U.S. Equity Markets snapped a two-day losing streak, finishing the day higher, led by the NASDAQ which closed higher by 0.76%. U.S Indices sold off in the morning on worse-than-expected jobs data. Jobless Claims rose unexpectedly, marking the first increase in five weeks. The fear is that the return of COVID-19 restrictions in states across the U.S. will force businesses to begin laying employees off once more. This would stall and likely hurt the economic recovery. But Continuing Claims, which represent those that have filed for unemployment for at least two weeks, fell to 6.38 million, versus the expectation for 6.4 million and a revised 6.8 million in the week prior. Besides Jobless Claims, economic data was incrementally positive. The Philadelphia Fed Index, which measures business sentiment, fell less than expected in November. And October Existing Home Sales rose for the fifth straight month, showing that the housing market is still strong. Meanwhile European Indices closed lower. European Commission Vice President Valdis Dombrovskis said the deadline won’t be extended for post-Brexit trade talks between the European Union and the U.K. AstraZeneca and Oxford University’s COVID-19 vaccine showed it produced a strong immune response in older adults, according to data published in The Lancet medical journal. European Central Bank President Christine Lagarde said the central bank will act forcefully to support the economy, adding that asset purchases will remain its main tool. The International Monetary Fund called on Germany to ready more spending to support the economy through a second round of lockdowns. Elsewhere, Gold again closed lower, continuing its recent downtrend while Oil closed flat.
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 firstname.lastname@example.org for details
For anyone following my Platinum Service it made 92 points yesterday and is now ahead by 1546 points for November having made 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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The S&P 500 closed 0.39% higher at a price of 3582.
The Dow Jones Industrial Average closed 45 points higher for a 0.15% gaine at a price of 29,483.
The NASDAQ 100 closed 0.78% higher a price of 11,985.
The Stoxx Europe 600 Index closed 0.6% lower.
The MSCI Asia Pacific Index fell 0.5%.
Yesterday, the Nikkei closed 0.36% lower at a price of 25,634
The Bloomberg Dollar Spot Index closed 0.2% lower.
The Euro closed 0.1% higher at $1.1869.
The British Pound closed 0.1% lower at $1.3260.
The Japanese Yen closed 0.1% higher at 103.69 per dollar.
The yield on 10-year Treasuries closed three basis points lower at 0.84%.
Germany’s 10-year yield closed unchanged at -0.57%.
Britain’s 10-year yield closed two basis points lower at 0.33%.
The Bloomberg Commodity Index closed 0.3% higher.
West Texas Intermediate closed 0.19% higher at $41.72 a barrel.
Gold closed 0.46% lower at $1656 an ounce.
This morning on the Economic Front we have German PPI and UK Retail Sales at 7.00 pm. ECB President speaks again this morning at 8.15 am. We have no U.S Economic data today, while at 3.00 pm we have Euro-Zone Consumer Confidence.
December S&P 500
Frustratingly, the S&P just missed my initial 3535 buy level with a 3542 low print before rallying 40 Handles and I am still flat. The S&P Futures have sold off after the close to sit at 3554 as I go to press as the number of COVID 19 Cases increase again. Today I will leave my my buy level unchanged at 3520/3535 with a 3509 stop. I will also be an aggressive buyer from 3485/3503 with a 3469 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 3548. If I am taken long a second time I will have a T/P level at 3519.
The Euro missed my 1.1805 buy level with a 1.1815 low print before rallying to close at 1.1871. I will now raise my buy level to 1.1790/1.1830 with a higher 1.1745 stop.
December Dollar Index
No Change as I am still a buyer from 91.70/92.10 with the same 91.35 stop.
Talk of more Stimulus action by the German Government helped underpin the DAX yesterday and I am still flat. However, I will not chase the market higher and I will leave my 12820/12905 buy level unchanged with the same 12755 stop.
Just before the New York close the FTSE traded higher to my 6350 sell level. I will add to this position at 6405 with the same 6455 stop. I will now raise my T/P level on this position to 6320. If any of the above levels are hit I will be back with a new update for my Platinum Members.
Dow Rolling Contract
I am still long at 29420 with a now lower 29510 T/P level. I will continue to add to this trade at 29180 with the same 28995 stop.
My latest 11860 long NASDAQ position worked well with the market rallying to my 11930 T/P level and I am still flat. Today, I will be a buyer from 11790/11890 with a 11695 stop.
No Change as I am still a buyer on any dip lower to 174.30/174.80 with the same 173.85 stop. I will leave my T/P level unchanged at 175.15.
Gold Rolling Contract
Gold just missed my 1835 buy level before rallying. I am not going to chase Gold higher and I will leave my 1820/1835 buy level unchanged with the same 1809 stop.
Silver Rolling Contract
My Silver plan worked well with the market trading lower to my 23.70 buy level before rallying to my 23.92 revised T/P level and I am now flat. Today my buy level will be from 23.00/23.60 with the same 22.65 tight stop.