Morning Market Report – Friday June 2
June 2, 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, the Coaches Show on Wednesdays and the Market Recap during the week so make sure to refer to those reports first. Click here for Solon’s Market Recap for June 1st.
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.
Calendar
- 8:30 AM – Employment Situation
- 8:30 AM – International Trade
- 12:45 PM – Patrick Harker Speaks
- 1:00 PM – Backer-Hughs Rig Count
- 1:00 PM – Robert Kaplan Speaks
News
- Non-farm payrolls rose – only 138,000 in May, missing estimates
- The jobless rate dropped – to 4.3%, from the prior 4.4%.
- Average hourly earnings rose – month-on-month by 0.2%,
- Private sector created more new jobs than expected – with a total of 143,000,
- Unemployment rate decreased – 8.4% last month from April’s reading of 8.6%.
Major Index Futures
- S&P 500 – 2,431 – at record highs cautiously bullish
- Dow 30 – 21,154 – at record highs cautiously bullish
- Nasdaq 100 – 5,836 – at record highs still very bullish
- SmallCap 2000 – 1371 – slightly bullish (watch your iron condors)
- S&P 500 VIX – 11.68 – still near record lows, there is little fear in the market
Commodities
- Gold – $1273 – bullish long-term
- Silver -17.388 – neutral
- Crude Oil – $47.32 – bearish
- Natural Gas – $3.006 – bearish
Sectors
- All Sectors were bullish yesterday! Below are the 2 month trends
- Bearish Trends – XLE (Energy) and XLF (Financials)
- Bullish Trends – XLK (Technology) and XLY (Consumer Discretionary)
- Neutral – XLRE (Real Estate)
Dynamic Yield Curve
- The dynamic yield curve still looks good with short term interest below long term interest, and the chance of a small rate hike still high with the Fed.
Currencies
- USD – $96.81 – the dollar is still bearish
- Bitcoin – $2,420 – bullish
- Ethereum – $224 – bullish
Tackle Trading 25
- Cashflow – if you are looking for a Naked Put, a Covered Call, or a Calendar Spread this is the go to list. Sorted by Implied Volatility.
Trading Thoughts
- Market Bias – I give the market a zero to plus one, the market is expected to open flat from yesterday’s close even though trading was bullish overnight.
Bearish Neutral Bullish
-3 -2 -1 0 +1 +2 +3
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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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Tackle Trading LLC is providing this site and any related materials (including newsletters, blog post, videos, social media and other communications) for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and may not represent specific trades or transactions that we have conducted. In fact, we may use examples that are different or the opposite of transactions we have conducted or positions we hold. This site and any information or training therein is also not intended as a solicitation for any future relationship, business or otherwise between the members or participants and the moderators. No express or implied warranties are being made with respect to these services and products.
All investing and trading in the securities market involves risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments, is a personal decision that should only be made after thorough research, including a personal risk and financial assessment, and the engagement of professional assistance to the extend you believe necessary.
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