Morning Market Report – Wednesday May 31

May 31, 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…
Link to yesterday Coaches Show Replay. 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):

7:00 AM – MBA Mortgage Applications

8:55 AM – Redbook (Department Store Sales)

9:45 AM – Chicago PMI

10:00 AM – Pending Home Sales Index

2:00 PM – Beige Book

3:00 PM – Farm Prices

Economic News Highlights:

Consumer Confidence Index Falls to 117.9 – this is a bit lower than analyst had expected. Read More…
British Airways back up -on Tuesday – after huge IT failure that left 75,000 passengers stranded. Read More…
Supreme Court tightens lawsuit rules – to prevent plantiffs from “shopping” for favorable courts in injury clams. Read More…
Michael Kors disappoints in earnings – with a loss of $26.8 million, plans on closing 100+ stores. Read more…

Major Index Charts and Observations:

stocks are set to open slightly higher this morning based on early morning trading of futures

S&P 500 – Currently at 2,416
Dow 30 – Currently at 21,029
Nasdaq – Currently at 5,818
S&P VIX – 10.09
Russel 2000 – Currently at 1374 – continues its “iron condor” friendly neutral pattern

Commodities:

Silver – 17.318 – mostly neutral with a slight downward drift (not exactly following gold)
Gold – 1263 – 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 $48.58– oversupply concerns ahead of new data driving prices down, prices are at three week lows. Read More…

Market Sectors:

Most sectors have been positive lately (with six straight positive days for the market this is not a big surprise) the weakest sector is XLE Energy and the second most week is XLF Financials. XLK Technology continues to be the most postive sector.

Currencies:

USD currently $97.06 – the dollar should benefit from the next rate hike

Bitcoin currenty $2,242 – smart investors buy on the big dips

Ethereum – currently at $230 – continues to set new highs

Tackle Trading 25

Taking into account: PE ratios, PEG, Earnings Growth, Earnings Projections, ROE, Profit Margins, Market Cap, Volume in both the stock and options, technical trends and many other factors the Tackle Trading 25 is a great place to go when looking for monthly cash flow. For More information see this post…

Trading Thoughts

+1 slightly bullish market bias – I am feeling like the market should open slightly bullish based on recent early morning activity. With the markt at near record highs stocks are set to open flat as more economic data is on tap.

More Bearish Neutral More 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 – Wednesday May 31