U.S. Equity Futures Markets rose yesterday on what otherwise was a very quiet trading session. Markets will not return to normal until Monday as the Cash Equity Markets are only open for a half-day. The December S&P now trades within 1% of its all-time high. European markets closed mixed. There was nothing of note from the ECB Minutes but given the inflation background it does set up for an interesting December. Portugal has introduced mask wearing for people indoors while late in the Day the French Health-Minister said that France Borders will be ‘’reinforced’’ due to the latest outbreak of COVID 19. In Asia, Stock Markets closed mixed as the Nikkei closed higher by 0.70% while Singapore, China and Thailand all closed lower. Korea hiked Interest Rates by 0.25% to 1% with hawkish guidance, putting pressure on the Kospi. Elsewhere, Gold rose 0.10% while Bitcoin rose 3% on little news.
To mark my 2425th 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 firstname.lastname@example.org for details
For anyone following my Platinum Service it made 75 points yesterday, and is now ahead by 1428 points for November, after ending October with a gain of 1028 points, 2866 points in September, 1543 points in August, and 996 points in July. The Platinum Service made 1366 points in June, 1439 points in May, 1244 points in April, having ended March with an impressive gain of 3769 points, 3286 points in February, 2077 points in January, and 2273 points last December. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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The S&P 500 closed 0.23% higher at a price of 4701.
The Dow Jones Industrial Average closed 9 points lower for a 0.03% loss at a price of 35,804.
The NASDAQ 100 closed 0.37% higher at a price of 16,367.
The Stoxx Europe 600 Index closed 0.4% higher.
Yesterday, the MSCI Asia Pacific Index rose 0.3%.
Yesterday, the Nikkei closed 0.67% higher at a price of 29,499.
The Bloomberg Dollar Spot Index closed 0.1% lower.
The Euro closed 0.1% higher at $1.1212.
The British Pound closed 0.1% higher at 1.3336.
The Japanese Yen rose 0.1%, closing at $115.29.
Germany’s 10-year yield closed two basis points lower at -0.25%.
Britain’s 10-year yield closed two basis points lower at 0.97%.
US 10 Year Treasury closed five basis points lower at 1.63%.
West Texas Intermediate crude closed 0.31% higher at $78.28 a barrel.
Gold closed 0.10% higher at $1,788.10 an ounce.
This morning on the Economic Front we German Import/Export data at 7.00 am, followed by Euro-Zone Money Supply at 9.00 am. The only other item of note as the U.S. is on a half-day, closing at 6.00 pm Dublin Time, is a speech from ECB President Lagarde at 8.00 am and ECB Member Panetta at 10.30 am.
December S&P 500
My S&P plan worked well with the market trading higher to my 4715 sell level before selling off to my 4707.50 revised T/P level and I am now flat. In my opinion, now that Jerome Powell has retained his job as Fed Chairman, he has been handed a poisoned chalice. Inflation is a serious problem as rent, food and energy are all rising. I have first- hand experience of this having spent the last seven weeks in Florida. No matter what Powell does from here will end in tears. He cannot raise Interest Rates given the level of debt and yet he cannot leave them on hold given the 6.2% current inflation rate. I will continue to be a seller of rallies and today my sell level will be from 4720/4735 with a 4749 higher ‘’Closing Stop. The S&P has support from 4657/4672 where I will be a small buyer with a 4645 ‘’Closing Stop’’.
I am still long the Euro from Wednesday at 1.1220. I will add to this trade at 1.1170 while leaving my 1.1135 stop unchanged. The bearish sentiment extreme, tells me to continue to be a buyer of dips as I look for the bearish trend to change. I will leave my 1.1260 T/P level unchanged.
December Dollar Index
I am still short at 96.50. I will add to this trade at 97.10 with a now higher 97.45 stop. I will also leave my 96.30 T/P level unchanged and if any of the above levels are hit I will be back with a new update for my Platinum Members.
The DAX traded in a narrow range yesterday and I am still flat I will now lower my sell level to 16080/16160 with a 16225 tight stop.
The FTSE traded in a narrow range yesterday and I am still flat. I will continue to be a seller from 7350/7410 with a 7445 stop.
Dow Rolling Contract
No Change. I am still a seller from 35970/36120 with the same 36255 Closing Stop’’. The Dow has support from 35400/35550 where I will be a small buyer with a 35265 ‘’Closing Stop’’.
The NDX just missed my 16440 sell level before having a small sell-off and I am still flat. With Bond Yields opening lower I will now raise my sell level to 16480/16580 with the same 16655 Closing Stop’’. I still do not want to be long the NDX at this time.
The Bund traded in a narrow range yesterday and I am still flat. I will now raise my buy level to 169.40/170.00 with a higher 168.95 stop. If I am taken long I will have a T/P level at 170.30.
Gold Rolling Contract
I am still flat Gold and will stay that way per Wednesday’s commentary until Monday.
Silver Rolling Contract
No Change. I am still a buyer from 22.60/23.20 with the same 21.95 stop. If I am taken long I will have a T/P level at 23.55.