U.S. Equity Markets rose and Treasuries fell after President Donald Trump toned down rhetoric against Iran, suggesting further military force is not needed. The S&P 500 advanced for the second time in three sessions after Trump said Iran appeared to be “standing down,” and announced more sanctions on the country. The Nasdaq Indexes notched fresh records as tech led the advance. But risk assets pared gains late in the session after reports of a rocket attack in Baghdad. Ten-year Treasury yields gained after tumbling following Iranian airstrikes on American bases in Iraq. The US Dollar advanced, while oil fell below $61 a barrel in New York. In company news, Boeing Co. slumped after one of its planes crashed in Iran. Walgreens Boots Alliance sank 6% after the drugstore giant’s profits slid, while Lennar Corp. advanced as its earnings topped estimates. Markets settled back into the familiar risk-on mood that had pushed benchmarks to recent records, with investors betting the president’s rhetoric Wednesday will cool tensions in the Middle East. Nervousness had reigned since last week when the U.S. killed a powerful Iranian general, denting optimism sparked by signs of a resilient global economy as well as a partial Sino-American trade deal.
To mark my 1975th 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 113 points yesterday and is now ahead by 871 points for January, having made 818 points in December, 780 points in November, 1649 points in October, 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
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Equities
Investors will likely now turn their attention to the Non-Farm Jobs report due tomorrow. A gauge of private employment beat expectations Wednesday.
The S&P 500 Index advanced 0.5% to close at 3252.
The Stoxx Europe 600 Index rose 0.2%.
The MSCI Asia Pacific Index decreased 0.9%.
Currencies
Here is a summary of the main Changes in F.X. Markets:
The Bloomberg Dollar Spot Index added 0.2%.
The British Pound fell 0.2% to $1.3100.
The Euro dipped 0.4% to $1.1111.
The Japanese Yen declined 0.7% to 109.19 per dollar.
Bonds
The yield on 10-year Treasuries rose five basis points to 1.87%.
The yield on two-year Treasuries gained four basis points to 1.58%.
Britain’s 10-year yield added three basis points at 0.817%.
Commodities
West Texas Intermediate crude fell 4.5% to $59.91 a barrel.
Gold dropped 1.2% to $1,555.70 an ounce.
This morning on the Economic Front we have German Industrial Production and the Trade Balance at 7.00 am. This is followed at 9.30 am by a speech from Bank of England Governor Carney. At 1.30 pm we have the U.S. Weekly Jobless Claims. Finally, Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak this afternoon.
March S&P 500
The major Stock Indices are getting excited in the short-term with both the S&P and NASDAQ making new all-time highs while the Dow just fell short of it’s 28,872 high from January 2. My S&P plan worked well with the market trading higher to my 3262 sell level before thankfully selling off to my 3254 T/P level and I am now flat. The S&P is getting closer and closer to my 3310/3350 target sell range where I will be an aggressive seller with a 3375 stop. Before this I will be a small seller from 3272/3284 with a 3291 stop. The S&P never came close to my buy range and I will now raise my buy level to 3230/3242 with a 3221 tight stop.
EUR/USD
Late in the New York session the Euro traded lower to my 1.1110 buy level. I am still long and today I will look to add to this position on any further move lower to 1.1060 with the same 1.1025 stop. I will now lower my T/P level on this position to 1.1130 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
March Dollar Index
I am still flat the Dollar and as I am long the Euro I will again raise my sell level in the Dollar to 97.20/97.60 with a higher 98.05 stop.
March DAX
Thankfully we had no sell levels in the DAX yesterday with the market exploding to the upside closing near 13400. Today I will raise my buy level to 13210/13270 with a higher 13165 stop.
March FTSE
Despite the weakness in Sterling, the FTSE underperformed and I am still flat. The FTSE has strong resistance from 7590/7640 and I will be a seller in this area with a 7675 stop.
Dow Rolling Contract
I am still flat the Dow as the market managed to rally over 700 points off yesterday’s 28113 low print. Thankfully we were not short. The Dow has strong resistance from 28950/29100 and I will be a seller with a 29195 tight stop. The Dow has short-term support from 28500/28650 and I will be a small buyer in this area with a 28395 stop.
March NASDAQ
The NASDAQ traded the whole of my sell range for a now average short position at 8925. This market is severely overbought and has massive resistance at the 9000 area. I will now raise my T/P level on this position to 8900 with the same 9025 stop. If any of the above levels are hit I will be back with a new update for my Platinum Members.
March BUND
The surge in Equity Markets saw the Bund get hit hard with the market trading lower to my 171.50 buy level. I will add to this position on any further move lower to 171.00 with a now lower 170.65 stop. I will now lower my T/P level on this position to 171.70 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
Gold Rolling Contract
Gold registered a significant Downside Key Day Reversal yesterday as the market fell $60 from its earlier 1611 high print. It is quite possible that Gold’s run to a six-year high above $1600 will see this resistance level hold for the foreseeable future. Yesterday after Gold rallied to my 1568 buy level we saw a quick rebound to 1577 and I used this rally to exit my long position at my revised 1570 T/P level and I am now flat. Today I will be a small seller from 1580/1592 with a 1605 stop.
Silver Rolling Contract
Silver sold off to my 18.20 buy level before rallying to my revised 18.33 T/P level and I am now flat. Subsequently Silver tested the $18 level into the New York close. Silver has short-term support from 17.40/17.80 and I will be a buyer on any dip to this area with a 17.15 tight stop.
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