The Financial Times reports this morning that the Chinese government wrested control of aggressive dealmaker AnBang Insurance Group charging its former chairman with embezzlement and fundraising fraud. The insurance regulator added that some of the firm’s operations ‘may seriously endanger the company’s solvency’.
Wednesday @KylieJenner (she of the Kardashian-Jenner celebrity clan) Tweeted: ‘sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.’ Yesterday shares in the parent company Snap dropped 7 per cent at one point wiping $1.5 billion off the value of the firm. Meanwhile also yesterday Angry Birds game maker Rovio’s shares slumped by more than half on reduced forecasts from the firm. How fickle is social media?
DAX 30
No doubt next week we’ll be having to re-draw the lines edging triangle consolidation as momentum is rubbish.
SHORT TERM TRADER: Small short at 12535; stop well above 12600. Target 11700.
POSITION TAKER: Short at 12650; stop above 12875. First target 12050, then probably more.
FTSE 100
Another index struggling a bit after a fortnight’s consolidation.
SHORT TERM TRADER: Small short at 7180; stop above 7325. Target 7000.
POSITION TAKER: Short at 7250; stop above 7325. Target the 6675 area.
S&P 500
Struggling a bit with long term trend lines and the Fibonacci 61 per cent retracement resistance level.
SHORT TERM TRADER: Short at 2725; stop above 2755. Target 2555.
POSITION TAKER: Short with a stop above 2750. Target 2455 – and maybe a lot more.
BRITISH POUND/US DOLLAR
Manages to haul itself back above the 1.3900 level after we were stopped out of our long positions.
SHORT TERM TRADER: Square and hoping to re-buy close to 1.3900.
POSITION TAKER: Square.
EURO/US DOLLAR
Holding fairly happily at these relatively high levels.
SHORT TERM TRADER: Small long at 1.2267; stop below 1.2200. Target 1.2500.
POSITION TAKER: Square.
GOLD
Looking very much like the euro and interesting that momentum is still bullish.
SHORT TERM TRADER: Square.
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.
