Reuters reported yesterday that internet shopping giant Amazon is rumoured to be thinking of launching its own insurance comparison web-site. The aim is not only to compete with the likes of Moneysupermarket and confused.com, but to leverage the personal data collected. It would probably start with extensions to manufacturer warranties.
UK July retail sales data published yesterday saw the expected increase in food and drink consumption thanks to football’s World Cup and the warm weather. Overall sales on the month increased by 0.7 per cent, reversing June’s 0.5 per cent slump; non-food items rose by just 0.3 per cent and footfall on the high street fell.
DAX 30
A pathetic attempt at a bounce yesterday has kept the MACD steadily bearish. A weekly close below 12000 should add downside momentum until month-end.
SHORT TERM TRADER: Short at 12635; stop above 12930. Target 12200.
POSITION TAKER: Will sell on a close below 12000 today close.
FTSE 100
A feeble attempt at a bounce from Fibonacci 38 per cent retracement support. A weekly close below here would add significantly to the increasingly bearish technical tone.
SHORT TERM TRADER: Will re-sell on a daily close below 7500.
POSITION TAKER: Small short at 7799; stop well above 7800. First target 7400, then 7100. Will add to this position on a weekly close clearly below 7500.
S&P 500
A bearish MACD yet the market won’t lie down. At least one prominent American stock market analyst has suggested that Turkey is a good example of why it’s best to invest in the USA.
SHORT TERM TRADER: Short at 2795; stop above 2880. Target 2600.
POSITION TAKER: Short at 2805; stop above 2900. Target 2555.
BRITISH POUND/US DOLLAR
Several market commentators reverting to type: when discussing FX assume that recent moves will continue forever – and make up the story behind that. Note how bearish momentum eased significantly yesterday.
SHORT TERM TRADER: Itching to go long again.
POSITION TAKER: Square.
EURO/US DOLLAR
Here too bearish momentum has eased significantly since Tuesday.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Interesting to see that yesterday’s fairly big dragonfly doji has done nothing to ease bearish momentum (which on a weekly basis is stronger than it’s been since January 2017). However, we urge caution as this is the 10th consecutive weekly decline.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1242; stop above 1200. Target 1140.
