(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
EMPLOYMENT FALLS OUT OF BED BUT DATA SUSPECT
August Nonfarm Private Payrolls came at 134K vs. 200K consensus. The data is suspect because it is an outlier compared to all other recent indicators of employment.
Momo crowd aggressively bought gold on weak data and ran it up about $13. The came Smart Money and slammed it. Expect a battle between the momo crowd and Smart Money today.
Our very, very short-term pre-market indicators are showing that profit taking is likely at least in the early going.
On weak data, interest rates are falling.
Oil is range bound.
Gold futures are at $1269, silver futures are at $19.13, and oil futures are $94.53.
S&P 500 resistance levels are 2017; support levels are 1975, 1950, and 1925.
DJIA futures are down 16 points.
QE FINALLY ARRIVES IN EUROPE
It is now official. QE will arrive in Europe in October. This QE will be somewhat different from the one practiced in the U.S.A.
Of note is that gold has not run on QE announcement in Europe; instead Smart Money lightly sold on the announcement.
ADP Employment Data came at 204K vs. 220K consensus. Weaker data should have made gold run up but gold did not respond.
Interest rates are inching up.
Oil is backing off from yesterday’s dead-cat-bounce. Oil is likely to move later in the day when inventory numbers are released.
Our very, very short-term early indicators show that bulls will try to run stocks higher, at least in the early going.
Gold futures are at $1268, silver futures are at $19.15, and oil futures are $94.73.
S&P 500 resistance levels are 2017; support levels are 1975, 1950, and 1925.
DJIA futures are up 33 points.
STOCKS CELEBRATE PUTIN WIN
Our thesis on Ukraine is proving spot on. The headlines regarding permanent cease-fire coming from Ukraine today can be interpreted only one way, Putin has almost won. He will either add two more republics to Russian Federation or two eastern Ukraine provinces will become Russian client states.
Stocks are celebrating. Our very, very short-term indicators predict a strong start.
Interest rates are inching up.
Oil and gold are trying to stabilize after yesterday’s drubbing.
Gold futures are at $1267, silver futures are at $19.10, and oil futures are $93.89.
S&P 500 resistance level is 2017; support levels are 2000, 1975, and 1950.
DJIA futures are up 71 points.
WAIT-AND-SEE ON STOCKS, SMART MONEY SELLS GOLD
There is likely to be a wait-and-see action in the stock market as the market participants patiently watch what the rich and powerful do as they are now returning from August vacation.
Smart Money has been aggressively selling gold this morning.
Interest rates are beginning to climb.
Gold futures are at $1268, silver futures are at $19.15, and oil futures are $94.72.
S&P 500 resistance levels are 2017; support levels are 1975, 1950, and 1925.
DJIA futures are up 22 points.
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