A bit late with the usual morning report - but here it is for...

A bit late with the usual morning report - but here it is for what it's worth:

Major Indices, Europe and America


DAX +0.4%, UK +0.57%, France +0.58%, Italy +0.63%.  A better performance by the Europeans in this session than the previous session.  After a poor opening, intra-day buying gave respectability to the final figures.



The American indices, except for the Nasdaq which eked out a modest gain, were generally flat, after being down sharply after the opening.  So there was solid intra-day buying. DJ30 -0.03%, SP500 +0.00%, Nasdaq +0.33%, New York Composite -0.02%, Russell2000 +0.2%.






The intra-day buying shows up in the long lower tail on the current candle for the DJI.  That's usually a positive sign but strong buying tomorrow is needed to prove the case.  If we get a down day tomorrow, then we've just had a short term counter trend rally.

The NYSE Bullish Percent (a measure of breadth) still languishes at its lows, and shows a steep negative divergence from the main indices.  It has had two positive days, but they are not strong.  This looks like consolidation at the lows which leads to more downside.


US$ and Hard Commodities:


Under the influence of a strong US$, all the other charts above were down.  Base Metals (DBB) did poorly -1.08%.  Iron Ore was also down -1.3%.  Gold continues to struggle at its lows -0.89%.  So far, any thoughts of a Summer Rally for Gold are just wishful thinking.

Our Miners will struggle today, but the rest of the market might be OK.

Our market will finish the month with a healthy upside result.  That's in keeping with the recent good figures for July.  August in the past 10 years has also been generally positive.  Let's hope the record keeps on the plus side in the next month.

RB