(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers.)
GOLD BREAKS ABOVE $1400 AFTER G20 ACCEPTS ABENOMICS
April 19, 2013
Gold has broken above $1400 as G20 accepts Abenomics. G-20 refers to the group of 20 major economies. Abenomics refers to the economic policies of the new Japanese prime minister Shinzo Abe. Abe has, simply put, printing presses in Japan in a higher gear than in the United States.
Please note that we recently upgraded gold and silver to Mildly Bullish in the very, very short-term.
Stock markets across the world remain mildly higher this morning.
There has been a flood of important earnings this morning. As of this writing, the earning reports this morning and yesterday after the close are mixed.
Gold futures are at $1402, silver futures are at $23.34, and oil futures are $88.13.
S&P 500 resistance levels are 1550, 1558, and 1565; support levels are 1537, 1530, and 1517.
DJIA futures are up 44 points.
BETTER THAN EXPECTED DATA THIS MORNING
April 18, 2013
As our subscribers know the highest weight in our adaptive models these days is given to weekly new unemployment claims. Initial claims came at 352K vs. 355K consensus. This is good news.
Earnings this morning over all are better than expectations. This is in contrast to earnings in this season as of last night which were below expectations.
Markets are very dynamic and are responding to every bit of data coming in. Therefore we will stay vigilant. Over all a cautious stance is recommended with only select buy, select short selling, and select profit taking.
Gold futures are at $1385, silver futures are at $23.14, and oil futures are $87.33.
S&P 500 resistance levels are 1558, 1565, and 1570; support levels are 1537, 1530, and 1517.
DJIA futures are up 24 points.
MIXED DAY AS GOLD STABILIZES
April 17, 2013
Our analysis of earnings reports to date do not support the recent rise in the U. S. stock market. Expect at least a down start to the stock market and comparatively subdued trading in gold and silver.
At this time a cautious stance is warranted in all markets.
Gold futures are at $1382, silver futures are at $23.33, and oil futures are $88.09.
S&P 500 resistance levels are 1565, 1570, and 1575; support levels are 1550, 1537, and 1530.
DJIA futures are down 80 points.
INFLATION COOLS
April 16, 2013
March CPI came at -0.2% vs. -0.1% consensus. Core CPI came at 0.1% vs. 0.2% consensus. This is not good news for medium-term prospects for gold.
Gold futures are at $1395, silver futures are at $23.75, and oil futures are $88.40.
S&P 500 resistance levels are 1565, 1570, and 1575; support levels are 1550, 1537, and 1530.
DJIA futures are up 122 points.
GOLD HITS TARGETS WE GAVE YOU WHEN IT WAS TRADING OVER $1900
April 15, 2013
The streak of spectacular calls on gold by our models continues. When gold was trading over $1900 we gave you a target of $1250 to $1450. This morning gold traded as low as $1380. The obvious question is, “Should gold and silver be bought at this time?” We need more data before answering this question.
Silver is also hitting our targets of $22 to $24.
The economic data from China overnight was not encouraging. Consider continuing a cautious stance toward the stock market as the risk is too high.
Gold futures are at $1412, silver futures are at $23.85, and oil futures are $89.28.
S&P 500 resistance level is 1600; support levels are 1570, 1565, and 1558.
DJIA futures are down 51 points.
