US Market and Asian Markets Quiet Ahead of Jackson Hole

US Market and Asian Markets Quiet Ahead of Jackson Hole

US Market and Asian Markets Quiet Ahead of Jackson Hole

$DIA, $USO, $UGA, $GLD

Investors continued to remain on the sidelines in anticipation of the Jackson Hole Symposium Friday.

All of the US major indices all posted moderate losses again in light trading, with a counter trend for small caps, as the Russell gained 4 points.

Crude Oil turned south again with a lack of new factors to prop-up price, while Gasoline prices rose in advance of Hurricane Harvey.

The WTI/Gasoline crack spread surged as the predicted path of Harvey aims the storm at refiners, avoiding Crude Oil production platforms.

Gold continued to hold its ground with low volatility and closing just short of 1,290 oz.

US Treasuries saw some selling pressure Thursday with 10-yr yield gaining 2.5 bpts, back up at 2.19%, 10’s and 30’s curve spread steady at 58 bpts.

Asia Market Summary

Asian stocks have been fairly quiet Friday, as traders await the Jackson Hole comments from the Fed’s Yellen and ECB’s Draghi.

Earnings reports were seen from Qantas and Rusal.

Shares of Samsung Electronics are little changed ahead of the expected court ruling in the corruption case involving Lee Jae-yong, who is viewed as the head of the Samsung conglomerate.

Stay tuned..

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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