WEEKLY MARKET DIGEST: MORNING CAPSULE: INFLATION UNDER CONTROL, GOLD FALLS $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. ) 

INFLATION UNDER CONTROL, GOLD FALLS

August 13, 2013

August Core PPI came at 0.0% vs. 0.1% consensus.  This indicates inflation is less than expectations.

American consumer is not in the buying mood; August Retail Sales came at 0.2% vs. 0.4% consensus.

Gold and silver are falling.  Oil is also falling.

Interest rates had risen based on a report from Nikkei that Obama will appoint Summers as the next Fed Chairman.  The reason is that Summers is perceived as hawkish on QE.   The White House has come out and denied the report, interest rates have backed off.

Gold futures are at $1319, silver futures are at $21.86, and oil futures are $107.93.

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

DJIA futures are up 16 points.

STRONG EMPLOYMENT DATA, GOLD FALLS

September 12, 2013

In the U. S., Initial Unemployment Claims came at 292K vs. consensus estimate of 327K.  This data is highly weighted in our models as this is a leading indicator.

For Japan machinery orders are heavily weighted in our models.  Core machinery orders came at 0.0% vs. consensus of 2.4%.  This is a disappointment.

Gold and silver are seeing heavy selling this morning.

Gold futures are at $1329, silver futures are at $22.22, and oil futures are $108.33.

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

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DJIA futures are up 1 point.

 

SYRIAN WORRIES FADE BUT TAPER UP FRONT

September 11, 2013

Fading of Syrian worries is putting taper up front.  In our analysis, taper is positive for the long-term investors even though it may cause short-term volatility.

Such volatility will provide us with more opportunities.

Markets are mostly quiet in early trading.

Gold futures are at $1363, silver futures are at $23.06, and oil futures are $107.46.

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

DJIA futures are up 2 points.

 

SYRIA STRIKE MAY BE AVERTED, CHANGES TO DJIA

September 10, 2013

Syria has tentatively accepted a Russian proposal to put its chemical weapons under international control.  France is planning to introduce such a resolution in the U. N. Security Council.  The U. S. Senate has postponed  vote on Syria that was set for tomorrow.

It is not clear what Obama will say in his address to the nation tonight.

GS, NKE, and V are being added to DJIA replacing BAC, AA, and HPQ.  Adding stronger companies will simply make DJIA go higher and add to the bullish sentiment.

Stock futures are very strong in the pre-market on top of yesterday’s gain.

Interest rates are rising.

Oil, gold and silver are falling.

Gold futures are at $1363, silver futures are at $23.08, and oil futures are $107.43.

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

DJIA futures are up 88 points.

GOOD DATA FROM CHINA AND JAPAN, BUT SYRIA WEIGHS

September 9, 2013

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Asian shares post their best run in nine months as Chinese and Japanese shares run for the eighth day.

August inflation in China was only 2.6% annualized while exports grew at 7.2%.

Japan’s GDP estimate was revised up to  3.8%.  There was also optimism in the Japanese market on winning 2020 Olympics.

There is slight weakness in European shares and the U. S. stock futures are modestly positive as Syria weighs.

Interest rates are pulling back.

Gold and silver are having difficulty maintaining their recent gains.

Gold futures are at $1389, silver futures are at $23.58, and oil futures are $110.

S&P 500 resistance levels are 1675, 1700, and 1710; support levels are 1650, 1635, and 1625.

DJIA futures are up 32 points.

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