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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.
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.
Friday, June 29–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.
In overnight news, the Euro zone annual inflation rate was reported at 2.0% in June versus 1.9% in May, year-on-year.
The key “outside markets” today find the U.S. dollar index lower on a corrective pullback after hitting a 12-month high on Thursday. Meantime, Nymex crude oil prices are slightly higher and trading just below $74.00 a barrel. Oil prices Thursday hit a 3.5-year high.
The Nymex crude oil futures market this week has surged to a 3.5-year high above $73.00 a barrel. News that the U.S. will impose a “zero tolerance” policy on countries thinking about importing sanctioned Iranian oil helped to spike prices this week. And then a surprisingly large drop in U.S. crude oil inventories reported this week added bullish fuel to the fire. Now, there is talk of not enough oil in the world marketplace–even after OPEC said it is raising its overall production level. The next upside target for the empowered crude oil bulls is major psychological resistance at $75.00 a barrel. Stay tuned!
Thursday, June 28–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. Global trade war fears continue to somewhat limit buying interest in world equity markets.
In overnight news, the Indian Rupee currency hit a new all-time low against the U.S. dollar, in part due to the spike in oil prices the past week. The strong dollar against the Rupee is likely limiting Indian demand for gold (priced in U.S. dollars on the world market). India is a major gold consumer, second only to China.
The big U.S. data point of the week is today’s final estimate of first-quarter gross domestic product, which is seen coming in at up 2.2%, year-on-year.