Tuesday, October 24–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 session begins, after a rare sell off that occurred on Monday. Global equities traders are focused on corporate earnings reports this week.
Gold prices are slightly lower in pre-U.S.-session trading. The bears have some technical momentum on their side early this week.
In overnight news, the Euro zone Markit purchasing managers’ survey (PMI) came in at 55.9 in October versus 56.7 in September. A reading above 50.0 signals growth in the sector. The October decline from September was more than expected and this report falls into the camp of the European Central Bank doves, who want to see the ECB hold off on tightening its monetary policy.