(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
OIL FALLS AS OPEC DOES NOT AGREE ON PRODUCTION CUTS
WTI oil has fallen below $70 as OPEC does not agree on production cuts.
Currencies of commodity countries such as Australia, Brazil, Canada, and Norway are falling.
Gold is following oil lower.
Interest rates are falling on the specter of deflation.
Our very, very short-term early stock market indicator is negative.
Gold futures are at $1183, silver futures are at $15.94, and oil futures are $69.22.
S&P 500 resistance level is 2100; support levels are 2063, 2038, and 2017.
DJIA futures are up 14 points.
POSITION SQUARING AHEAD OF KEY OPEC MEETING AND DISAPPOINTING ECONOMIC DATA
OPEC is meeting tomorrow in Vienna. Expect position squaring in oil today especially since American traders will be on holiday tomorrow.
Economic data released this morning is disappointing. Personal Income came at 0.2% vs. 0.4% consensus, Personal Spending came at 0.2% vs. 0.3% consensus. Durable Goods, ex-Transports came at -0.9% vs. +0.5% consensus.
Interest rates are falling on disappointing economic data and gold is trying to bounce.
Our very, very short-term early stock market indicator is mild negative.
Gold futures are at $1196, silver futures are at $16.55, and oil futures are $73.61.
S&P 500 resistance level is 2100; support levels are 2063, 2038, and 2017.
DJIA futures are down 4 points.
ROBUST GDP NUMBERS SHOWS U. S. ECONOMY DOING WELL, GOLD VOLATILE
Q3 GDP-Second Estimate came at 3.9% vs. 3.2% consensus. This shows that the U. S. economy is doing well. Of note is that gold spiked to $1202 right before the number was released and spiked down to $1190 right after the number was released.
Oil and interest rates are range bound.
Our very, very short-term early stock market indicator is neutral.
Gold futures are at $1195, silver futures are at $16.56, and oil futures are $76.27.
S&P 500 resistance levels is 2100; support levels are 2063, 2038, and 2000.
DJIA futures are up 39 points.
HOLIDAY SHORTENED WEEK IS FULL OF MARKET MOVING DATA
The holiday shortened week is full of market moving data including GDP, Durable Orders and Personal Spending.
Oil may react to Iran nuclear talks being extended. Also OPEC meets in Vienna this week.
In early trade, gold and oil are range bound.
Interest rates have slightly inched up.
Our very, very short-term early stock market indicator is neutral with a positive bias.
Gold futures are at $1197, silver futures are at $16.41, and oil futures are $76.16.
S&P 500 resistance levels is 2100; support levels are 2063, 2038, and 2017.
DJIA futures are up 42 points.
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