New Saudi Crown Prince Mohammed bin Salman, presumably with his father King Salman’s blessing, this weekend rounded up, fired or arrested 11 other princelings, senior military personnel, four current ministers and tens of former ministers in an anti-corruption purge. Possibly the best-known scalp was that of prince Alwaleed bin Talal, a long standing, big investor in the US Citi bank; shares in his Kingdom Holdings company fell 10 per cent yesterday.
Elections in Sicily yesterday look set to see four times ex-PM Silvio Berlusconi (81) win by a narrow margin. His centre-right coalition has relegated current centre-left PM Matteo Renzi’s party into third place.
DAX 30
Just stopped at the top with tiny dragonfly doji candles, though a little less overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Slightly unsteady at the record high as the commodity channel indicator prepares to possibly turn down.
SHORT TERM TRADER: Short at 7554; stop above 7570. Target 7320.
POSITION TAKER: Square.
S&P 500
Redrawing trend line support as this market hovers at record highs.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Just about holding at the bottom of the range of the last month or so as British politics gets even grubbier.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Another weekly close bang on the pivotal level at 1.1600 has turned weekly momentum bearish.
SHORT TERM TRADER: New small short at 1.1610; stop above 1.1700. Target 1.1200.
POSITION TAKER: Square.
GOLD
Same old, same old, as we trade just under immediate trend line resistance.
SHORT TERM TRADER: Small short at 1275; stop above 1285. Target 1220.
POSITION TAKER: Square.
Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.
