With the Dow Industrials closing down 143 points at 12,411, expectations last night were for another weak start on European markets as they closed before the major sell of on Wall Street. However, FTSE futures are holding up, barely changed from yesterday’s close and Wall Street futures are up around 30 points. The debate continues…
Markets remained upbeat, spurred on by the first rate cut by the Central Bank of China since 2008. The S&P and DOW have held onto this week’s gains while key European indices were all in positive territory. The eagerly awaited testimony before Congress from Fed Chairman however disappointed markets, but was still insightful in our…
The US market fell off its highs, Asian stocks are down overnight and European futures are down because of Ben Bernanke’s comments to Congress yesterday which gave little indications of significant Federal Reserve intervention in the short term. The volatility is likely to continue today and next week as the European problem remains unresolved and…
North Sea oil producer, Ithaca Energy, saw its shares hit £1.10 yesterday. The shares have fallen from over £1.75 in the last week or so on news that it had ended takeover talks with several interested parties due to the offers being insufficiently high! This morning the company has today announced that the North Sea…
Shareholders in Plus Markets, the embattled junior stock exchange, say they feel misled by the company’s management over its financial health. The comments come amid growing investor anger over the proposed sale of the stock exchange to interdealer broker Icap.Furious Plus investors claim they were ‘misled’ Plus Markets announced it was winding down on May…
All eyes are on the emergency G7 finance minister conference call tonight with Germany pressuring Spain to take emergency aid to help solve its ongoing banking crisis. The pressure now seems to be on Eurozone members to agree to give up more fiscal sovereignty as part of a closer European fiscal union. With the US…
Four charts shedding light on:- i) Spain 10-year yields heading towards 7%ii) BRICS are insufficient to hold up the global economyiii) A coordinated central bank FX swap operation is unlikely at this pointiv) Broad-based deterioration in eurozone macro dynamics Source of image – Bloomberg 1. Spanish bond yields: 7% beckons As Spain’s 10-year bond…
Market Trends Cash prices except Crude Oil (July) S&P 500 EUR/USD Gold Crude Oil Trend Up Down Down Down Buy or sell Buy Sell Sell Sell Trend change below 1310 above 1.2600 above 1583 above 92.2 Probability of trend change 50% 50% 50% 50% Trends over the next 1-2 days. The trend is likely…
Good news over the weekend from Greece sent the futures higher this morning and major European indices opened with a gap up. It’s a US holiday today, so while our friend’s stateside take a rest for Memorial Day European trading may be a little subdued. last Thursday I gave a technical argument for a bullish…
Cash prices 7th resistance 5820 Previous high 6th resistance 5735 Previous resistance line 5th resistance 5603 61.8% Fib retracement 4th resistance 5557 200-day moving average 3rd resistance 5409 Previous high 2nd resistance 5385 Yesterday’s high 1st resistance 5375 Previous support line 1st support 5351 55-90min moving average 2nd support 5312 Yesterday’s low 3rd support 5268…
