Daily Morning Report

Tuesday, January 9–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer in overnight dealings. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The U.S. indexes poked to new record highs again overnight. There continues to be little risk aversion in the world marketplace, at present.

In overnight news, the Euro zone’s unemployment rate dropped to 8.7% in November, which is the lowest level in nine years.

The key outside markets on Tuesday morning see the U.S. dollar index higher on another corrective bounce from recent selling pressure. While the greenback bears still have the overall near-term technical advantage, the bulls are out of the shoot in good fashion so far this week.

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The Euro currency is one of the most popularly traded futures markets in the world. See on the daily bar chart that the Euro currency is in a two-month-old uptrend and last week hit a 3.5-month high. The Euro bulls have the near-term technical advantage, which suggests the path of least resistance for prices will remain sideways to higher in the near term. Stay tuned!–Jim

Monday, January 8–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. The U.S. indexes poked to new record highs overnight.

There were no major news developments over the weekend to significantly move the markets.

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Friday, January 5–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight, boosted by the rally in the U.S. stock market Thursday that saw the iconic Dow Jones Industrial Average hit 25,000 for the first time ever. U.S. stock indexes are pointed toward higher openings, and at new record highs, when the New York day session begins.

Traders and investors are awaiting Friday morning’s U.S. employment report from the Labor Department. This report is arguably the most important U.S. data point of the month. The key December non-farm payrolls number is forecast to come in at up 180,000. However, the stronger-than-expected jobs-growth reading in Thursday’s ADP national employment report (up 250,000) makes many suspect today’s jobs report will come in with a higher non-farm jobs number than ealier forecast.

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The Nymex crude oil futures market has powered to a three-year high this week, due in part to political tensions in major oil exporter Iran. The fact that crude oil has pushed above what was a strong technical resistance layer around the $60.00 level suggests there is more upside price potential for the market. The next upside target for the empowered oil market bulls is chart resistance at $65.00 a barrel. Stay tuned!–Jim

Thursday, January 4–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. There was some upbeat economic data from China released Thursday, to help boost world equity markets. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The U.S. indexes hit new record highs overnight.

Wednesday afternoon’s release of the minutes of the last Federal Open Market Committee (FOMC) meeting held on Dec. 12-13 saw the marketplace deem the minutes as favoring the hawkish camp on U.S. monetary policy. The FOMC members are still seeking a gradual rise in U.S. interest rates, with some members saying the new U.S. tax policy could raise GDP.

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