U.S. Indices closed firmer on Tuesday in broader risk-on sentiment, as despite the constant flow of Middle East headlines, there were few escalatory or de-escalatory developments. There have been conflicting reports regarding the health of Iran’s Top Security Chief, Larijani, as Israel and the US said he was killed in an airstrike, but Iran has yet to confirm this. In terms of some of the more notable remarks, the EU’s Kallas remarked that a model similar to the Black Sea could be used in the Strait of Hormuz, but the question is what neighbouring countries, including Iran, could agree on; and the door is not closed on participation in the Strait. From the US side of things, President Trump spoke heavily and did not garner much reaction, but he noted they are not ready to leave Iran yet, although they will leave in the near future, and won’t be too long before ships can go through the Strait of Hormuz. Sectors were largely firmer, with only Health and Consumer Staples in the red, while Energy sat atop the pile. WTI and Brent saw gains, retracing some of Monday’s losses, while Treasuries were firmer across the curve with the 20-Year Treasury Auction coming in strong. Precious metals were weaker, with spot silver underperforming its peer, while the Dollar Index saw losses, to the benefit of most G10s. The Australian Dollar outperformed after the RBA hiked rates overnight, as widely anticipated, with Bullock’s press conference also deemed hawkish as participants debated whether they will raise rates for the third time in May. There was no tier 1 US data, although pending home sales impressed with the US PPI, FOMC and SEPS, the upcoming highlights on Wednesday. Pending home sales for February rose 1.8% M/M from January’s decline of 0.8%, and above the expected -0.5%. Gains occurred in the Midwest, South and West, but declined in the Northeast. NAR Chief Economist Lawrence Yun writes that improved affordability seems to have led to a climb in pending contracts, but regions like the NW continued to be held back by the combination of higher home prices and a shortage of supply. Yun warns, “conditions could reverse if higher oil prices lead to an uptick in mortgage rates.” He further added, “For first-time homebuyers, purchasing a home is not a snap decision. It takes time to build credit, save for a down payment, and fulfill existing rental lease agreements. Still, there is sizable pent-up demand that could be released into the market.” Elsewhere, Oil closed Tuesday’s session with a gain of 2% while Gold was flat.
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For anyone following my Platinum Service it made 601 points yesterday and is now ahead by 4081 points for March having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points whe ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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