(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
DISAPPOINTING MOTHER OF ALL ECONOMIC NUMBERS, GOLD JUMPS
September 6, 2013
Monthly U. S. jobs data is known as the mother of all numbers for good reason. First this is the data series that the Federal Reserve is targeting. Second on the average, this data series moves the markets more than any other economic data.
August Non-Farm Private Payrolls came at 152K vs. 180K consensus. July number also revised downwards to 104K from 162K.
Interest rates are falling on the poor data and gold is jumping. Prior to the release of the number, at one time gold traded under $1360 this morning; post data gold has jumped to $1392.
Stocks are moving higher as bulls hope that this data will delay taper.
Gold futures are at $1392, silver futures are at $23.78, and oil futures are $109.11.
S&P 500 resistance levels are 1675, 1700, and 1710; support levels are 1650, 1635, and 1625.
DJIA futures are up 66 points.
PRODUCTIVITY RISES AND LABOR COSTS STAY UNDER CONTROL, GOLD DOESN’T LIKE THE DATA
September 5, 2013
Q2 Productivity rose 2.3% vs. consensus of 1.5%.
Q2 Unit Labor Costs rose 0.0% vs. consensus of 1.0%.
Gold was up strong before the release of the data but fell into red immediately following release of the data.
Syria worries remain but so far stock market is mostly unchanged.
Gold futures are at $1391, silver futures are at $23.40, and oil futures are $107.54.
S&P 500 resistance levels are 1675, 1700, and 1710; support levels are 1635, 1625, and 1607.
DJIA futures are down 4 points.
THE BEIGE BOOK WILL BE THE MARKET MOVING EVENT TODAY, GOLD BELOW $1400
September 4, 2013
The Beige Book is a report published by the Fed prior to meetings of Federal Open Market Committee (FOMC). The Beige Book will be released at 2:00 pm ET; it is the most likely market moving event ahead.
Gold has broken below $1400 and silver has broken below $24. Oil has broken $108 as of this writing.
Gold futures are at $1391, silver futures are at $23.47, and oil futures are $107.73.
S&P 500 resistance levels are 1650, 1675, and 1700; support levels are 1625, 1607, and 1600.
DJIA futures are down 30 points.
SYRIA ATTACK POSTPONED
September 3, 2013
Over the weekend, in a dramatic move, Obama announced that he will seek congressional approval before an attack on Syria. Sunday and yesterday, oil, gold, and silver fell over seas and in futures that traded in the U. S. However this morning, both oil and gold have moved up.
Bonds have fallen and stocks are up strong.
There is a contradiction in the reaction between stocks on one hand and bonds, gold and oil on the other hand.
Gold futures are at $1399, silver futures are at $24.40, and oil futures are $107.43.
S&P 500 resistance levels are 1650, 1675, and 1700; support levels are 1635, 1625, and 1607.
DJIA futures are up 101 points.
