Daily Morning Report

Thursday, July 27–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

Global stock markets were mostly firmer overnight in the wake of a U.S. Federal Reserve meeting that produced a statement most of the markets deemed as leaning to the dovish side of U.S. monetary policy. Recent corporate earnings reports have also been mostly upbeat. U.S. stock indexes are pointed toward higher and record high openings when the New York day session begins.

Gold is posting solid gains Thursday in the wake of the dovish Fed statement that pushed the U.S. dollar index to a 13-month low. Reports overnight said India is moving to make “paper” gold (such as sovereign gold bonds) more attractive to its domestic investors, in order to reduce demand for actual gold bullion.

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Wednesday, July 26–Jim Wyckoff’s Morning Markets Report

OVERNIGHT DEVELOPMENTS

World stock markets were mostly firmer in subdued trading overnight, as the marketplace awaits today’s FOMC meeting conclusion. U.S. stock indexes are slightly higher just ahead of the New York day session.

Gold prices are moderately lower today on more profit-taking from the shorter-term futures traders, after recent price gains.

Traders and investors are awaiting the conclusion of the Federal Reserve’s Open Market Committee meeting (FOMC) that began Tuesday morning and ends early this 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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The weather in the U.S. has cooled off a bit and so has the corn futures market. Has the serious weather market in the grains in July run its course? Some think so. However, price action in the corn and soybean markets the rest of this week will help to determine if the weather market dies and volatility settles down. Remember that weather forecasts in the Corn Belt in the summertime can flip-flop. Stay tuned!–Jim

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