(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 JUMPS ON POOR DURABLE GOOD ORDERS
October 25, 2013
This morning gold and silver were rapidly losing their gains, then came a poor durable goods number. September Durable Goods Orders ex-transports fell 0.1% vs. consensus of a rise of 0.3%. The theory is that the economy is not as strong as it has previously appeared. The momo crowd these days is buying gold and silver on a weak economy.
Nasdaq futures are strong on excellent earnings from Microsoft and Amazon.
Oil is slightly higher and interest rates are mostly unchanged.
Gold futures are at $1342, silver futures are at $22.38, and oil futures are $97.55.
S&P 500 resistance levels are 1750 and 1766; support levels are 1735, 1725, and 1710.
DJIA futures are unchanged.
STOCK FUTURES AND GOLD MOVING UP ON DATA FROM CHINA
October 24, 2013
HSBC flash PMI of China’s manufacturing sector came at 50.9, the highest number in seven months. A number above 50 indicates expansion.
Both stock and gold futures have moved up on the data from China.
Weekly initial jobless claims came at 350K vs. 340K consensus. So far the market likes this weakness in employment data. The theory is that if employment remains weak, the Fed will take longer to taper QE. The market is addicted to QE and likes any data that argues against QE taper.
Interest rates are falling slightly.
Oil has now fallen under $97.
Gold futures are at $1342, silver futures are at $22.75, and oil futures are $96.89.
S&P 500 resistance levels are 1750, and 1766; support levels are 1725, 1710, and 1700.
DJIA futures are up 47 points.
CHINA DAMPENS THE AMERICAN BULL
October 23, 2013
Rumors have been flying over night that the People’s Bank of China will increase interest rates to contain inflation. These rumors caused a sell off in Asia and Europe. In the U. S. the stock futures are off their lows.
Gold futures are off their lows but oil is still falling.
Interest rates are lower.
Gold futures are at $1333, silver futures are at $22.65, and oil futures are $97.8.
S&P 500 resistance levels are 1750, and 1766; support levels are 1725, 1710, and 1700.
DJIA futures are down 58 points.
UNEXPECTED WEAKNESS IN THE EMPLOYMENT PICTURE, GOLD SPIKES AND INTEREST RATES FALL
October 22, 2013
September Non-Farm Payrolls came at 148K vs. consensus of 183K. On this weak data, gold and silver are spiking; interest rates are falling.
Oil is staying below $100.
Stocks are modestly higher.
In our analysis, this weakness in employment is temporary.
Gold futures are at $1331, silver futures are at $22.61, and oil futures are $99.19.
S&P 500 resistance levels are 1750, and 1766; support levels are 1725, 1710, and 1700.
DJIA futures are up 49 points.
OIL FALLS BELOW $100
October 21, 2013
Oil has fallen below $100. Normally this is negative for the stock market in the very short-term because energy stocks which constitute a substantial proportion of the indexes start falling. However, the market is in a phase where bad news is considered good news and good news is magnified by 1000%.
Other than oil, trading is light and near unchanged in stocks, gold and bonds.
Gold futures are at $1319, silver futures are at $22.30, and oil futures are $99.76.
S&P 500 resistance levels are 1750, and 1766; support levels are 1725, 1710, and 1700.
DJIA futures are up 7 points.
