Daily Morning Report

Tuesday, November 7–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight, boosted by energy stocks as oil prices are at two-year highs. Many world stock indexes are at record or multi-year highs. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

Nymex crude oil futures prices are near steady after hitting a two-year high overnight. Brent crude oil futures are also at a two-year high. The rally in the oil market is an underlying bullish element for most of the other raw commodity markets. However, it will be very tough for Nymex crude to sustain prices above $60.00 a barrel.

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The Nymex crude oil futures market sees prices in an accelerating uptrend and hitting a nine-month high on Monday. The oil market bulls are in firm near-term technical control. However, recent chart history shows that as prices approach $60.00 a barrel, gains will be harder to sustain. And if recent history is indeed foretelling, the crude oil market is very close to topping out. Stay tuned!–Jim

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.

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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.

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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.

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