Morning Market Report – Tuesday June 6th
June 6, 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 Monday June 5th – 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 will be with JOLTS data that will focus attention on the demand side of the labor market with analyst consensus calling for only a small downtick to a still very strong 5.725 million.
- 8:30 AM – Gallup US ECI (see below)
- 8:55 AM – Redbook
- 10:00 AM – JOLTS
News
- Apple (AAPL) Anouncements at WWDC – Apple upgraded its line of laptops to the newest Kaby Lake processors from Intel (INTC), released a new 10.7″ iPad Pro tablet, updated its MacOS, IOS, and watchOS operating systems, and gave a sneak peak at a new workstation class iMac Pro, and a new smart home speaker called the HomePod (a cross between Sonos hi-def sound and Amazon’s Echo intelligence), also unveiled was a new Augmented Reality platform for developers. Read More…
- RV and Trailer stocks up on Thor Industries (THO) earnings – beating estimates for earning and providing strong forward guidance THO surged 10% in premarket trading. Winnebago (WGO) aslo was up 5% in premarker trading.
- G-III Apperal Group (GIII) and (CONN) both up over 13% – GIII the maker of Levi, Guess, and Kenneth Cole and CONN exceeded earning expectations.
- Bitcoin blasts past $2,900 for new high – Since the start of the year, bitcoin has soared nearly 200%, taking the value of the cryptocurrency in circulation to $46 billion. Ethereum also reached a new all time high. Read More…
- Gold is in a bullish rally – gold futures rose to a session peak of $1,295 an ounce, a level not seen since April 19. Read More…
- The Dollar continues to fall – the bearish trend for the dollar is at the lowest level since November
- Global Stocks including the US flat to slightly lower – ahead of potentially market-moving events later this week, including former FBI Director James Comey’s testimony to a Senate committee, the U.K.’s general election and a European Central Bank meeting.
- Gallup US ECI – Americans’ confidence in the economy remains historically high. Read More…
- Natural Gas futures (/NG) rised for the first time in 7 trading sessions. Read More…
Major Index Futures
Flat markets yesterday (perfect doji candle on the S&P) all markets trading at near record highs. Markets had low participation and are awaiting a news catalyst (plenty later this week) to decide on the next move.
- S&P 500 – 2,428 – consolidating within a bullish trend
- Dow 30 – 21,184 – consolidating within a bullish trend
- Nasdaq 100 – 5,870 – bullish (you can’t fight the trend)
- SmallCap 2000 – 1394 – retreated yesterday back into its neutral range
- S&P 500 VIX – 10.50 – still near record lows, there is little fear in the market
The charts below are three day hourly charts
Commodities
- Gold – $1295 – bullish (next resistance near 1300)
- Silver -17.639 – has been neutral but has started following gold’s bullish trend (finally!)
- Crude Oil – $47.20 – bearish
- Natural Gas – $3.039 – is having a positive move within a longer term bearish trend (could this be a textbook bearish retracement or the start of new highs for NG???)
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.
- Bearish Trends – XLE (Energy) and XLF (Financials).
- 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 near-term small rate hike is almost certain with the Fed.
Currencies
- USD – $96.66 – the dollar is still bearish, next major resistance is $96
- Bitcoin – $2,920.56 – very bullish
- Ethereum – $264.16 – very bullish
- Litecoin – $31.10 – neutral
The charts below are three day hourly
Trading Thoughts
- -1 to 0 Market Bias – There was little participation in the market yesterday in terms of volume, global stocks including the US were flat to slightly lower overnight. I am feeling neutral to slightly bearish this morning for the opening bell. Watch for economic news events (or any big news for that matter) as catalyst to make the markets move again. Meanwhile Gold, Silver and Natural Gas started trending upward (at least recently), and remember no matter what the general market does; there are always stocks moving up or down (you just have to find them).
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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Good reporting. Thanks.
thanks STEWGILGIS I’m glad that you like it 🙂