The S&P closed at yet another all-time higher after the White House announced a deal with Abbott Laboratories (ABT) to purchase 150 million rapid-result COVID-19 tests to help contain the spread of the virus. The S&P has had only one down day so far in August. This against a back – ground where Personal Consumption Expenditures (“PCE”) rose in July from the month before and beat estimates, but growth in spending slowed. Philadelphia Federal Reserve President Patrick Harker said the central bank could let inflation run as high as 3% to reach an average target of 2%. This indicates more easy-money policies in order to spur growth. Final August Consumer Sentiment rose from the prior reading, as consumers became more optimistic on the short-term economy. There were no updates on stimulus negotiations, and talks have no timetable to start back up. In contrast European Indices again closed in the red despite Euro Zone Economic Sentiment coming in better than expected in August, signalling economic recovery optimism is growing. However, German Chancellor Angela Merkel said the Coronavirus was likely to worsen in the coming months, adding the government will continue to support the economy and protect jobs. French Prime Minister Jean Castex said the country will do everything it can to avoid another devastating economic shutdown like it experienced earlier this year, after reporting over 7000 cases on Friday, the highest number since April. Elsewhere, Gold closed 2% higher as the Federal Reserve signalled that it would let inflation run above 2%, weakening the dollar. Treasuries rose six basis points, reversing most of Thursday’s decline.

To mark my 2125th 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 lost 193 points last Friday and is now ahead by 2188 points for August having ended July with a gain of 3128 points, 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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