Daily Morning Report

Friday, October 13–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. Many world stock indexes are at or near record or multi-year highs. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.

Stock market traders and investors are focusing on upbeat world economic growth prospects as a bullish tonic. However, they are paying little attention to geopolitics. If the stock market community does begin to pay more attention to geopolitics (which will likely be the case) then look for increased money flows out of equities and into hard assets like gold and other raw commodities.

New on the geopolitical front Friday morning are reports that President Trump is ready to decertify the U.S-Iran nuclear agreement from the Obama administration. Also, reports said Brexit talks between the U.K. and the European Union are not going well.

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Thursday, October 12–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly up overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. U.S. stock indexes are near this week’s record highs. Japan’s Nikkei stock index hit another 21-year high overnight. Stock market traders are not paying much attention to geopolitics at present, as their risk appetites remain strong.

Gold and silver prices are higher and hit two-week highs in pre-U.S.-session trading. The slumping U.S. dollar this week is a bullish element for the precious metals markets.

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The gold market has seen a good price bounce this week and is now challenging the key psychological resistance level of $1,300. The bulls have more work to to in the near term to suggest a price uptrend can be sustained. If prices continue to rally this week and close out Friday at or near the weekly high, then technical odds would significantly increase that gold prices can trend sideways to higher at least into the end of the year. Stay tuned!–Jim

Wednesday, October 11–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. U.S. stock indexes are at or near record highs. Japan’s Nikkei stock index hit a 21-year high overnight.

Gold prices are slightly lower in pre-U.S.-session trading, on a corrective pullback from good gains scored this week.

While gold has seen some safe-haven demand this week, amid geopolitical tensions that include the U.S.-North Korea stand-off and a region of Spain wanting to secede, the world stock markets are not exhibiting much risk aversion at all.

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Tuesday, October 10–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed in overnight trading. Asian stock indexes were mostly firmer and European stock indexes were mostly weaker. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The U.S. stock indexes are at or near record highs.

Gold prices are higher and once again closing in on the psychologically important $1,300.00 level. Safe-haven demand and short covering are featured in gold and silver markets early this week.

In overnight news, geopolitical worries were ratcheted up a notch on reports U.S. President Donald Trump will stop at the North Korea-South Korea demilitarized zone to deliver a strong anti-North Korea speech, during his Asia trip next week. Also, U.S. Defense Secretary James Mattis reportedly told his Army officers to be ready, in case U.S.-North Korea negotiations fail.

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The soybean market bulls have shown resilience recently. See on the daily bar chart for January soybeans that prices remain in a seven-week-old uptrend, to suggest prices will continue to trend sideways to higher in the near term. My bias is that the bean market will trade at least sideways into the end of the year. Stay tuned!–Jim