Daily Morning Report

Tuesday, August 22–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly up Tuesday, on corrective bounces from recent selling pressure. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. Many of the world stock indexes, including those from the U.S., are down overall for the month of August.

Gold prices are weaker in pre-U.S.-day-session trading, on some profit taking from recent gains.

The highlight of the trading week is the annual central bankers meeting held in Jackson Hole, Wyoming, Thursday through Saturday. Highlights of central bank speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. The marketplace will closely examine the Jackson Hole speeches for clues on future monetary policy moves by the world’s major central banks. In recent years the Jackson Hole central bankers confab has significantly moved the markets.

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Monday, August 21–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight. U.S. stock indexes are pointing toward narrowly mixed openings when the New York day session begins.

Gold prices are up slightly after pushing to a multi-month high on Friday. Gold bulls remain in firm near-term technical control amid a steep price uptrend in place on the daily bar chart.

The highlight of the trading week will be the annual central bankers meeting held in Jackson Hole, Wyoming, Thursday through Saturday. Highlights of central bank speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. The marketplace will closely examine the Jackson Hole speeches for clues on future monetary policy moves by the world’s major central banks. In recent years the Jackson Hole central bankers confab has significantly moved the markets.

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The summertime weather market that boosted the soybean futures market has long passed. Now, traders are looking into what will likely be a bountiful U.S. harvest that will begin in just a few weeks. The grain market bears are in full technical command. Now, most traders are wondering when the “harvest lows” will be in place. Stay tuned!–Jim

Friday, August 18–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly lower in overnight trading. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The marketplace is reacting with keener risk aversion to an ISIS terror attack in Barcelona, Spain Thursday, in which a van rain into a crowd and killed 13 people. A second attack in another town in Spain was thwarted by police, who killed five terrorists.

Gold prices are higher and hit a 2.5-month high above $1,300 an ounce on some more safe-haven demand and technical buying.

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Thursday, August 17–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed in overnight trading Thursday. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. Still, equities bulls are having the better week. There has been a perceived de-escalation in the U.S. and North Korea stand-off regarding its nuclear missiles, which has boosted trader and investor risk appetites. However, this matter will likely be on the front burner of the marketplace soon.

Gold prices are moderately higher in the aftermath of Wednesday afternoon’s FOMC minutes that showed FOMC members split of the prospects of further Federal Reserve interest rate increases in the coming months. Very low inflation readings from major economies around the world, including the U.S., are preventing the Fed from raising interest rates as soon as it would like.

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Wednesday, August 16–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher again Wednesday. U.S. stock indexes are also pointed toward higher openings when the New York day session begins. Equities bulls are having a very good week so far, as there has been a perceived de-escalation in the U.S. and North Korea stand-off regarding its nuclear missiles.

Reports said the U.S. and South Korean militaries will hold joint exercises next week, which are likely to again rile up North Korean leader Kim Jong Un. The U.S.-North Korea matter is not going to go away any time soon. Any flare-up in tensions is likely to see another rush by investors and traders into gold and U.S. Treasuries.

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