Daily Morning Report

Thursday, April 26–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. U.S. stock indexes are also pointed toward modestly higher openings when the New York day session begins. Upbeat corporate earnings reports recently are working in favor of the stock market bulls today. However, worries about rising inflation are limiting the upside in world stock markets. The marketplace has viewed with trepidation this week the move above 3.0% in U.S. 10-year Treasury note yields.

The European central bank holds its regular monetary policy meeting Thursday. No change in policy is expected.

The key “outside markets” on Thursday morning see the U.S. dollar index trading slightly up and hitting another 3.5-month high overnight. Meantime, Nymex crude oil prices are firmer and trading around $68.50 a barrel.

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Wednesday, April 25–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. Investor risk appetite has waned a bit this week on some disappointing corporate earnings reports and worries about rising interest rates and inflation.

A feature in the marketplace recently has been rising world government bond yields. The U.S. Treasury 10-year note yield on Tuesday moved above 3.0%–the highest level in four years.

The key “outside markets” on Wednesday morning see the U.S. dollar index trading firmer. A look at several currency-pair charts reveals near-term strong-trending, and even “breakout” price moves that have occurred over the past couple weeks.

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The gold market bulls have seen fits and starts in trying to sustain a price uptrend and push prices above strong layers of resistance that lie above the $1,350.00 area. This sideways trading action has been going on since the beginning of the year. Until there is a price “breakout” from the aforementioned trading range, look for more of the same choppy and sideways price action for the near term. I’m still giving the bulls the overall near-term technical advantage. Stay tuned!

Tuesday, April 24–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.

There was no major, fresh fundamental news overnight. U.S. President Trump and French President Macron meet today to discuss whether to continue the Iran nuclear deal reached in 2015, or to pull out of it and reinstate sanctions on Iran. The deal is up for renewal in early May.

The key “outside markets” on Tuesday morning see the U.S. dollar index trading near steady after hitting a more-than-three-month high Monday. Meantime, Nymex crude oil prices are firmer and trading near $69.00 a barrel. Oil prices are not far below last week’s a 3.5-year high.

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Monday, April 23–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

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

U.S. Treasury bond yields are on the rise again early this week, with the yield on the 10-year note nearing 3%, which is a multi-year high. Such suggests rising inflationary pressures, but not yet at problematic levels.

The key “outside markets” on Monday morning see the U.S. dollar index trading higher. Nymex crude oil prices are weaker and trading just above $68.00 a barrel.

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A feature in the marketplace late this week is rising government bond yields (falling prices). Some U.S. maturities are at multi-month or multi-year high yields. Rising bond yields suggest rising inflation. Historically, gold and silver have been purchased as hedges against rising inflation. Other raw commodity markets would also benefit from rising inflationary price pressures. Continued rising world government bond yields would also be a bearish element for the world stock markets. Stay tuned!