Highlights from third quarter results from Apple announced yesterday include a rather pedestrian increase to 41.3 million phones shipped but a big increase in the average selling price to $724. Earnings per share grew a whopping 40 per cent Y/Y and revenue increase 17 per cent over the same period. The share price rallied after hours but failed to hit the $1 trillion mark. Today research firms IDC, IHS Markit and others estimate that Chinese firm Huawei shipped about 54.2 million smartphones over the same quarter – 15.8 per cent of the global market.
The UK’s Office for National Statistics released data for financial services in 2017. Exports of financial services rose 6.4 per cent to a record £59.6 billion, accounting for 21.5 per cent of all services exports, which in turn account for 5.5 per cent of GDP. Exports to the EU rose 7 per cent taking the financial services surplus to a record £25.9 billion.
DAX 30
A doji yesterday as the market looks for direction.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Trying to break out of its torpor but bullish momentum isn’t exactly on its side.
SHORT TERM TRADER: Square.
POSITION TAKER: Small short at 7799; stop well above 7800. First target 7400, then 7100.
S&P 500
A little shooting star candle yesterday as all bullish momentum has evaporated.
SHORT TERM TRADER: Tiny short at 2787; stop above 2880. Target 2600.
POSITION TAKER: Short at 2805; stop above 2900. Target 2555.
BRITISH POUND/US DOLLAR
Momentum trying to turn bullish. Meanwhile Therese May’s cut short her holiday to woo EU heads of state – along with many others in her cabinet.
SHORT TERM TRADER: Long at 1.3140; stop below 1.3000. Target 1.4000.
POSITION TAKER: Square.
EURO/US DOLLAR
Another currency where momentum is trying to turn bullish. Today Reuters reports that President Trump is mulling increasing the tariff from 10 per cent to 25 per cent on $200 billion of Chinese imports.
SHORT TERM TRADER: Long at 1.1655; stop below 1.1600. First target 1.1850.
POSITION TAKER: Square.
GOLD
Slight disconnect between the MACD and price action, hinting that the market is reluctant to get too close to the psychological 1200 area.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1242; stop above 1250. Target 1140.
