Thursday May 11 Moring Market Report

May 11, 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 and the Market Recap during the rest of the week so make sure to refer to those reports first. To see yesterday’s Market Recap click here. https://tackletrading.com/market-recap-may-10-2017/

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:

10:30am – EIA Natural Gas Report
4:30 – Money Supply Change

News Links:

Economic News Highlights:

Oil spiked on supply report yesterday and had its biggest day
Jobless Claims – U.S. jobless claims fall by 2,000 to 236,000
PPI Report of the Bureau of Labor Statistics (BLS) – Producer price inflation increased more than forecast
Snapchat does poorly on first earning report and falls to near IPO level
Merk shoots up in after hours trading after FDA approval of Keytruda drug
Whole Foods earning met or exceeded expectations
Macy’s quarterly profits miss expectations
Asian markets advanced overnight (some markets to new levels)
The Bank of England kept interest rates at .25% as expected

Major Index Charts and Observations:

S&P 500 – Currently at 2,390 – opening slightly lower than yesterday, unable to break 2400
Dow 30 – Currently at 20,943 – essentially neutral to slightly lower
Nasdaq – Currently at 5,661 – essentially netural to slightly higher
Russel 2000 – Currently at 1398 – slightly higher than yesterday’s open, still within its trading range

charts below are 3 month daily

Commodities:

Comodities have all stopped their downtrends and are now neutral (with Crude Oil and Natural Gas bullish).

Silver currently 16.291 – essentially neutral but strong early morning gains (see overnight chart below)

Gold currently 1221 – essentially neutral but strong early morning gains (see overnight chart below)

Crude Oil currently $47.84 – has increased sharply in the last 2 days

Natural Gas currently 3.328 – has been bullish as it heads into EIA Natural Gas Report today at 10:30am

Market Sectors:

XLK (technology) – continues to be bullish day after day and XLY
XLE (Energy) has dominated the last two days with teh spike in oil prices.

(yesterday’s 1 day performance by sector)

Currencies:

The USD is currently at 99.60 the dollar has finally stablized above $99 and continues going north (at least for the short term)

Bitcoin was $1,700 24 hours ago; now it has climbed to $1,800!

Ethereum – $88.89; to learn about ETH listen to Tackle Trading Podcast #216

Litecoin $33.02; LTC is a new open source P2P (peer-to-peer) crypto (digital) currency

TRADING THOUGHTS

Comodities – Comodities have been at an all time low for weeks and may finally be bouncing off the bottom with Crude Oil as the catalyst
Market Bias – when markets are neutral or mixed, don’t guess on a direction, use one of the Tackle Trading cashflow strategies.

ONE MORE THING…

The Tackle 25 is a list of stocks vetted by Tackle Trading to span various market sectors and are chosen for their effectiveness as part of a monthly cashflow system. Below is how they did respectively sorted by percent of change yesterday.

You can follow daily trade adjustments and updates on Twitter, Facebook, or text “follow @tackletrading” to 40404 to get text alerts!

If you are not a Pro Member and following the Stock & Option Picks, then check it out! There is a Promo code for Free 15 day trial: THETA

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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