Key US Stock, Crude, Gold and Silver Markets Briefing

Key US Stock, Crude, Gold and Silver Markets Briefing

Key US Stock, Crude, Gold and Silver Markets Briefing

$DIA, $OIL, $USO, $GLD, $SLV, $CU

Commentary: Stocks were overall mixed Wednesday; DJIA, Shanghai and Nikkei may move up in the near term. Nifty is not so sure about the direction just now but could be vulnerable to a fall. DAX is trying to move up but is unable to in here. PE

DJIA 18339.24, +0.61% extended the rally Wednesday. It may move higher towards 18500, but  need to see if it continues to extend the rally or dips back towards 18200. Overall medium term is Neutral as long the weekly channel support holds.

DJIA +110.94 at 18339.24, NAS Comp +12.84 at 5318.55, S&P 500 +11.44 at 2171.37

Volume: Trade was above average with 907-M/shares exchanged on the NYSE

  • Russell 2000: +10.5% YTD
  • S&P 500: +6.2% YTD
  • NAS Comp: +6.2% YTD
  • DJIA: +5.3% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (0.06) Neutral (-0.00) Neutral (0.10) Neutral (0.08)

As I write this report the December DJIA mini futures are trading at:

 

Crude Oil, Gold. Silver & Copper Markets

Commentary: Wednesday, the OPEC agreement to modestly cut Crude Oil output was the big news and the excuse for the rally. PE

WTI Crude Oil at 47.1, and Brent Crude 48.60 both finished higher, and the supports at 43 and 45 mentioned Wednesday are intact. With some Southside risk averted, WTI Crude Oil can test 48 and Brent Crude may see 50 near term. Both may consolidate between 43-48 and 45-50 thereafter before breaking North again, maybe.

Gold at 1325.41 is stable in here, the Gold-WTI ratio (28.14) has resolved to the Southside. Medium term support is seen at 27.75. While the ratio remains below 29, there may be pressure to break the support at 27.75. If so, it would be good for stocks worldwide and might lead to some USD weakness too.

Dec Silver finished Wednesday’s US session -0.04 lower, or -0.2% to 19.13 oz

The Gold/Silver ratio is 69.2, compared to Tuesday’s mark at 69.4

Copper at 2.2030 held above the major support at 2.15 and could be on the way North to 2.25.

Stay tuned…

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