Newswires report that evacuation orders have been issued for 280,000 people, about 600 flights cancelled, and scores of ferry and train trips axed. Businesses have been shuttered including the popular Universal Studios amusement park near Osaka. NHK public television showed pictures of waves crashing against the coastline and winds of up to 100 miles per hour. This follows floods and landslides earlier in the year which killed a record number of people.
State-owned Russian banking giant VTB said yesterday that ‘’given the current geopolitical situation’’ it had decided to sell its US broking arm VTB Capital and will no longer have any presence in the USA, underlining the effect sanctions are having on business generally. In a separate development, the Financial Times reports that Danske Bank’s Estonia branch has been found to have laundered $30 billion of Russian and ex-Soviet money in a single year!
DAX 30
Slow work due to a lack of momentum as the index hovers at the most recent Fibonacci 23 per cent retracement resistance.
SHORT TERM TRADER: Short at 12635; stop above 12600. Target 12200.
POSITION TAKER: Square.
FTSE 100
Despite yesterday’s bounce ahead of 7400 momentum remains just bearish and we are just under first Fibonacci retracement resistance at 7533.
SHORT TERM TRADER: Short at 7455; stop above 7655; First target 7300.
POSITION TAKER: Small short at 7799; stop well above 7700. First target 7400, then 7100.
S&P 500
Tiny triangle consolidation just under the record high and still overbought.
SHORT TERM TRADER: Square
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Bullish momentum has dissipated completely in the latest pullback; very disappointing.
SHORT TERM TRADER: Small long at 1.2925; stop below 1.2700. Target 1.3275.
POSITION TAKER: Square.
EURO/US DOLLAR
Another disappointing currency but small mercies; at least it’s not being trashed like some emerging market ones.
SHORT TERM TRADER: Square.
POSITION TAKER: Long at 1.1595; stop below 1.1485. Target 1.1785.
GOLD
Bullish momentum seems to have dropped out of the equation.
SHORT TERM TRADER: New short at 1195; stop above 1220. First target 1160.
POSITION TAKER: Square.
