Daily Morning Report

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

Monday, October 9–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher in overnight trading. There were some significant geopolitical events occurring over the weekend, but the world marketplace has so far Monday shrugged them off as mostly nothing new. U.S. stock indexes are also 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 solidly higher in pre-U.S.-session trading Monday. Short covering and bargain hunting are featured following recent selling pressure that drove gold and silver prices to a two-month low last week.

Thousands of Spaniards on Sunday protested any secession of Catalonia, after that region voted to be independent recently. The U.S. and Turkey saw a diplomatic row escalate over the weekend when both countries put restrictions on visas for the other country. The Turkish lira dropped sharply Monday on the situation. And the U.S.-North Korea war of words continued during the weekend, with both sides spouting off.

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Friday, October 6–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed in quieter overnight trading. U.S. stock indexes are also pointed narrowly mixed openings when the New York day session begins. The U.S. stock indexes are at or near record highs, to underscore the lack of risk aversion in the marketplace at this time. Also, the VIX (volatility index) has fallen to an all-time low. Other major world stock indexes are also on big bull runs.

Gold prices are weaker in pre-U.S.-day-session trading. Near-term price downtrends remain in place for the gold and silver markets and bears have the chart advantage in both. The bull market in equities has funneled money away from the safe-haven gold market.

Traders and investors are awaiting Friday morning’s U.S. employment report for September from the Labor Department. The key non-farm payrolls number is expected to come in at up only 80,000, according to a Dow Jones Newswires survey. The unusually low non-farm jobs growth estimate is due to two major hurricanes that hit the U.S. mainland in September. A big miss on the non-farm jobs number, from the forecast, may not rattle the markets too much, due to the uncertain impact of the major hurricanes.

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The Euro currency bulls have faded recently and a fledgling downtrend line is in place, as seen on the daily bar chart for December futures. Recent price action suggests the Euro currency has put in a near-term market top. See the support and resistance levels on the chart. Stay tuned!–Jim