A report published today by the Institute for Public Policy Research noted that gains in British GDP have largely been funnelled into greater corporate profits while wages have stagnated for the longest time in 150 years. Ask the Japanese people about this. Their labour cash earnings in the year to July (reported this morning) dropped by 0.3 per cent and have been in negative territory for most of the last 20 years.
Times Higher Education published its 2018 top 1,000 universities around the world. Judged in their ability to teach, carry out research, the transfer of knowledge and international outlook, top of the lot again was Oxford; in second place Cambridge making Britain home to the top two for the first time. Joint third came California Institute of Technology and Stanford University, then Massachusetts Institute of Technology in fifth, Harvard, Princeton Imperial College London and the University of Chicago in ninth place. Note the English language theme running through here. Not until tenth position, Zurich’s ETH, was teaching in another language on the list.
DAX 30
Rejection with a shooting star candle yesterday above immediate trend line resistance, but below the long term moving averages. Closing below the Fibonacci 23.6 per cent retracement resistance level as the 50-day descending moving average looks set to cross below the 200-day one.
SHORT TERM TRADER: Small short at 12225; stop above 12240. Target 11550.
POSITION TAKER: Short at 12175; stop above 12355. Target 11500.
FTSE 100
A fairly decisive rejection for a third time at interim resistance at 7440 has managed to turn momentum bearish.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 7300; stop above 7460. Target roughly 7000.
S&P 500
Slipping suddenly but momentum is still positive.
SHORT TERM TRADER: Short at 2468; stop above 2480. Next target is pivotal support at 2400.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
President Trump’s policies affecting the US dollar as the Japanese yen’s safe-haven status is maintained. Cable swept along with the tide.
SHORT TERM TRADER: Small long at 1.2950; stop below 1.2900. Target 1.3100.
POSITION TAKER: Square.
EURO/US DOLLAR
Propped up by the 20-day moving average as we hover close to this year’s high and wait to see what the ECB’s Draghi will say at tomorrow’s press conference.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
After filling the gap created over the weekend it got the impetus to inch up to a new high for this year.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
