(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
PAYING ATTENTION TO JACKSON HOLE
August 23, 2013
A symposium by Kansas City Fed is being held in Jackson Hole, Wyoming. Prominent central bankers from all over the world are in attendance. In the past, significant market moving news has emanated from Jackson Hole. This year may be different because Bernanke is not attending. However, speeches from Jackson Hole are still likely to be the proximate cause of any major market moves.
Gold futures are at $1372, silver futures are at $23.08, and oil futures are $104.53.
S&P 500 resistance levels are 1675, 1700, and 1710; support levels are 1650, 1635, and 1625.
DJIA futures are up 23 points.
FED DIVIDED OVER TAPER, ENCOURAGING DATA FROM CHINA AND EUROPE
August 22, 2013
FOMC minutes show that the members are divided over when to start taper but there is a broad agreement in support of taper.
Markit Purchasing Manager’s Index for Europe rises to the highest level in two years at 51.7.
HSBC Purchasing Manager’s Index for China jumps to a four-month high of 50.1.
Oil is staying below $105.
Gold is showing small gains.
Gold futures are at $1374, silver futures are at $23.18, and oil futures are $104.02.
S&P 500 resistance levels are 1650, 1675, and 1700; support levels are 1635, 1625, and 1607.
DJIA futures are up 48 points.
STOCKS WEAKER AHEAD OF FOMC MINUTES
August 21, 2013
In early morning trading, stocks are weaker ahead of FOMC meeting minutes. The minutes will be released at 2:00 pm ET. Please stay alert around this time for potential opportunities.
Issue of the day is taper. We will be carefully analyzing FOMC minutes for clues on taper.
Oil is staying under $105.
Gold is showing a modest pullback.
Gold futures are at $1366, silver futures are at $23.05, and oil futures are $104.79.
S&P 500 resistance levels are 1650, 1675, and 1700; support levels are 1635, 1625, and 1607.
DJIA futures are down 36 points.
GOOD EARNINGS FROM RETAILERS BUOY THE STOCK MARKET
August 20, 2013
Good earnings from HD, JCP and URBN are buoying the stock market in the early morning.
Oil prices are falling but gold is hanging near its recent highs.
Interest rates have come down slightly this morning.
Gold futures are at $1366, silver futures are at $23.01, and oil futures are $105.59.
S&P 500 resistance levels are 1675, 1700, and 1710; support levels are 1635, 1625, and 1607.
DJIA futures are up 13 points.
GOLD AND INTEREST RATES HANGING NEAR THEIR HIGHS
August, 19, 2013
With the exception of times of distress, high interest rates are traditionally bad for gold. Right now we are seeing an increase in both interest rates and gold. There is no obvious distress. In the absence of a distress emerging, either gold will fall or interest rates will back off.
Stock market is starting the day with little change.
Gold futures are at $1369, silver futures are at $23.19, and oil futures are $107.21.
S&P 500 resistance levels are 1675, 1700, and 1710; support levels are 1635, 1625, and 1607.
DJIA futures are down 4 points.
