Daily Morning Report

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.

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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.

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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

Monday, July 31–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.

Gold prices are slightly lower in pre-U.S.-session trading after scoring a six-week high overnight. The gold bulls still have good upside near-term technical momentum, amid a steep price uptrend in place on the daily bar chart.

The weekend news that North Korea launched another ballistic test missile, which experts say could now reach well into the U.S. mainland, is not having a major impact on world markets. However, this matter could well be the next geopolitical flashpoint, as the U.S. says it will not allow North Korea to have such a capability.

Russia over the weekend announced it is expelling 750 U.S. diplomats in retaliation for U.S.-imposed sanctions on Russia. That news has no impact on markets, but underscores frayed relations between the two super powers.

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Friday, July 28–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mostly weaker overnight. U.S. stock indexes are also pointed to lower openings when the New York day session begins. The near-term technical postures for the U.S. stock indexes are starting to deteriorate. Bearish weekly low closes on Friday would begin to suggest the indexes have put in near-term tops.

Gold prices are trading slightly lower in pre-U.S.-session action, on a mild corrective pullback from good gains Thursday that pushed the yellow metal to a six-week high.

The marketplace is awaiting the U.S. second-quarter advance gross domestic product (GDP) report, due out at 8:30 a.m. EDT Friday morning. Forecasts are calling for GDP growth of 2.7% in 2Q, year-on-year, versus the first-quarter reading of up 1.4%.

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The gold market hit a six-week high late this week and the bulls are back in business. More sideways-to-higher price action is likely in the near term. Stay tuned!–Jim