Daily Morning Report

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

Thursday, October 5–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed in quieter overnight trading. U.S. stock indexes are pointed toward near steady openings when the New York day session begins.

Gold prices are firmer in pre-U.S.-session trading, on more short covering and perceived bargain hunting following recent selling pressure.

Traders and investors are looking ahead to Friday’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.

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Wednesday, October 4–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower overnight, on normal downside corrections after recent gains. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. U.S. stock indexes are near their record highs.

Gold and silver prices are higher on bargain hunting and short covering, following recent selling pressure that pushed prices to seven-week lows earlier this week. A weaker U.S. dollar on this day is also favoring the gold and silver market bulls.

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The U.S. stock indexes are at or near record high right during the historically turbulent months of September and October. The stock index bulls are also ignoring geopolitics that are worrisome. The rallies in the U.S. stock indexes are very mature, but there are no early technical clues to suggest their bull runs will come to an end anytime soon. Stay tuned!–Jim