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

INFLATION IN JAPAN RISES TO HIGHEST RATE SINCE 2008, GOLD STAYING ABOVE SUPPORT

July 26, 2013

Japan is the third largest economy in the world.  For years Japan has been mired in deflation.  Now there is the first hard data point that policies of Abe Shinzo are working. Japan reported the highest inflation rate since 2008.  Core Consumer Price Inflation Index, excluding fresh food, is now at 0.4% year over year.

This morning interest rates are backing off from their two day run.

Gold is staying above new major support of $1317.

Gold futures are at $1323, silver futures are at $19.93, and oil futures are $104.47.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1650, 1635, and 1625.

DJIA futures are down 74 points.

MIXED EARNINGS CONTINUE

July 25, 2013

Good earnings from GM, FB and DOW.  Weak earnings from WDC and PHM.

Interest rates are on the rise again.

Oil is pulling back.

Stock market remains very overbought.

Gold futures are at $1323, silver futures are at $20.12, and oil futures are $104.92.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1650, 1635, and 1625.

DJIA futures are down 82 points.

AGAIN MIXED EARNINGS, THE FIRST LEG OF GOLD SHORT COVERING STALLING

July 24, 2013

Strong earnings from BA and F, weak earnings from CAT, STX,  and BRCM, and mixed earnings from AAPL.   The market seems to be focusing on BA and F earnings and ignoring the bad earnings.

The first leg of violent short covering in gold and silver is stalling.

Gold futures are at $1335, silver futures are at $20.23, and oil futures are $106.52.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1675, 1650, and 1635.

DJIA futures are up 24 points.

STRONG EARNINGS THIS MORNING

July 23, 2013

Until yesterday earnings had been mixed.  This morning is a different story.  Especially noteworthy are strong earnings from two DJIA components DD and TRV.

Oil is seeing some selling.

Gold found buying support from Asian buyers.

Gold futures are at $1329, silver futures are at $20.13, and oil futures are $105.62.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1675, 1650, and 1635.

DJIA futures are up 38 points.

GOLD BREAKS $1300 ON THE UPSIDE ON BIG ABE WIN

July 22, 2013

Shinzo Abe has won big in Japan.  His party now controls both houses of the parliament.  Gold bulls in Asia are encouraged as Abe has now a stronger mandate to print more money.

Aggressive buying has been seen in gold and silver as well as gold mining stocks.

In the U. S., the stocks are getting hurt in early morning trading because of poor earnings from MCD.

Gold futures are at $1322, silver futures are at $20.30, and oil futures are $108.40.

S&P 500 resistance levels are 1700, 1710, and 1725; support levels are 1675, 1650, and 1635.

DJIA futures are down 20 points.

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