WEEKLY MARKET DIGEST: FOMC AND BERNANKE ON TAP, OIL HITS $105 $GLD $SLV $USO $DIA $SPY $QQQ $TBF $TBT

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

FED CHANGED THE PICTURE, NOW IT IS UP TO EARNINGS

July 12, 2013

The big picture for the markets changed dramatically on Thursday afternoon when FOMC released its minutes, now it is up to earnings.

So far two big earnings reports from JPM and WFC  are basically in line. These stocks have run up going into earnings, let us see how they react today. Their reaction will provide important clues.

Gold futures are at $1270, silver futures are at $19.73, and oil futures are $105.65.

S&P 500 resistance levels are 1675 ,1700 , and 1710 ; support levels are 1650 ,1635 , and 1625 .

DJIA futures are up 13 points.

NEW HIGHS IN THE CARDS, GOLD UP STRONGLY

July 11, 2013

After the FOMC minutes yesterday, a new high, at least in DJIA intraday is in the cards.   FOMC statement is going to trump all other factors, at least for the day.

Gold and silver are moving up strongly on the prospect of lower interest rates for a longer period of time.

Gold futures are at $1284, silver futures are at $20.02, and oil futures are $105.78.

S&P 500 resistance levels are 1675, and 1700; support levels are 1650, 1635, and 1625.

DJIA futures are up 143  points.

FOMC AND BERNANKE ON TAP, OIL HITS $105

July 10, 2013

FOMC June meeting minutes will be released at 2:00 pm ET.  Market participants will be looking for more insight into taper.

Please stay alert as there may be opportunities or other action needed.

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Bernanke speaks at 4:10 pm ET.  There may be significant after market action because of Bernanke’s speech.

Oil has crossed $105 on concerns about violence in Egypt.  Traditionally when oil moves up strongly, transports fall, not this time.  Transports were very strong yesterday.  Part of the reason was a rumor that an activist investor will take a stake in FDX.  None the less, this is an anomaly worth careful watch.

Gold futures are at $1254, silver futures are at $19.22, and oil futures are $105.49.

S&P 500 resistance levels are 1650, and 1675; support levels are 1635, 1625, and 1607.

DJIA futures are up 9 points.

INFLATION HEATS UP IN CHINA, GOLD JUMPS

July 9, 2013

Consumer prices rose 2.7% year on year in June in China.  This is the highest rate after February  2013.

Gold and silver have jumped on the news from China.

A little digging shows that the main culprit for inflation increase in China was higher pork prices.   The Chinese are big eaters of pork.  It is important to note that pork prices fluctuate and it is best not to rely on them in making investment decisions on precious metals.

Gold futures are at $1249, silver futures are at $19.13, and oil futures are $102.83.

S&P 500 resistance levels are 1650, and 1675; support levels are 1635, 1625, and 1607.

DJIA futures are up 69 points.

EARNINGS STARTS, SHORT COVERING CONTINUES, AND UGLY DAY IN CHINA

July 8, 2013

AA will kick off earnings season after the close today.  Earnings season will provide both opportunities and pit falls.

Our algorithms show that the Friday afternoon rally in the stock market was mostly short covering.  The short covering continues this morning.

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It was an ugly day in Chinese stock market, Shanghai Composite fell 2.4%.  The concern is the property bubble fueled by excess credit may burst.

Gold futures are at $1231, silver futures are at $19.02, and oil futures are $102.56.

S&P 500 resistance levels are 1650, and 1675; support levels are 1625, 1607, and 1600.

DJIA futures are up 56 points.

 

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