Margarethe Vestager, the EU’s antitrust commissioner, slapped its biggest ever fine - €4.3 billion – on Google for ‘serious illegal behaviour’. The company has 90 days within which to end its anti-competitive practices (centred on the bundling of its Android smartphone software) or face daily fines of 5 per cent on all parent Alphabet’s worldwide revenue.
Swimming against the tide, The Publisher’s Association yesterday reported that sales of physical books rose for a third year running. All income from publishing, including digital, film and TV rights was worth £5.7 billion in 2017, of which £3.4 billion was exports. Hardback fiction rose the most, 31 per cent, unit sales increasing as was the value of each book.
DAX 30
Through a resistance level and then just stops. Note though that the commodity channel index is at overbought levels and still might turn down this week.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Stuck at the top of the recent trend channel with precious little bullish momentum.
SHORT TERM TRADER: Short at a couple of levels; stop above well 7710. Target 7400.
POSITION TAKER: Small short at 7799; stop well above 7800. First target 7400, then 7100.
S&P 500
The tiniest dragonfly doji candles yesterday and the commodity channel index threatening to turn down.
SHORT TERM TRADER: Tiny short at 2787; stop above 2880. Target 2590.
POSITION TAKER: Considering selling if the CCI turns down.
BRITISH POUND/US DOLLAR
If in doubt, blame it on Brexit. Sterling, house prices, retail prices, industry, trade gap – the whole thing is farcical if it weren’t so serious. Cable is nearly oversold again.
SHORT TERM TRADER: Stopped out of my short position on yesterday’s new dip.
POSITION TAKER: Long at 1.3235; stop below 1.3000. Target 1.4000.
EURO/US DOLLAR
The MACD turned down yesterday as we continue moving sideways, in a symmetrical triangle, centred around 1.1650.
SHORT TERM TRADER: Long at 1.1655; stop below 1.1600. First target 1.1850.
POSITION TAKER: Square.
GOLD
Bearish momentum increasing as prices edge lower. News.com.au reports today that a Russian warship carrying up to $190 billion worth of gold has been discovered. Divers off the coast of South Korea have found the ship, the Dmitrii Donskoi, which was sunk deliberately in a battle in 1905 so that the Japanese couldn’t seize the 5500 boxes of bullion it was carrying.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1242; stop above 1268. Target 1140.