Friday, July 13–Jim Wyckoff’s Morning Markets Report
World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. U.S. stock indexes hit multi-month highs overnight. There is little risk aversion in the marketplace at present, which is keeping a flow of investor monies into world equities markets.
The British pound is under some pressure versus the U.S. dollar today as President Trump has criticized U.K. Prime Minister May for her Brexit strategy. May is perceived to be in a very weak position in her leadership, at present.
The key “outside markets” today find Nymex crude oil prices weaker on follow-through selling from strong losses posted Wednesday, and are trading just above $70.00 a barrel. A lower close in the Nymex oil futures market today would be a technical clue that crude oil has put in at least a near-term top, if not a major top.