Dominate Your Market
Monday, November 6–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed in overnight trading. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.
There is some risk aversion in the marketplace to start the trading week, after a major shake-up occurred in Saudi Arabia’s ruling system over the weekend. Saudi princes and businessmen were arrested to weed out corruption, according to the Saudi Kingdom.
Friday, November 3–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were little changed overnight, ahead of the U.S. employment report for October that is released at 8:30 a.m. EDT. The key non-farm payrolls number is forecast to come in at up 315,000. Look for more active trading in many markets following the jobs report release—especially if the non-farm number is a big miss. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
There were no major news developments overnight to move the markets.
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 USDX that prices are in an uptrend and have recently hit a multi-month high. Price action this week has formed a bull flag pattern, to suggest still more upside for the greenback in the near term. Stay tuned!–Jim
Thursday, November 2–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.
It is a busy day of economic and political activity Thursday.
Traders and investors are expecting U.S. president Donald Trump to nominate Federal Reserve governor Jerome Powell as the next chairman of the Fed. Fed watchers say Powell has monetary policy thoughts that are similar to current Fed Chair Janet Yellen.
House Republicans are also set to unveil a new tax-reform plan, possibly as soon as Thursday.
Wednesday, November 1–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins, as the indexes overnight hit new record highs.
The world markets showed little reaction to a terrorist attack in New York City that killed at least eight people.
The key “outside markets” on Wednesday morning find the U.S. dollar index higher. The greenback bulls have the overall near-term technical advantage. Meantime, Nymex crude oil futures prices are higher and hit a six-month high overnight. Prices are trading right around $55.00 a barrel.
The Federal Reserve’s FOMC meeting that began Tuesday morning ends Wednesday afternoon with a statement. No monetary policy changes are expected at this meeting, but as usual traders and investors will parse the FOMC statement at the end of the meeting. It’s expected the FOMC will slightly raise U.S. interest rates at the next meeting in December.
The live cattle, feeder cattle and lean hog futures markets have exploded to the upside this week. Prices on Tuesday closed at bullish monthly high closes, to suggest still more upside price pressure in the near term. The strong rally in the livestock sector, crude oil prices hitting a six-month high this week, and some other major raw commodity markets showing signs of bottoming out are all good news for the raw commodity market bulls. The year 2018 is likely to be a very positive year for the raw commodity market bulls. Stay tuned!–Jim
