U.S. Equity markets rose to new highs, finishing the day higher, led by the NASDAQ 100 which closed with a gain of 1.52%. Vaccine optimism continued to grow. National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said the general public could have access to a Coronavirus vaccine as soon as April. And Vice President Mike Pence said distribution of a Coronavirus vaccine could commence mid-December, signalling that approval could be imminent. Economic data once again pointed to a strong economy. The Institute for Supply Management’s (“ISM”) Manufacturing Index fell, missing estimates. But it remained well above the key level of 50, signalling an expansion in manufacturing activity. Stimulus was also back in the news today, with a group of bipartisan lawmakers proposing a $900 billion package in order to kickstart negotiations. These factors sent markets higher today, with the S&P 500 hitting a new all-time high before having a small sell-off into the close. European Indices also closed higher. Markit Euro-Zone’s final Manufacturing Purchasing Managers’ Index (“PMI”) data for November were stronger than expected, implying growth is holding up despite lockdowns. The Organisation for Economic Cooperation and Development said the global growth picture is improving in its latest economic outlook. Pfizer and BioNTech applied to the European Medicines Agency for approval of their COVID-19 vaccine. European Central Bank Governing Council Member Isabel Schnabel said the central bank is likely to introduce more stimulus at its next meeting as the economy has slowed. Elsewhere, Oil fell 1.72% as OPEC warned that the “immense challenges” for the oil market will continue into next year, while Gold rebounded from yesterday’s sell-off with a gain of 2.11% on more Dollar weakness.
To mark my 2200th 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 135 points yesterday on the first trading session for December, having finished November with a gain of 2025 points, 2779 points in October, 3042 points in September, 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
The S&P 500 closed 1.13% higher at a price of 3662.
The Dow Jones Industrial Average closed 185 points higher for a 0.63% gain at a price of 29,824.
The NASDAQ 100 closed 1.52% higher at a price of 12,455.
The Stoxx Europe 600 Index closed 0.6% higher.
The MSCI Asia Pacific Index fell 0.5%.
Yesterday the Nikkei closed 1.34% higher at a price of 26,787.
Currencies
The Bloomberg Dollar Spot Index fell 0.4%.
The Euro closed 1.2% higher at $1.2070
The British Pound rose 0.8% to close at $1.3425.
The Japanese yen rose 0.1% to 104.25 per dollar.
Bonds
Germany’s 10-year yield rose five basis points to -0.57%.
Britain’s 10-year yield rose four basis points to 0.35%.
US 10 Year Treasury closed seven basis points higher at 0.93%.
Commodities
West Texas Intermediate crude decreased 1.72% to $43.12 a barrel.
Gold closed 2.12% higher at $1,815.35 an ounce.
This morning on the Economic Front we have German Retail Sales at 7.00 am and this is followed at 10.00 am by Euro-Zone PPI and Unemployment. At 12.00 pm we have U.S MBA Mortgage Applications and the ADP Employment Change at 1.15 pm. Finally, we have ISM NY Business Conditions and the Fed’s Beige Book at 2.45 pm and 7.00 pm respectively.
December S&P 500
The S&P made a new all-time high at 3676 on vaccine news and Stimulus hopes before falling 20 Handles into the close. Optimism is at extreme levels while the Fear & Greed Index has surged to a reading of 92 Greed within touching distance of it’s all-time 98 high. Yesterday’s move higher left anther 33 Handle ‘’Open Gap’’ from Monday’s 3618 closing print to yesterday’s Chicago low at 3651. My S&P plan worked well with the market trading higher to my 3669 sell level before trading lower to my 3659 revised T/P level and I am now flat. I will be a buyer from 3612/3628 with a 3599 stop. This market is insane and due a massive correction as the whole rally since the March lows is based on Stimulus. Today, my sell level will be from 3680/3695 with a 3711 ‘’Closing Stop’’.
EUR/USD
The Dollar was crushed yesterday as the market broke and closed over the early September high of 1.2011. This move higher has me short at an average rate of 1.2040. I will now raise my T/P level to 1.2020 while leaving my 1.2105 stop unchanged.
December Dollar Index
The Dollar traded the whole of my buy range and I am now long at an average rate of 91.35. I will leave my 90.85 stop unchanged while lowering my T/P level to 91.60.
December DAX
Despite promises of more Stimulus, the DAX is struggling to make new highs. I will leave my 13495/13575 sell level unchanged with the same 13665 stop.
December FTSE
The FTSE traded higher to my 6375 sell level. I will now raise my T/P level on this position to 6340 with a now lower 6455 stop. As I go to press my T/P level has been filled at my revised 6340 level as emailed earlier to my Platinum Members. Today, I will again be a seller on any further rally to 6380/6420 with a 6455 stop. If I am taken short I will have a T/P level at 6345.
Dow Rolling Contract
The Dow made a new all-time high at 30083 before selling off 250 points into the close and I am still flat. I will continue to be a buyer from 29350/29550 with a higher 29245 stop. I still do not want to be short the Dow at this time.
December NASDAQ
Thankfully, we had no sell level in the NASDAQ as the market surged over 400 points from Monday afternoon’s 12085 low print and I am still flat. I will now raise my buy level to 12260/12340 with a higher 12175 stop. I still do not want to be short the NASDAQ at this time.
December BUND
The Bund finally broke and closed below 175.00 yesterday and I am still flat. I will now lower my sell level to 174.95/175.35 with a lower 175.71 stop.
Gold Rolling Contract
Gold built value as expected above 1750 after it’s recent test of this area last week and again on Monday. I am still flat and I will now raise my buy level to 1765/1778 with a 1753 stop.
Silver Rolling Contract
Silver has now rallied nearly 10% since making a low at 21.87 on Monday and I am still flat. I will now raise my buy level to 22.90/23.50 with a 22.45 stop. If I am taken long I will have a T/P level at 23.85.
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