Daily Morning Report

Thursday, October 12–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly up overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. U.S. stock indexes are near this week’s record highs. Japan’s Nikkei stock index hit another 21-year high overnight. Stock market traders are not paying much attention to geopolitics at present, as their risk appetites remain strong.

Gold and silver prices are higher and hit two-week highs in pre-U.S.-session trading. The slumping U.S. dollar this week is a bullish element for the precious metals markets.

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The gold market has seen a good price bounce this week and is now challenging the key psychological resistance level of $1,300. The bulls have more work to to in the near term to suggest a price uptrend can be sustained. If prices continue to rally this week and close out Friday at or near the weekly high, then technical odds would significantly increase that gold prices can trend sideways to higher at least into the end of the year. Stay tuned!–Jim

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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