More people have been evacuated from Southern California, this time from Santa Barbara County, as the massive fire spreads. Burning for the last 7 days it has scorched and charred 230,000 acres so far and destroyed 790 buildings.
DAX 30
A fourth consecutive quiet week in the market.
SHORT TERM TRADER: Stopped out of my short position on Friday’s squeeze marginally higher.
POSITION TAKER: Square.
FTSE 100
Friday’s surge was not what we had expected but then, thin markets and so on...
SHORT TERM TRADER: Stopped out of a short position with another loss.
POSITION TAKER: Square.
S&P 500
Too overbought for words as Bitcoin started trading on the CBOE today. Trading has been halted twice today, as per exchange rules, first after a 10 per cent swing causing a 2-minute lull in trading, then for 5 minutes after a 20 per cent surge.
SHORT TERM TRADER: Tiny short at 2631; stop above 2665. Target 2550.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Slightly tetchy with all this new Brexit jargon flying around.
SHORT TERM TRADER: Stopped out of my long position with a tiny loss.
POSITION TAKER: Long at 1.3325; stop below 1.3340. Target 1.3590.
EURO/US DOLLAR
Friday’s dragonfly doji suggests we may have found an interim low.
SHORT TERM TRADER: Tempted to go long but this next fortnight we are likely to face very thin markets.
POSITION TAKER: Square.
GOLD
The lowest weekly close since mid-July, half way between the low this time last year and this year’s high. No stellar returns here.
SHORT TERM TRADER: Square.
POSITION TAKER: New short at 1249; stop above 1270. First target 1215, and 1200.
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.
