Wednesday, December 6–Jim Wyckoff’s Morning Markets Report
While world stock markets were mostly lower overnight, U.S. stock indexes are pointed to weaker openings when the New York day session begins. Asian stock indexes led the declines, amid worries about China’s economic growth prospects. A big drop in copper prices this week has also spooked equity market traders.
It’s a bit of a “risk-off” trader/investor mentality in the marketplace at mid-week. Safe-haven gold and U.S. Treasury prices are trading up as the world equity markets are under selling pressure.
The key “outside markets” Wednesday morning see the U.S. dollar index slightly lower. Nymex crude oil futures prices are also weaker early today.