Simon Rubinsohn of RICS noted on the latest release yesterday evening, ‘the latest results provide little encouragement that the drop in housing market activity is likely to be reversed any time soon. [This] also has implications to impact the wider economy contributing a softer trend in household spending’. Buyer demand in London fell for an 11th consecutive month while sales have been sliding since March last year. Survey respondents also reported that more than half had seen an increase in properties being withdrawn from the market.
BBC Radio 4 reports that this afternoon PM Theresa May will hold a cabinet meeting to discuss what measures Britain should take following the chemical attack in Syria.
DAX 30
Nothing to add following yesterday’s inside day as we stall at the Fibonacci 38 per cent retracement of this year’s fall from a record high.
SHORT TERM TRADER: New small short at 12280; stop above 12425. Target 11800.
POSITION TAKER: Short at 11800; stop above 12425. Target 9500.
FTSE 100
Yesterday’s price action an utter irrelevance as the commodity channel index flashes a bearish warning.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Now even the MACD doesn’t know what to do next. Yesterday’s Minutes from the Fed’s most recent FOMC meeting shows a unanimous conviction that the US economy will strengthen further all this year and that inflation will rise to hit target. When everyone’s thinking the same…
SHORT TERM TRADER: Small short at 2675; stop above 2685. Target 2585.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Understandable caution as we approach this year’s high – and where we were before the referendum result.
SHORT TERM TRADER: Square.
POSITION TAKER: Looking to go long on a successful break higher.
EURO/US DOLLAR
Rallying neatly from trend line support as we had hoped.
SHORT TERM TRADER: Square.
POSITION TAKER: Small long at 1.2250; stop well below 1.2300. Target 1.2450 but considering taking profits ahead of this weekend.
GOLD
This is the sort of thing one can expect in thin conditions where market makers become reluctant to make decent two-way prices. A ridiculous massive spike to match this year’s high.
SHORT TERM TRADER: Stopped out of my short position at a negligible loss just before the short-squeeze got going.
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.
