Daily Morning Report

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

Tuesday, October 3–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The S&P 500 index scored another record high overnight. Risk appetite is back in the marketplace despite geopolitics and this being the historically troublesome month of October.

Gold prices are weaker again and hit a seven-week low overnight. Prices are in a steep three-week-old downtrend on the daily bar chart and the bears have the near-term technical advantage.

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Monday, October 2–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.

The war of words between the U.S. and North Korea flared up again over the weekend. After the U.S. Secretary of State Rex Tillerson suggested there is some dialogue taking place with North Korea regarding its nuclear missiles, President Trump then tweeted “save your energy Rex.” So far, the world markets are not reacting strongly to the weekend developments on the geopolitical front.

As the month of October begins, the month of September turned out to be one of the least volatile months for the U.S. stock market in over 65 years.

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The U.S. Treasury bond and notes futures market bulls have run into a buzz saw the past couple weeks. See on the daily bar chart for December T-Bond futures that prices are in a solid downtrend and have hit a two-month low. Ideas of better world economic growth prospects and major central banks tightening their monetary policies in the near futures have helped to sink the U.S. Treasury markets. It’s likely going to take a geopolitical scare to ignite a U.S. Treasury market rally via flight-to-quality demand. Stay tuned!–Jim