Daily Morning Report

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.

Continue Reading

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.

Continue Reading

Wednesday, January 3–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The U.S. indexes are at or near their record highs.

Tensions in Iran are still on the front burner of the market place. Demonstrators in that country are demanding an overthrow of the ruling government. Several protesters have been killed and the situation is not improving, according to reports. This matter is supporting the safe-haven gold and silver markets, as well as the crude oil market.

Continue Reading

The U.S. dollar index is a basket of six major world currencies weighted against the greenback. See on the daily bar chart for the March USDX futures that prices are in a downtrend and have just hit a more-than-three-month low. Bears are in command to suggest still more downside pressure in the near term. The slumping U.S. dollar is a bullish element for the raw commodity sector, as most major raw commodities in the world are priced in U.S. dollars. When the dollar depreciates it makes those commodities cheaper to purchase in non-U.S. currency. Stay tuned!–Jim

Tuesday, January 2–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed but mostly higher overnight, on the first trading day of the new year. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. Markets in Japan were closed today.

A feature in the marketplace early this week are rising tensions in Iran as demonstrators in that country are demanding an overthrow of the ruling government. There has been a violent crackdown on the demonstrators by the Iranian government. U.S. President Donald Trump has tweeted that he supports the demonstrators, which is a dramatic shift from the Obama administration that was much more low key on such matters.

Continue Reading