(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
OIL OVER $60 ON GERMAN DATA
Brent oil has moved up strongly to $61.33 as of this writing on strong German data. Growth in Germany came at 0.7% vs. to 0.3% consensus. Growth in Eurozone came at 0.3% vs. 0.2% consensus.
Aggressive buying by the momo crowd in gold and silver continues.
Interest rates are range bound.
Our very, very short-term early stock market indicator is mild positive.
Gold futures are at $1228, silver futures are at $17.23, and oil futures are $53.69.
S&P 500 resistance levels is 2100; support levels are 2063, 2038, and 2017.
DJIA futures are up 45 points.
UKRAINE DEAL REACHED, MORE SIGNS OF DEFLATION
A Ukraine truce deal has been reached.
Even though a deal has not been reached with Greece, it appears that Greece is open to extending the bail out.
There are more signs of deflation. Bank of England has warned that deflation may be coming to England.
Interest rates have turned negative in Sweden.
Oil is rallying.
Gold and silver are seeing aggressive momo crowd buying.
Interest rates are inching up.
Our very, very short-term early stock market indicator is positive.
Gold futures are at $1226, silver futures are at $16.87, and oil futures are $51.13.
S&P 500 resistance levels is 2100; support levels are 2063, 2038, and 2017.
DJIA futures are up 36 points.
NERVOUSNESS AHEAD OF KEY MEETINGS, SMART MONEY SLAMS OIL ON RUNUP
There is nervousness in the markets ahead of key meetings in Ukraine and Greece.
Less informed investors ran up oil after the release of API inventory data. The data showed oil inventories rose less than half of the consensus. However, these investors missed the fact that inventories of gasoline and distillates rose more than the consensus. Taking all three together, inventories rose roughly in line with consensus. Smart Money slammed oil into the strength; predictably, money again transferred from the pockets of those less informed to the pockets of those more informed.
Gold and interest rates are range bound.
Our very, very short-term early stock market indicator is neutral with a negative start.
Gold futures are at $1234, silver futures are at $16.92, and oil futures are $50.11.
S&P 500 resistance levels are 2063 and 2100; support levels are 2038, 2017, and 2000.
DJIA futures are down 35 points.
TWO KEY EVENTS AHEAD, MOMO BUYS GOLD ON WEAKER INFLATION IN CHINA
There are two market moving key events ahead. Ukraine peace negotiations and Greek debt negotiations.
CPI, year over year, rose 0.8% in China compared to consensus of 1.2%. Momo crowd aggressively bought gold and silver on the news. This is a contrary behavior because traditionally gold is a hedge against inflation. Smart Money sold into the strength.
Oil is range bound but could not maintain momentum from highs of yesterday just before pit close.
Interest rates are moving higher.
Our very, very short-term early stock market indicator is positive.
Gold futures are at $1237, silver futures are at $16.93, and oil futures are $53.20.
S&P 500 resistance levels are 2063 and 2100; support levels are 2038, 2017, and 1975.
DJIA futures are up 108 points.
STOCKS DOWN ON GREECE AND CHINA, OIL UP ON OPEC FORECAST
Over the weekend, Greek PM commented that Greece is not interested in a bailout with strings.
New export data from China was below consensus.
The foregoing have caused pessimism in stocks.
OPEC has reduced oil production forecast by non-OPEC countries. This is causing oil to run.
Interest rates are range bound.
Our very, very short-term early stock market indicator is mild negative.
Gold futures are at $1238, silver futures are at $16.92, and oil futures are $52.76.
S&P 500 resistance levels are 2063 and 2100; support levels are 2017, 2000, and 1975.
DJIA futures are down 96 points.
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