I was reminded of Paddy Power Betfair (LON:PPB), not only on the basis that we are seeing much more volatility and interesting financial markets, but that we are also in the run up to a big political decision in the US. The last time the bookies made a market on that – Brexit – they were so wrong one might have been for thinking that their prices were underwritten by a third party with a vested interest.
Of course that could never happen. Even now, Donald Trump at less than 30 out of 100 and of course Hilary Clinton at over 70 appears to be too wide a margin. The conspiracy theorists would have it that this was deliberate in order to encourage people to vote Clinton – just as they might have voted Remain on June 23.
But away from such alleged shenanigans we have Paddy Power Betfair, helped by the Euros and the weaker Pound in today’s update. So much so it has raised its profits forecast. The result is an unfilled gap to the upside for the stock through its 50 day moving average at 8,792p. Above this on an end of day close basis the upside here should be a retest of the year’s best levels towards £100. This could be seen as soon as the end of next month.