The rally in global risk assets lost steam as the spreading pandemic tempered gains in European stocks and U.S. Equity Futures. Bitcoin tumbled as much as 14%. Cyclical companies including banks and energy firms that had led the post-vaccine surge retreated while more defensive tech shares gained, with the Stoxx Europe 600 Index flat. That was mirrored by Equity Futures in the U.S., where contracts on the main gauge fell while those on the tech-heavy Nasdaq 100 were little changed. Elsewhere, Oil closed 1.8% lower which Gold was firmer by 0.2%. The biggest mover was Bitcoin which fell 14% to close at $16,800
To mark my 2200th 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 was flat yesterday and is still ahead by 1736 points for November having made 2779 points in October, 3042 points in September, 2383 points in August, 3128 points in July, 2580 points in June, 2456 points in May, 4773 points in April, an incredible 9264 points in March, 2223 points in February and 2142 points in January. 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
The S&P 500 closed 0.16% lower at a price of 3629.
The Dow Jones Industrial Average closed 174 points lower for a 0.58% gain at a price of 29,872.
The NASDAQ 100 closed 0.6% higher at a price of 12,152.
The Stoxx Europe 600 Index closed 0.1% lower
The MSCI Asia Pacific Index fell 0.5%.
Yesterday the Nikkei closed 0.91% higher at a price of 26,537.
Currencies
The Bloomberg Dollar Spot Index gained 0.1%.
The Euro was little changed at $1.1915
The British pound slid 0.2% to $1.335.
The onshore Yuan was unchanged at 6.5657 per dollar.
The Japanese Yen strengthened 0.2% to 104.25 per dollar.
Bonds
Germany’s 10-year yield fell two basis points to -0.59%.
Japan’s 10-year yield gained 0.5 basis point to 0.019%.
Britain’s 10-year yield declined 3.7 basis points to 0.278%.
Commodities
West Texas Intermediate crude decreased 1.8% to $44.90 a barrel.
Brent crude decreased 1.7% to $47.8 a barrel.
Gold strengthened 0.2% to $1,810.35 an ounce.
December S&P 500
Optimism has surged to levels that have attended past market highs. The Weekly Investors Intelligence Advisors’ Survey rose to 64.6% bulls last week, the second greatest optimistic extreme in 33 years, since 1987. The only higher bullish percentage over this period occurred the week of January 16, earlier this year. On top of the CBOE Equity Put/Call Ratio shows a similar level of extreme optimism. The Ratio closed on Tuesday at .38. One has to go back over 10 years to April 2010, to find a lower Equity P/C Ratio than .37. This is a dangerous market and while prices may rise further into year-end we are in dangerous territory especially given the amount of ‘’Open Gaps’’ for November. I am still flat the S&P and I will now lower my sell level again to 3650/3670 with a 3685 stop. I still do not want to be long the S&P at this time.
EUR/USD
No Change as I am still a buyer from 1.1805/1.1855 with the same 1.1765 stop. I will now lower my sell level to 1.1970/1.2010 with a 1.2045 stop.
December Dollar Index
I am still long at a price of 92.20 with the same 92.40 T/P level. I will leave my stop unchanged at 91.75 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
December DAX
The DAX made an intra-day high of 13320 before having a small sell-off into the close and I am still flat. I will now lower my sell level to 13420/13510 with a 13605 stop. If I am taken short I will have a T/P level at 13365.
December FTSE
The FTSE just missed my 6415 sell level with a 6404 high print before selling off and I am still flat. I will now lower my sell level to 6400/6450 with 6505 stop.
Dow Rolling Contract
No Change as I am still a buyer from 29400/29600 with the same 29245 stop. Remember the Dow closes at 6.00 pm this evening as the US Indices are on a half-day and trading will be light. If I am taken long I will have a T/P level at 29720.
December NASDAQ
The NASDAQ traded higher to my second sell level at 12210 for a now 12145 average short position. I will leave my stop unchanged at a wide 12275 while raising my T/P level to 12110 as I want to be flat where possible over the weekend.
December BUND
Late in yesterday’s session the Bund traded higher to my 175.52 sell level. I will now add to this position at 175.92 with the same 176.25 tight stop. I will now raise my T/P level to 175.25.
Gold Rolling Contract
No Change as I am still an aggressive buyer from 1760/1775 with the same 1747 stop.
Silver Rolling Contract
I am still long at 23.50 with the same 23.75 T/P level. I will add to this trade at 22.90, while leaving my stop unchanged at a tight 22.65.
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