Daily Morning Report

Tuesday, September 5–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight. Asian stocks were mostly lower and European stocks were mostly higher overnight as investors and traders around the world have had two days to digest the latest North Korea nuclear bomb test, which is reported to be the biggest bomb yet. The U.S. says North Korea is “begging for war” as this major geopolitical matter is ratcheted up yet another notch. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. U.S. traders are seeing their first day back at work Tuesday, following the Labor Day holiday weekend.

Gold prices are higher and hit a 10-month high overnight, on safe-haven demand amid the North Korea crisis.

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Friday, September 1–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher again overnight as investor risk appetite quickly returned to the world marketplace after North Korea fired a missile over Japan on Tuesday. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. U.S. stock indexes are at or close to record highs.

Gold prices are slightly lower on a corrective pullback from good gains posted Thursday, in which prices closed at a technically bullish monthly high close.

Traders and investors are awaiting the major U.S. data point of the week and arguably of the month: Friday morning’s employment situation report for August from the Labor Department. The non-farm jobs number is forecast to come in at up around 180,000. However, Wednesday’s higher-than-expected ADP jobs number has many thinking Friday’s employment report will be a miss to the upside. The wage-growth component of the jobs report will also be an important number. Look for many markets to become more active in the immediate aftermath of the jobs report, especially if it’s a miss from market expectations.

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The e-mini S&P futures bulls are having a good week and have regained upside technical momentum, to suggest at least a challenge of the contract and record high scored in early August. As has been the case in recent months, the U.S. stock index bulls have proven to be very resilient. The bulls be warned, however, that the historically turbulent months of September and October lie just ahead. Stay tuned!–Jim

Thursday, August 31–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight as investor risk appetite has up-ticked quickly after Tuesday’s latest provocation from North Korea, in which it fired a missile over Japan. Upbeat economic data from the U.S., China and the European Union is keeping investors in a positive mood. U.S. stock indexes are also pointed toward firmer openings when the New York day session begins.

Gold prices are weaker on the better investor risk appetite and on some more profit taking from recent gains that saw prices earlier this week hit an 11-month high.

Today is the last trading day of the month, which makes it a more important day from a charts perspective. A monthly high or low close in a market today would be very significant, from a technical perspective.

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Wednesday, August 30–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer overnight, on corrective bounces from selling pressure seen Tuesday. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. As has been the case recently, North Korea’s latest provocation to the U.S. by launching a missile over Japan Tuesday has not had a lasting impact on trader and investor risk aversion.

Gold prices are slightly lower on some mild profit taking from recent gains that pushed the yellow metal to an 11-month high on Tuesday.

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The gold market hit an 11-month high Tuesday amid safe-haven demand and technical buying. The U.S.-North Korea tensions will continue to support gold. And the yellow metal is also in a solid price uptrend. Bulls are powerful and are now targeting their next major upside objective: pushing prices above stiff chart resistance at $1,350.00. Stay tuned!–Jim