Key US Stock, Crude, Gold and Silver Markets Briefing
$DIA, $OIL, $USO, $GLD, $SLV
Commentary: Again, Cash is the King now because stocks and bonds are overvalued. The higher chances of a rate hike this year and the proximity of the US election are hurting the markets in here. PE
DJIA at 18034.46 is very volatile in here, but as long as the support at 18000-17850 hold, the near term trend is still up, but a clear break below 17850 opens the way to 17500. The next 2-3 of sessions may tell us who among The Bulls and The Bears will take control in the medium term.
DJIA -32.29 at 18034.46, NAS Comp +18.52 at 5173.78, S&P 500 -1.19 at 2125.83
Volume: Trade was moderate with about 878-M/shares exchanged on the NYSE
- Russell 2000: +6.7% YTD
- S&P 500: +4.0% YTD
- DJIA: +3.5% YTD
- NAS Comp: +3.3% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (-0.12)||Bearish (-0.30)||Bearish (-0.35)||Bullish (0.29)|
As I write this report at 7:27a EDT, Thursday 15 September the DJIA mini Dec futures are trading at 17,974, +54.
Note: About $2-T has been wiped off the value of global equities over the past week as ever-present anxiety over the Crude Oil market coincided with signs major central banks are questioning the case for loose monetary policies. While futures prices put the chance of a US interest-rate hike at the 20-21 September at 20%, the probability is 55% for a move this year. Economists are divided over whether the BOJ will add to unprecedented stimulus when it reviews policy on the same day as the US FOMC..
Crude Oil, Gold, Silver & Copper Markets
Commentary: Again, all commodities are weak as even the precious metals are not attracting money as safe havens. Range bound movement may be expected for the week.PE
Gold at 1324.60 has not benefited from this risk aversion, and has come closer to the long term support of 1310-1300, again where the buyers may come back to drive the precious Yellow metal higher towards 1330-40.
Silver at 18.99 on the weekly lows after bouncing to 19.30 as expected. A failure to rise above 19.30 can push it down to the Major support of 18.50, which may hold near term.
Brent Crude at 46.16, and WTI Crude Oil at 44.31 (Oct futures at 43.58) seeing volatile action with Bearish bias. On the week, the range for Brent Crude can be 46.50-50.00 and for WTI Crude Oil, 44.00-47.00.
Copper at 2.1575 bounced from the support of 2.07, new target at 2.20.