(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers.)
CONSUMER PRICES WELL BEHAVED
September 14, 2012
Core CPI came at 0.1% compared to consensus of 0.2%. Of course some people do not believe government statistics on inflation, but that is another story.
In view of QE3, it is important to keep a close eye on the following three economic number in the United States:
- Core CPI
- Core PPI
- GDP Price Deflator
Gold futures are at $1769, silver futures are at $34.50, and oil futures are $99.41.
S&P 500 resistance levels are 1465, 1480, and 1500; support levels are 1450, 1444, and 1439.
DJIA futures are up 32 points.
THE BIG FED DAY, PRO EUROPEANS WIN DUTCH ELECTION
September 13, 2012
Pro Europeans win the Dutch election. The Netherlands is important because it is a strong economy in Europe.
The Federal Reserve will announce its policy statement at 12:30 ET. The Fed will release its forecast at 2:00pm ET and Bernanke will give his press conference at 2:15 ET.
A few hours from now, we will know if there will be QE 3 and how big. The Fed decision may dramatically change the investing landscape.
Please be extra alert to your Real Time Feed.
Gold futures are at $1732, silver futures are at $33.11, and oil futures are $97.29.
S&P 500 resistance levels are 1439, 1444, and 1450; support levels are 1424, 1415, and 1410.
DJIA futures are down 26 points.
AMERICAN AMBASSADOR KILLED
September 12, 2012
American ambassador to Libya has been killed; oil and precious metals have moved up.
German Constitutional Court gives green light to ESM as expected; euro rises as a result of the ruling.
iPhone 5 launch is ahead.
Mostly the markets will wait for Fed announcement that will occur at 12:30 ET tomorrow.
Expect lots of volatility; on one hand upward momentum is strong, but on the other hand markets are very over bought and vulnerable to the downside.
Gold futures are at $1739, silver futures are at $97.34, and oil futures are $33.75.
S&P 500 resistance levels are 1439, 1444, and 1450; support levels are 1424, 1415, and 1410.
DJIA futures are up 46 points.
WAIT AND SEE MARKETS
September 11, 2012
Markets are in the mode of waiting for major events ahead as described yesterday in the morning capsule.
Oil is moving up strongly this morning on geopolitical concerns.
Gold futures are at $1734, silver futures are at $33.75, and oil futures are $97.06.
S&P 500 resistance levels are 1437, 1444, and 1450; support levels are 1424, 1415, and 1410.
DJIA futures are up 41 points.
MARKETS ARE OVER BOUGHT
September 10, 2012
Stock markets as well as precious metal markets across the world are over bought in the very short-term.
Event risk this week is very high. Events include German court decision on permanent rescue fund, Dutch elections, Troika in Athens, Federal Reserve meeting, European banking framework, and European finance ministers’ meeting.
Gold futures are at $1730, silver futures are at $33.50, and oil futures are $95.63.
S&P 500 resistance levels are 1437, 1444, and 1450; support levels are 1424, 1415, and 1410.
DJIA futures are down 25 points.
