Equity Markets rose Friday, on what turned out to be a very quiet trading session, finishing higher, led by the NASDAQ which closed the week with a gain of 0.80%. Although markets were subdued on a holiday-shortened day, there was positive vaccine news, as Operation Warp Speed Chief Science Advisor Moncef Slaoui said he hopes to have 70% to 80% of the U.S. population receive a COVID-19 vaccine by the middle of next year. There were no other market-moving headlines throughout the day. Adobe Analytics released its first gauge of consumer spending this holiday season, saying that online Black Friday sales are expected to grow 40% this year. European Indices also finished the week higher. AstraZeneca and Oxford University faced mounting questions about their vaccine candidate’s efficacy after it was revealed a younger population and manufacturing error led to half-dosage data. The U.K. stood by the vaccine, asking regulators to assess it for a possible rollout. German Chancellor Angela Merkel and the leaders of its 16 states said the country will extend social-distancing measures until at least December 20 and possibly into January. Italian government officials said the European Central Bank should consider wiping out sovereign debt purchased during the pandemic or hold it forever. The European Union was preparing to offer concessions to the U.K. on fishing rights in an effort to break a post-Brexit trade negotiations deadlock. Elsewhere, Oil fell 0.63% as Saudi Arabia and Russia called an emergency OPEC meeting to discuss production levels, while Gold continued its recent decline, closing 1.14% lower.
To mark my 2200th 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 15 points on Friday and is now ahead by 1751 points for November having made 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, an incredible 9264 points in March, 2223 points in February and 2142 points in January. 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 0.24%% higher at a price of 3638.
The Dow Jones Industrial Average closed 38 points higher for a 0.13% gain at a price of 29,910.
The NASDAQ 100 closed 0.8% higher at a price of 12,250.
The Stoxx Europe 600 Index closed 0.3% higher
The MSCI Asia Pacific Index fell 0.5%.
On Friday, the Nikkei closed 0.40% higher at a price of 26,645.
Currencies
The Bloomberg Dollar Spot Index fell 0.3%.
The Euro closed 0.3% higher at $1.1960
The British pound slid 0.2% to $1.310.
The Japanese Yen strengthened 0.2% to 104.09 per dollar.
Bonds
Germany’s 10-year yield fell two basis points to -0.59%.
Britain’s 10-year yield declined one basis point to 0.27%.
US 10 Year Treasury closed two basis points lower at 0.84%.
Commodities
West Texas Intermediate crude decreased 1.8% to $44.60 a barrel.
Gold closed 1.14% lower at $1,779.35 an ounce.
This morning on the Economic Front we have UK Consumer Credit, Mortgage Approvals and Money Supply at 9.30 am. This is followed by a speech from ECB President Lagarde at 10.30 am and German CPI at 1.00 pm. At 2.45 pm we have the Chicago Purchasing Mangers’ Index. Finally, at 3.00 pm we have Pending Home Sales and the Dallas Fed Manufacturing Index at 3.30 pm.
December S&P 500
Shortly after the S&P Futures re-opened last night the S&P traded higher to my 3650 sell level with a 3650.75 high print before selling off to my 3638 T/P level and I am now flat. As I mentioned on Friday the level of complacency towards stocks is unprecedented with sentiment levels off the charts. Today I will again be a seller from 3648/3668 with a 3683 stop. If I am taken short I will have a T/P level at 3636. If any of the above levels are hit I will be back with a new update for my Platinum Members. I still do not want to be long the S&P at this time.
EUR/USD
I am still flat the Euro as the market came within touching distance of my sell range. I will now raise my sell level to 1.1995/1.2045 with a higher 1.2085 stop. I will also raise my buy level to 1.1855/1.1895 with a higher and tight 1.1815 stop.
December Dollar Index
I am still long long the Dollar at a price of 92.20 with the same 91.75 stop. The Dollar is closed as I send my Daily Commentary and I will probably be stopped out of this position overnight. If I am, I will be back with a new update for my Platinum Members.
December DAX
I am still flat the DAX and this morning I will now raise my sell level to 13440/13530 with the same 13605 stop. Given how overbought the DAX is trading I do not want to be long the market at this time.
December FTSE
Late Friday the FTSE traded higher to my initial 6400 sell level. I am still short and I will now raise my T/P level to 6370. Meanwhile I will now lower my stop to 6435.
Dow Rolling Contract
I am still flat. The Dow has strong resistance from 30150/30350 where I will be a seller with a 30525 stop. I will also raise my buy level to 29470/29670 with a higher 29345 tight stop.
December NASDAQ
Frustrating, the NASDAQ missed my 12110 T/P level with a 12124 low print before rallying on Friday and stop me out of my 12145 short position at 12275 and I am now flat. The NASDAQ has support from 12020/12120 where I will be a buyer with a 11895 stop. Ahead of month-end I do not want to be short the NASDAQ at this time.
December BUND
I am still short the Bund at a price of 175.52 with the same 175.25 T/P level. I will continue to look to add to my short position on any further rally to 175.92 with the same 176.25 stop.
Gold Rolling Contract
My Gold plan worked well with the market trading lower to my 1770 buy level before rallying to my revised 1778 T/P level and I am still flat. I will continue to be an aggressive buyer on any further dip lower to 1742/1758 with a 1729 stop. If I am taken long I will have a T/P level at 1769.
Silver Rolling Contract
My latest long Silver position did not work well. Silver hit my second buy level at 22.90 for a 23.20 average long position before stopping me out of this trade at 22.65 and I am still flat. I am going to stay flat today as I want to see how the market reacts after the US Markets are fully open again after the Thanksgiving Holiday.
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