The gold market bulls are making a good showing heading down the stretch for 2017. Recent price gains have occurred in the safe-haven metal despite very little risk aversion in the world marketplace, as evidenced by rallying world stock markets, many of which are at record or multi-year highs. The bulls have some more work to do to suggest a price uptrend can be sustained, but they do have some technical momentum on their side. Stay tuned!–Jim
Daily Morning Report
World Markets Quieter Heading Into Holiday Weekend
Friday, December 22–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed to weaker overnight in quieter, pre-holiday trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. U.S. lawmakers passed a continuing resolution bill overnight to ensure the government did not shut down in the coming days.
There were no major news developments overnight to move the markets. Look for trading activity in most markets to be very light Friday, as some markets close early ahead of the three-day Christmas holiday weekend.
The key outside markets on Friday morning find the U.S. dollar index slightly higher and Nymex crude oil prices weaker.
World Stock Markets Mixed; Busy U.S. Data Day Thursday
Thursday, December 21–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed overnight in quieter, pre-holiday trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The U.S. tax-reform bill has become law. Lower U.S. tax rates coming in 2018 have bolstered already upbeat attitudes among traders and investors worldwide.
It’s a busy day Thursday for U.S. economic data. The big report of the week for the U.S. is this morning’s third-quarter revised GDP report. GDP is expected to be up 3.3%, year-on-year.
Other U.S. economic data due for release Thursday includes the weekly jobless claims report, the Chicago Fed national activity index, the Philadelphia Fed business survey, revised corporate profits, the monthly house price index, and leading economic indicators.
Bull Market Runs in U.S. Stock Indexes Roll On
The bull market in U.S. stock indexes rolls on, as the major indexes this week hit new contract and record highs. There are no early, solid technical clues to suggest market tops are close at hand for the U.S. indexes. The “Santa Claus” rally that stock markets typically see at the end of the year has been taking place ALL of this year. For the March e-mini S&P futures, prices will have to drop below chart support at 2,650.00 before bullish near-term technical power is significantly dented. Stay tuned!–Jim
U.S. Tax Bill Passage Adds to Investor/Trader Risk Appetite
Wednesday, December 20–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The U.S. House and Senate passed the highly anticipated tax-reform bill Wednesday. Now the bill heads back to the House for final approval and then a signature by President Trump. Lower U.S. tax rates coming in 2018 have added to the upbeat attitudes among traders and investors worldwide.
In overnight news, reports said China is expected to soon launch a Chinese yuan-based crude oil futures market. China wants to take at least some of crude oil’s market-making out of London and New York. China is the world’s largest importer of crude oil. A successful China crude oil futures market would challenge the dominance of the U.S. dollar in world crude oil pricing. However, many energy market watchers say the Chinese have a long way to go before a China oil futures market would seriously challenge those in New York and London.
World Stock Markets Mixed in Quieter Dealings
Tuesday, December 19–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. There continues to be little risk aversion in the world marketplace, and that’s bullish for world stock markets, many of which are at or near record or multi-year highs.
Look for trading activity in most markets to dwindle as this week progresses, ahead of the upcoming Christmas holiday weekend.
In overnight news, the closely watched German Ifo business climate index fell in December to 117.2 from the record high of 117.6 in November. A number of 117.5 was expected for December.