Dominate Your Market
Thursday, January 18–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed overnight. U.S. stock indexes are also pointed toward narrowly mixed openings when the New York day session begins.
There are growing concerns in the marketplace regarding a potential U.S. government shutdown starting this weekend, as U.S. lawmakers cannot agree on a budget. This worry has limited buying interest in equities.
Wednesday, January 17–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed overnight. U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins.
The key outside markets on Wednesday morning see the U.S. dollar index higher on a corrective bounce after hitting a 3.5-year low earlier this week. The greenback bears still have the solid overall near-term technical advantage, to suggest more pressure in the near term.
Meantime, Nymex crude oil prices are weaker on some more profit taking after hitting a three-year high of $64.89 a barrel on Tuesday. The oil bulls are technically strong to suggest still more gains in the near term.
The U.S. dollar index is a basket of six major world currencies weighted against the greenback. The USDX has just dropped to a new 3.5-year low. The U.S. dollar bears are in strong near-term technical control, to suggest more downside price pressure is coming. The weakening dollar is a significantly bullish element for many major raw commodity markets, as those markets are priced in U.S. dollars on world markets. When the greenback weakens, its makes those commodities less expensive to purchase in non-U.S. currency–meaning increased worldwide demand for them. Stay tuned!–Jim
Tuesday, January 16–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly higher overnight, boosted by increasing optimism on global economic growth. Along with that specter come tighter monetary policies from the world’s major central banks. U.S. stock indexes are pointed toward solidly higher openings and new record highs when the New York day session begins.
Gold prices are firmer and hit a four-month high overnight, while Bitcoin prices are plunging again early this week and hit a four-week low overnight.
February Comex gold futures surged to a four-month high Friday. Prices are in a steep uptrend on the daily bar chart and the bulls have the technical power to suggest more upside action in the near term. A weakening U.S. dollar index and rallying Euro currency are working to boost the yellow metal. Stay tuned!–Jim
Friday, January 12–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly higher overnight. News that the German lawmakers have formed a coalition government worked to lift the Euro currency to a four-year high against the U.S. dollar, and also boosted the European stock markets. U.S. stock indexes are pointed toward firmer openings and new record highs when the New York day session begins.
Gold prices hit a four-month high overnight, on technical buying and on currency moves that included a rallying Euro and a weakening U.S. dollar.
The key outside markets on Friday morning see the U.S. dollar index solidly lower and at a 3.5-month low. The greenback bears have the solid overall near-term technical advantage, to suggest more pressure in the near term.