At a security forum yesterday, on hearing via a Tweet from President Trump’s press secretary Sarah Sanders, Dan Coats gasped, laughed uncomfortably (because he obviously knew nothing about it), and blurted, ‘’that’s going to be special’’ on learning that an invitation had been extended to Russian President Putin to visit the United States.
Meanwhile over at the White House, President Trump broke with protocol and said of the Fed’s interest rate rises: ‘’I’m not thrilled. I am not happy about it. But at the same time, I’m letting them do what they feel is best. Maybe you shouldn’t say that as President. I couldn’t care less what they say. I don’t like all of this work that we’re putting into the economy and then I see rates going up.’’
DAX 30
Stalling at 12800 as 27 EU foreign ministers meet in in Brussels today to discuss their reaction to the UK’s White Paper on Brexit.
SHORT TERM TRADER: If the commodity channel index turns down at today’s close I shall go short again.
POSITION TAKER: Square.
FTSE 100
Adjusting the recent trend channel to make room for this relentless mess.
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 2600.
POSITION TAKER: New short at 2805; stop above 2900. Target 2555.
BRITISH POUND/US DOLLAR
Oversold again as cable looks set to end the week on a weak note. Note that yesterday’s dip based on weekly trend line support taken from the October 2016 low.
SHORT TERM TRADER: Square.
POSITION TAKER: Stopped out of my long position here too – and smarting.
EURO/US DOLLAR
Quite a nice dragonfly doji yesterday adding weight to our view that this market is making a serious attempt at basing around the 1.1600 area.
SHORT TERM TRADER: Long at 1.1655; stop below 1.1600. First target 1.1850.
POSITION TAKER: Might buy on a close tonight above 1.1725.
GOLD
Decent bearish momentum has seen all precious metals break some key chart levels this week. A close today below 1200 should accelerate the process next week.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1242; stop above 1250. Target 1140.
