WEEKLY MARKET DIGEST: MIXED EARNINGS, GOLD STRENGTHENS $GLD $SLV $USO $DIA $SPY $QQQ $TBF $TBT

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(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers.)

MIXED EARNINGS, GOLD STRENGTHENS

July 19, 2013

Yesterday after the market close there was an earnings wreck from three important companies, namely MSFT, GOOG, and CYH.   This morning there are good earnings from four important companies, namely GE, HON, SLB, and WHR.

Gold is rising on Asian buying ahead of the Japanese elections.  The speculation is that the ruling party will win big and print more money.

Gold futures are at $1292, silver futures are at $19.44, and oil futures are $109.08.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1650, 1635, and 1625.

DJIA futures are down 36 points.

DAY TWO OF BERNANKE TESTIMONY

July 18, 2013

Today is the day two of Bernanke testimony.  Testimony is already known from yesterday, the focus will be on Q&A.  Yesterday Bernanke was only asked soft questions.  Expectation is that today he will be asked some hard questions; his answers may move the markets.

Gold futures are at $1284, silver futures are at $19.43, and oil futures are $107.1.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1650, 1635, and 1625.

DJIA futures are up 18 points.

BERNANKE SAYS TAPER NOT ON PRESET COURSE

July 17, 2013

In his prepared testimony, Bernanke says that taper is not on a preset course. In our analysis, there is nothing new in Bernanke’s testimony. There may be new information during the Q&A session later in the morning. Please stay alert as there may be opportunities or action needed on existing positions.
Gold futures are at $1287, silver futures are at $19.84, and oil futures are $105.73.

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S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1650, 1635, and 1625.

DJIA futures are up 5 points.

ECONOMIC DATA IN LINE, GOLD SEES SUPPORT IN ASIA

July 16, 2013

June Industrial Production came at 0.3% vs 0.3% consensus.  June Capacity Utilization came at 77.8% vs 77.7% consensus.

Earnings parade continues, worse than expected earnings from KO but better than expected earnings from GS and JNJ.

Gold saw a fair amount of buying in Asia overnight.

Gold futures are at $1291, silver futures are at $19.93, and oil futures are $106.67.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1650, 1635, and 1625.

DJIA futures are up 5 points.

RELIEF OVER CHINESE GDP NUMBER

July 15, 2013

China GDP number came at 7.5%.  This is the lowest number since late 1990s.  There is relief in the markets because whisper numbers were even lower.

Retails sales in the U. S. were uninspiring.

Gold futures are at $1281, silver futures are at $19.79, and oil futures are $105.48.

S&P 500 resistance levels are 1675, and 1700; support levels are 1650, 1635, and 1625.

DJIA futures are up 35 points.

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