Daily Morning Report

Thursday, August 24–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer in quieter trading Thursday. U.S. stock indexes are also pointed toward modestly higher openings when the New York day session begins.

Gold prices are weaker, amid bearish “outside markets” today—firmer stock markets and U.S. dollar index, and weaker crude oil prices.

Stock, currency and financial markets have been quieter this week, ahead of the highly anticipated annual world central bankers meeting in Jackson Hole, Wyoming, that begins today. Featured speakers at the three-day event include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. Traders and investors will closely examine the Jackson Hole speeches for any clues on future monetary policy moves by the world’s major central banks. There are ideas the central bankers will mention very low inflation, which could be extrapolated to mean keeping very accommodative monetary policies in place longer. Draghi’s remarks are likely to impact the Euro currency, especially after the ECB has recently expressed a bit of concern about the appreciation of the Euro. In recent years the Jackson Hole central bankers confab has significantly moved the markets.

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Wednesday, August 23–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker Wednesday. U.S. stock indexes are also pointed toward lower openings when the New York day session begins. World stock markets are having a tough month of August, heading into the historically even tougher months of September and October.

Gold prices are slightly higher in pre-U.S.-session trading. Gold prices are in a near-term uptrend, but struggle when prices approach the key resistance level of $1,300.00.

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The Nymex crude oil futures market is presently trapped in a choppy trading range, bound by stiff overhead resistance at $50.00 a barrel and by solid support at $45.00. Look for price action in crude oil to remain choppy and sideways for at least the near term. Stay tuned!–Jim

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