Stocks fell as uncertainty over Brexit sank the Pound after U.K. Prime Minister Boris Johnson lost a key vote to fast-track legislation. Traders also parsed a flurry of corporate earnings. The S&P 500 Index erased gains as a slide in tech shares outweighed a rally in energy companies. A sell-off in Facebook Inc. and Netflix Inc. helped push the Nasdaq-100 Index down. Boeing Co. climbed on the eve of its results, despite a cut in outlook by S&P Global Ratings. Treasuries and the U.S. Dollar rose. In a very volatile session, the pound slid as Johnson’s mission to take the U.K. out of the European Union in nine days’ time was thrown off course. Members of Parliament blocked his plan to rush the Brexit deal into law. European Council President Donald Tusk responded by saying he’d recommend the EU accept the U.K.’s request for an extension. While he didn’t set a date, his suggestion that this could be agreed by letter, and without a summit, pointed to accepting the British Parliament’s request of a new exit date of Jan. 31. The Pound fell on the vote.
To mark my 1925th 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 13 points yesterday and is now ahead by 1146 points for October, having made 1620 points in September, 2387 points in August, 1153 points in July, 1346 points in June,1722 points in May, 955 points in April and 1027 points in March. 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
Netflix sank as Verizon Communications Inc. announced a partnership with Walt Disney Co. Facebook’s antitrust woes widened as dozens more states joined New York’s probe into whether its business practices have stifled competition or put users at risk. Biogen Inc. surged on news it will ask U.S. regulators to approve an experimental Alzheimer’s therapy. Lyft Inc. jumped after executives said the company would turn a profit by the end of 2021.
The S&P 500 lost 0.4% to close at 2,996.
The Stoxx Europe 600 Index rose 0.1%.
The MSCI Asia Pacific Index advanced 0.2%.
Currencies
Here is a summary of the main Changes in F.X Markets:
The Bloomberg Dollar Spot Index increased 0.1%.
The Euro fell 0.2% to $1.113.
The British Pound decreased 0.5% to $1.2896.
The Japanese Yen strengthened 0.1% to 108.47 per dollar.
Elsewhere, the Canadian Dollar was little changed after lower-than-expected Retail Sales. The currency rose earlier Tuesday after Prime Minister Justin Trudeau won a second term in a federal election that pointed to more fiscal stimulus.
Bonds
The yield on 10-year Treasuries sank three basis points to 1.77%.
Germany’s 10-year yield slid two basis points to -0.37%.
Britain’s 10-year yield declined four basis points to 0.711%.
Commodities
The Bloomberg Commodity Index gained 0.3%.
West Texas Intermediate crude jumped 1.6% to $54.16 a barrel.
Gold rose 0.2% to $1,490.80 an ounce.
This morning on the Economic Front we have U.S MBA Mortgage Applications at 12.00 pm. This is followed by the Housing Price Index at 2.00 pm. Finally, at 3.00 pm we have Euro-Zone Consumer Confidence.
December S&P 500
After PM Johnson lost another Parliamentary vote it looks like Brexit will again be delayed to at least January 31, 2020. As this vote happened late in the New York session the S&P eventually got hit hard on this news trading the whole of my buy range for a now 2994 average long position. I will leave my stop unchanged at 2979 while lowering my T/P level to 3001. If any of the above levels are hit I will be back with a new update for my Platinum Members.
EUR/USD
No Change as I am still a small buyer on any dip lower to 1.1040/1.1080 with the same 1.1015 tight stop.
December Dollar Index
I am still flat the Dollar and today I will now raise my buy level to 96.20/96.60 with a higher 95.75 stop.
December DAX
The DAX traded in a narrow range yesterday and I am still flat. As I am long both the NASDAQ and S&P I will now lower my DAX buy level to 12500/12560 with a lower 12440 stop. Despite yesterday’s late sell-off I still do not want to be short the DAX at this time.
December FTSE
Unfortunately the FTSE just missed my 7115 buy level with a 7121 low print before spending the rest of the session trading sideways to higher. The late sell-off in the Pound saw the FTSE rally further into the New York close. Today I will raise my buy level to 7095/7135 with a 7060 stop.
Dow Rolling Contract
Shortly after the US Markets re-opened at 9.30 pm the Dow traded lower to my initial 26760 buy level. As I was already long both the S&P and NASDSAQ I emailed my Platinum Members to exit any long Dow position at 26773 and I am now flat. As I have mentioned over the last week as long as the Dow can hold the 26600 key support level I will continue to be a buyer on dips. Today my buy level will be from 26480/26630 with a 26415 tight stop.
December NASDAQ
The NASDAQ was heavy all day yesterday after Netflix got hit with the market trading the whole of my buy range for a now 7880 average long position. I am not comfortable with this position and I will now lower my T/P level on this trade to 7885 with the same 7805 stop. Again, if any of the above levels are hit I will be back with a new update for my Platinum Members.
December BUND
I am still flat the Bund and today I will raise my buy level to 170.60/171.00 with a higher 170.15 stop.
Gold Rolling Contract
Gold was trading heavy before the late sell-off in the equity markets gave a small bid to Gold. I am still flat and I will now raise my buy level slightly to 1462/1474 with a 1453 stop which is just below the key 1459 September low.
Silver Rolling Contract
I am still flat Silver and today I will raise my buy level to 17.00/17.40 with a 16.60 stop.
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