U.S. Equity Markets closed higher for the third consecutive trading session, led by the NDX’s 0.42% gain. Pharmaceutical giant Pfizer (PFE) and partner BioNTech (BNTX) said laboratory results showed a third dose of their COVID-19 vaccine offers “significant protection” against the Omicron variant. This lowered concerns that the new variant would evade vaccines, potentially leading to lockdowns and hurting the economic growth picture. In terms of economic data, Job Openings came in above estimates and near a record high, showing that businesses are still looking to fill open positions as the economy strengthens. Still, despite these positive points, markets were mixed for much of the day. Given the strong rally we had seen in equities to start the week, some profit-taking is not surprising. After shaking off the mixed morning, markets rallied into the close. Within the S&P 500, eight of the 11 sectors finished higher. European Markets closed lower. Third-quarter payroll figures from the French National Institute of Statistics and Economic Studies were in line with expectations, but eased versus the second quarter, as private-sector growth slipped. The British government introduced new COVID-19 measures, including vaccine passports and a work-from-home order, as it prepares for the Omicron variant. The European Medicines Agency and the Centers for Disease Control and Prevention backed the use of mixed COVID vaccine shots after a study showed it produced an improved response. In Asia, The People’s Bank of China lowered its relending interest rate by 0.25%, saying it wanted to provide more support for small-sized businesses, as well as the rural sector. Bank of Japan Deputy Governor Masayoshi Amamiya said the corporate financing environment has improved considerably, but the central bank is prepared to provide more help if needed. The Bank of Korea’s household lending totals for November were up from October, as large company loans increased while household mortgage demand eased. Taiwan’s export data for November was stronger than expected, hitting a new record, as demand for semiconductors and communications equipment remained strong. Elsewhere, Oil rose 0.10% easing concerns over the Omicron variant boosted the demand outlook for crude, while Bitcoin rose 0.81%.
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For anyone following my Platinum Service it made 190 points yesterday, and is now down by 249 points for December, having made 2466 points in November, 1028 points in October, 2866 points in September, 1543 points in August, and 996 points in July. The Platinum Service made 1366 points in June, 1439 points in May, 1244 points in April, having ended March with an impressive gain of 3769 points, 3286 points in February, 2077 points in January, and 2273 points last December. 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 0.31% higher at a price of 4701.
The Dow Jones Industrial Average closed 35 points higher for a 0.10% gain at a price of 35,754.
The NASDAQ 100 closed 0.42% higher at a price of 16,394.
The Stoxx Europe 600 Index closed 0.4% lower.
Yesterday, the MSCI Asia Pacific Index rose 0.5%.
Yesterday, the Nikkei closed 1.42% higher at a price of 28,860.
Currencies
The Bloomberg Dollar Spot Index closed 0.7% lower.
The Euro closed 0.6% higher at $1.1345.
The British Pound closed 0.3% lower at 1.3209.
The Japanese Yen fell 0.1%, closing at $113.70.
Bonds
Germany’s 10-year yield closed four basis points higher at -0.32%.
Britain’s 10-year yield closed two basis points higher at 0.76%.
US 10 Year Treasury closed two basis points higher at 1.50%.
Commodities
West Texas Intermediate crude closed 0.1% higher at $72.69 a barrel.
Gold closed 0.1% lower at $1,782.20 an ounce.
This morning on the Economic Front we have German Trade Balance and Current Account at 7.00 am. At 1.30 pm we have U.S. Weekly Jobless Claims and Wholesale Inventories. We have no other data of note.
December S&P 500
The S&P rallied to my 4708 sell level before trading lower to my 4693 T/P level, helping me to recoup some of Tuesday’s heavy loss and I am now flat. The vertical rally this week sees the S&P close within 1% of its all-time high. The S&P is now overbought with resistance from 4718/4733 where I will be a small seller with a 4751 Stop which is just above last month’s all-time high. I am not going to chase the S&P higher, leaving my 4642/4657 buy level unchanged with the same 4619 stop.
EUR/USD
The Euro rallied to my 1.1347 sell level. I am still short with a 1.1405 stop. I will now raise my buy level to 1.1210/1.1260 with a 1.1175 stop. Meanwhile, I will have a 1.1310 T/P level on my 1.1347 existing short position.
March Dollar Index
The Dollar missed my sell level before falling 0.7% over the past 24 hours and I am still flat. I will now lower my sell level to 96.10/96.60 with a 97.01 stop.
December DAX
The DAX saw some profit taking yesterday, never coming close to my buy level and I am still flat. We have support from 15480/15560 where I will be buyer with a 15405 stop.
December FTSE
The FTSE traded in a narrow range yesterday and I am still flat. I will not chase the market higher, leaving my 7185/7235 buy level unchanged with the same 7128 stop. If I am taken long I will have a T/P level at 7270.
Dow Rolling Contract
No Change. I am still short from Tuesday at a price of 35600 with the same 35480 T/P level. Meanwhile, I will leave my 35825 ‘’Closing Price Stop’’ unchanged. I will continue to be a buyer on any dip lower to 35210/35410 with the same 34995 wider stop.
December NASDAQ
I am still flat the NDX. I will continue with my flat stance until I feel my edge has returned to this market. The NDX has now recovered 70% of what it lost over the past few weeks and is now within 3% of its all-time high.
March BUND
My Bund plan worked well with the market trading higher to my 174.90 sell level before trading lower to my 174.60 T/P level and I am now flat. Today, I will again be a seller on any further rally to 174.30/174.80 with a 175.25 stop.
Gold Rolling Contract
The boring sideways price action in Gold continues. With a lot of traders trapped long $100 above current prices I will not chase Gold higher, leaving my 1739/1754 buy level unchanged with the same 1725 stop. If I am taken long I will have a T/P level at 1762.
Silver Rolling Contract
I am still long at 22.75 with the same 22.85 T/P level. I will now raise my stop on this position to 21.99.
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