U.S. Equities retreated from all-time highs after Bloomberg reported that existing tariffs on billions of dollars of Chinese goods will likely stay in place until after the presidential election. The S&P 500, Nasdaq Composite and Dow Jones Industrial Indexes all pulled back from records as the conditions underscored lingering concern about future progress in negotiations. Treasuries climbed earlier after a gauge of underlying inflation rose less than forecast. The two sides have an understanding that no sooner than 10 months after the signing of the Agreement at the White House Wednesday, the U.S. will review progress and potentially trim tariffs now in place on $360 billion of imports from China, according to people familiar with the matter said. The Stoxx Europe 600 Index closed higher, while earlier in Asia, stocks were slightly higher. The Chinese Yuan held most of its surge from Monday, when Washington lifted its designation of the country as a currency cheat. The US Dollar held its gains after the inflation data, while the Pound broke a five-day slide.
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 71 points yesterday and now ahead by 1053 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
Boeing Co. is talking to a group of banks about a potential loan as it deals with a production halt of its grounded 737 Max jetliners, according to people familiar with the matter. Citigroup Inc. is leading the discussions between Boeing and a small group of banks, said the people, who asked not to be named because the details are confidential. The precise structure and timing of the loan is in flux, but the financing may be an investment-grade term loan, they said.
The S&P 500 Index decreased 0.2% to close at 3281.
The Dow Jones Industrial Average was little changed at 28,918.
The NASDAQ Composite fell 0.3% to 9248.
The Stoxx Europe 600 Index jumped 0.3% to 419.
Currencies
Here is a summary of the main Changes in F.X. Markets:
The Bloomberg Dollar Spot Index closed unchanged.
The British Pound increased 0.3% to $1.3024..
The Euro decreased 0.1% at $1.1128.
The Japanese Yen was little changed at 109.94 per dollar.
Bonds
The yield on 10-year Treasuries dipped three points to 1.81%.
Britain’s 10-year yield fell three points to 0.72%, the lowest in more than six weeks.
Germany’s 10-year yield fell one basis point to -0.17%.
Commodities
West Texas Intermediate crude advanced 0.4% to $58.34 a barrel.
Gold rose depreciated 0.1% at $1,546 an ounce.
This morning on the Economic Front we have German GDP growth at 9.00 am and this is followed at 9.30 am by UK Retail Price Index, PPI and CPI. At 10.00 am we have Euro-Zone Trade Balance and Industrial Production. This is followed by U.S. MBA Mortgage Applications at 12.00 pm and at 1.30 pm by PPI and the New York Empire State Manufacturing Index. Finally, at 7.00 pm we have the Fed’s Beige Book.
March S&P 500
The S&P missed both my buy and sell levels in what turned out to be a quiet session ahead of the Trade Agreement getting signed this afternoon. Today I will lower my buy level to 3252/3264 a lower 3243 stop. Given the extreme sentiment I am still looking for a reversal at any stage and today I will also lower my sell level slightly to 3297/3312 with the same 3323 stop. If I am taken short and subsequently stopped out of this position I will be an aggressive seller from 3330/3350 with a higher 3365 stop.
EUR/USD
The Euro traded lower to my 1.1110 buy level before rallying to my revised 1.1131 T/P level and I am now flat. Today I will again look to buy the Euro from 1.1050/1.1090 with a lower 1.1015 stop. I still do not want to be short the Euro at this time.
March Dollar index
I am still flat the Dollar with the market again trading sideways. Today I will continue to be a seller on any rally higher to 97.30/97.70 with the same 98.05 tight stop.
March DAX
The DAX sold off early before spending the rest of the day trading sideways to higher. European Indices are struggling at this time which is no surprise given the weaker than expected Economic data. Today I will continue to be a seller on any rally higher to 13570/13640 with the same 13675 stop. The DAX has short-term support from 13250/13310 and I will be a buyer in this area with a 13195 stop.
March FTSE
My FTSE plan worked well with the market trading higher to my 7585 sell level before selling off to my 7555 T/P level and I am still flat. Today I will again look to sell the FTSE on any further rally to 7600/7650 with a higher 7685 stop.
Dow Rolling Contract
The Dow fell shy of my sell range yesterday before having a down and up move in the last hour of trading. This is an important day for the Dow as we wait for the details of the Trade Agreement. On top of this we have earnings from the biggest American financial institutions, with Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc. next up. Today I will leave my 29080/29230 sell level unchanged with the same 29305 stop. Early yesterday morning the Dow had sold off to within 40 points of my 28700 buy level before rallying and today I will now raise my buy level slightly to 28580/28730 with a higher 28495 stop.
March NASDAQ
It took a while but finally the NASDAQ traded lower to my 9040 buy level on my 9060 average short position and I am now flat. The NASDAQ has strong support from 8920/8970 and I will be a buyer on any dip to this area with a 8870 stop. If I am taken long I will have a T/P level at 9020.
March BUND
I am still flat the Bund which after the aggressive sell-off over the previous couple of days traded in a narrow range yesterday. The Bund is oversold and has short-term support from 169.90/17.40 where I will be a buyer with a 169.55 stop.
Gold Rolling Contract
I am still flat Gold and today I will continue to be a buyer on any weakness to 1518/1528 with the same 1509 stop.
Silver Rolling Contract
I am still long the market from last Monday at 17.75. I will still look to add to this position at 17.20 with the same 16.85 stop. I will now lower my T/P level on this position to 17.90 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
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