Friday saw a volatile trading session as Equity Markets sold off on the higher-than-expected PCE print. The NASDAQ 100 led the declines, closing lower by 1.73%. Surprisingly, despite Friday’s across the board sell-off, the VIX only closed higher by 2.51% at a price of 21.67. The week ended with rate repricing expectations garnering heavy momentum after numerous economic indicators point toward stronger economic health. However, as JPMorgan Chase (JPM) economist Dan Silver recently pointed out, many analysts are growing cautious of January figures due to the unusual seasonal adjustments that may be swaying certain figures. Personal Consumption Expenditures (“PCE”) data for January – a key reading on inflation growth – showed hotter-than-expected results. Personal spending was up 1.8% month over month. January Home Sales printed hotter at 670,000, higher than the expected 618,000, while the February Michigan Consumer Sentiment Index was revised marginally higher, but long-term expectations remained unchanged. Within the S&P 500 Index, nine of the 11 sectors finished lower. European Markets closed lower. Bundesbank President Joachim Nagel said the European Central Bank may still need to raise interest rates for the foreseeable future as structural price growth remains too high. Germany’s Consumer Confidence figures for March are expected to improve for the fifth-consecutive month as energy prices stabilise and concerns over a deep recession fade. French Consumer Confidence for February showed a slight decline from January, as consumers continue to spend cautiously as they deal with higher prices, while Spain’s PPI for January rose 8.2% year over year – a significant decline from the prior month’s 14.9% annual growth rate. In Asia, The White House was said to consider increasing the presence of U.S. troops in Taiwan, potentially stoking political tensions with China. Bank of Japan Governor nominee Kazuo Ueda told the lower house confirmation hearing that he believes the current monetary policy in place is appropriate. Reserve Bank of New Zealand Assistant Governor Karen Silk said it is not considering ending interest-rate hikes as inflation growth risks are still to the upside. Japan’s CPI growth for January hit its highest level in more than four decades, increasing pressure on the central banks to raise interest rates. Elsewhere, Oil closed 1.54% higher while Gold closed lower by 0.48%.
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For anyone following my Platinum Service it made 330 points on Friday and is now ahead by 2574 points for February after closing January with a gain of 4687 points, while finishing December with a gain of 2054 points. November ended with a gain of 4789 points, while finishing October with a record gain of 9619 points, making 6660 points in September, after closing August with a gain of 2228 points, having made 2660 points in July, following a gain of 3371 points in June. The Service made 3651 points in May, after making 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification