natural Gas that is consolidating after an epic last week.
- Silver currently 16.961 and rising! – look at the chart below to see Silver’s recovery
- Gold currently 1253 and rising! – this safehaven is back in fashion thanks to Whitehouse worries
- Natural Gas currently 3.235 – broke below support at 3.3 and continues to loose ground
- Crude Oil currently $48.87 – consolidated overnight below support at $49 as investors await storage number today at 10:30am
Market Sectors:
The top sector funds for the last 5 days have been XLE (Energy) and XLK (technology)
Retail Department stores continue to suffer with TJ Max and Macy’s taking big losses yesterday.
Currencies:
- The USD is currently at 97.69 – the dollar continues to fall hard!
- Bitcoin has resurged to $1,824 afer briefly droping to 1700 (remember bitcoin is volatile)
- Ethereum – currently at $87.72; to learn more listen to Tackle Trading Podcast #216
TRADING THOUGHTS
- Comodities – Gold and Silver are bullish this morning, Natural Gas is bearish, and Oil has retreated to await inventory number at 10:30am
- Market Bias – The VIX has inched up to nearly 12 since yesterday, the markets are not in favor and are expected to open much lower as concerns over the whitehouse have raised fears.
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 the Tackle 25 list sorted by Implied Volatility (use this as an indicator to determine if you should be buying or selling options as part of your cashflow system)
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
Outstanding addition to Tackle Trading offerings
This is great!!!
Hector do you speak Spanish?
I would like to get in a Spanish speaking group. I went to the Rich Dad conference in March, I just finish the On Demand course on My Portal Elite and I would like to have somebody to chat.
This is my husband account, we signed up together but he travels and hasn’t had the time to study.
I really need some support in Spanish, please!!
Thank you very much,
Bertha
Thank you so much Hiro – I really apreaciate it 🙂
Biggups Hector, and well written piece! Thanks!!