(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
QUARTER END WINDOW DRESSING
Gold is pulling back after Smart Money aggressively sold into the gold rally.
Oil and interest rates are range bound.
Our very, very short-term early market indicator is neutral with negative bias.
Gold futures are at $1217, silver futures are at $17.48, and oil futures are $91.89.
S&P 500 resistance levels are 1975, 2000, and 2017; support levels are 1950, 1925, and 1900.
DJIA futures are up 13 points.
MASSIVE SHORT SQUEEZE IN STOCKS
In Benghazi, Libya, a war plan belonging to General Haftar attacked a ship trying to supply Islamist forces. Oil spiked but gold did not move on the news.
Durable Goods ex-transports came at 0.7% vs. o.6% consensus.
Our very, very short-term early market indicator is mildly negative.
Gold futures are at $1212, silver futures are at $17.49, and oil futures are $92.50.
S&P 500 resistance levels are 2000 and 2017; support levels are 1975, 1950, and 1925.
DJIA futures are down 30 points.
GREEK CONCERNS WEIGH ON THE MARKETS
There has been intense selling of Greek bonds for the second day in a row. The selling is triggered by plans for an early bailout exit. The concern is that the plan increases risks for investors.
Yesterday, we shared with you lower than expected German PMI number. Today, there are more worries regarding German economy as IFO, which represents business sentiment, fell below expectations.
Our very, very short-term early market indicators are neutral.
Gold, oil, and interest rates are range bound.
Gold futures are at $1221, silver futures are at $17.67, and oil futures are $90.93.
S&P 500 resistance levels are 2000 and 2017; support levels are 1950, 1925, and 1900.
DJIA futures are up 33 points.
EUROPEAN DATA AND INVERSION RULES SPOOK THE MARKETS, NO CONCERN ABOUT SYRIA
Last night the U. S. made an impressive show of allies and fire power in bombing ISIS infrastructure in Syria. Other than momo crowd buying gold, no other market, including oil, seems to care.
This morning markets are spooked by two events. German Manufacturing PMI fell to 50.3 vs. consensus of 51.2. Second, the U. S. Treasury has issued new rules that impact tax inversions used by corporations to merge with foreign entities and reduce U. S. taxes. This will have serious impact on several pending deals.
Our very, very short-term early market indicator is mildly negative.
Gold futures are at $1226, silver futures are at $17.71, and oil futures are $90.65.
S&P 500 resistance levels are 2000 and 2017; support levels are 1975, 1950, and 1925.
DJIA futures are down 53 points.
PROFIT TAKING AFTER OPTION EXPIRATION
Last week we informed you that part of the rise in the market was attributable to option expiration and such rise typically reverses the week after option expiration. This morning our very, very short-term market indicators are showing some profit taking resulting in a quick down-draft.
Gold and oil are drifting down.
Interest rates are falling.
Gold futures are at $1215, silver futures are at $17.04, and oil futures are $92.21.
S&P 500 resistance levels are 2000 and 2017; support levels are 1975, 1950, and 1925.
DJIA futures are down 39 points.
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