U.S Equity Markets were mixed for most of the day, before selling off sharply into the close. The big driver today behind the selloff was a tweet from President Donald Trump, who said he has instructed his team not to negotiate a stimulus package until after the election. This spooked markets, as it indicates that there won’t be a Stimulus Bill anytime soon. In a speech, Federal Reserve chairman Jerome Powell warned that too little stimulus would create more economic risk. He added that monetary policy will remain accommodative for the foreseeable future. Political uncertainty also took a back seat yesterday, after President Donald Trump was released from the hospital following treatment for the Coronavirus. On the vaccine front, the U.S. Food and Drug Administration (“FDA”) said it will work as quickly as possible to approve a vaccine, but won’t “bend to political pressure” to rush an inoculation. The FDA added that it would require at least two months of safety data before approving a vaccine. This timeline could possibly take some wind out of the optimism that a vaccine could be approved by Election Day next month. Both the S&P and Dow closed lower by 1.4%, well off earlier highs. European Central Bank President Christine Lagarde said Quantitative Easing measures remain a better tool than lowering interest rates. She added that the ECB is ready to introduce more stimulus if necessary. German Factory Orders beat expectations in August, highlighting the ongoing economic recovery. The International Monetary Fund said more spending by governments on infrastructure projects will help boost growth in a post-coronavirus environment. The British government said it expects post-Brexit trade talks with the European Union to continue until an October 15 and 16 regional leaders’ summit. Elsewhere, Oil built on Monday’s 6.23% gain, closing a further 2.32% higher as a potential hurricane in the Gulf of Mexico caused companies to shutter production, taking supply out of the market. Meanwhile, Gold declined 1.43% on Dollar strength.

To mark my 2150th 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 360 points yesterday and is now ahead by 981 points for October, having made 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

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

This content is for Free Members or higher.

Already Have an Account? Log In

New to TraderNoble? Register