U.S. Equity Markets continued their choppy week, finishing the day higher after yet another reversal from a quick sell-off, led by the NASDAQ 100 which closed higher by 0.58%. Markets were mixed as investors digested Jobless Claims data. Jobless Claims fell from last week’s revised level to 793,000. While this was the fourth straight week of declines, it came in above the Wall Street estimate. And the four-week moving average continued to decline. This was another incremental positive for the job market’s recovery. Stimulus headlines remained quiet, but House Speaker Nancy Pelosi said that the final stimulus bill should be signed by the end of the month. Earnings season also comes to its unofficial end this afternoon with Disney’s report, but the strong reports for the fourth quarter continue to support the thesis for a market move higher. European Markets also closed higher. European Commission President Ursula von der Leyen discussed plans with the members of European Parliament for acquiring more vaccine doses and upping inoculations. The German government extended coronavirus-related social-distancing restrictions until at least March 7, but said States may decide on when to reopen schools. Pharmaceutical giant AstraZeneca said it has enlisted German drug manufacturer IDT Biologika to ramp up production of its coronavirus vaccine and increase supply to Europe. European Union Coronavirus vaccinations rose to 18.6 million yesterday, with a daily average of 627,000 doses administered over the last week. At this slow rate it will take over two years to vaccine the European Population. Elsewhere, Oil closed 1.24% lower on profit-taking after its recent run to its highest level in more than a year, while Gold also fell after a mixed session.
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For anyone following my Platinum Service it made 65 points yesterday and is now ahead by 1162 points for February, having finished January with a gain of 2077 points, 2273 points in December, 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 0.17% higher at a price of 3916.
The Dow Jones Industrial Average closed 7 points higher for a 0.02% loss at a price of 31,430.
The NASDAQ 100 closed 0.58% higher at a price of 13,734.
The Stoxx Europe 600 Index closed 0.5% higher.
The MSCI Asia Pacific Index rose 0.3%.
This morning the Nikkei closed 0.14% lower at a price of 29,520.
Currencies
The Bloomberg Dollar Spot Index closed 0.1% lower.
The Euro closed 0.1% lower at $1.2125.
The British Pound closed 0.2% lower at $1.3812.
The Japanese Yen closed 0.2% higher at 104.91 per dollar.
Bonds
Germany’s 10-year yield closed unchanged at -0.45%.
Britain’s 10-year yield closed one basis points lower at 0.47%.
US 10 Year Treasury closed two basis points higher at 1.16%.
Commodities
West Texas Intermediate crude closed 1.24% lower at $57.65 a barrel.
Gold closed 0.89% lower at $1,825.30 an ounce.
This morning on the Economic Front we already had the release of UK GDP which rose 1% versus +0.5% expected. This has been one of the slowest weeks for economic data. Ahead of the long Weekend in the U.S., the only release today is the Michigan Consumer Sentiment Index at 3.00 pm. At the same time, we have a speech from Fed Member Williams.
March S&P 500
Frustratingly, the S&P just missed my 3882 initial buy level with a 3885 low print before bouncing 25 Handles into the close and I am still flat. The US Stock Market is closed on Monday for the President Day Holiday. However, the Futures Market will open at 11.00 pm as usual on Sunday and trade until 4.30 pm London time on Monday. I will now raise my buy level slightly to 3870/3885 with a 3859 Stop. If stopped out of any long position, I will be an aggressive buyer from 3839/3854 with a 3825 ‘’Closing Stop’’. Ahead of the weekend I will now raise my sell level to 3930/3945 with a 3961 stop.
EUR/USD
I am still flat as the Euro continues to build value above last week’s 1.1950 low print. I will now raise my buy level to 1.2070/1.2110 with a tight 1.2025 stop. I still do not want to be short the Euro at this time.
March Dollar Index
No Change as I am still a small seller from 90.65/91.05 with the same 91.55 stop.
March DAX
My DAX plan worked well with the market trading higher to my 14020 sell level before selling off to trade at 13975 this morning. As I wanted to be flat overnight, I covered this position at 13995. The DAX has resistance from 14080/14150 where I will again be a seller with a 14225 stop. The DAX has strong support at 14700 and a break and close below here is needed before we can see a more meaningful sell-off. As a result, I will be a buyer from 13670/13750 with a 13595 stop.
March FTSE
I am still flat and today I will lower my buy level to 6360/6410 with a lower 6325 stop. If I am taken long I will have a T/P level at 6445.
Dow Rolling Contract
Yet again the Dow had a quick 250 point decline before reversing these losses into the close and I am still flat. I am not going to chase the Dow higher, leaving my 30980/31180 buy level unchanged with the same 30805 ‘’Closing Stop’’. Meanwhile, I will leave my 31700/31900 sell level unchanged with the same 32050 ‘’Closing Stop’’.
March NASDAQ
My NASDAQ plan worked well with the market trading higher to my 13740 sell level before falling 140 points. This move lower enabled me to cover this short position at my 13700 revised T/P level and I am still flat. The NASDAQ has resistance from 13780/13900 where I will again be a seller with a wider 14005 ‘’Closing Stop’’. The NASDAQ has strong support from 13380/13480 where I will be a buyer with a 13295 stop.
March BUND
I am still flat and this morning I will now lower my buy level to 175.65/176.05 with a lower 175.28 stop.
Gold Rolling Contract
Gold is trading lower at 1818 as I go to press. I will now lower my buy level to 1788/1803 with a lower 1779 stop. If I am taken long I will have a T/P level at 1811.
Silver Rolling Contract
I am still flat and today I will continue to be a buyer on any further dip lower to 25.70/26.30 with the same 25.25 tight stop.
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