WEEKLY MARKET DIGEST: JOBLESS CLAIMS PLUNGE, AGGRESSIVE BUYING IN GOLD $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. ) 

SANTA CLAUS RALLY CONTINUES BUT VERY OVERBOUGHT, GOLD TRYING TO RALLY

December 27, 2013

The Santa Claus rally is continuing but the stock market is very overbought.

Gold is trying to rally as well as oil on weaker U. S. dollar.

Interest rates are higher.

Normally when interest rates go higher, dollar strengthens.  That is not the case today.

Lack of liquidity is making certain moves exaggerated.

Gold futures are at $1215, silver futures are at $20.03, and oil futures are $100.15.

S&P 500 resistance levels are 1850 and 1900; support levels are 1825, 1800, and 1775.

DJIA futures are up 20 points.

JOBLESS CLAIMS PLUNGE, AGGRESSIVE BUYING IN GOLD

December 26, 2013

Weekly Initial Jobless Claims plunge to 338K vs. 350K consensus.  This is a fall of 42,000; the biggest fall in a year.

The foregoing is very good news for the U. S. economy.

The momo crowd has resumed its behavior of buying gold and silver on good news for the economy.  Traditionally gold and silver are a hedge against bad news.  Our algorithms are detecting aggressive buying in gold and silver by the momo crowd this morning.

Interest rates are rising.

Oil is mostly unchanged.

Gold futures are at $1211, silver futures are at $19.84, and oil futures are $99.34.

S&P 500 resistance levels are 1837, 1850, and 1900; support levels are 1825, 1800, and 1775.

DJIA futures are up 52 points.

CHRISTMAS EVE BUT NO SHORTAGE OF DATA, HOUSE PRICES RISE

December 24, 2013

See also  PAY ATTENTION TO NVIDIA CHART FOR NEAR TERM MARKET DIRECTION, TECH INSIDERS SELL, BALTIMORE IMPACT

It is Christmas Eve and the stock market will close early, but there is no shortage of data.

FHFA Housing Price Index rose 0.5% month over month vs. consensus of 0.5%.

November Durable Goods Orders ex-transports rose 1.2% vs. 0.6% consensus.

Nikkei briefly hits 16,000 for the first time in six years.

In early trading Santa Claus rally continues.

Gold is trying to make a stand at $1200.

Interest rates are higher.

Oil is mostly unchanged.

Gold futures are at $1201, silver futures are at $19.45, and oil futures are $99.01.

S&P 500 resistance levels are 1825, 1837, and 1850; support levels are 1800, 1775, and 1766.

DJIA futures are up 10 points.

PERSONAL INCOME LAGS PERSONAL SPENDING, SANTA CLAUS RALLY

November 23, 2013

November personal income came at 0.2% vs. 0.5% consensus; personal spending came at 0.5% vs. 0.5% consensus.  In other words, personal income is lagging personal spending.  This is a short-term positive for the market but a long-term negative.

Based on tradition, we are entering the most bullish period of the year.  If the tradition holds, expect a Santa Claus rally.

Gold bulls are trying to make a stand around $1200.

Interest rates are slightly lower.

Oil is mostly unchanged.

Gold futures are at $1200, silver futures are at $19.47, and oil futures are $99.24.

S&P 500 resistance levels are 1825, 1837, and 1850; support levels are 1800, 1775, and 1766.

DJIA futures are up 53 points.

 

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