The US Stock market closed mixed yesterday after the rout on Friday with the S&P down slightly while Dow closed positive, having been 150 points lower in afternoon trading. A further rally in US Treasuries saw the 10 Year Yield dip below 2.40% for the first time since December 2017. The UK Pound turned lower after Prime Minister May stumped for her Brexit Deal before a parliamentary vote. Markets were also relived that Special Counsel Robert Muller found no evidence that no one close to President Trump or his family colluded with Russia in the 2016 Presidential Campaign.
To mark my 1800th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on bryan@tradernoblecom for details
For anyone following my Platinum Service it made 140 points yesterday and is now ahead by 849 points for March, having made 1013 points in February, 1671 points in January, 2803 points in December, 1541 points in November and 2094 points in October. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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Currencies
The Pound dropped after PM May said she does not have enough support to put her Brexit Deal before Parliament. As lawmakers try to take control of the process, she is wielding the threat of a long extension if her deal is not passed. My own view is the bad news is all priced into the Pound and that Sterling is a buy on dips. Meanwhile the Dollar closed slightly lower again most major currencies yesterday.
Equities
European Indices dropped after data showed confidence among German Companies fell. The German DAX fell 1% while EuroStoxx 50 closed 0.50% lower.
Bonds
The German Bund made a new record closing yield of -5 basis points as it followed the fall in US Treasuries.
Commodities
The main beneficiary of the global slowdown is Gold which closed above $1320, as it rose for the fifth consecutive trading session. Both WTI and Brent also closed lower, not helped by the weak economic data.
This morning on the Economic Front we have German GFK Consumer Confidence at 7.00 am. This is followed by UK BBA Mortgage Approvals at 9.30 am. Next we have US Building Permits and Housing Starts at 12.30 pm. Finally at 2.00 pm we have Consumer Confidence and the Richmond Fed Manufacturing Index.
June S&P 500
After the S&P just missed my initial 2790 buy level I emailed my Platinum Members to buy the market at a price of 2793. Subsequently the S&P rallied 10 Handles and I used this rally to cover this position at 2796.50 and I am now flat. Today I will again look to buy the S&P on any dip lower to 2784/2796 with a 2775 stop. My only interest in selling the S&P is still on a rally higher to 2832/2844 with the same 2852 stop.
EUR/USD
My long 1.1300 Euro position worked well with the market trading higher to my 1.1325 T/P level and I am now flat. Today I will again look to buy the Euro on any dip lower to 1.1240/1.1280 with a 1.1195 stop. I still do not want to be short the Euro at this time.
June Dollar Index
No Change as I am still a small buyer on any dip lower to 95.20/95.60 with the same 94.85 stop.
June DAX
No Change as I am still a buyer on any dip lower to 11180/11240 with a 11135 tight stop. If I am taken long I will have a T/P level at 11280.
June FTSE
I am still flat the FTSE and today I will now lower my buy level to 6990/7030 with a lower 6955 stop. Despite the weak priced action I still do not want to be short the FTSE at this time.
Dow Rolling Contract
My Dow plan worked well with the market trading lower to my 25350 buy level before rallying to my 25430 T/P level and I am now flat. Today I will again look to buy the Dow on any dip lower to 25250/25400 with a 25130 stop which is just below both the 50 and 200 Day Moving Averages.
June NASDAQ
The NASDAQ just missed my buy level before rallying into the close and I am still flat. Today I will raise my buy level to 7280/7330 with a 7235 stop.
June BUND
Late last night the Bund traded higher to my second sell level at 165.95 for a now average short position of 165.65. I will leave my 166.20 stop unchanged while raising my T/P level on this position to 165.60. If any of the above levels are hit I will be back with a new update for my Platinum Members.
Gold Rolling Contract
Even though Gold has now closed higher for the fifth consecutive trading session I still do not trust this market. Today I will move my buy level slightly higher to 1294/1302 with a higher 1287 stop.
Silver Rolling Contract
I am still flat Silver and today I will move my buy level higher to 14.95/15.35 with a 14.55 stop. If I am taken long I will have a T/P level at 15.51
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