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Jim Wyckoff's Morning Report: Asian, European Stocks Higher Overnight

19 April 2013
Jim Wyckoff Commentary -  TheCropSite

GLOBAL - Asian and European stocks were higher overnight, with US stock indexes also higher early Friday morning, amid an improved investor risk appetite to end the week.

In the U.S., focus of traders and investors Friday morning was not on the markets but on an intense manhunt for one terrorist involved in the Boston Marathon bombing. A second terrorist suspect was killed overnight. There is a Group of 20 meeting in Washington, D.C. that began Thursday. The market place will pay close attention to any proclamations regarding foreign exchange rate, financial and/or economic policies coming out of the confab. There is no major U.S. economic data due for release Friday.

US Dollar Index

The U.S. dollar index is slightly lower in early U.S. trading. The index has turned choppy recently but the bulls on Wednesday did regain upside near-term technical momentum. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at this week’s high of 82.815 and then at 83.000.  Shorter-term support is seen at 82.460 and then at 82.250. Wyckoff's Intra Day Market Rating: 4.5

NYMEX Crude Oil

Crude oil prices are firmer early today on short covering after hitting a 9.5-month low of $85.61 on Thursday. Bears still have the near-term technical advantage. In May Nymex crude, look for buy stops to reside just above resistance at $89.00 and then at $90.00. Look for sell stops just below
technical support at $87.50 and then at $87.00. Wyckoff's Intra-Day Market Rating: 5.5

Grains

Markets were slightly lower overnight. Recent moisture in the U.S. Corn Belt and Plains states is deemed a bearish underlying factor for grains, even though it could turn to a bullish factor for corn, due to the specter of corn- planting delays now likely this spring. The corn-planting delay issue could become be a major market factor when trading gets under way next week. Grain traders will
continue to look to the outside markets for direction, especially given the volatile trading seen in crude oil and gold recently.

TheCropSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.



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