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Market Outlook: AT&T turns media

Judge’s ruling a landmark
June 13, 2018

Yesterday Washington federal Judge Richard Leon sided with US telecoms giant AT&T and allowed it to proceed with an $80 billion takeover of media behemoth Tine Warner.  This is President Trump’s first big antitrust litigation and blocking this vertical integration was part of his election campaign.

Yesterday Macedonian Prime Minister Zoran Zaev spoke to Greece’s Alexis Tspiras by telephone and agreed that the former’s nation would now be called Republic of Northern Macedonia.  This ends a 27-year dispute with Greece because they feel that using the name Macedonia implies a claim on the Greek territory of the same name.  If ratified by both parliaments, this will allow the former Yugoslav country to apply for EU and NATO membership.

DAX 30

Momentum is rubbish as we snake along in a tiny range roughly between 12600 and 12900.

 

SHORT TERM TRADER:  Tiny short at 13145; stop above 13050.  Target 12400.

 

POSITION TAKER:  Short at 12935; stop above 13050.  Target 12000.

FTSE 100

MACD decidedly in the red as we creep sideways in the tiniest of ranges.  Last night the Financial Reporting Council slapped a record £10 million fine on auditor PwC for its work at BHS in the year to August 2014.  Its partner on the case Steve Denison faces a personal £500,000 fine.

 

SHORT TERM TRADER:   Tiny short at 7855; stop well above 7800.  Target 7400.

 

POSITION TAKER:  Small short at 7799; stop well above 7900.  First target 7400.

S&P 500

Almost overbought again and with precious little reaction to the AT&T decision yesterday though many are musing as to who’s next in the integration stakes.

 

SHORT TERM TRADER:  Square.

 

POSITION TAKER:   Square.

BRITISH POUND/US DOLLAR

Yet to display a clear upward trajectory though the MACD has been positive all this month.

 

SHORT TERM TRADER:  Tiny long at 1.3275; stop below 1.3300.  Target 1.3800.

 

POSITION TAKER:  Small long on at 1.3350; stop below 1.3275.  Target 1.4200.

EURO/US DOLLAR

Consolidating quietly just under the neckline of the potential V-shaped reversal at 1.1800.  With a little luck the positive MACD will allow a weekly close above here on Friday.

 

SHORT TERM TRADER:  Small long at 1.1685; stop below 1.1700.  Target 1.2000.

 

POSITION TAKER:  Long at 1.1660; stop below 1.1600.  Target 1.2400.

GOLD

Extraordinarily neat price action and going precisely nowhere.    

                            

SHORT TERM TRADER:  Tiny short at 1294; stop above 1310.  Target 1265.

 

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.