Gold Bid, Stocks Sideways as Yellen Warms up

Overnight Activity

Markets prepare for the Fed symposium in Jackson Hole. Precious metals see some short covering this morning with Gold trading up $4.50 at $1329.10, Global stocks are marginally higher with the SPX futures trading 2173 last. Full Jackson hole report in subsequent post. A Car bomb attack on a police HQ killed 9 with many injured. Iran cries foul as it wants its market share back in Oil. Data due will be  the second GDP estimate at 8:30 and the Michigan Sentiment report at 10:00 AM and we will  be vigilant for any more Gold market slams pre-Yellen. For our part, these events have lately ended with stocks taking  a cue to rally. let's see if the trend continues- Soren K.

Jackson Hole diners will be served Bear Under Glass today

Global News

  • Full Jackson Hole Schedule with Highlights- MS
  • BREAKING: Car bomb attack in Turkey's Cizre,  hospital sources say 9 people killed, 64 wounded: RTRS
  • Jackson Hole Conference begins today with Yellen speaking at 10:00 AM EDT
  • UBS Said to Cut About 15 Paris Investment-Banking Jobs. Some jobs will be moved to London: ZH- Next up, why Brexit will kill London
  • Fed officials tell activists rate hikes won't derail economy:RTRS- because lower rates never helped get it on track?
  • CNN Cancels Dr. Drew's Show One Week After He Voiced "Grave Concern" For Hillary's Health- Sponsored by Service Corp Funeral Directors, SCI

Dennis Gartman is Bearish on Yellen.. You know what to do

Market News

Drug companies spend millions to keep charging high prices:LAT

Petrobras voluntary layoff program accepted by 6,100 employees: RTRS

Why was $1.5 Billion in Gold dumped in a few minutes?: MS

Icahn Said to Have Discussed Selling Herbalife Stake; Ackman possible buyer: WSJ

Dollar dips, shares touch two-week low before Yellen:RTRS

Uber Loses at Least $1.2 Billion in First Half of 2016:BBG

European stocks edge down before Yellen steps onto center stage: MW

Surprise! Gold has bullish news for the stock market Where Did Greenlight Capital Place Its Bets in 2Q16? Gold Stocks Test Support Ahead Of Yellen's Speech Morgan Stanley Highlights A Cyclical Downturn In Tankers Why Did Soros Fund Management Reduce Its Holdings in Barrick Gold?

Market Prices

PRICECHANGE% CHG GLD126.23-0.11-0.09% GC=F1,329.70+5.10+0.39% PL=F1,089.30+12.30+1.14% SI=F18.75+0.14+0.73% NG=F2.85-0.03-1.11% CL=F47.21-0.12-0.25% ^FTSE6823.82+6.92+0.10% ^HSI22,909.54+94.59+0.41% ^N22516,360.71-195.24-1.18% 

Currencies

 
EUR/USD1.12870.0000 (0.00%)USD/JPY100.4500-0.1135 (-0.11%)GBP/USD1.3191-0.0002 (-0.01%)USD/CAD1.2899-0.0017 (-0.14%)USD/HKD7.7559+0.0008 (0.01%)USD/CNY6.6752+0.0164 (0.25%)AUD/USD0.7633+0.0009 (0.12%)

 

Good Luck

 Soren K.

Read more by Soren K.Group