U.S. Equity Markets started the week in positive territory, led by the NADDAQ 100 which closed with a gain of 1.50%. Vaccination progress sparked optimism after National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said President-elect Joe Biden’s goal of 100 million vaccinations in 100 days is “doable.” The other big headlines today related to Treasury Secretary nominee Janet Yellen’s testimony before the Senate Finance Committee. Yellen called for more stimulus to help Americans, while adding that lawmakers must “act big.” Positive earnings surprises from Goldman Sachs and Bank of America also provided a boost for overall markets. European Markets fell on worries about increasing lockdowns. The European Union is preparing plans to ask member countries to target inoculating at least 70% of their populations by the middle of this year. Italian Prime Minister Giuseppe Conte faces a difficult confidence vote in the Italian Senate where the government held a slim majority before a key ally quit. Euro-Zone Economic Confidence data for January rose versus December. Institutional investors and analysts are increasingly optimistic on the outlook. France’s seven-day moving average for daily COVID-19 infections rose to its highest level in the last seven weeks, potentially leading to further social-distancing restrictions. And Germany reportedly agreed to extend its COVID-19 restrictions into the middle of February. Elsewhere, Oil closed 1.20% higher as the International Energy Agency (“IEA”) said that crude demand in the second half of 2021 would be stronger than expected while Gold rose 0.54% on U.S Dollar weakness.
To mark my 2225th 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 160 points yesterday and is now ahead by 1230 points for January, having finished December with a gain of 2273 points, 2025 points in November, 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, and an incredible 9264 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
The S&P 500 closed 0.81% higher at a price of 3799.
The Dow Jones Industrial Average closed 116 points higher for a 0.38% gain at a price of 30,930.
The NASDAQ 100 closed 1.50% higher at a price of 12996.
The Stoxx Europe 600 Index closed 0.4% lower.
The MSCI Asia Pacific Index fell 0.3%.
Yesterday the Nikkei closed Last Friday the Nikkei is closed 1.39% higher at a price of 28,633.
Currencies
The Bloomberg Dollar Spot Index closed 0.2% lower.
The Euro closed 0.3% higher at $1.2118.
The British Pound closed 0.4% lower at $1.3635.
The Japanese Yen closed unchanged at 103.86 per dollar.
Bonds
Germany’s 10-year yield closed unchanged at -0.53%.
Britain’s 10-year yield closed unchanged at 0.29%.
US 10 Year Treasury closed one basis points higher at 1.09%.
Commodities
West Texas Intermediate crude closed 1.20% higher at $53.37 a barrel.
Gold closed 0.54% higher at $1,844.20 an ounce.
This morning on the Economic Front at 7.00 am we have German PPI and UK CPI, PPI and the Retail Price Index. At 10.00 am we have Euro-Zone CPI, followed by U.S MBA Mortgage Applications at 12.00 pm. Finally, we have the Bank of Canada Rate Decision at 3.00 pm and the Biden Presidential Inauguration at 5.00 pm.
March S&P 500
My S&P plan worked well with the market trading higher to my 3795 sell level before falling 20 Handles. Unfortunately, I covered this short-position too early at 3791 and I am still flat. Yet again the ‘’buy the dip’’ as won the day with the S&P closing 50 Handles higher than the low reached on Sunday night. Optimism continues to trade at elevated levels. Shortly after the U.S Futures Markets re-opened last night the S&P traded higher to my second sell level at 3802 as emailed earlier to my Platinum Members. Subsequently the S&P traded lower to my 3792 T/P level with a 3790 low so far and I am now flat. Today, my sell level will be from 3811/3826 with a 3841 ‘’Closing Stop’’. I will now raise my buy level 3752/3767 with a 3739 tight stop.
EUR/USD
My latest 1.2085 long Euro position worked well with the market rallying to my 1.2105 T/P level and I am still flat. I will continue to buy the dip as long as we do not break and close below 1.2020. Today, my buy level will be from 1.2050/1.2090 with a 1.1995 stop.
March Dollar Index
I am still flat the Dollar. I will now lower my buy level to 89.80/90.20 with a lower 89.35 stop.
March DAX
The DAX traded heavy all-day yesterday and I am still flat. This is no surprise with Germany in Lockdown for at least another four weeks. I will now lower my buy level to 12650/12720 with a tight 12585 stop. If I am taken long I will have a T/P level at 12765.
March FTSE
The FTSE just missed my buy level before having a small rally into the close. I will leave my 6600/6645 buy level unchanged with the same 6575 tight stop.
Dow Rolling Contract
Despite the Dow rallying yesterday I am reluctant to chase the market higher and therefore I will leave my aggressive 30420/30620 buy level unchanged with the same 30250 ‘’Closing Stop’’. If stopped, I will be an even more aggressive buyer from 29900/30100 with a 29750 stop. I still do not want to be short the Dow at this time.
December NASDAQ
Frustratingly, the NASDAQ fell shy of my buy range before rallying 1.50% and I am still flat. Thankfully, we had no sell level yesterday. I will now raise my buy level to 12770/12870 with a 12685 stop. If I am taken long, I will have a T/P level at 12940.
March BUND
I am still flat and today I will leave my 176.50/176.95 buy level unchanged with the same 175.95 stop.
Gold Rolling Contract
I do not trust the price action in Gold. Most traders are still long and are wearing significant losses from the 1956 high made two weeks ago. Gold has strong support from 1802/1818 where I will continue to be a buyer with a 1789 stop.
Silver Rolling Contract
No Change. I am still a small buyer from 24.10/24.70 with the same 25.05 T/P level, while leaving my stop unchanged at 23.65
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