Daily Morning Report

Wednesday, June 6–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. The U.S. stock indexes hit 2.5-month highs again today as traders and investors are in upbeat, risk-taking moods at present.

Italian government bond yields are on the rise again, amid some tensions arising from the formation of an anti-establishment political faction of government that wants to change the rules regarding Italy’s membership in the European Union.

In the latest news on the U.S.-China trade dispute, reports overnight said China has offered to buy $70 billion of U.S. farm, manufacturing and energy goods if the U.S. drops its import tariff plans.

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Tuesday, June 5–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. The U.S. stock indexes are at 2.5-month highs as traders and investors are in upbeat, risk-taking moods at present.

So far early this week, the marketplace is mostly looking past U.S. tensions with its major trading partners that threaten to boil over into a worldwide trade war.

In overnight news, Australia’s central bank left its monetary policy unchanged at its regular meeting Tuesday.

The key “outside markets” today find Nymex crude oil prices slightly weaker and trading around $64.50 a barrel. The U.S. dollar index is weaker today on a corrective pullback from recent gains that last week pushed prices to a 10.5-month high.

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The Euro currency futures market sees prices in a solid downtrend. “The trend is your friend” in trading markets, so the path of least resistance for the Euro currency remains sideways to lower. There are no early chart clues to suggest a market bottom is close at hand. Stay tuned!

Monday, June 4–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Traders and investors are in generally upbeat moods following Friday’s stronger U.S. jobs report and easing concerns about the political situation in Italy.

So far early this week, the marketplace is not reacting much to reports over the weekend that said the U.S. and China have made no progress in their trade talks. Meantime, the U.S. is getting heavily criticized by the European Union, Canada and Mexico for its protectionist trade posture.

In other news overnight, the Euro zone producer price index for April was unchanged from March and up 2.0%, year-on-year. Those numbers were lower than forecast.

The key “outside markets” today find Nymex crude oil prices weaker and trading just above $65.00 a barrel. The U.S. dollar index is lower.

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Friday, June 1–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight, with Asian indexes mixed and European indexes mostly higher. U.S. stock indexes are pointed toward higher openings when the New York day session begins.

In overnight news, worries regarding the financial and political stability of Italy were somewhat assuaged when the two major antiestablishment parties made a deal on a coalition government. This is apparently the better alternative than new elections, according to the sense of the marketplace at present.

The U.S. on Thursday implementing previously announced tariffs on imports of aluminum and steel does have traders and investors worried about a global trade war. Retaliatory tariffs against U.S. products are already being announced from other countries.

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The cotton market is in a major bull run and this week hit a contract high, including a big limit-up daily trade on Tuesday. The cotton bulls remain in strong near-term technical control, have gained more strength this week, and there are no early warning signals that a market top is close at hand. In fact, an examination of a longer-term monthly cotton chart shows prices at present are nowhere near historic highs. Stay tuned!