U.S. Equity Markets finished yesterday’s trading session mixed, as the Dow closed lower while both the S&P 500 and NASDAQ closed in positive territory. Earnings season unofficially wrapped up yesterday afternoon with Disney’s (DIS) quarterly report. This quarter, earnings continued to beat estimates at historically elevated rates. That should serve as a continued tailwind for markets. There was also positive news on the U.S.’s relationship with China, with U.S. Trade Representative Katherine Tai said progress was being made with China. It was a relatively quiet day otherwise, with bond markets closed for the Veterans Day holiday. While President Joe Biden plans to sign the infrastructure bill into law next week, the path forward for his $1.8 trillion budget proposal is still cloudy. Senator Joe Manchin (D-WV) continued to block the bill, saying that he was concerned for the package’s impact on inflation. European Markets closed higher. The European Central Bank’s monthly Economic Bulletin showed the regional economy continues to rebound, but supply constraints are holding back manufacturing output. The European Commission’s economic forecast said gross domestic product (“GDP”) should expand 5% this year and 4.3% next year as inflation pressures fade. European Central Bank Governing Council member Robert Holzmann said it could stop bond purchases next fall if inflation can sustain the 2% target. In Asia, China’s government is easing curbs on property developers to spur lending and economic growth, according to state-run media outlet China Securities Journal. Japan’s preliminary machine tool order data for October rose versus September, as foreign demand continued to surge, hitting its highest level this year. Bank of Korea Governor Lee Ju-yeol said he was uncertain if inflation would prove temporary, backing down from previous statements ahead of this month’s policy announcement. Australia’s unemployment numbers for October were higher than expected, as COVID restrictions weighed on hiring. Elsewhere, Oil fell 0.17% after OPEC said that high oil prices could hurt demand, while Gold rose 0.90% after Wednesday’s higher than expected inflation data.
To mark my 2425th 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 30 points yesterday, and is now ahead by 780 points for November, after ending October with a gain of 1028 points, 2866 points in September, 1543 points in August, and 996 points in July. The Platinum Service made 1366 points in June, 1439 points in May, 1244 points in April, having ended March with an impressive gain of 3769 points, 3286 points in February, 2077 points in January, and 2273 points last December. 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 0.06% higher at a price of 4649.
The Dow Jones Industrial Average closed 158 points lower for a 0.44% loss at a price of 35,921.
The NASDAQ 100 closed 0.29% higher at a price of 16,032.
The Stoxx Europe 600 Index closed 0.2% lower.
Yesterday, the MSCI Asia Pacific Index fell 0.2%.
Yesterday, the Nikkei closed 0.59% higher at a price of 29,277.
Currencies
The Bloomberg Dollar Spot Index closed 0.2% higher.
The Euro closed 0.2% lower at $1.1448.
The British Pound closed 0.3% lower at 1.3365.
The Japanese Yen fell 0.1%, closing at $114.06.
Bonds
Germany’s 10-year yield closed one basis points higher at -0.23%.
Britain’s 10-year yield closed two basis points lower 0.92%.
US 10 Year Treasury closed two basis points lower at 1.55%.
Commodities
West Texas Intermediate crude closed 0.17% lower at $80.19 a barrel.
Gold closed 0.90% higher at $1,861.10 an ounce.
This morning on the Economic Front we have Euro-Zone Industrial Production at 10.00 am. Finally, we have U.S. JOLTS Job Openings and the University of Michigan Consumer Sentiment at 3.00 pm.
December S&P 500
Unfortunately, the S&P missed my 4662 sell level by one handle before falling 15 full points into the close and I am still flat. Ahead of the weekend I will now raise my sell level slightly to 4664/4679 with the same 4687 ‘’Closing Stop’’. Meanwhile, I will leave my 4608/4623 buy level unchanged with the same 4595 ”Closing Stop”.
EUR/USD
I am still flat the Euro as the market made new lows for 2021 but still fell shy of my initial 1.1440 buy level. I will now lower my buy level slightly to 1.1370/1.1420 with a lower 1.1325 stop. If I am taken long I will have a T/P level at 1.1460.
December Dollar Index
The Dollar rallied to my second sell level at 95.10 for a now 94.85 average short position. I will leave my 95.45 stop while raising my T/P level to 94.65. If any of the above levels are hit I will be back with a new update for my Platinum Members.
December DAX
Despite the sell-off in U.S. Indexes, the DAX traded higher, hitting my 16090 sell level. I am still short with a now higher 16055 T/P level. I will add to this trade at 16150 while leaving my 16205 stop unchanged.
December FTSE
The continued weakness in Sterling saw the FTSE trade the whole of my sell range for a now 7350 average short position. I will leave my 7415 stop unchanged while raising my T/P level to 7335.
Dow Rolling Contract
I am still flat the Dow as the market fell shy of yesterday’s buy range. I will now lower my buy level slightly to 35700/35850 with a lower 35545 ‘’Closing Stop’’. Ahead of the weekend I do not want to be short the Dow.
December NASDAQ
I am still flat the NASDAQ as I continue to be a buyer on any further dip lower to 15820/15920 with the same 15695 ‘’Closing Stop’’. The NDX has resistance from 16110/16200 where I will be a seller with a 16305 ‘’Closing Stop’’.
December BUND
My Bund plan worked well with the market trading higher to my 170.80 sell level before selling off to my 170.50 T/P level and I am now flat. Today, I will again be a seller from 170.95/171.45 with a 171.81 stop.
Gold Rolling Contract
Gold continues to firm above its 30 – Month Trendline and I am still flat. I will now raise my buy level to 1825/1840 with a 1813 stop.
Silver Rolling Contract
No Change. I am still a buyer from 23.75/24.35 with the same 23.12 stop.
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