Daily Morning Report

Friday, November 10–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight, on profit taking and on worries about U.S. tax reform legislation getting bogged down in Congress. U.S. stock indexes are pointed toward moderately lower openings when the New York day session begins.

There were no significant news developments overnight to move the markets.

The key outside markets on Friday find U.S. dollar index near steady in early U.S. trading. The greenback bulls have faded a bit late this week.

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Thursday, November 9–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward modestly lower openings when the New York day session begins. The world stock indexes are seeing normal corrective, profit-taking pullbacks from recent gains that put the indexes at or near record or multi-year highs.

In overnight news, the Euro zone said it sees its annual GDP at up 2.2% in 2017 and at 2.1% in 2018. These numbers are a bit better than the previous GDP forecasts from the EU. The EU sees annual inflation for the bloc at 1.5% this year and at 1.4% in 2018. These numbers are slightly higher from the previous EU inflation forecasts.

U.S. President Trump is in China, as part of his big Asian trip. Reports said Trump and Chinese Premiere Xi are getting along very well, but there were no major breakthroughs on economic or North Korea matters.

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The U.S. Treasury bond futures prices have made a strong rebound from the October low. A steep fledgling uptrend is now in place and prices have just hit a seven-week high. The T-Bond bulls have regained the slight near-term technical advantage, which means the path of least resistance for prices is now sideways to higher for at least the near term. Stay tuned!–Jim

Wednesday, November 8–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were near steady to mixed overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. There are now perceptions U.S. tax reform legislation could get bogged down in the U.S. Congress. That’s a minor negative for stock markets worldwide, and a minor positive for gold and silver.

Gold prices are firmer Wednesday on some short covering and safe-haven demand. A power shake-up in Saudi Arabia last weekend and an attempted missile strike on Saudi Arabia from Iran-backed terrorists has injected some anxiety into the world marketplace.

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Tuesday, November 7–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight, boosted by energy stocks as oil prices are at two-year highs. Many world stock indexes are at record or multi-year highs. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

Nymex crude oil futures prices are near steady after hitting a two-year high overnight. Brent crude oil futures are also at a two-year high. The rally in the oil market is an underlying bullish element for most of the other raw commodity markets. However, it will be very tough for Nymex crude to sustain prices above $60.00 a barrel.

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The Nymex crude oil futures market sees prices in an accelerating uptrend and hitting a nine-month high on Monday. The oil market bulls are in firm near-term technical control. However, recent chart history shows that as prices approach $60.00 a barrel, gains will be harder to sustain. And if recent history is indeed foretelling, the crude oil market is very close to topping out. Stay tuned!–Jim