Morning Market Report 5/18

May 18, 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):

10:30 AM – EIA Natural Gas Report

1:30 PM – Loretta Mester Speaks

4:30 – Fed Balance Sheet and Money Supply

Economic News Highlights:

Manufacturing activity in the Philadelphia-region unexpectedly surged in May – the Federal Reserve Bank of Philadelphia said that its manufacturing index jumped to 38.8 this month from April’s reading of 22.0. Read more…
Claims for State Unemployment Benefits Decreased – the Labor Department said that this pushed claims close to the lowest levels in over 28 years. Read more…
The US Dollar had its worst day this year – the dollar is at its lowest level in six months. In contrast the British pound rises above 1.30 level for the first time since September of last year.
Trump drama has local and global markets cautious – global stocks both Europe and Asian had a second day of losses as well as the three major US Indexes. The US Markets had that largest loses since September of last year.
Alibaba (BABA) – missed earning estimates but announced a 6 billion dollar buyback and stocks surged 60%
Walmart (WMT) – had mixed earning news, missing on revenue but spiking online sales by 66%
Ralph Lauren (RL) – reported better than expected profits on their earnings report and shares rose by 5%

Major Index Charts and Observations:

S&P 500 – Currently at 2,350
Dow 30 – Currently at 20,606
Nasdaq – Currently at 5,573
S&P VIX – Curently 15.67 up from yesterday at 11.88
Russel 2000 – Currently at 1357 (slightly down from yesterday opening at 1394)

Commodities:

Silver currently 16.733 – no matter what Silver wants to stay bullish
Gold currently 1260 – has slowed down its recent bullish trend was mostly neutral overnight.
Natural Gas currently 3.235 – is now consolidating after a bull run last week
Crude Oil currently $48.87 – is essentially trading sideways within a large long-term channel

Market Sectors:

In the wake of the biggest single day drop in the market this year (and since September of last year!) investors turned to more defensive sectors (ie. Defensive sectors typically include Consumer Goods, Utilities, and Health Care).

The top funds yesterday were:

Real Estate (XLRE)
Utilities (XLU)

Sector Spider Performance Yesterday

Sector Performance over the last five days

Currencies:

The USD is currently at 97.55 – dollar has fallen to 8-month lows

Bitcoin has resurged to $1,815

Ethereum – currently at $91.54; to learn more listen to Tackle Trading Podcast #216

Trading Thoughts

Solon gave an exelent overview of the market yesterday on his Market Recap. Essentially be very cautious, there are mixed signals some pushing the market further down (the fact that the market sold off all day yesterday is very bullish for today, but some positve reports this morning like low unumployemnt are positive).

Market Bias – I give the market a -1 to 0 using the following scale.

More Bearish Neutral More Bullish

-3 -2 -1 0 1 2 3

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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