U.S. Equity Markets climbed towards all-time highs amid a spate of mostly positive earnings reports. Doubts over whether a Brexit deal can win approval whipsawed the Pound. The S&P 500 fluctuated for most of Thursday around the 3,000 level, while disappointing results from IBM caused the Dow Jones Industrial Average to lag the other main equity benchmark indexes. Morgan Stanley became the latest big bank to defy expectations for weak growth. Netflix’s international performance impressed analysts. Risk appetite was stoked across the board earlier as the U.K. and European Union said they had agreed on a new withdrawal plan, but it quickly ebbed when the DUP said it won’t vote for the deal. The Stoxx Europe 600 Index erased its gain.
To mark my 1925th 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 52 points yesterday and is now ahead by 979 points for October, having made 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
Earlier in Asia, stocks fell in Tokyo, Sydney and Seoul, rose in Hong Kong and were barely changed in Shanghai. Taiwan Semiconductor, the primary chip supplier to Apple, projected current-quarter revenue ahead of analysts’ estimates.
The S&P 500 Index advanced 0.3% to close at 2998.
The Dow Jones Industrial Average increased 0.1% to close at 27,027.
The Stoxx Europe 600 declined 0.1% to 393.
Currencies
Here is a summary of the main changes in F.X. Markets:
The Bloomberg Dollar Spot Index fell 0.4%, its lowest level in three months.
The Euro climbed 0.5% to $1.1126, the strongest in almost seven weeks on the biggest rise in almost four weeks.
The British Pound rallied 0.3% to close at $1.2869, the strongest in almost five months.
The Japanese Yen strengthened 0.1% to 108.63 per dollar.
The Australian Dollar strengthened after the country’s Jobless Rate unexpectedly fell and full-time employment climbed
Bonds
The yield on 10-year Treasuries increased one basis points to 1.76%.
Germany’s 10-year yield fell two basis points to -0.41%, the largest fall in more than a week.
Britain’s 10-year yield decreased four basis points to 0.673%.
Commodities
West Texas Intermediate crude gained 1.2% to $54.01 a barrel.
Gold gained 0.1% to $1,492 an ounce.
This morning on the Economic Front we have Eur-Zone Current Account. We have no other data of note on either side of the Atlantic. However this afternoon we have speeches from the following Fed Members George, Kaplan and Clarida at 3.00 pm, 4.00 pm and 4.30 pm respectively.
December S&P 500
The S&P just missed my 2985 buy level before rallying to an afternoon high of 3007. I am still flat and reluctant to chase the market much higher given the fact that The VIX closed with a gain of 1%. Today my buy level will be from 2974/2986 with a 2967 stop. I still do not want to be short the S&P especially as we head into the weekend.
EUR/USD
The Euro continued to rally as expected with the market again missing my buy level and I am still flat. Today I will raise my buy level to 1.1030/1.1070 with a 1.0990 stop.
December Dollar Index
I am still flat the Dollar which again just missed my 98.05 sell level with a 97.80 high print. Today I will lower my sell level to 97.70/98.10 with a 98.45 tight stop.
December DAX
Frustratingly the DAX missed my 12820 sell level with a 12804 high print before getting hit hard on the back of the Euro breaking and closing above 1.11. Today I will lower my sell level to 12780/12840 with a 12895 stop. I still do not want to be long the DAX at this time.
December FTSE
I am still flat the FTSE as the market goes on hold ahead of the Brexit Vote in Parliament tomorrow Saturday. With Cable trading at five month highs I will leave my 7070/7110 buy level unchanged with the same 7025 stop.
Dow Rolling Contract
The Dow just missed my initial 26900 buy level before rallying to an intra-day high of 27124 and I am still flat. As today is Options Expiry for the October Contracts I am going to leave my 26750/26900 buy level unchanged with the same 26670 stop. Just like the S&P above I still do not want to be short the Dow at this time.
December NASDAQ
The NASDAQ traded in a narrow range yesterday and I am still flat. I will now raise my buy level to 7865/7915 with a higher 7820 stop. The NASDAQ has strong resistance from 8010/8060 and I will be a seller on any rally to this area with a 8105 stop.
December BUND
My BUND plan worked well with the market trading the whole of my buy range for a 170.95 average long position before rallying to my revised 171.32 T/P level and I am now flat. The BUND has strong support from 170.90/171.30 and I will be a buyer on any dip to this area with a 170.55 stop which is just below yesterday’s low print.
Gold Rolling Contract
I am still flat Gold and today I will again raise my buy level to 1467/1477 with a 1459 stop.
Silver Rolling Contract
My latest 17.40 long position finally worked well with Silver trading higher to my 17.55 T/P level and I am now flat. Today I will again look to buy the market from 16.90/17.30 with a 16.55 stop. If I am taken long I will have a T/P level at 17.55.
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