(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
MILITANTS THREATEN BAGHDAD AND PLAN TO RESHAPE MIDEAST, GOLD STALLS BUT STOCKS ATTEMPTING REBOUND
June 13, 2014
Militants are moving closer to Baghdad. U.S. is mulling air strikes to help Baghdad. Iranians are apparently already helping BaghdadSunni militants plan to carve out a new state from parts of Iraq and Syria. If they succeed, it will reshape Mideast. There may be more anxiety in the markets related to Iraq before the weekend. In early trading, stocks are showing indications of a rebound encouraged from data in China. Industrial output in China climbs 8.8% in line with the consensus. Oil is slightly higher but gold’s advance is stalled in early trading. Interest rates are slightly higher. Gold futures are at $1274, silver futures are at $19.56, and oil futures are $106.83. S&P 500 resistance levels are 1950 and 1975 ; support levels are 1925, 1900, and 1875 . DJIA futures are down 12 points. MILITANTS TAKE OVER OIL CITY, OIL SPIKES
June 12, 2014
June 12, 2014Kurdish militants have taken control of Kirkuk, also known as oil city, in northern Iraq. Oil is spiking.In spite of media and trading frenzy, it is worth remembering that Kurds have vested interest in preventing damage to the oil facilities. Further most of Iraq’s oil production is in the south where Shiite dominated Iraqi government is in firm control. Gold is staging a mild rally. Bonds are range bound. Stocks in early trading are trying to recoup yesterday’s losses. Gold futures are at $1265, silver futures are at $19.28, and oil futures are at $106.09. S&P 500 resistance levels are 1950 and 1975 ; support levels are 1925, 1900, and 1875 . DJIA futures are up 8 points. WORLD BANK LOWERS GROWTH OUTLOOK, GOLD FIRM ON STRIKE IN SOUTH AFRICA
June 11, 2014
June 11, 2014World Bank has lowered global growth outlook. The new global growth outlook is 2.8% down from previous forecast of 3.2%.A big part of the case for the stock market going higher is global growth. Stocks are lower in the early trade in response . Gold is firm in response to no progress in strike by the miners in South Africa. It is important to remember that all strikes eventually end. It usually pays to take the other side of the trade. Bonds and oil are range bound. Gold futures are at $1263, silver futures are at $19.22, and oil futures are $104.44. S&P 500 resistance levels are 1950 and 1975 ; support levels are 1925, 1900, and 1875 . DJIA futures are down 65 points. STOCKS STALL, SHORT COVERING IN GOLD AND OIL
June 10, 2014
June 9, 2014
June 10, 2014In early trading stocks are stalling. There is not much significant economic data to move the market.Both gold and oil are rising on short covering. Interest rates are range bound. Gold futures are at $1216 , silver futures are at $19.16, and oil futures are $104.69. S&P 500 resistance levels are 1950, and 1975 ; support levels are 1925 ,1900 , and 1875. DJIA futures are down 19 points.
RUSSIA LOOKS TO MOVE AWAY FROM THE DOLLAR, GOLD LIKES IT
June 9, 2014The U.S. sanctions on Russia may backfire. There is intense interest among large Russian companies to switch from the dollar to Asian currencies like yuan.Any development that is bad for dollar is good for gold; significant buying is being seen in the early trade in gold. In early trade, stocks are range bound with slight downward bias. Stocks are very overbought but the upside momentum is still strong; it means that there can be a significant move in either direction. Interest rates are inching up. Oil is moving up on Russian attempts to move away from the dollar. Gold futures are at $1257, silver futures are at $19.14, and oil futures are $103.41. S&P 500 resistance levels are 1950 and 1970; support levels are 1925, 1900, and 1875 . DJIA futures are down 12 points.
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