Morning Market Report Friday June 9th
June 9, 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. This report focus more on short-term swings in the market (especially overnight futures movements) that can help you best begin you trading morning.
- Solon’s Market Recap for Thursday June 8th – Click Here…
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
Today’s economic calendar is light on economic news events.
- 10:00 AM – Wholesale Trade
- 1:00 PM – Baker-Hughes Rig Count
News
- U.K. elections results – With 649 of 650 seats declared, the Conservatives had won 318 seats.
- Global stocks higher – with the UK elections over, and no market moving news comping from ex FBI director Comey the world markets have edged higher
- 90% Chance the Fed will raise rates – as commodities continue to slide
- Citigroup pops upward – this may help the other financial companies that have been hurting lately.
Major Index Futures
Flat markets for the last three days, all markets trading at near record highs. Markets having low participation and are awaiting a news catalyst (plenty later today) to decide on the next move.
- S&P 500 – 2,435 – consolidating within a bullish trend
- Dow 30 – 21,182 – consolidating within a bullish trend
- Nasdaq 100 – 5,887 – bullish (you can’t fight the trend)
- SmallCap 2000– 1414 – had a nice rise the last couple of days (be careful if you have iron condors)
- S&P 500 VIX – 10.01 – still near record lows, (complacent markets without fear tend to drift higher)
The charts below are three day hourly charts
Commodities
Here is an interesting article (with 20 charts) with a positive outlook on comodities in the near future. Read More…
- Gold – $1269 – after a bullish run is consolidating downward the last three days.
- Silver -17.215 – still neutral but after a short upward push is sliding south again in the last three days
- Crude Oil – $45.31 – big drop in prices last night in a continued bearish trend
- Natural Gas – $3.012 – consolidating within a bearish trend after a few strong weeks moving (could this be a textbook bearish retracement or the start of new upward channel)
The charts below are three day hourly charts
Sectors
- Sectors were mixed yesterday, but financials had a great day yesterday and maybe today as well.
The chart is yesterday’s sector performance.
- Bearish Trends – XLE (Energy) has been the most bullish for some time
- Bullish Trends – XLK (Technology) has been on a non-stop trend for months now
The chart is the last 20 days sector performance.
Dynamic Yield Curve
- The dynamic yield curve still looks good with short term interest below long term interest, and the chance of a near-term small rate hike is almost certain with the Fed.
Currencies
- USD – $97.46 – the dollar recovered a bit and is finally over $97 again
- Bitcoin – $2,824 – bullish
- Ethereum – $263 – bullish
- Litecoin – $30.41 – neutral
The charts below are three day hourly
Trading Thoughts
- 0 Market Bias – No big news moved the market yesterday, little news today, and the markets are generally flat. I am feeling neutral except for the small caps that have posed lately. Happy Friday!
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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Thank you Hector .. love the morning reports
I really am glad that you like it ROBERTBREWER