Morning Market Report – Monday June 5
June 5, 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 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 – Productivity and Costs
- 8:30 AM – Gallup US Consumer Spending Measure
- 9:45 AM – PMI Services Index
- 10:00 AM – Factory Orders
- 10:00 AM – ISM Non-Mfg Index
- 10:00 AM – Labor Market Conditions Index
News
- Terrorist Attacks in London – are causing tenstion between middle east countries. Saudi Arabia, other Middle East nations cut ties with Qatar which is known to be a safehaven for Al-Quaeda and ISIS.
- Gold trades at highest since mid-April – fears over terrorist attacks are attracting buyers. Read More…
- Markets are awaiting economic data this morining – PMI data, ISM non-manufacturing data, and factory orders
- Herbalife (HLF) – shares drop 5% after giving a weak sales outlook
- Apple’s Worldwide Developer Conference Starts Today – the company is expected to unveil a new mobile operating system, a smart home device, updated Mac computers, and possible the new iPhone 8.
Major Index Futures
- S&P 500 – 2,435 – at record highs cautiously bullish
- Dow 30 – 21,184 – at record highs cautiously bullish
- Nasdaq 100 – 5,879 – at record highs still very bullish
- SmallCap 2000 – 1404 – slightly bullish (check your iron condors the RUT has started to move north)
- S&P 500 VIX – 11.72 – still near record lows, there is little fear in the market
The charts below are three day hourly charts
Commodities
- Gold – $1283.32 – bullish long-term
- Silver -17.512 – neutral
- Crude Oil – $47.23 – bearish
- Natural Gas – $3.002 – bearish
The charts below are three day hourly charts
Sectors
- All Sectors are at least slightly bullish in the last month except XLE (Energy) and XLF (Financials).
- XLRE (Real Estate) is the most neutral
- Bullish Trends – XLK (Technology) and XLY (Consumer Discretionary)
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 – $96.85 – the dollar is still bearish
- Bitcoin – $2,587.84 – bullish
- Ethereum – $247.30 – bullish
- Litecoin – $28.85 – neutral
The charts below are three day hourly
Trading Thoughts
- Market Bias – The futures were mostly flat overnight. God did gap up slightly. I expected S&P to open slighly lower and to remain fairly flat and await economic data mid-morning as a big move catalyst.
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 .. really appreciate morning market report .. gets me in focus for the day ..
ROBERTBREWER you have no idea how much I appreciate your comment
Thanks a bunch.