Equity Markets staged a late rally on Friday, reversing earlier losses of over 1%, closing marginally lower on the day. The S&P 500 led the declines with a loss of 0.25% after a volatile trading session. Futures Markets are quiet with the exception of Gold which is trading higher by 1% this morning. Japanese Markets are closed for the week.
To mark my 2700th 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 200 points yesterday on the first trading session for January after finishing December with a gain of 2054 points after a nice 469 point gain on Friday. November ended with a gain of 4789 points, while finishing October with a record gain of 9619 points, making 6660 points in September, after closing August with a gain of 2228 points, having made 2660 points in July, following a gain of 3371 points in June. The Service made 3651 points in May, after making 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 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
Equities
The S&P 500 closed 0.25% lower at a price of 3839
The Dow Jones Industrial Average closed 73 points lower for a 0.22% loss at a price of 33,147.
The NASDAQ 100 closed 0.10% lower at a price of 10,939.
The Stoxx Europe 600 Index closed 0.96% higher.
This morning, the MSCI Asia Pacific fell 0.4%.
This morning, the Nikkei closed 0.02% higher at a price of 26,094
Currencies
The Bloomberg Dollar Spot Index closed 0.1% lower.
The Euro closed 0.1% higher at $1.0661.
The British Pound closed 0.1% higher at 1.2069.
The Japanese Yen rose 0.9% closing at $131.70.
Bonds
Germany’s 10-year yield closed 5 basis points lower at 2.43%.
Britain’s 10-year yield closed 2 basis points lower at 3.67%.
U.S.10 Year Treasury closed 3 basis points lower at 3.82%.
Commodities
West Texas Intermediate crude closed 1.5% higher at $79.67 a barrel.
Gold closed 0.7% higher at $1825.10 an ounce.
This morning on the economic front we have German Unemployment at 8.55 am, followed by U.K. Manufacturing PMI at 9.30 am. Next, we have German CPI at 1.00 pm, followed by U.S. Manufacturing PMI at 2.45 pm. Finally, at 3.00 pm we have Construction Spending at 3.00 pm.
Cash S&P 500
With sentiment as negative as it is I am happy to be a buyer of dips given how far the S&P has fallen since the December CPI was released. This plan worked well on Friday as after the S&P hit my 3812 buy level we rallied to my revised 3823 T/P level and I am now flat. Overnight, the S&P hit a high at 3869 -71 Handles above Friday’s 3798 low print- before selling off to sit at 3850 as I go to press. I did not buy the S&P again on Friday as I had a buy level in the Dow which was filled instead. The fist week of January is a seasonally strong time of the year. However, traders will be wary given the fact that the Santa Rally never happened. The rally in the S&P in the last hour on Friday was impressive. I am happy to continue to buy the dip as long as we do not close below 3790. Today, I will be a buyer from 3815/3835 with a 3798 ‘’Closing Stop’’. I still do not want to be short the S&P at this time.
EUR/USD
No Change. The Euro traded above 1.07 on Friday before selling off yesterday and I am still flat. Today, I will lower my sell level to 1.0720/1.0780 with a tight 1.0855 ‘’Closing Stop’’. Meanwhile, I will leave my 1.0460/1.0540 buy level unchanged with the same 1.0385 ‘’Closing Stop’’.
March Dollar Index
No Change. I am still flat as I continue to be an aggressive buyer on any further dip lower to 102.20/102.90 with the same 101.45 ‘’Closing Stop’’.
Cash DAX
My DAX plan worked well as the market traded lower to my 13860-buy level on Friday. Yesterday, the Market surged, hitting a high at 14100. This move higher enabled me to cover my long DAX position at yesterday’s 13950 T/P level on the open and I am still flat. The price action is bullish as every dip in December was bought despite the negative price action in the American Indexes. Today, I will be a buyer on any dip lower to 13850/13940 with a tight 13785 ‘’Closing Stop’’.
Cash FTSE
After the FTSE hit my 7440 buy level on Friday, the market rallied to my revised 7464 T/P level and I am now flat. The FTSE has support from 7390/7450 where I will again be a buyer with the same 7335 ‘’Closing Stop’’.
Dow Rolling Contract
My Dow plan worked very well on Friday. Late in the session the Dow hit my 32880-buy level before rallying before the close to my 33120 T/P level and I am now flat. Overnight, the Dow hit a high at 33360, before selling off to sit at 33240 as I go to press. The Dow has support from 32800/33050 where I will again be a buyer with a 32595 ‘’Closing Stop’’. I still do not want to be short the Dow at this time.
Cash NASDAQ 100
My NDX plan worked well as the market hit my 10770 buy level before rallying to my revised 10865 T/P level and I am now flat. There is no doubt that higher Treasury Yields continue to weigh on tech stocks but given the beating that the ‘’Generals’’ took last year, it would be a brave man to continuing selling these shares at current prices. The NDX has short-term support from 10750/10900 where I will be an aggressive buyer with a 10595 ‘’Closing Stop’’.
March BUND
On Friday, the Bund traded the whole of my buy range for a 133.15 average long position. The Bund was open yesterday. It had a strong rally, hitting my 133.65 revised T/P level and I am now flat. This morning the Bund is trading higher at 134.10. We have support from 132.70/133.40 where I will again be a buyer with the same wider 131.95 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 134.05.
Gold Rolling Contract
Gold surged since Friday’s update, trading higher by over $30 at $1847. I am still flat as the market never came close to Friday’s buy level. I will now raise my buy level to 1800/1815 with a 1789 tight ‘’Closing Stop’’.
Silver Rolling Contract
My Silver plan worked well as the market traded lower to my 23.50 buy level on Friday before rallying last night to my 24.10 T/P level and I am now flat. Silver is trading in the key 24.00/25.50 resistance area at a price of 24.50 this morning. In my opinion it is only a matter of time before this key resistance is broken. Today, I will be a buyer from 23.40/24.10 with no stop. If triggered, I will have a T/P level at 24.80.
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