Daily Morning Report

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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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

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.

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