(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
QUADRUPLE WITCHING, SELLING IN GOLD AND SILVER IN ASIA
September 20, 2013
Today is quadruple witching. Stock index futures, stock index options, stock options, and single stock futures expire today. Expect volatility.
Significant selling is taking place in gold and silver in Asia. This is of note because bulls often cite demand for precious metals in Asia.
Oil is falling and is now below key support of $106.
Interest rates are steady.
Gold futures are at $1351, silver futures are at $22.61, and oil futures are $105.27.
S&P 500 resistance levels are 1725, 1750, and ; support levels are 1710, 1700, and 1675.
DJIA futures are down 18 points.
FED SURPRISES
September 19, 2013
Fed surprises with no taper. Stocks, bonds, gold, silver, and oil shoot up.
The latest move is simply a sugar high and caution is warranted.
Gold futures are at $1365, silver futures are at $23.21, and oil futures are $108.31.
S&P 500 resistance levels are 1750; support levels are 1725, 1710, and 1700.
DJIA futures are up 26 points.
THE FED DAY, GOLD CLINGING TO $1300
September 18, 2013
At 2:00 pm ET, after a two day FOMC meeting, the Fed will issue its policy statement. The market is expecting $15 billion taper.
At 2:30 Bernanke will hold a press conference.
Taper is negative for gold. Gold is trying to cling to $1300.
Please stay alert this afternoon for opportunities.
Gold futures are at $1298, silver futures are at $21.48, and oil futures are $105.96.
S&P 500 resistance levels are 1710, 1725, and 1750; support levels are 1700, 1675, and 1650.
DJIA futures are down 15 points.
ANOTHER DATA POINT SHOWING INFLATION UNDER CONTROL
September 17, 2013
It is easy to opine that inflation is not under control based on our individual experiences. However with all its flaws, the data from the government is the best and most thorough that is available. Core CPI came at 0.1% vs. consensus of 0.2%.
Interest rates are falling. WTI oil has fallen under $106. Gold and silver are holding their own.
Stocks are overbought in the short-term.
Gold futures are at $1316, silver futures are at $21.91, and oil futures are $105.72.
S&P 500 resistance levels are 1710, 1725, and 1750; support levels are 1675, 1650, and 1635.
DJIA futures are up 17 points.
MARKETS CELEBRATE SUMMERS’ WITHDRAWAL
September 16, 2013
Larry Summers was the front-runner to be the next Fed Chairman. Yesterday he withdrew his name due to opposition in the Senate. Markets are celebrating because Summers was perceived as hawkish towards QE and markets are addicted to QE. Now the front-runner is Janet Yellen. She is extremely dovish.
Stocks are higher, interest rates are falling, oil is falling, and gold is being supported.
Gold futures are at $1312, silver futures are at $21.85, and oil futures are $106.64.
S&P 500 resistance levels are 1710, 1725, and 1750; support levels are 1700, 1675, and 1650.
DJIA futures are up 142 points.
