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JimWyckoff's Commentaries

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A Bit More Risk-Aversion in Market Place Friday

* Latest Market Developments * OVERNIGHT DEVELOPMENTS The market place may or may not be reacting to news of a possible new Ebola case in New York City. U.S. stock markets are a bit weaker in early electronic trading Friday morning, while U.S. Treasuries and gold are firmer—suggesting a bit more risk aversion in the market place heading into the weekend. However, it can be argued the U.S....

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Gold Bulls are Fading Again

METALS: December gold futures closed down $17.10 an ounce at $1,228.40 today. Prices closed nearer the session low on more profit taking and on a big rally in the U.S. stock market. A fledgling three-week-old uptrend on the daily bar chart was negated today as the bears gained some fresh downside momentum. The gold bulls’ next upside near-term price breakout objective is to produce a close...

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Risk Appetite in Market Place Increasing this Week

* Latest Market Developments * OVERNIGHT DEVELOPMENTS The better risk appetite in the market place this week continues on Thursday. U.S. stock indexes are firmer in early electronic trading. No major flare-ups on the world geopolitical scene are helping to assuage investor anxiety this week, even though there was unsettling news coming out of Canada Wednesday with an apparent “lone-wolf”...

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Grain Market Bulls are Waking Up

GRAINS: December corn futures closed down 2 cents at $3.54 today. Prices closed nearer the session low today after hitting a seven-week high early on. The corn bulls have made good headway recently to suggest a “harvest low” is in place. Prices are in a three-week-old uptrend on the daily bar chart. However, the corn bulls still have work to do to suggest the fledgling uptrend can be...

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Livestock Futures Bulls Hanging Tough

LIVESTOCK: December live cattle closed down $1.20 at166.82 today. Prices poked to a new contract high but thenimmediately backed off to close solidly lower and near thesession low. Now, a bearish double-top reversal pattern maybe developing on the daily bar chart. Good follow-throughselling on Wednesday would better suggest such. Bulls stillhave the firm near-term technical advantage. Still,...

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U.S. Stock Index Bulls Regain Upside Momentum

*OVERNIGHT DEVELOPMENTS* The feature in the market place this week has been the sharprebound in the U.S. stock market, following last week’s bigdownside debacle. Several pundits are now proclaiming marketbottoms are in place for the U.S. stock indexes. Mostlyupbeat U.S. corporate earnings reports are adding to a“risk-on” mentality among traders and investors this week.Short covering in the...

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Risk Appetite Slowly Returning to Market Place Tuesday

* Latest Market Developments * OVERNIGHT DEVELOPMENTS There is a bit more risk appetite in the market place Tuesday morning. Apple’s corporate earnings late Monday handily beat the street’s forecast. Meantime, China on Tuesday reported its third-quarter gross domestic product grew by 7.3%, on an annual basis. That figure was slightly better than market expectations but was still the slowest...

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U.S. Treasuries Bulls Still in Technical Control

December U.S. T-Bonds closed up 8/32 at 143 5/32 today. Prices closed nearer the session high. U.S. Treasuries will garner more safe-haven demand if trader and investor anxiety increases. The bulls still have the near-term technical advantage. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at 140 16/32. The next upside...

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Market Place a Bit Calmer Monday Morning

* Latest Market Developments * OVERNIGHT DEVELOPMENTS The market place is calmer to start the new trading week, after a weekend that saw no significant events to further stoke trader and investor worries. U.S. stock indexes have weakened a bit following very disappointing earnings from IBM that were just released. U.S. Treasury prices are modestly lower, to suggest just a bit more risk...

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Crude Oil Bears in Full Command

ENERGIES: November Nymex crude oil closed up $0.87 at $82.64 today. Prices closed near mid-range on short covering after hitting another more-than-two-year low of $79.78 early on today. The bears still have the solid near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $86.00 a barrel....

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Less Risk Aversion Friday Morning...So Far

*OVERNIGHT DEVELOPMENTS* The market place so far Friday morning is reflecting at least a temporary decrease in trader and investor anxiety. World stock markets are seeing relief rallies after strong selling pressure seen for much of this week. U.S. stock indexes by the close Thursday recovered from strong losses seen earlier in the day, due in part to comments from Federal Reserve Bank of...

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Thursday Could Be the Most Important Trading Day of 2014

* Latest Market Developments * OVERNIGHT DEVELOPMENTS There continues to be major risk aversion in the world market place Thursday.  Stock markets are selling off further and the U.S. Treasury market has seen bond and note yields plunge amid safe-haven moves by investors. Key questions now are: when will the rout in the stock markets end, and will the present fear in the market place turn...

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U.S. Treasury Prices Soaring on Safe-Haven Demand

December U.S. T-Bonds closed up 1 8/32 at 143 30/32 today. Prices closed nearer the session low but soared to another contract high early on today. At one point today T-bond prices were over five full points higher. However, the low-range close today produced a bearish buying exhaustion tail, which does hint the bulls today ran out of gas on the upside. Still, U.S. Treasuries will garner...

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There is Growing Fear in the Market Place

* Latest Market Developments * OVERNIGHT DEVELOPMENTS There continues to be risk aversion in the market place worldwide that’s evidenced by contract highs this week in U.S. Treasury bond and note futures prices. The recent surge in the U.S. dollar and rebound in gold are also indications of increased demand for safe-haven assets. While stock market traders and investors like to watch the VIX...

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Grain Market Bears in Firm Technical Control

GRAINS: December corn futures closed up 12 3/4 cents at $3.46 3/4 today. Prices closed nearer the session high today on short covering and on harvest delays in the U.S. Corn Belt. Short covering and bargain hunting were also featured. While corn bears still have the overall near-term technical advantage, the bulls are making some headway and regained some upside momentum today. But make no...

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