Watched by hundreds on massive outdoor screens, live coverage of the Catalan leader’s speech at the regional parliament disappointed many. Signing off a formal declaration of Catalan independence from Spain, saying, ‘I assume the mandate that Catalonia becomes an independent state in the form of a republic. I propose suspending the effects of the declaration to undertake talks in the coming weeks without which it is not possible to reach an agreed solution’. PM Rajoy’s Cabinet meets today and he addresses the Madrid parliament this evening.
Yesterday the Russian central bank banned the websites of exchanges that offer cryptocurrencies. Deputy governor Sergei Shvetsov said, ‘we cannot stand apart. We cannot give easy access to such dubious instruments for retail [investors]. We think that the usage of such cryptocurrencies as an investment object carries unreasonably high risks’.
DAX 30
A tiny little doji yesterday as we flirt with the record high underlines the instability and caution with which investors are approaching this market.
SHORT TERM TRADER: Considering going short if proper bearish candles form.
POSITION TAKER: Square.
FTSE 100
Bursting back up towards the record high so that it is overbought again. Very confusing.
SHORT TERM TRADER: Short at 7507; stop above 7600. Target 7320.
POSITION TAKER: Square.
S&P 500
Still super-overbought as this IG chart shows a new record high at 2555.56.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Small steps to recovery after giving up 61 per cent of September’s rally. Normal ebb and flow.
SHORT TERM TRADER: Small long at 1.3115; stop below 1.3050. Target 1.3400.
POSITION TAKER: Square.
EURO/US DOLLAR
Another one recovering a little against the US dollar and we are coming around to the idea that this market is consolidating between 1.1700 and 1.2000 in a large rectangle. This is seen as positive and a way of getting used to trading at levels not seen since late 2014
SHORT TERM TRADER: Small long at 1.1770; stop below 1.1650. Target 1.2000.
POSITION TAKER: Square.
GOLD
A very testing market spiking yesterday against horizontal support at 1295.
SHORT TERM TRADER: Short at 1291; stop above 1295; target 1245.
POSITION TAKER: Square.
