U.S. Indexes were largely traversing sideways, consolidating in a range just off all-time highs. Sectors were mixed, though there was decent upside in Consumer Discretionary (ANF and BBWI were standouts). Note, heavyweights Tesla and Amazon did the heavy lifting. Travel and Leisure was supported by lower energy prices. Communications saw strength (META launches Instagram, Facebook, and WhatsApp subscriptions); Energy was the laggard as crude prices dropped, while Financials also underperformed, and Tech was under pressure (QCOM reaffirmed its non-handset revenue target; ZS down 31.5% on disappointing guidance put pressure on software names, particularly cybersecurity). The equity complex was subject to some choppiness amid geopolitical headlines, though it ultimately closed around flat, ahead of key earnings after hours, and ahead of Thursday’s PCE inflation data. Bonds too were uneventful, patrolling a horizontal range; the weekly ADP payrolls rate cooled, while the sale of 5 Year Treasury Notes saw a smaller tail and solid indirect participation. Crude futures, however, saw downside, initially on reports via Iranian state TV, which reported progress in talks after it had seen a draft MoU; analysts noted that while there were a lot of mechanics about the Straits of Hormuz, the update was absent of information on tolls, unfreezing of Iranian funds, uranium enrichment, or even Lebanon. Traders faded the extremes. Later, reports suggested that the White House had pushed back on the reporting from Iran. President Trump hosted his eleventh open Cabinet meeting, and while he stuck to familiar talking points (Iran will never get a nuke, talks are progressing nicely, but he wants a great deal, not just a good deal, including nations joining the Abraham Accords). Trump said Oman will have to behave, or we will have to blow them up. In other news, overnight, Fed’s Kashkari (2026 voter) said it is too early to predict the timing of the next Fed action when asked about market pricing for an October rate hike. He also touched on the growing global inflation concerns weighing on the bond markets. Elsewhere, Oil closed lower by 5.5% while Gold ended Wednesday’s session with a 1% fall. This morning, Futures Markets and Bond Markets are lower while Oil is higher after more bombings by the U.S. in Iran threatening the ongoing ceasefire.
To mark my 3375th 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 826 points yesterday and is now down by 1104 points for May having ended April with a gain of 1730 points, after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
Recent Comments