Morning Market Report Thursday June 8th
June 8, 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.
- Solon’s Market Recap for Wednesday June 7th – 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 main focus ECB interest rates, UK Elections, and testimoony from former FBI head James Comey.
- 8:30 AM – Jobless Claims (see below)
- 9:45 AM – Bloomberg Consumer Comfort Index Read More…
- 10:00 AM – Quarterly Services Survey Read more…
- 4:30 PM – Fed Balance Sheet and Money Supply
News
- US Jobless Claims fall by 10K to 245K last week – The number of people who filed for unemployment assistance in the U.S. last week fell less than expected, but remained in territory consistent with a strengthening labor market, official data showed on Thursday. Read More…
- Euro zone growth revised up to highest rate in two years – Eurostat said the 19-country euro zone expanded by 0.6 percent quarter-on-quarter and by 1.9 percent year-on-year. That compared with earlier estimates of 0.5 and 1.7 percent respectively. Read More…
- UK Elections Today – Britons will head to the polls on Thursday, with voters set to elect 650 members to the Lower House of Parliament from which a government will be formed. Results are expected late in the evening after the market closes. Read More…
- ECB holds interest rates unchanged – The ECB kept its rate on bank overnight deposits, which is currently its primary interest rate tool, at -0.40% in a widely anticipated decision and omitted guidance that interest rates may be cut again. Read More…
- World Food Prices Rise 2.2 % in May – from the month before after three straight months in decline, with higher values for all food goods except sugar, the United Nations food agency said on Thursday. Read More…
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 – 2,434 – consolidating within a bullish trend
- Dow 30 – 21,163 – consolidating within a bullish trend
- Nasdaq 100 – 5,894 – bullish (you can’t fight the trend)
- SmallCap 2000– 1395 – back into its neutral range
- S&P 500 VIX – 11.82 – 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 – $1285 – after a bullish run is consolidating.
- Silver -17.589 – still neutral but has started following gold’s upward trend
- 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
- Most sectors sectors were bearish yesterday with Energy and Financials (which have been the most bearish recently) along with Technology an Consumer Discretionary keeping the market afloat.
The chart is yesterday’s sector performance.
- Bearish Trends – XLE (Energy) and XLF (Financials).
- Bullish Trends – XLK (Technology) and XLY (Consumer Discretionary)
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 – $96.99 – the dollar recovered a bit last night but is still bearish, trying to clear resistance at $97
- Bitcoin – $2,752 – bullish
- Ethereum – $258 – bullish
- Litecoin – $28.85 – neutral
The charts below are three day hourly
Trading Thoughts
- 0 to +1 Market Bias – Today is the day the market has been waiting for; the market has consolidated for the last three days. Early morning action and positive economic data hint toward a slightly positive open, but this market is watching for anything to spook it (like a covfefe tweet ???) Happy Trading!
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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