U.S. Equity Markets resumed their rally, finishing the day higher, led by the NASDAQ 100 which closed with a gain of 2.31%, while the Dow closed basically unchanged. Vaccine optimism was a driver again yesterday. National Institute of Allergy and Infectious Diseases director Dr. Anthony Fauci said that positive data from Moderna’s vaccine candidate will also be released “within the week.” He added that Moderna’s vaccine could show a similarly high degree of effectiveness as the Pfizer-BioNTech candidate. Investors also rotated back into growth names and away from value. This drove outperformance in the tech-heavy Nasdaq Index. But Coronavirus trends continued to weigh on sentiment. U.S. States continue to tighten restrictions, with Maryland reinstituting mandatory telework. New York announced the closure of bars, restaurants, and gyms at 10 p.m., while also banning indoor gatherings of more than 10 people. Despite the large increase of Coronavirus cases on Mainland Europe, European Indices again closed higher. British economists said they expect the U.K.’s economy to return to pre-pandemic levels by the middle of next year. Trade talks between the U.K. and European Union are expected to go past the November deadline for reaching a deal. European Parliament and EU members were said to agree to a budget deal, clearing the path for the implementation of the bloc’s $2.1 trillion recovery package. The EU also agreed to a deal with Pfizer and BioNTech, locking up hundreds of millions of doses of a potential COVID-19 vaccine. ECB President Christine Lagarde hinted that the central bank could expand its Aasset Purchase Programme to keep borrowing costs low, indicating policy will remain extremely accommodative. Elsewhere, Oil closed 0.48% higher, after OPEC once again lowered its crude demand outlook, while Gold fell 0.73% on US Dollar strength.
To mark my 2175th 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 lost 5 points yesterday and is now ahead by 1182 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 0.77% higher at a price of 3572.
The Dow Jones Industrial Average closed 23 points lower for a 0.08% loss at a price of 29,397.
The NASDAQ 100 closed 2.31% higher at a price of 11,892.
The Stoxx Europe 600 Index closed 0.8% higher.
The MSCI Asia Pacific Index rose 0.4%.
Yesterday, the Nikkei closed 1.78% higher at a price of 25,349.
Currencies
The Bloomberg Dollar Spot Index closed 0.3% higher.
The Euro closed 0.25% lower at $1.1771.
The British Pound closed 0.2% lower at $1.3221.
The Japanese Yen closed 0.1% lower at 105.45 per dollar.
Bonds
The yield on 10-year Treasuries closed unchanged at 0.96%.
Germany’s 10-year yield closed four basis points lower at -0.52%.
Britain’s 10-year yield closed two basis points higher at 0.42%.
Commodities
The Bloomberg Commodity Index closed 0.8% higher.
West Texas Intermediate closed 7.89% higher at $41.52 a barrel.
Gold closed 0.73% lower at $1859 an ounce.
This morning on the Economic Front we have German CPI and UK GDP at 7.00 am. Next, we have the Euro-Zone Economic Bulletin and Industrial Production at 9.00 am and 10.00 am respectively. This is followed at 1.30 pm by U.S Weekly Jobless Claims and CPI. Finally, we have a speech from ECB President at 5.45 pm and the Fed’s Williams at 8.00 pm.
December S&P 500
The S&P traded in a choppy fashion for most of yesterday, before rallying in the last thirty minutes of trading. The break and close over 3550 is bullish. As a result I will now raise my buy level to 3528/3544 with a 3513 stop. If I am taken long I will have a T/P level at 3559. I still do not want to be short the S&P at this time.
EUR/USD
The Euro sold off to my second buy level at 1.1770 for a now 1.1795 average long position. I will now lower my T/P level on this position to 1.1810. I will also lower my stop to 1.1729 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
December Dollar Index
I am still flat and today I will raise my buy level to 92.30/92.75 with a 91.85 higher stop.
December DAX
Bullish talk form ECB President Lagarde helped consolidate this month’s gains for the DAX and I am still flat. The DAX has short-term support from 13020/13090 where I will be a small buyer with a 12945 stop. My only interest in selling the DAX is on a further rally to 13380/13460 with a 13555 stop.
December FTSE
My latest 6210 short FTSE position did not work well as I was stopped out of this position at 6305 and I am still flat. Despite the strength in Sterling, optimism that a vaccine can be rolled out by the NHS next month ahs helped the FTSE to rally this week. The FTSE has support from 6200/6250 where I will be a buyer with a 6135 stop. If I am taken long I will have a T/P level at 6301.
Dow Rolling Contract
I am still flat and today I will raise my buy level slightly to 28930/29130 with a 28775 stop. I will now raise my sell level to 29900/30100 with a higher 30275 ‘’Closing Stop’’.
December NASDAQ
The NASDAQ reversed Tuesday’s sell-off with a gain of 2.32% yesterday and I am still flat. The NASDAQ needs to break and close over 12000 for me to turn more bullish. Even though this level acts as strong resistance I still would not be short the market at this time. The NASDAQ which just missed my initial 11520 buy level before rallying which was frustrating. I will now raise my buy level to 11620/11720 with a 11535 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 11805.
December BUND
I am still flat and I will now raise my buy level to 173.30/173.90 with a 172.75 higher stop.
Gold Rolling Contract
My Gold plan worked well with the market trading lower to my 1847 buy level before rallying to my 1856 T/P level and I am now flat. Today, I will be a buyer from 1828/1843 with a 1817 tight stop. If I am taken long I will have a T/P level at 1852.
Silver Rolling Contract
No Change as I am still a buyer on any dip lower to 22.95/23.55 with the same 22.25 stop.
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