Yesterday’s elections, called by the government in Madrid, saw the 3 separatist parties taking 70 of the 135 seats in the regional assembly. In theory, this should allow them to form a government but Ciudadanos, the anti-independence group picked up 37 seats, the most of any party, while the Partido Popular lost 8 of its 11 seats. With Junts per Catalunya (34 seats) leader Puigdemont in exile in Brussels and Esquerra’s (32 seats) sacked vice-president jailed in Madrid, forming a government will not be easy ;turnout was an astounding 82 per cent.
Season’s Greetings to all readers. The Trader will take a break next week but should be back in full swing on the 2nd January.
DAX 30
A quiet day and a little doji back inside the 12900 to 13200 range
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Bursting to a new record high but settling back inside this year’s range.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Holding at the highs and overbought. Yesterday the US House of Representatives passed a vote to extend until January the 19th debt ceiling and avoid a partial government shutdown this weekend. It must be ratified by the Senate today.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Another little hammer in no-man’s land.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
The smallest of knocks from the Catalan vote. They have until February to form a government.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Hovering around first Fibonacci retracement resistance.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
Nicole Elliott is a long-standing Member of the Society of Technical Analysts. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.
