U.S. Equities ended a tumultuous session higher with major benchmarks notching records as investors attempted to assess the contours of a partial deal reached between the U.S. and China. Stocks swung between gains and losses throughout the day, while Treasuries surged as neither side delivered enough details to calm investors who sent shares to records Thursday on reports fresh tariffs due Sunday have been averted. President Donald Trump confirmed as much Friday, but it remained unclear whether China agreed to enough agricultural purchases or if the U.S. had planned to roll back some existing tariffs. The S&P 500 eked out a gain, rising for the ninth week out of the last 10, after Trump signalled he would cut in half the tariffs that took hold in September. The U.S. will maintain levies that began in the spring. The 10-year Treasury yield fell below 1.82%. The US Dollar was steady against major peers after U.S. Retail Sales data fell short of estimates. West Texas crude and Gold advanced. The fresh trade headlines overshadowed the U.K. election that puts the country on track to leave the European Union next month. The FTSE 100 index rose more than 1% and the Pound surged.
To mark my 1950th 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 135 points on Friday and is now ahead by 732 points for December, having made 780 points in November, 1649 points in October, 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
The S&P 500 Index rose 0.01% to close at 3169.
The Nasdaq 100 added 0.2%.
The Stoxx Europe 600 Index advanced 1.1%.
The U.K.‘s FTSE 100 Index rose 1.1%.
The MSCI Asia Pacific Index gained 1.6%.
Currencies
Here is a summary of the main Changes in F.X. Markets:
The Bloomberg Dollar Spot Index was flat.
The British Pound increased 1.3% to $1.3338.
The Euro dropped 0.1% at $1.1114.
The Japanese Yen was steady at 109.31 per dollar.
Bonds
The yield on 10-year Treasuries fell seven basis points to 1.82%.
The two-year yield fell six basis points to 1.60%.
Germany’s 10-year yield lost one basis point to -0.279%.
Britain’s 10-year yield gained three basis points to 0.845%.
Commodities
West Texas Intermediate crude advanced 1.3% to $59.97 a barrel.
Gold futures rose 0.6% to $1,480.70 an ounce.
This morning on the Economic Front we have German, Euro-Zone and UK Markit Services PMI at 8.55 am, 9.00 am and 9.30 am respectively. At 1.30 pm we have the New York State Manufacturing Index and this is followed at 2.45 pm by U.S. Markit PMI. Finally, at 3.00 pm we have the NAHB Housing Market Index.
December S&P 500
My S&P plan worked well with the market trading lower to my 3162 buy level before rallying to my 3169 T/P level and I am now flat. The S&P is severely overbought having closed higher for nine of the past 10 weeks and is due a correction. Today I will continue to be a seller on any further rally to 3197/3212 with a 3221 higher stop. The S&P has strong support from 3142/3155 and I will be a buyer on any dip to this area with a 3134 tight stop.
EUR/USD
After the Euro traded lower to my initial 1.1120 buy level I emailed my Platinum Members to exit any long position at 1.1130 as I wanted to be flat for the weekend. Today I will again look to buy the Euro from 1.1065/1.1095 with a 1.1030 stop.
December Dollar Index
No Change as I am still a seller from 97.35/97.75 with a 98.05 stop.
December DAX
My DAX also worked well with the market trading lower to my 13260 buy level before rallying as expected from this key support area to my 13300 T/P level and I am now flat. Today I will again look to buy the market on any dip lower to 13150/13210 with a 13095 stop.
December FTSE
Shortly after I posted on Friday morning the FTSE traded higher to my 7405 sell level before selling off to my revised 7380 T/P level and I am now flat. Today I will again look to sell the FTSE from 7435/7475 with a 7505 stop.
Dow Rolling Contract
The Dow fell shy of my 28400 initial sell level with a 28290 high print before falling 250 points after the U.S Markets opened and I am still flat. There is every chance we can make new highs before the markets puts in a more meaningful top and as a result I will not chase the Dow lower. Instead I will raise my sell level slightly to 28430/28580 with a higher 25705 stop. The McClellan Oscillator closed with a +58 print on Friday only falling 12 points from Thursday’s +70 close. I still do not want to be long the Dow at this time.
December NASDAQ
I am still flat the NASDAQ as the market just missed my 8430 buy level with a 8435 low print before rallying into the close. Today I will leave raise my buy level slightly to 8390/8445 with a higher 8345 tight stop. Meanwhile I will leave my 8580/8630 sell level unchanged with the same 8675 stop.
March BUND
The BUND rallied shortly after I posted on Friday with the market regaining all its opening lost points from Thursday’s close as the market followed the US Treasury Market higher. Today I will be a small buyer on any dip lower to 171.20/171.60 with a 170.70 wider stop.
Gold Rolling Contract
I am still flat Gold and today I will raise my buy level to 1450/1461 with a 1443 stop.
Silver Rolling Contract
Silver has not edged more than 50 cents from the $17 level in more than a month. I am still flat and today I will raise my buy level to 16.40/16.80 with a higher 16.05 stop
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