Daily Morning Report

Monday, February 26–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins. The stock index bulls have some momentum on their side.

Traders are anxiously awaiting new Federal Reserve Chairman Jerome Powell’s first speech to the U.S. House of Representatives on Capitol Hill on Tuesday. He speaks to the U.S. Senate on Thursday.

The key outside markets on Monday morning see the U.S. dollar index lower. Nymex crude oil prices are slightly lower and trading above $63.00 a barrel.

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Friday, February 23–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed in quieter trading overnight. U.S. stock indexes are pointed to firmer openings when the New York day session begins.

In overnight news, the Euro zone consumer price index was reported up 0.9% in January from December and up 1.3% year-on-year. The numbers were right in line with market expectations.

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The U.S. Treasury bond and note futures markets have recently hit new contract lows amid solid price downtrends on the daily charts. The bear market is Treasuries is strong and there are no early chart clues the price downtrends (rising yields) will end anytime soon. It is becoming more likely that the quarter-century bull market is U.S. Treasuries is coming to and end. Such also means rising inflationary pressures as well as rising interest rates. Stay tuned!

Thursday, February 22–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight. U.S. stock indexes are also pointed to narrowly mixed openings when the New York day session begins.

The marketplace has mostly digested Wednesday afternoon’s FOMC minutes that said stronger-than-expected U.S. economic growth in recent weeks is keeping the Federal Reserve on pace to keep gradually raising U.S. interest rates. The minutes prompted choppy trading in the stock and currency markets, and pushed U.S. Treasury yields up. The FOMC minutes contained elements that could be deemed as both hawkish and dovish on U.S. monetary policy.

The key outside markets on Thursday morning see the U.S. dollar index slightly up. Meantime, Nymex crude oil prices are weaker and trading just above $61.00 a barrel. Oil traders are awaiting today’s weekly U.S. oil stocks report.

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Wednesday, February 21–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Volatility in the U.S. stock market picked up Tuesday, and traders are wondering if such will continue today.

The highlight of the trading week will be the release today of the minutes of the last FOMC meeting of the Federal Reserve. The minutes are due out at 2:00 p.m. eastern time. Past FOMC minutes releases have been markets-movers. Keep in mind the last FOMC meeting occurred before the big increase in volatility in the stock markets.

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It’s been quite some time since all three major grain futures markets have been in near-term price uptrends, but such is the case at present. After being beaten down for months, corn, soybeans and wheat bulls are enjoying success. I look for the grain markets to continue to work sideways to higher until at least mid-summer, with weather market scares having the potential to really spike prices. Already early this year, dry and hot weather in Argentina has worked to boost corn and soybean futures prices. Stay tuned!