In contrast to Monday’s volatile trading session, Equity Markets traded in a narrow range yesterday, before ending the session mixed with the Dow closing lower by 0.67% while the NASDAQ 100 closed 0.22% higher. Economic data fell short of expectations, with Existing Home Sales posting their first decline in five months and Consumer Confidence also falling. This weighed on markets in the morning. But they rallied throughout the afternoon. BioNTech CEO Ugur Sahin said he is highly confident that the company’s vaccine, developed with Pfizer, will work at preventing any new strains. This will ease fears that the strain could shut down travel and economies once more. Markets still lacked a clear catalyst, as Congress passed the stimulus package early yesterday morning only for President Trump to threaten not to sign the Bill unless the Stimulus Cheques were increased from $600 per person to $2000. European Markets closed higher. The European Medicines Agency recommended Pfizer and BioNTech’s COVID-19 vaccine for use in individuals 16 and older, with vaccinations expected to begin next week. Britain’s Chief Scientific Adviser Patrick Vallance said the available Coronavirus vaccines should be effective against the new strain emerging in the country. German Health Minister Jens Spahn said the country will begin vaccinating the elderly on December 27. German Consumer Confidence fell for the third straight month in December, as COVID-19 lockdowns spurred an increase in saving money. Elsewhere, Oil closed 2.21% lower while Gold finished the day with a loss of 0.40% on Dollar strength.
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 155 points yesterday and is now ahead by 1940 points 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 0.21% lower at a price of 3687.
The Dow Jones Industrial Average closed 200 points lower for a 0.67% loss at a price of 30,015.
The NASDAQ 100 closed 0.22% higher at a price of 12,717.
The Stoxx Europe 600 Index closed 0.8% lower.
The MSCI Asia Pacific Index rose 0.2%.
This morning the Nikkei closed 0.33% higher at a price of 26,524.
Currencies
The Bloomberg Dollar Spot Index closed 0.2% higher.
The Euro closed 0.3% lower at $1.2175.
The British Pound rose 0.25% to close at $1.3430.
The Japanese Yen closed unchanged at 103.39 per dollar.
Bonds
Germany’s 10-year yield closed unchanged at -0.59%.
Britain’s 10-year yield closed one three basis points lower at 0.18%.
US 10 Year Treasury closed unchanged at 0.91%.
Commodities
West Texas Intermediate crude closed 2.21% lower at $45.70 a barrel.
Gold closed 0.40% lower at $1,865.20 an ounce.
This morning on the Economic Front we already had the release of German Import Price Index which rose 0.5% versus +0.3% expected. With U.S Markets closed tomorrow for a half-day, it is a busy one for economic releases. At 1.30 pm we have Weekly Jobless Claims, Durable Goods Orders and Personal Income/Spending. Finally, at 3.00 pm we have University of Michigan Consumer Sentiment Index and New Home Sales.
March S&P 500
My S&P plan worked well with the market trading lower to my 3655 buy level overnight before rallying to my 3567 T/P level and I am now flat. Yet again the S&P has bounced off the key 3640/3655 support area. Today, I will again be a buyer on any dip to this area with a higher 3627 stop. My only interest in selling the S&P is still on a further rally to 3705/3720 with the same 3735 ‘’Closing Stop’’.
EUR/USD
The Euro missed my 1.2130 buy level with a 1.2153 low print before rallying to trade at 1.2192 as I go to press. I will now raise my buy level to 1.2090/1.2140 with the same 1.2045 stop. Meanwhile, I will leave my 1.2290/1.2340 sell level unchanged with the same 1.2405 wider stop.
March Dollar Index
My latest 90.10 long Dollar position worked well with the market rallying to my 90.45 T/P level and I am now flat. With Sentiment towards the Dollar in single digits I will continue to buy the dip as long as we do not break and close below the key 89.50 support level. Today, I will be an aggressive buyer from 89.40/90.00 with an 88.95 stop.
March DAX
The DAX is closed tomorrow for Christmas Eve. I do not want to have a position in the DAX over the Christmas period and as a result I will stay flat as none of my ‘’Calls’’ were executed yesterday.
March FTSE
No Change as I am still a buyer on any dip lower to 6270/6320 with the same 6225 stop. I still do not want to be short the FTSE at this time.
Dow Rolling Contract
After Monday’s 1000 point fall and snap-back the Dow traded in a narrow range yesterday and I am still flat. The Dow has key support at 29600 and a break and close below here opens up the possibility of a move lower to 28900/29000. A break and close below this key support level will be the first sign of a top in the market. Today I will be a small buyer from 29650/29830 with a 29535 tight stop. My only interest in selling the Dow is from 30380/30550 with a lower 30725 ‘’Closing Stop’’.
March NASDAQ
Frustratingly the NASDAQ just missed my 12610 buy level by 20 points overnight before rallying to trade at 12725 as I go to press. I will continue to be an aggressive seller from 12805/12900 with a wider 13005 stop. I will now lower my buy level to 12500/12580 with the same 12395 stop.
March BUND
No Change as I am still a seller from 178.35/178.85 with the same 179.21 stop.
Gold Rolling Contract
I am still flat Gold. As I am now long Silver I will lower my Gold buy level to 1820/1835 with a lower 1809 stop. If I am taken long I will have a T/P level at 1845.
Silver Rolling Contract
Silver traded lower to my 25.20 buy level. I am still long and I will now lower my T/P level on this position to 25.50 with a now higher 24.95 stop. If any of the above levels are hit I will be back with a new update for my Platinum Members.
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