European Indices closed with strong gains in a broad rally led by Autos, Industrials and Health – Care Stocks. The FTSE led European Markets higher, closing with a gain of 2.3%, helped by a falling Pound as Brexit Talks plunged into crisis following Britain’s threat to override its EU ‘’Divorce Deal’’. Sterling closed 0.5% lower against both the Euro and the U.S Dollar. The U.S Markets were closed for the Labour Day Holiday. This did not stop the S&P Futures Market from having plenty of two-way price action with the market rebounding from a 1% hit to close 0.3% higher. Softbank came under heavy selling pressure following media reports that it has spent at least $4billion buying Call Options on U.S Technology Stocks. In Currency Markets the Euro and Dollar were steady in low-volume trading as traders wait for the latest ECB Meeting on Thursday. Overnight, U.S Futures made further gains along with Asian Markets as investors weighed last week’s 10% fall in the NASDAQ to be overdone.
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For anyone following my Platinum Service it was flat yesterday as none of my calls were hit and I am still ahead by 194 points for September, having made 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
Futures on the S&P 500 Index gained 0.8% from Friday’s closing level.The S&P 500 was closed having finished last week at a price of 3426.
The Dow Jones Industrial Average was closed having finished last Friday at a price of28,133.
The NASDAQ 100 was also closed finishing the week at a price of 11,622.
The Stoxx Europe 600 Index rose 1.7%.
The MSCI Asia Pacific Index fell 1.1%.
This morning the Nikkei closed 0.8% higher at 23,274.
Currencies
The Bloomberg Dollar Spot Index again closed 0.1% higher.
The Euro closed flat $1.1830.
The British Pound closed 0.6% lower at $1.3155.
The Japanese Yen closed unchanged at 106.22 per dollar.
Bonds
The yield on 10-year Treasuries closed one basis points lower at 0.71%.
Germany’s 10-year yield closed one basis points lower at -0.46%.
Britain’s 10-year yield closed one basis point lower at 0.25%.
Commodities
The Bloomberg Commodity Index fell 0.2%.
West Texas Intermediate closed 1.35% lower at $39.05 a barrel.
Gold closed unchanged at $1,930.10 an ounce.
This morning on the Economic Front we had the German Trade Balance which came in at Eur 19.2 billion versus 15.9 billion expected. At 10.00 am we have Euro-Zone GDP and Employment Change. This is followed at 11.00 am by U.S NFIB Business Optimism. Finally, we have Consumer Credit at 8.00 pm.
September S&P 500
The surge in European Indices sees the S&P trading higher at 3442 this morning as yet again traders are prepared to buy any dip in U.S Indices. The S&P is now trading 60 Handles higher from early yesterday morning. The S&P has short-term resistance from 3455/3470 where I will be a small seller with a 3481 stop. The S&P continues to hold the 3390 February low on a closing basis and this level is key. A break and close below here opens up the possibility of an aggressive move lower. The Fed will be watching this level closely. Today I will raise my buy level slightly to 3395/3410 with a 3381 stop.
EUR/USD
I am still flat the Euro as traders focus on Thursday’s ECB Meeting where I expect some more verbal intervention to move the Euro lower. I am still flat and I will continue to be a buyer from 1.1730/1.1780 with the same 1.1685 stop. I will now lower my Euro sell level to 1.1875/1.1925 with a lower 1.1961 stop.
September Dollar Index
I am still flat and I will now raise my buy level to 92.25/92.65 with a 91.85 stop. If I am taken long I will have a T/P level at 92.90.
September DAX
Thankfully we had no sell level in the DAX yesterday with the market reversing all of Friday’s losses to sit 550 points higher at 13140 as I go to press. The DAX has strong resistance from 13230/13330 where I will be a seller with a 13405 stop. I will now raise my buy level to 12870/12970 with a 12795 wider stop.
September FTSE
The recent sell-off in Sterling helped the FTSE to a 2.3% gain yesterday. The FTSE never came close to my buy level as the market trades almost 200 points higher at 5960. I will now raise my buy level to 5820/5870 with a higher 5765 stop. I still do not want to be short the FTSE at this time.
Dow Rolling Contract
The Dow just missed my 27900 buy level before surging overnight to sit at 28380 and I am still flat. The Dow has strong resistance from 28550/28750 where I will be a small seller with a 28905 stop. I will now raise my buy level to 27900/28100 with a higher 27745 stop.
September NASDAQ
Frustratingly, the NASDAQ missed my 11360 initial buy level by a few points before rallying overnight to sist at 11550 and I am still flat. Given the scale of last week’s 1300 point sell-off, I will take a while for this market to recoup these losses given how severely overbought the NASDAQ was. The NASDAQ has short-term resistance from 11700/11820 where I will be a small seller with a tight 11915 stop. If I am taken short I will have a T/P level at 11590. I will continue to be an aggressive buyer from 11200/11360 with the same 11050 wider stop.
December BUND
The Bund traded in a narrow range yesterday and I am still flat. The Bund has support from 172.80/173.25 where I will continue to be a buyer with the same 172.45 stop.
Gold Rolling Contract
No Change as I am still a buyer on any dip lower to 1882/1905 with a 1878 stop.
Silver Rolling Contract
I am still flat and today I will lower my sell level to 27.60/28.10 with a lower 28.71 stop. If I am taken short I will have a T/P level at 27.15.
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