Daily Morning Report

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.

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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.

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The red industrial metal is called “Dr. Copper” because it’s such an important market worldwide. When copper prices rise, that means increasing worldwide construction, which in turn means growing world economies, which in turn means rallying world stock and commodity markets. So, with Dr. Copper hitting a 3.5-year high this week, the coming new year looks bullish for equities and the raw commodity sector, overall. Oh, and by the way, the soaring copper market strongly suggests inflation is on the rise, too. Stay tuned!–Jim

The corn futures market last Friday produced a bullish weekly high close, which is one early chart signal that a market bottom is finally in place. However, make no mistake: The corn market bulls have much heavy lifting to to in the near term to suggest a significant price uptrend can be sustained. More likely in the coming weeks is a choppy and sideways trading affair, with minimal price gains. Still, the bulls can argue such price action is base-building for a rally that is not too far off in the distance. Stay tuned!–Jim

Tuesday, December 26–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed to weaker overnight in quieter, post-holiday trading. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

There were no major news developments overnight or over the long holiday weekend to move the markets significantly.

The key outside markets on Monday morning find the U.S. dollar index and Nymex crude oil prices hovering near steady levels.

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