Daily Morning Report

Thursday, June 7–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. The U.S. stock indexes are at contract or multi-month highs amid keener risk appetites among traders and investors in the world marketplace.

In overnight news, the Euro zone reported its gross domestic product (GDP) rose at an annual rate of 1.5% in the first quarter of this year. That is well down from the 2.8% growth rate seen in the bloc in the fourth quarter of last year.

Traders are looking ahead to this weekend’s Group of Seven meeting between the major industrialized countries of the world. Trade and import tariffs will likely be the major topic of discussion among the finance ministers of the major world economies.

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The Nymex crude oil futures market daily bar chart shows price uptrend lines have recently been soundly negated, which has produced serious near-term technical damage to suggest a market top is in place. I look for more sideways to lower trading action in the oil market in the near term. Not only have the technicals turned more bearish for oil, the world supply-and-demand situation is also tilted in favor of the bearish camp. Stay tuned!

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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