Daily Morning Report

Friday, July 6–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

The important U.S. employment report from the Labor Department is out Friday morning, with the non-farm jobs number expected to come in at up 195,000 in June. Thursday’s ADP national employment report for June showed a rise of 177,000 jobs. A big miss on the non-farm jobs number this morning, from the consensus forecast, will likely move many markets.

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The copper market has been hammered lower and this week hit a 12-month low. The copper market has the nickname “Dr. Copper” because the red metal can be an early predictor of stock market price trends. If one of the world’s leading industrial metals is trending sharply lower, then that’s an ominous clue for world stock markets. Stay tuned!

Thursday, July 5–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins.

The U.S. and China remain headed for the Friday showdown on putting into effect their already-announced trade sanctions against each other. A Chinese official said Thursday the U.S. is firing shots to the world, including itself,” on the trade matter.

Some important U.S. economic data is due out the next two days, including the Fed’s FOMC minutes on Thursday afternoon and the jobs report from the Labor Department on Friday.

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Tuesday, July 3–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed to higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins.

European stock markets were assuaged today on news that German Chancellor Merkel has apparently avoided a political crisis by coming to agreement with other German lawmakers regarding immigration laws.

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The grain markets have been hammered the past few weeks and have hit contract lows during that time. Global trade war disputes that have cut into U.S. grain exports and very good growing weather in the U.S. midsection are major bearish elements at work in the grain futures markets at present. As the calendar has just turned to July, it’s a timeframe that history shows can see grain price trends reverse or accelerate. The bulls have some very heavy lifting to do to jumpstart price up-trends on the charts. It’s going to take a weather market scare in the coming few weeks to reignite the floundering grain market bulls. An easing of world trade tensions would also benefit the grain market bulls. Stay tuned!

Monday, July 2–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. World trade tensions remain high, which is causing some anxiety in the market place again to start the trading week and the trading quarter.

U.S. President Trump is now focusing on auto imports into the U.S. for tariffs. The already-tense trade relations between the U.S. and the other major economies of the world appear to have ratcheted up another notch.

Some political fighting in Germany, regarding that country’s immigration laws, is a bit negative for the Euro currency early this week.

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