Daily Morning Report

Friday, September 15–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets traded narrowly mixed overnight and
U.S. stock indexes are pointed toward weaker openings when the New York day session begins.

Gold prices are slightly lower in pre-U.S.-day-session trading.

The marketplace is so far showing a very muted reaction to the news North Korea has fired another ballistic missile over Japan. The U.N. Security Council is holding an emergency meeting today on the matter. On Thursday North Korea threatened to “sink Japan” with its nuclear missiles and also to reduce the U.S. mainland “to ashes.” The big unknown in this situation is how far will President Trump be pushed before he responds with military force.

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Thursday, September 14–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mostly weaker overnight. Some weak economic data coming out of China dented investor risk appetite. Industrial production, fixed-asset investment and retail sales were all lower than expected in August. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

Gold prices are near steady in pre-U.S. day-session trading.

The marketplace is awaiting the conclusion of the Bank of England’s regular monetary policy meeting Thursday. The BOE is not expected to make any changes in its monetary policy.

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The U.S. stock indexes have recently hit record highs and the bulls are in firm near-term technical control. Bullish weekly high closes this Friday, or close to it, would signal another solid leg up in the indexes in the coming few weeks. Remember, however, that we are in the historically turbulent months of September and October. The major U.S. stock market crashes have mostly occurred in late September or October. Still, technicals are suggesting sideways to higher price action in the U.S. stock indexes, until there is a bearish near-term chart signal to suggest otherwise. Stay tuned!–Jim

Wednesday, September 13–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed in quieter trading overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins, on some mild profit taking. The U.S. stock indexes have set record highs this week.

Gold prices are higher in pre-U.S.-session trading. Gold prices are still in a near-term uptrend despite some profit-taking pressure seen this week.

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Tuesday, September 12–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer again overnight. Early this week has seen trader and investor risk appetite return to the world marketplace. 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. The world stock markets are so far “thumbing their noses” at what have been historically troublesome months of September and October.

News the United Nations Security Council late Monday imposed new sanctions on North Korea that were not as harsh as the U.S. wanted is being perceived as somewhat de-escalating the tensions between the U.S. and North Korea.

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The Euro currency futures market remains in a strong uptrend and prices last week hit a 2.5-year high. “The trend is your friend” is a tried and true market adage. The path of least resistance for the Euro currency remains sideways to higher–until there is a significant near-term technical signal to suggest otherwise. Stay tuned!–Jim