Daily Morning Report

Friday, September 14–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. U.S. stock indexes are not far below their recent record highs. The marketplace continues to see trader and investor attitudes generally upbeat.

Reports Thursday said the U.S. has made an overture to China to restart trade talks later this month. However, a tweet from President Trump on Thursday was not deemed upbeat on an imminent U.S.-China trade agreement.

The major U.S. economic report of the day Friday is retail sales for August, which are seen up 0.4% from July.

In overnight news, the Turkish lira has rallied against the U.S. dollar Friday after Turkey’s central bank raised interest rates by 6.25% on Thursday.

The key outside markets today find the U.S. dollar index slightly lower. Meantime, Nymex crude oil prices are slightly up and trading just below $69.00 a barrel.

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Thursday, September 13–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed to mostly higher overnight. U.S. stock indexes are pointed toward slightly firmer openings when the New York day session begins. The marketplace sees trader and investor attitudes remaining generally upbeat. Traders are watching for the latest developments on the U.S.-China trade war front, after the U.S. on Thursday reportedly made an overture to China to restart negotiations later this month. Reports Wednesday also said the U.S. and Canada are close to reaching a trade deal.

Today the European Central Bank meets and is expected to report it will continue to pull back from years of a very easy monetary policy. The Bank of England also holds is regular monetary policy meeting Thursday.

On tap in the U.S. today is the August consumer price index, which is expected to come in up 0.3% from July. The producer price index on Wednesday came in lower than expected.

The key outside markets today find the U.S. dollar index firmer. Meantime, Nymex crude oil prices are lower on some profit taking and trading around $69.50 a barrel.

U.S. economic data due for release Thursday includes the weekly jobless claims report, real earnings, the consumer price index, and the monthly Treasury budget statement.

–Jim

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The December U.S. Treasury bond futures markets now shows prices are in a fledgling downtrend and the bears have the near-term technical advantage. That means the path of least resistance for T-Bond prices will remain sideways to lower until a technical development occurs to suggest otherwise. You’ll find those early clues on market trend changes in my daily markets update that comes out Monday-Thursday afternoons. Stay tuned!

Wednesday, September 12–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight, with European stocks mostly up and Asian equities mostly down. U.S. stock indexes are pointed toward slightly firmer openings when the New York day session begins. There is little risk aversion in the marketplace so far this week, despite some looming trade and secondary currency matters that could upset traders and investors in the near term.

The U.S. economic report pace picks up speed today after light schedules Monday and Tuesday. The highlight today is the producer price index for August, which is expected to be up 0.2% from July.

On Thursday the European Central Bank meets and is expected to report it will continue to pull back from years of a very easy monetary policy. The Bank of England also holds is regular monetary policy meeting Thursday.

The key outside markets today find the U.S. dollar index lower. Meantime, Nymex crude oil prices are higher and trading just below $70.00 a barrel.

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Tuesday, September 11–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed but mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Hong Kong’s Hang Seng Index fell into bear market territory this week, meaning the stock index is down 20% from its most recent high.

World trade matters remain on the front burner of the marketplace early this week. Reports said the U.S. and European Union may be getting closer to a trade agreement after recent meetings.

The British pound is firmer this week on reports the U.K. and the EU are close to a Brexit agreement.

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The U.S. stock indexes continue in longer-term price uptrends, with the recent price pullbacks just corrective in nature–so far. We are now into the historically turbulent months of September and October, which has given pause to some traders and investors. Still, the path of least resistance for the U.S. stock index markets remains sideways to higher until there is some near-term technical damage to suggest otherwise. Stay tuned!