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JimWyckoff's Commentaries

Showing Posts 1 - 15 out of 1000 found.

Grain Market Bears Not Yet Ready to Hibernate

GRAINS: December corn futures closed down 5 3/4 cents at $3.20 today. Prices closed near the session low and hit another contract and four-year low today. Prices also closed at a technically bearish monthly and quarterly low close today. The market was also pressured by a bearish USDA quarterly grain stocks report. The key “outside markets” were also bearish today as the U.S. dollar index...

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Ecconomic Report Pace Picks Up Starting Wednesday

* Latest Market Developments * OVERNIGHT DEVELOPMENTS The economic report pace picks up steam starting Wednesday, with the highlight of the week being Friday’s U.S. employment report. U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, construction spending, the ISM manufacturing report on business, the global...

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U.S. Treasuries Bulls Have Momentum

December U.S. T-Bonds closed up 20/32 at 138 8/32 today. Prices closed nearer the session high and hit a three-week high today. Safe-haven buying was seen. The bulls have upside technical momentum. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at the September low of 135 13/32. The next upside technical objective for the bulls...

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U.S. Dollar Bulls Flexing their Muscles

* Latest Market Developments * OVERNIGHT DEVELOPMENTS Tuesday is the last trading day of the month and of the quarter. It’s an extra important trading day from a technical perspective. It’s technically significant when a market closes at a weekly, monthly or quarterly high or low close on the last day of the aforementioned periods. There are several markets that are in a position to do such...

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Protesting in Hong Kong Being Watched Carefully Monday

* Latest Market Developments * OVERNIGHT DEVELOPMENTS China is celebrating a week-long national holiday this week, which could make for quieter trading in many markets. The market place is also keeping a wary eye on a big pro-democracy demonstration presently occurring in Hong Kong. There was another downbeat economic report coming out of the European Union Monday. The EU’s Economic...

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Livestock Futures Markets Still Mostly Bullish

LIVESTOCK: December live cattle closed up $0.30 at 159.07 today. Prices closed near mid-range again today. More mild short covering was featured. Bulls still have the overall near-term technical advantage. A two-week-old downtrend on the daily bar chart was negated today. Bulls’ next upside price objective is to push and close prices above solid resistance at last week’s high of $160.82. The...

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Stock Market Bulls are Spooked Heading into Weekend

* Latest Market Developments * In overnight news, Asian and European stock markets followed Wall Street’s Thursday lead to trade lower Friday. European stocks also were pressured by a downbeat German consumer confidence report Friday. U.S. stock indexes are slightly higher in pre-opening electronic trading Friday morning, following the sharp losses posted on Thursday. The stock market...

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Crude Oil Bears Still Have Technical Edge

ENERGIES: November Nymex crude oil closed up $1.43 at $92.98 today. Prices closed nearer the session high on late reports of violence in Benghazi. Crude oil bears still have the overall near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid...

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Surging U.S. Dollar in Focus this Week

* Latest Market Developments * A feature in the market place this week has been the surging U.S. dollar versus most of the other major world currencies. The U.S. dollar index is at a four-year high, while the Euro currency has dropped to a 14-month low against the greenback. The dollar has been lifted by recent U.S. economic data that has been mostly upbeat, combined with some downbeat...

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Grain Market Bears Still in Firm Technical Control

GRAINS: December corn futures closed down 4 1/2 cents at $3.25 3/4 Tuesday. Prices closed nearer the session low and set another contract and four-year low. Corn bears have the solid near-term technical advantage and their next downside price objective is to push and close prices below solid technical support at $3.15. The next upside price breakout objective for the bulls is pushing and...

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Still Some Risk Aversion in Market Place Wednesday

* Latest Market Developments * There is still some risk aversion in the market place Wednesday following this week’s U.S. airstrikes that hit ISIS terrorists at several locations in Iraq and Syria. World stock markets have seen some selling pressure on the news, but not anything close to a panic. Any escalation in this situation or in other geopolitical hotspots in the world would prompt...

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Livestock Futures Markets Still Mostly Bullish

LIVESTOCK: December live cattle closed steady at 158.70 Monday. Prices closed nearer the session high. Bulls still have the overall near-term technical advantage but are fading. Prices are in a two-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at last week’s high of $160.82. The next downside technical...

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Risk Aversion Returns to Market Place Tuesday

* Latest Market Developments * There is risk aversion back in the market place Tuesday following reports overnight that U.S. airstrikes hit the ISIS terrorists at several locations in Iraq and Syria. Arab U.S. allies in the region also helped the U.S. cause, reports said. Meantime, there were also reports that Israel shot down a Syrian jet that entered its air space. These developments...

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China Official Says No New Economic Stimulus

* Latest Market Developments * In overnight news, China’s finance minister said his nation will not offer a more stimulative domestic monetary policy or other economic stimulus measures despite some recent weak economic data coming from the world’s number-two economy. This news was seen as another bearish clue for the raw commodity sector, including precious metals. There is a key report on...

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Energy Bears Have the Technical Advantage

ENERGY MARKETS October crude oil closed lower on Thursday as it consolidates some of this week's rally. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing at 96.00 are needed to confirm that a low has been posted....

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