U.S. stocks rose as investors sifted through a batch of earnings reports. Benchmark Treasuries erased gains. The S&P 500 Index closed above its 3,000 level. Boeing Co. led gains in the Dow Jones Industrial Average after mapping out a sharp boost to the beleaguered 737 Max plane’s output. Caterpillar Inc. climbed as traders welcomed its move to cut production. Apple Inc. rallied to a record after Morgan Stanley raised its target. The Philadelphia Semiconductor Index tumbled about 2% on Texas Instruments Inc.’s weaker-than-expected forecast. The barrage of corporate results is a barometer of the strength of the global economy as the ongoing dispute between the U.S. and China undermines confidence. Texas Instruments warned that trade tension is making customers far more cautious, while Caterpillar blamed heightened “economic uncertainty” for slowing customer purchases. After the close Microsoft Corp. posted sales and profit that topped analysts’ projections, lifted by demand for Azure cloud-computing programmes and internet-based versions of Office productivity software. Profit in the first quarter, which ended Sept. 30, rose to $10.7 billion, or $1.38 a share, compared with the $1.24 per-share average estimate of analysts polled by Bloomberg. Revenue rose 14% to $33.1 billion, the Redmond, Washington-based company said Wednesday in a statement, better than the $32.2 billion average prediction.
To mark my 1925th 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@tradernoble.com for details
For anyone following my Platinum Service it made 90 points yesterday and is now ahead by 1236 points for October, having made 1620 points in September, 2387 points in August, 1153 points in July, 1346 points in June,1722 points in May, 955 points in April and 1027 points in March. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 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 notificationEquities
The S&P 500 Index increased 0.3% to close at 3,005.
The Stoxx Europe 600 Index rose 0.1%.
The MSCI Asia Pacific Index declined 0.1%.
Currencies
Here is a summary of the main Changes in F.X Markets:
The Bloomberg Dollar Spot Index was little changed.
The Euro rose 0.1% to $1.1133.
The British Pound increased 0.3% to $1.2914.
The Japanese Yen slid 0.2% to 108.69 per dollar.
Turkey’s lira rallied after President Donald Trump said he’s lifting recently imposed sanctions after the country complied with a cease-fire agreement
Bonds
The yield on 10-year Treasuries gained one basis point to 1.77%.
Germany’s 10-year yield decreased three basis points to -0.39%.
Britain’s 10-year yield fell three basis points to 0.685%.
Commodities
The Bloomberg Commodity Index gained 0.7%.
Elsewhere, oil climbed after a U.S. government report showed a surprise drop in crude supplies with WTI closing 2.7% higher at $55.97 a barrel.
Gold added 0.6% to $1,495.70 an ounce.
Finally, Bitcoin fell to a five- month low.
This morning on the Economic Front we have German and Euro-Zone Markit Manufacturing/Services PMI at 8.30 am and 9.00 am respectively. This is followed at 9.30 am by the latest UK BBA Mortgage Approvals. At 12.45 pm we have the ECB Rate Decision followed by ECB President Dragi’s Press Conference. Also at 1.30 pm we have the U.S Weekly Jobless Claims and Durable Goods Orders. At 2.45 pm we have U.S. Manufacturing PMI. Finally. we have New Home Sales and the Kansas City Fed Manufacturing Activity Index at 3.00 pm and 4.00 pm respectively.
December S&P 500
I have been consistent with my calls all-year that the S&P is a buy on dips. This view holds as long as we do not close below the 2970 key support level. Yesterday the S&P finally rallied to my revised 2996 T/P level on Tuesday’s 2994 average long position and I am now flat. Today I will again look to buy the S&P on any dip lower to 2986/2996 with a 2978 stop. As we are so close to new all-time highs I still do not want to be short the S&P at this time.
EUR/USD
No Change as I am still a buyer on any dip lower to 1.1040/1.1080 with the same 1.1015 tight stop.
December Dollar Index
I am still flat the Dollar as the market tries to correct some of its recent decline. Today I will leave my 96.20/96.60 buy level unchanged with the same 95.75 stop.
December DAX
As long as the DAX can hold support from 12610/12670 then the market will just like the S&P above be a buy on dips. Today I will raise my buy level to the above price level with a higher 12560 stop.
December FTSE
Frustratingly the FTSE again just missed my initial buy level before rallying as expected. The close above 7200 is bullish and today I will raise my buy level to 7125/7175 with a 7090 stop.
Dow Rolling Contract
The idea of buying in front of 26600 again worked well yesterday with the market trading lower to my 26630 buy level before rallying to my 26695 T/P level and I am now flat. The rally in Boeing Shares helped the Dow yesterday and today I will again look to buy the market on any dip lower to 26550/26700 with a 26475 stop.
December NASDAQ
Shortly after the U.S Markets opened the NASDAQ rallied to my 7885 T/P level on Tuesday’s 7880 average long position and I am now flat. Better than expected results from Microsoft after the close helped the NASDAQ to trade above 7900 as I go to press. Today I will again look to buy the market on any dip lower to 7820/7870 with a 7775 stop.
December BUND
I am still flat the BUND as we wait for the ECB Rate decision at 12.45 pm. I will leave my 170.60/171.00 buy level unchanged with a 170.15 stop. I still do not want to be short the Bund at this time.
Gold Rolling Contract
Gold again traded in a narrow range and I am still flat. My only interest in buying Gold is still on a dip lower to 1464/1476 with a higher 1455 stop.
Silver Rolling Contract
No Change as I am still a small buyer on any dip lower to 17.00/17.40 with the same 16.60 stop.
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