Wednesday, July 12–Jim Wyckoff’s Morning Markets Report
World stock markets were mixed overnight. U.S. stock indexes
are pointed toward firmer openings when the New York day
Gold prices are firmer in pre-U.S.-session trading. Bulls
are trying to keep prices from falling below the technically
important $1,200.00 level.
Focus of the marketplace today is on Fed Chair Janet
Yellen’s testimony on U.S. monetary policy before a U.S.
House of Representatives committee. As usual, markets and
Fed watchers will try to glean from her remarks clues on the
timing and nature of the next monetary policy action from
the U.S. central bank. Many believe the Fed will continue on
a path of gradually tightening monetary policy.