Morning Market Report – Wednesday June 7th
June 7, 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 Tuesday June 6th – 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.
- 7:00 AM – MBA Mortgage Applications
- 8:30 AM – Gallup U.S. Job Creation Index
- 10:30 AM – EIA Petroleum Status Report
- 3:00 PM – Consumer Credit
News
- A man with a hammer and knives attacks police London – Notre Dame hammer attacker yelled ‘This is for Syria’ before being shot. Read More…
- Suicide bombers and gunmen attack Iran – assaults on parliament and the Mausoleum of the Ayatollah Khomeiniat in Tehran, killing 12. Read More…
- Global Economy Growth headed for 6-year – The global economy is on course this year for its fastest growth in six years as a rebound in trade helps offset a weaker outlook in the United States, the OECD forecast on Wednesday. Read More…
- Oil Continues to slide, data on tap for today – The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET (14:30GMT) Wednesday amid expectations for a draw of 3.4 million barrels.
- Banco Popular in Spain gets bailled out by Banco Santander – for €1 ($1.12) the European Central Bank (ECB) deemed the smaller bank to be failing
- US Markets consolidate awaiting Thursday’s news Events – General election in Britain, the European Central Bank’s policy meeting and former FBI Director James Comey’s testimony before a Senate panel could all weigh on investor sentiment. Read More…
Major Index Futures
Flat markets for the last two days, all markets trading at near record highs. Markets having low participation and are awaiting a news catalyst (plenty later this week) to decide on the next move.
- S&P 500 – 2,432 – consolidating within a bullish trend
- Dow 30 – 21,159 – consolidating within a bullish trend
- Nasdaq 100 – 5,874 – bullish (you can’t fight the trend)
- SmallCap 2000 – 1396 – retreated yesterday back into its neutral range
- S&P 500 VIX – 11.93 – still near record lows, (not even the crazy man with a hammer attack can bring fear into the market)
The charts below are three day hourly charts
Commodities
- Gold – $1294 – bullish hitting up against 1300 resistance; will it break out??? Read more…
- Silver -17.620 – has been neutral but has started following gold’s upward trend
- Crude Oil – $47.67 – trading neutral in a bearish trend
- Natural Gas – $3.071 – consolidating within a bearish trend (could this be a textbook bearish retracement or the start of new upward channel) Read More…
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 – $96.71 – the dollar is still bearish, next major resistance is $96
- Bitcoin – $2,853 – very bullish
- Ethereum – $264 – very bullish
- Litecoin – $30.29 – neutral
The charts below are three day hourly
Trading Thoughts
- 0 to +1 Market Bias – the market has consolidated for the last two days; and Thursday is the big news day; but with the VIX at record lows I suspect the market will drift higher today on the open. Either way Theta trades “cashflow options” profit from the one thing we can all count on; the passage of time. 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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