Two years ago, in this same city, they all agreed to limit greenhouse gases; then President Trump said he wanted out. Now Mr Macron believes that The Donald will change his mind because, thanks to a French lead, momentum to ‘make our planet great again’ is building. The posturing did gain some credibility by EDF yesterday announcing that it will invest €25 billion in a new company that will generate up to 30GW of solar power by 2035. Simultaneously ExxonMobil agreed to publish reports on the impact climate policies might have on its industry.
A crack in one of the pipes in the North Sea’s oldest pipeline system, Forties, forced its new owner Ineos to shut it down. Repairs are expected to take a fortnight so not surprisingly front month Brent futures contracts touched $65 per barrel, for the first time since June 2015, according to Bloomberg.
DAX 30
This nasty little chart seems to be getting stuck at the 13200 area again. Probably just waiting to be sure the ECB pulls no fast ones at its meeting Thursday.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Quite a jump in just two consecutive working days. Watch for UK inflation numbers this morning.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Back up at the record high and overbought again. Yesterday the SEC warned investors about the risk of trading cryptocurrencies and said it was keeping a close eye on Initial Coin Offerings. The head of the CFTC, which regulates futures markets, said he couldn’t protect investors who trade on many cryptocurrency platforms.
SHORT TERM TRADER: Tiny short at 2631; stop above 2665. Target 2550.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Bullish momentum fizzling out as the US dollar gains a little across the board ahead of tomorrow’s FOMC decision.
SHORT TERM TRADER: Square.
POSITION TAKER: Long at 1.3325; stop below 1.3340. Target 1.3590.
EURO/US DOLLAR
No follow-through to Friday’s dragonfly doji is really rather disappointing.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Dipping as the dollar strengthens fractionally, increasing bearish momentum a tad.
SHORT TERM TRADER: Square.
POSITION TAKER: 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.
