(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
NIKKEI CROSSES 15,000
November 15, 2013
Overnight Nikkei crossed 15,000, its highest level since May.
China plans to relax its one baby policy and announced other reforms.
In the U. S. stocks are trading higher in the pre-market.
Interest rates are rising.
Oil is trying to stage a rally.
Gold and silver are having difficulty holding onto gains from yesterday.
Gold futures are at $1283, silver futures are at $20.68, and oil futures are $93.88.
S&P 500 resistance levels are 1800, and 1825; support levels are 1775, 1766, and 1750.
DJIA futures are up 31 points.
YELLEN STATEMENT VERY DOVISH, Q&A WILL MOVE THE MARKETS
November 14, 2013
Yellen’s prepared statement is very dovish. Either some players guessed it right or it was leaked yesterday late morning resulting in a rise in the stock market.
Republican Senators are likely to press her hard on taper. Her answers, if different from her prepared statement, will move the markets.
Gold and silver are higher on dovish Yellen statement.
Interest rates are falling.
Oil is range bound.
Stock futures started the day higher but now are mostly unchanged.
Gold futures are at $1282, silver futures are at $20.76, and oil futures are $93.41.
S&P 500 resistance levels are 1800, and 1825; support levels are 1775, 1766, and 1750.
DJIA futures are up 10 points.
ALL EYES ON YELLEN
November 13, 2013
All eyes are on Yellen’s testimony tomorrow. Of specific importance is the timing of taper.
Expect professionals in all markets to square their positions today ahead of Yellen’s testimony. This will lead to some volatility.
On one hand the stock market is overbought and vulnerable. On the other hand any hint from Yellen that taper is not likely to occur in December or January can cause a melt up.
Gold and oil are staging minor bounces.
Interest rates are slightly lower.
Gold futures are at $1277, silver futures are at $20.78, and oil futures are $93.44.
S&P 500 resistance levels are 1766, 1775, and 1800; support levels are 1750, 1725, and 1710.
DJIA futures are down 67 points.
YEN APPROACHES 100
November 12, 2013
Japanese yen is weakening and is now approaching 100 yen to one dollar. Nikkei stock in Japan overnight staged a 2% rally on weakening yen.
The U. S. stock market remains overbought.
There is a risk to gold and silver on the upside from Janet Yellen testimony on Thursday.
Interest rates are slightly moderating as the banks are open today.
Oil has staged a minor rally on the news that there is no firm agreement with Iran on nuclear weapons.
Gold futures are at $1280, silver futures are at $21.19, and oil futures are $94.85.
S&P 500 resistance levels are 1775, and 1800; support levels are 1750, 1725, and 1710.
DJIA futures are down 20 points.
HAPPY VETERAN’S DAY, YELLEN CONFIRMATION HEARINGS IS THE NEXT MAJOR MARKET MOVER
November 11, 2013
Today is Veteran’s Day. Let us start out the day by thanking veteran’s for their service and remembering those who made the ultimate sacrifice for our freedom.
Janet Yellen’s confirmation starts later this week. Republicans will hit her hard with questions about taper. Her answers will move the markets.
Stocks are slightly positive in quiet trading.
The bond market is closed.
Oil is hovering around unchanged.
There is slight selling in gold but interesting not in silver.
Gold futures are at $1283, silver futures are at $21.38, and oil futures are $94.27.
S&P 500 resistance levels are 1775, and 1800; support levels are 1750, 1725, and 1710.
DJIA futures are up 2 points.
