Daily Morning Report

Tuesday, July 25–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global equity markets were steady to narrowly mixed in quieter overnight dealings. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The U.S. indexes are at or near record highs with no early chart clues to suggest they are topping out.

Gold prices are moderately lower in pre-U.S. session trading, on some normal profit taking from recent gains that saw prices hit a four-week high on Monday.

Focus of the world marketplace is on the Federal Reserve’s Open Market Committee meeting (FOMC) that begins Tuesday morning and ends early Wednesday afternoon with a statement. No changes in U.S. monetary policy are expected. However, the Fed could indicate the timing of reducing its big balance sheet of U.S. securities. The tone of the FOMC statement will also be important for markets. Just recently Federal Reserve Chair Janet Yellen has sounded a more dovish tone on U.S. monetary policy.

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Monday, July 24–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly weaker overnight. The very low volatility in global equity indexes continues. Such may continue to be the case until after the U.S. Labor Day holiday in early September.

Gold prices are firmer and hit a four-week high in pre-U.S. day session trading. Bulls have upside momentum to suggest more gains in the near term.

Focus of the world marketplace this week will be on the Federal Reserve’s Open Market Committee meeting (FOMC) that begins Tuesday morning and ends early Wednesday afternoon with a statement. No changes in U.S. monetary policy are expected at this meeting. However, the tone of the FOMC statement will be important for markets. Just recently Federal Reserve Chair Janet Yellen has sounded a more dovish tone on U.S. monetary policy.

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The U.S. dollar index is a basket of six major world currencies stacked up against the greenback. See on the daily bar chart that the dollar bears are in strong command, with no early chart clues that a market bottom is close at hand. A depreciating dollar is a bullish element for the raw commodity sector. Stay tuned!–Jim

Friday, July 21–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global equity markets were steady to narrowly mixed overnight, in quieter dealings amid a lack of fresh, major fundamental news to drive the markets. A lazy, hazy summertime trading atmosphere has enveloped U.S. and European stock markets. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

Gold prices are firmer and hit a three-week high overnight. Prices are in a two-week-old uptrend and bulls have momentum.

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