Morning Market Report – Thursday June 1

June 1, 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.

Link to Yesterdays Market Recap by Solon. 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.

Todays Economic Calendar (Eastern Time Zone):

9:45 AM – PMI Manufacturing Index

9:45 AM – Bloomberg Consumer Comfort Index

10:00 AM – ISM Mfg Index

10:00 AM – Construction Spending

10:30 AM – EIA Natural Gas Report

11:00 AM – EIA Petroleum Status Report

2:00 PM – Gallup Good Jobs Rate

Economic News Highlights:

US Employment Reports Exceed Expectations – 253K jobs were added versus the expected 185K. Jobless Claims are at 40 year lows.
China’s Manufacturing shows first decline in 11 months – adding to worries over the worries over China’s economy
Crude Oil recovers to $48.37 – as stockpiles fell by 8.670 million barrels at the end of last week, far more than the 2.517 million barrels expected.
European stocks higher – Euro Stoxx 50 up 0.18%, Germany’s DAX up 0.33%, and London’s FTSE up 0.37%.
Asian Stocks Mixed – China’s Shanghai Composite fell 0.5%, while Japan’s Nikkei ended 0.99% higher after Japan’s PMI beat estimates.

Major Index Charts and Observations:

stocks are set to open slightly higher this morning based on positive economic data. The VIX continues to stay low even after yesterday’s roller coaster ride (opening higher, selling off sharply, neutral mid-day, and rallying back up in the afternoon).

S&P 500 – Currently at 2,415.50
Dow 30 – Currently at 21,008.65
Nasdaq – Currently at 5,805.62
S&P VIX – 10.29
Russel 2000 – Currently at 1371

Commodities:

Silver – 17.126 – slightly bearish (not exactly following gold)
Gold – 1262 – mostly neutral with a slight upward drift (needs to close above 1265)
Natural Gas – 3.154 – trading in a neutral channel; natural gas is not in season
Crude Oil $48.36– recovered some lost ground. Mixed feelings by investors on future supply vs demand

Market Sectors:

The financial sector was very negative yesterday and has been bearish along with Energy for the last few months. Otherwise most sectors have been neutral to positive lately with XLK Technology being the most postive sector.

Currencies:

USD currently $97.14

Bitcoin currenty $2,249 – near all-time highs

Ethereum – currently at $2229 – up $152 in the last month

Trading Thoughts

Yesterday showed us that even though early morning futures trading can give us clues to the market opening higher or lower that does mean that the market can’t begin a sharp selloff after the open. The market also showed us yesterday that even though we can have a sharp selloff in the morning, that does rule out that the day won’t end with the market esentially flat if there is an end of the day rally.

+1 neutral to bullish market bias – Positive economic reports this morning point to a strong open for the market.

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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Morning Market Report – Thursday June 1