Craig Johnson’s

Financial Markets Summary

Thursday, August 10, 2017

  • It has been a quiet week for the financial markets. A combination of very little economic data being released, the stock market focused on an enormous number of company earnings reports and from a calendar basis, a generally quiet time of the year all contributed to the quiet week.
  • Recently, oil has tightened the sideways trading band that it has been in for the past three weeks. Oil’s high and its low for the past six trading days has been within a $1.50 a barrel range. The high being $49.96 a barrel, while the low is at $48.50. Oil closed yesterday near $49.50 a barrel.
  • Gold has rallied this week moving it back to a level it reached in mid-June. Near term resistance resides near $1300 an ounce. A break above that level would break gold out of the four month sideways area it has been stuck in. Gold closed yesterday just above $1280 an ounce.
  • The U.S. dollar has been weak all year not only moving the fixed income market slightly higher, but providing a generous lift to emerging and developing international stocks.
  • Corn, soybean and wheat prices tried to stage a rally from the June low to early July. Since then, prices have retraced much of the price gains. 

Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases. 

Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

 

 

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