The world’s biggest passenger jet, Airbus’ A380, faces more uncertainty and production may have to be halted unless it wins a new order from Emirates airline. Head of sales John Leahy said, ‘if we can’t work out a deal with Emirates I think there is no choice but to shut down the programme’. Meanwhile CEO Tom Enders at an aerospace dinner in London last night lashed out against President Trump, saying he would leave ‘wreckage’ after his term in office, that Brexit would ‘curtail competitiveness’, and complaining that ‘no one is fighting for free trade’.
On the fringes of Detroit’s motor show the CEOs of Daimler and Fiat Chrysler both said it might be difficult to meet the EU’s targets for CO2 emissions. Dieter Zetsche said, ‘I can’t guarantee we will be compliant…not every parameter is under our control’. Sergio Marchionne noted that the fines were so severe that, ‘we’ll just stop selling cars’. Or, like Mifid II, make all sorts of exceptions?
DAX 30
Holding just under last year’s record high and the MACD is fading fast.
SHORT TERM TRADER: Short at 13290; stop above 13550. Target 12900.
POSITION TAKER: Square.
FTSE 100
Carillion is, was, and has been a zombie company for quite some time. Shame so many missed it.
SHORT TERM TRADER: Square.
POSITION TAKER: Long at 7681; stop below 7645. Target 8000.
S&P 500
Stupidly overbought on the RSI.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Big moves as people are forced to cut lousy, losing positions they have been nurturing for far too long.
SHORT TERM TRADER: First target 1.3800 met and partial profits taken. Looking to re-buy.
POSITION TAKER: Long at 1.3730; stop well below 1.3600. First target 1.4000, then probably 1.4600.
EURO/US DOLLAR
It’s not the euro that’s powering ahead, it’s the US dollar that’s on the slide, managing to weaken again this year against all and sundry.
SHORT TERM TRADER: Long at 1.2150; stop below 1.2040. Target 1.2575.
POSITION TAKER: Long at 1.2200; stop below 1.1900. First target 1.2600, then maybe 1.3000.
GOLD
A little shooting star type candle yesterday above first trend line resistance and the commodity channel index looks set to turn down again.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1317; stop above 1360.
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.
