U.S. Equity Markets were mixed for the second straight day, as volatility picked up with the VIX closing higher by 4%. Markets opened lower before recovering throughout the day. Republican Senators said that they will not put forward another infrastructure counterproposal, after President Joe Biden declined their current $900 billion offer. But a separate bipartisan group of Senators said that they were putting together a new “Plan B” proposal worth about $880 billion. JOLTS Job Opening data reached a record high in April, as businesses look to hire to keep up with the economic recovery. Inflation data are still in focus for the rest of the week – with Chinese CPI and PPI coming out tonight and the release of U.S. CPI on Thursday. European Markets also closed mixed. The British government was said to be ready to delay its full reopening by two weeks, as ministers say that it would give enough time for the most vulnerable to be fully vaccinated. German ZEW sentiment fell unexpectedly in June, thought survey respondents expect a strong economic recovery over the next six months. Euro-Zone first-quarter gross domestic product (“GDP”) was revised higher from the initial read, but still declined, meaning the Euro-Zone has dipped back into a recession. A British Retail Consortium survey showed that British consumer spending was up 10% from 2019 levels in May, the largest jump from 2019 of any month during the pandemic. In Asia, Japan’s first-quarter GDP was revised lower from the initial reading on lower demand from domestic consumers. The White House was said to be readying trade and investment negotiations with Taiwan. The recent coronavirus lockdown in Taiwan was said to impact semiconductor production, possibly making the chip crunch worse. Australia’s Victoria state is reportedly ready to lift its COVID-19 restrictions on Friday, with no plans to extend the lockdowns. Elsewhere, Bitcoin fell 8% as the Bank of England said that cryptocurrency payments need to be intensely regulated, while Oil gained 1.43% on reports that the U.S. would keep sanctions on Iran, meaning that Iran crude wouldn’t flood the market with supply.
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For anyone following my Platinum Service it made 184 points yesterday and is now ahead by 660 points for June having made 1439 points in May, 1244 points in April, having ended March with an impressive gain of 3769 points, 3286 points in February, 2077 points in January, 2273 points in December, 2025 points in November, 2779 points in October, 3042 points in September and 2383 points in August. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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Equities
The S&P 500 closed 0.02% higher at a price of 4227.
The Dow Jones Industrial Average closed 30 points lower for a 0.09% loss at a price of 34,599.
The NASDAQ 100 closed 0.06% higher at a price of 13,810.
The Stoxx Europe 600 Index closed 0.4% higher.
Yesterday, the MSCI Asia Pacific Index rose 0.1%.
Yesterday, the Nikkei closed 0.19% lower at a price of 28,963.
Currencies
The Bloomberg Dollar Spot Index closed 0.2% higher.
The Euro closed 0.2% lower at $1.2174.
The British Pound closed 0.2% lower at $1.4154.
The Japanese Yen fell 0.2%, closing at $109.48.
Bonds
Germany’s 10-year yield closed two basis points lower at -0.22%.
Britain’s 10-year yield closed five basis points lower at 0.77%.
US 10 Year Treasury closed four basis points lower at 1.53%.
Commodities
West Texas Intermediate crude closed 1.43% higher at $70.21 a barrel.
Gold closed 0.18% lower at $1,893.10 an ounce.
This morning on the Economic Front we have German Current Account and Trade Balance at 7.00 am. This is followed by U.S MBA Mortgage Applications at 12.00 pm. Finally, we have Wholesale Inventories and the Bank of Canada Rate Decision at 3.00 pm.
June S&P 500
My S&P plan worked well with the market trading higher to my 4235 sell level before falling 30 Handles enabling me to cover this position at my 4225 T/P level. Unfortunately, the S&P fell shy of my 4202 buy level before rallying to closed unchanged into the close and I am still flat. If the S&P can break and close below 4200 it will a short-term sell signal. Today, I will continue to be a small buyer from 4187/4202 with the same 4175 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 4212. The S&P has resistance from 4240/4255 where I will again be a seller with a 4269 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 4229.
EUR/USD
I am still flat and today I will now lower my buy level to 1.2090/1.2130 with a lower and tight 1.2055 stop. I still do not want to be short the Euro at this time.
September Dollar Index
No Change. I am still a buyer on any dip lower to 89.20/89.65 with the same 88.75 stop.
June DAX
I still do not trust this latest move higher in the DAX. As a result I will not chase the market higher, leaving my 15380/15450 buy level unchanged with the same 15315 stop.
June FTSE
The boring sideways price action shows no sign of ending for the FTSE which again traded in a narrow range over the past 24 hours. I am still flat and I will continue to be an aggressive buyer from 6980/7025 with the same 6945 stop. If I am taken long I will have a T/P level at 7055.
Dow Rolling Contract
The Dow got hit hard yesterday, hitting a low of 34,445 before rallying 200 points and I am still flat. Today, I will now lower my buy level to 34150/34320 while leaving my 34045 ‘’Closing Stop’’ unchanged. The Dow has resistance from 34820/34980. I will be a strong seller on any rally to this area with the same 35105 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 34700. If I am taken long I will have a T/P level at 34440.
June NASDAQ
My NASDAQ plan worked well with the market trading higher to my 13880 sell level before falling 140 points, enabling me to cover this position at my 13840 revised T/P level and I am still flat. Today, I will again be a seller from 13900/13980 with a 14055 ‘’Closing Stop’’. The NASDAQ has strong support from 13590/13670 where I will be a buyer with a 13495 ‘’Closing Stop’’.
September BUND
After the Bund rallied to my 172.25 sell level we had a small sell-off. I covered this position at my revised 172.09 T/P level and I am now flat. The Bund has resistance from 172.60/173.10 where I will again be a small seller with a 173.45 stop.
Gold Rolling Contract
I am still flat and today, I will lower my buy level to 1845/1860 with a lower 1833 stop.
Silver Rolling Contract
My Silver plan worked well with the market trading lower to my 27.50 buy level before rallying to my 27.80 T/P level and I am now flat. Today, I will again be a buyer on any dip lower to 26.50/27.10 with a lower 26.15 stop.
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