WEEKLY MARKET DIGEST: SPENDING AT 6 YEAR HIGH, CHINA BUBBLE BURSTING $GLD $SLV $USO $DIA $SPY $QQQ $TBF $TBT

WEEKLY MARKET DIGEST: CHINA BUBBLE MAY BE BURSTING $GLD $SLV $USO $DIA $SPY $QQQ $TBF $TBT

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

SHANGHAI PLUNGES 7.4%, FINAL GREEK TALKS AHEAD

Overnight Shanghai market plunged 7.4%.

Final talks on Greece are ahead this weekend creating a lot of uncertainty.  European leaders are publicly beginning to prepare for failure of the talks.

Earlier this morning for a brief period there was aggressive selling in oil, gold, silver, and  bonds.  It appears that some market participants are trading on the theory that Greek talks will fail, dollar will rise, and that will hurt gold, silver, and oil.

Our very, very short-term early stock market indicator is neutral.

Gold futures are at $1171, silver futures are at $15.72, and oil futures are $58.95.

S&P 500 resistance levels are 2100, 2111, and 2132; support levels are 2063, 2038, and 2017.

DJIA futures are up 41 points.

 

SPENDING HITS SIX YEAR HIGH, SUPREME COURT DECISION AHEAD

Personal spending growth increased 0.9% in May vs. consensus of 0.7%.  This is good news since the U. S. economy is 70% based on consumer spending.

The Supreme Court is likely to announce some decisions today.  If Obamacare subsidies decision is announced, it may lead to opportunities.  Please stay extra alert.

In Europe, negotiations continue on Greece.

In Shanghai the market fell about 3.5%.

Gold, silver,  oil and interest rates are listless.

Our very, very short-term early stock market indicator is mild positive.

Gold futures are at $1172, silver futures are at $15.77, and oil futures are $59.77.

S&P 500 resistance levels are 2132, 2150, and 2200; support levels are 2100, 2063, and 2038.

DJIA futures are up 58 points.

NICE UPWARD GDP REVISION BUT DOUBTS ABOUT GREECE SOURED THE MOOD

Third estimate of Q1 GDP came at -0.2% vs. second estimate of -0.7%.  Subscribers may recall that earlier our analysis had indicated that -0.7% GDP contraction was abhorrent.  The new third estimate is in line with our analysis.

On the new GDP estimate, U. S. stocks would have been expected to jump higher but doubts about Greece are souring the mood.  Greece seems to be backpedaling on some earlier concessions.  There are also some reports that Germany is insisting on approval by the Greek Parliament.  There is significant opposition to the proposed deal in the Greek Parliament.

Oil is having difficulty holding the $61 level ahead of DOE data to be released at 10:30 am ET.  API inventory data showed larger draw than the consensus.  Oil did not move on the API news as the news had leaked out earlier in the day causing a spike in oil yesterday mid-morning.

Even doubts over Greece are not helping gold and silver this morning.

Interest rates are hanging near their highs.

Our very, very short-term early stock market indicator is negative.

Gold futures are at $1171, silver futures are at $15.78, and oil futures are $60.95.

S&P 500 resistance levels are 2132, 2150, and 2200; support levels are 2100, 2063, and 2038.

DJIA futures are down 73 points.

AGGRESSIVE DOLLAR BUYING, PLATINUM HITS SIX YEAR LOW

The dollar is being bought aggressively this morning.

Gold and silver are retreating in the face of stronger dollar.

Platinum which is part of the precious metal group hit a six-year low.

If the dollar continues to rise, it will hit multinationals and the U. S. stock market.

Interest rates in the U. S. are rocketing up supporting the rise in the dollar.

Durable Goods x-trans came at 0.5% vs. 0.6% consensus.

Optimism on Greece continues.  However, investors should be cautious as there is a fair amount of opposition from the leftists in Greece.

Our very, very short-term early stock market indicator is neutral.

Gold futures are at $1177, silver futures are at $15.81, and oil futures are $60.12.

S&P 500 resistance levels are 2132, 2150, and 2200; support levels are 2100, 2063, and 2038.

DJIA futures are up 11 points.

DAX UP 3% ON OPTIMISM OVER GREECE, SUPREME COURT DECISION NEARS

DAX, which represents stocks in Germany, is up 3% on optimism over Greece.  Greece has proposed a different way of reaching financial targets that creditors want.

The Supreme Court decision on healthcare nears, possibly yet today.

Interest rates are range bound. However, 10 year bund yield in Germany is higher by nine basis points.

There is significant selling in oil.

Gold and silver are listless.

Our very, very short-term early stock market indicator is positive.

Gold futures are at $1191, silver futures are at $16.10, and oil futures are $59.50.

S&P 500 resistance levels are 2132, 2150, and 2200; support levels are 2100, 2063, and 2038.

DJIA futures are up 129 points.

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