WEEKLY MARKET DIGEST: CHINESE SELL GOLD AGAIN, SILVER FINALLY CRACKS, AUSSIE DOLLAR AND COPPER AT SIX YEAR LOW $AAPL $MSFT $WMT $AMZN $UTX $GLD $SLV $USO $TBT

 WEEKLY MARKET DIGEST: CHINESE SELL GOLD AGAIN, SILVER FINALLY CRACKS, AUSSIE DOLLAR AND COPPER AT SIX YEAR LOW  $AAPL $MSFT $WMT $AMZN $UTX $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. ) 

CHINESE SELL GOLD AGAIN, SILVER FINALLY CRACKS, AUSSIE DOLLAR AND COPPER AT SIX YEAR LOW

Last night Chinese sold gold aggressively.

Relative to its beta, silver has been holding remarkably well but Chinese finally cracked it lower with their selling.

The preliminary China Caixin PMI fell to 48.2 vs. consensus of 49.7.  This was a big surprise to the market.  Australian economy relies on exports to China.  China is a big user of copper.  Australian dollar dropped as low as $0.7292, a six year low.  Copper also fell as low as $2.35, also a six year low.

The U. S. stock market is celebrating Amazon (AMZN) becoming bigger than Wal-Mart (WMT) in terms of market capitalization after AMZN reported a surprise profit.

Oil hit $48.25 yesterday afternoon.  Since then it is experiencing mini short squeezes.

Interest rates continue to fall.

Our very, very short-term early stock market indicator is neutral but can quickly swing to either side.

Gold futures are at $1081, silver futures are at $14.43, and oil futures are $48.75.

S&P 500 resistance levels are 2111, 2132, and 2150; support levels are 2063, 2038, and 2017.

DJIA futures are down 27 points.

BUSIEST EARNINGS DAY

Today is the busiest day of the earnings season.  For a change, earnings reported after the close yesterday and so far this morning are better than expected.

Initial Unemployment Claims came at 255K vs. 279K consensus, employment picture continues to get better.  This is a leading indicator with heavy weight in our models.

Gold bulls try to rally gold hard and were helped with the pullback in the dollar.  However, so far, the rally appears to be failing.

Oil has decisively broken the major support at $50.

Interest rates are hanging near lows.

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

Gold futures are at $1094, silver futures are at $14.74, and oil futures are $49.33.

S&P 500 resistance levels are 2132, 2150, and 2200; support levels are 2063, 2038, and 2017.

DJIA futures are down 13 points.

MORE EARNINGS DISAPPOINTMENTS, SELLING IN GOLD CONTINUES

Investors have been running up stocks in anticipation of good earnings.  However the reality so far, with the exception of bank stocks, has been different.  Two notable worse than expected earnings are from Apple (AAPL) and Microsoft (MSFT).

Selling in gold continues.  Just before 8:00 am ET gold fell to $1086 before recovering.

Interest rates are falling again.

Oil is range bound.

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

Gold futures are at $1090, silver futures are at $14.71, and oil futures are $50.20.

S&P 500 resistance levels are 2111, 2132, and 2150; support levels are 2063, 2038, and 2017.

DJIA futures are down 65 points.

EARNINGS IN FULL SWING

This week is the busiest earnings week of the season.  In aggregate, so far, earnings are below expectations.  Market is anxiously waiting Apple earnings after the close.  The big disappointment this morning has been United Technologies  (UTX) earnings, a DJIA component; apparently China is buying less elevators.

Gold is trying to stabilize after yesterday’s mini crash.

Interest rates are ticking up.

Oil is range bound.

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

Gold futures are at $1102, silver futures are at $14.74, and oil futures are $50.62.

S&P 500 resistance levels are 2132, 2150, and 2200; support levels are 2111, 2100, and 2063.

DJIA futures are down 57 points.

MINI GOLD CRASH, MOMENTUM IN STOCKS CONTINUES

Last night, in a matter of seconds, gold fell to $1087.  It has made a partial recovery since then. This highlights the lack of liquidity in the gold market.

Positive momentum in stocks continues from last week.

Interest rates are hanging near their lows.

Oil is range bound.

Our very, very short-term early stock market indicator is positive but can reverse quickly as the market is very overbought.

Gold futures are at $1108, silver futures are at $14.71, and oil futures are $50.86.

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

DJIA futures are up 38 points.

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