Daily Morning Report

Friday, August 4–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed to weaker overnight, in quieter dealings ahead of U.S. jobs report. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.

Gold prices are slightly higher in pre-U.S. session trading, on s mild bounce from some profit-taking pressure seen the past couple days.

Traders awaiting Friday morning’s U.S. employment report from the Labor Department, due out at 8:30 a.m. EDT. This report is arguably the most important U.S. data point of the month. Forecasts call for the key non-farm payrolls number to come in at up 180,000. The ADP national employment report on Wednesday showed a rise of 178,000 jobs. The marketplace will also be watching the hourly wage component of the jobs report. A lower-than-expected wage inflation reading could prompt ideas of still-very-low inflation pressures, which could in turn keep the Federal Reserve from raising interest rates as soon as it would like. A non-farm jobs reading on Friday morning that significantly misses market expectations is likely to impact many markets, including higher volatility in the immediate aftermath of the report.

Continue Reading

Thursday, August 3–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight, in the wake of the Dow Jones Industrial Average setting a record high above 22,000 on Wednesday. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

Gold prices are solidly lower in pre-U.S.-session trading, on profit taking from recent gains and amid a quieter geopolitical front this week.

Continue Reading

The past few weeks saw a serious weather market play out in the grain futures markets. With the big sell off in the soybean market on Tuesday, that was likely the nail in the coffin for this weather market. And weather forecasts for early August show very mild temperatures, although some more rain is still needed in parts of the western Corn Belt. Stay tuned!–Jim

Wednesday, August 2–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mixed overnight. However, technology shares worldwide were supported by upbeat earnings released Tuesday afternoon from technology leader Apple. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.

Gold prices are moderately lower in pre-U.S.-session trading today. The market is seeing some profit taking from recent gains and is pressured a bit as the U.S. dollar has stabilized at mid-week, after its recent sell off.

Continue Reading

Tuesday, August 1–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly higher overnight, boosted in part by upbeat corporate earnings reports and upturns in several raw commodity markets. U.S. stock indexes are pointed toward higher openings when the New York day session begins.

Gold prices are slightly lower on mild profit taking from recent good gains. The gold bulls still have the overall near-term technical advantage as prices are in an uptrend on the daily chart.

Continue Reading

The corn market is starting out the week with the bears controlling price action. It looks like the weather market in the U.S. Corn Belt may have played out. However, it’s still a bit too early to pronounce this latest weather market as dead. Stay tuned!–Jim