U.S. Equity Markets receded just before the closing bell as investors digested a flurry of corporate news and Congress debated the impeachment of Donald Trump. Treasuries slipped and the British Pound weakened. The S&P 500 Index fell Wednesday — after spending most of the day higher — snapping a five-session streak of gains. Tech shares stumbled toward the end of regular trading as Apple Inc. slid from the day’s highs. FedEx Corp. plunged after a forecast cut. With few big economic headlines imminent, and much of the U.S. focused on the impeachment vote, investors may take a wait-and-see stance as the holidays near. With global stocks close to all-time highs and the U.S.-China trade accord announced Friday yet to be signed, traders are finding few reasons to bid prices higher. The outlook for America’s monetary policy remains steady — two Federal Reserve policy makers reiterated that interest rates are on hold — yet the miserable results from FedEx were a reminder of the headwinds to growth. The Stoxx Europe 600 Index closed lower as national benchmarks traded mixed, with Germany’s gauge underperforming even as data showed business expectations improved for a third month. The Pound extended its losses after tumbling Tuesday on renewed concern that a no-deal Brexit is possible. The US Dollar strengthened against most of its G-10 peers. As I go to press the House has voted to impeach Trump on ”Abuse of Power”.
To mark my 1975th 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 11 points yesterday and is now ahead by 753 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
PSA Group rose and Fiat Chrysler Automobiles NV was steady as they agreed to combine in a deal to create the world’s fourth-biggest auto manufacturer. Bang & Olufsen A/S plunged after the luxury TV and stereo maker issued its fourth profit warning in a year. Earlier in Asia, Equities were mixed, with shares falling in Tokyo but rising in Hong Kong and India.
The S&P 500 Index was little changed for the third consecutive session closing at 3192.
The German DAX declined 0.5% to close at 13,222.
The Stoxx Europe 600 Index declined 0.1%, to 414.38.
The U.K.‘s FTSE 100 Index rose 0.2% to 7540, the highest in more than 20 weeks following its sixth consecutive advance.
The MSCI Asia Pacific Index gained 0.6%, hitting bits highest level in18 months.
Currencies
Here is a summary of the main Changes in F.X. Markets:
The Bloomberg Dollar Spot Index gained 0.1%.
The British Pound sank 0.3% to $1.3086, the lowest in two weeks.
The Euro decreased 0.3% to $1.1118.
The Japanese Yen was also unchanged at 109.57 per dollar.
Bonds
The yield on 10-year Treasuries climbed four basis points to 1.92%, the highest in five weeks.
Germany’s 10-year yield advanced five basis points to -0.25%.
Britain’s 10-year yield closed unchanged at 0.78%.
Commodities
West Texas Intermediate crude advanced 0.1% to $60.97 a barrel, hitting the highest level in three months on its fifth consecutive advance.
Gold was little changed again closing at $1,476.70 an ounce.
This morning on the Economic Front we have UK Retail Sales at 9.30 am and the CBI Distributive Trades Survey at 11.00 am. Next, we have the latest Bank of England Rate Decision at 12.00 pm where no change is expected. At 1.30 pm we have the U.S. Philly Fed Survey and the Weekly Jobless Claims. Finally, at 3.00 pm we have Existing Home Sales.
March S&P 500
I have now rolled to the March Contract which trades with a 3.5 Handle Premium to the December Contract. The S&P made a new intra-day high before having a small sell-off into the close. The Fear & Greed Index rose to new Extreme High closing with a reading of 87 last night. Sentiment is also clearly primed for a reversal. The CBOE Put/Call ratio closed at .63 which is the lowest reading in three years, lower than the 0.64 reading on January 23, 2018 before the S&P fell a quick 15%. Today my sell level in the March S&P will be from 3205/3215 with the same 3223 stop. I will now raise my buy level slightly to 3160/3172 with a higher 3152 stop.
EUR/USD
No Change as I am still a small buyer from 1.1060/1.1100 with the same 1.1025 stop.
March Dollar Index
I am still flat the Dollar and today I will now raise my sell level slightly to 97.15/97.55 with a higher 97.85 stop.
December DAX
I am still flat the December Contract and I will wait until Friday’s update to roll to the March Contract. The DAX was weak yesterday which was a surprise given the 0.3% fall in the Euro. Finally, we are seeing one of the main Indices trying to rollover. Today I will again lower my buy level to 13070/13130 with a lower 13025 stop. Despite the weakness in the DAX I still do not want to be short the market at this time.
December FTSE
After the FTSE traded higher to my initial 7555 sell level I emailed my Platinum Members to exit this short position at 7544 as I wanted to bank some points for yesterday’s session and I am now flat. Given the increased weakness in Cable which is now 400 points lower from the exit polls last Thursday I would have expected the FTSE to make bigger gains. Given how overbought the FTSE is trading I will again look to sell the market from 7590/7630 with a higher 7665 stop.
Dow Rolling Contract
While both the S&P and NASDAQ made new all-time highs the Dow did not which is no surprise given how overbought the market is at this time. Today I will leave my 28390/28540 sell level unchanged with the same 28645 stop. If I am taken short I will have a T/P level at 28320.
December NASDAQ
This will be my last day trading the December Contract as this contract expires tomorrow. I am still short at 8580 and I will now raise my exit level on this position to a breakeven. If I manage to do this I will be back with a new update for my Platinum Members which will be for the March Contract. I will now lower my stop on this position to 8630.
March BUND
The BUND traded lower to my 171.50 buy level after a late sell-off. I am still long and I will now lower my T/P level on this position to 171.70. I will also look to add to this position at a price of 171.10 with a 170.85 tight stop. If any of the above levels are hit I will be back with a new update for my Platinum Members.
Gold Rolling Contract
Gold again traded in a narrow range and I am still flat. Today I will again leave my 1452/1462 buy level unchanged with the same 1443 stop.
Silver Rolling Contract
I am still flat Silver as I continue to be a buyer on any dip lower to 16.50/16.90 with the same 16.15 stop.
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