The Morning Market Report is 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.
This report focuses on short-term swings in the market (especially overnight futures movements) that can help you best begin you trading morning. In this daily report, you’ll receive:
- a summary of major market news,
- the list of that day’s economic calendar,
- information regarding the major markets indexes,
- industry sector performance,
- major commodities,
- world currencies. and
- links to useful sites and/or stories.
So don’t start trading uninformed; add the Morning Market Report to your daily routine.
- Definitions of Economic Reports – If you don’t understand any of the economic reports listed click here.
- Click on report links below to see the results of the economic data during the day
- Things to watch for this morning: Mid-morning we have the PMI manufacturing data that has been running at a moderate rate and in the afternoon there is nothing in the calendar.
- 8:55 AM ET – Redbook
- 9:45 AM ET – PMI Composite Flash
- 10:00 AM ET – Richmond Fed Manufacturing Index
- Global Stock Markets Stay Near Recent Highs – Among notable standouts, Japan’s Nikkei extended its 16-day winning streak to a 21-year peak while China’s blue-chip CSI300 index jumped to the highest in more than two years.
- McDonald’s quarterly U.S. comp sales beat estimates – McDonald’s Corp (MCD) reported a bigger-than-expected increase in quarterly U.S. comparable sales. Read More…
- Caterpillar Shares Jump After Strong Earnings – Caterpillar reported third-quarter earnings per share of $1.95 on revenue of $11.4 billion.Analysts had expected EPS of $1.27 on revenue of $10.65 billion.
- Other big companies posting earnings before the bell this morning include: United Technologies (UTX), 3M (MMM), General Motors (GM), Lockheed Martin (LMT), JetBlue (JBLU), TD Ameritrade (AMTD), Eli Lilly (LLY), Biogen (BIIB), Corning (GLW) and Sherwin-Williams (SHW) are also among the handful of names posting results before the open.
- Today after the close we will get earnings from: AT&T (T), Advanced Micro Devices (AMD) Chipotle (CMG), Texas Instruments (TXN), iRobot (IRBT), Akamai (AKAM) and Express Scripts (ESRX).
Major Index Futures
- Market Overview – Yesterday gave us fresh new highs for all market indexes in the morning. However, by the close, the Nasdaq composite lost 0.6%; the S&P 500 fell 0.4% and the Dow Jones industrial average eased 0.2%, and the Russell 2000 gave back 0.8%.
- S&P 500 – 2,568 -slightly bullish, above the 50-day moving average, near support at 2550
- Dow 30 – 23,366 – bullish, above its 50-day moving average.support at 23,000
- Nasdaq 100 – 6,079 – sideways to slightly bullish, above its 50-day moving average, near support at 6,000
- SmallCap 2000– 1503 – sideways to slightly bullish – above the 50-day moving average, near support at 1500
- S&P 500 VIX – 10.52 – this is very far below the historical average of 16-20. This means we don’t get much premium when we sell options but that we can purchase options at a discount.
- Charts Below are 2-Month Daily (I have added VEU which is World Markets excluding the US) along with the other indexes.
- Gold – $1278 – sideways (gold had a wide candle body yesterday and this may be the start of a new slightly bullish trend, or maybe that is just my bias). Technically gold is still bearish until it is back above the 50 MA, resistance is at 1300
- Silver -17.020 -sideways – back near the 50 MA justs like gold, if you are looking to stack silver on the dips then your purchases would be when silver dips below 17.
- Crude Oil – $52.27 – bullish again, Crude is above the 50 MA again, near resistance at 52.50, if crude breaks past that then 55 would be in play as the next resistance level.
- Natural Gas – $2.976– sideways volatile, pushing up against resistance at 3.000
- Charts Below are 2-Month Daily
- Bearish Sectors – XLP is slightly bearish but this is not bear season, the bulls are in control of the market so be careful being bearish.
- Bullish Sectors – Most of the other sectors are very bullish especially Technology, healthcare, and financials recently.
- The charts below show how the sectors did yesterday and the 5-day sector performance.
- The chart below shows the last 20 days of sector performance
- 2-month charts
- I have added some key industries to the 2-month charts below:
- To get a live view of the curve and see an animation of how it has performed over the last 20 years click here.
- To learn what the dynamic yield curve click on the title above labeled “Dynamic Yield Curve”
- This chart is an important indicator to watch. watch for a flat or inverted yield curve as a potential early indicator of a market correction.
- The dynamic yield curve is still looking fine with the short-term rates below the long-term rates.
- USD – $93.74 – neutral to slightly bullish – if the dollar breaks above resistance at 94 then the new uptrend will be confirmed.
- The Charts Below are 3-Month Daily
- Cryptocurrency 1-month Charts
- Bitcoin – very bullish
- Ethereum – volatile neutral to slightly bullish (big drop this week)
- Litecoin – volatile bullish (big drop this week)
- To learn how the use the Tackle trading list: click on the title above “Tackle Trading 25”
- Trading Thoughts on the Tackle Trading 25 – we are almost out of earning (if you see a blue “?” click on it and get the earning date)
- For Bullish Trends – Naked Puts, Covered Calls, and for stocks over $100 Bull Put Spreads
- For Neutral Trends – Iron Condors are great for stagnant stocks
- For Bearish Trends – Bear Call Spreads (be careful with overly aggressive directional trades like Shorting or buying Puts)
- Notice in our tackle 25 chart below that I have BTE (a new script that should let us know when earning is near) as well as ImpVolatility (that will let us know which options will sell for the best premium), and IV Rank (that will guide you in your Vega strategy plays.
- 0 to +1 (Neutral to Cautiously Bullish) Market Bias – All indexes are up again this morning so we can expect a strong open, but remember what happened yesterday, the markets made new highs and then sold off. So, be careful
- Wishing you the best of luck in your trades and in life 🙂
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 loses 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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