Nicky Morgan, Tory chair of the Treasury Select Committee, has accused RBS CEO Ross McEwan of ‘withholding information’ during January’s grilling by parliament over alleged bribery at its GRG restructuring group. She continues: ’’more generally, the committee is concerned by the pattern of defensiveness, and a failure to acknowledge mistakes, demonstrated by RBS throughout its handling of the GRG affair. Mr McEwan’s letter to me is an example of this, and it casts doubt on his assurances that RBS’ culture has changed fundamentally since he took up his position 5 years ago.’’
Reuters reports that dozens of fires have sprung up in suburbs of Boston, Massachusetts, caused by exploding natural gas pipelines. One person was killed, several injured, and hundreds have been evacuated. All gas and electricity to the area has been cut to stop further blasts. Fire investigators suspect the cause to be ‘over-pressurization of a gas main’.
DAX 30
No longer oversold as we bounce from important long term support at 12000, thus maybe avoiding a second consecutive weekly close below this point.
SHORT TERM TRADER: Short at 11940; stop above 12240. First target 11600.
POSITION TAKER: Short at 11940; stop above 12400. Target 11000.
FTSE 100
Barely budging all week and still oversold; very boring.
SHORT TERM TRADER: Short at 7280; stop well above 7400. First target 7100.
POSITION TAKER: Short at an average above 7300; stop above 7500. Target 6925.
S&P 500
Nearly back up at the record high but momentum just isn’t there.
SHORT TERM TRADER: Square
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Worst day for the US dollar in a while as President Trump and JPMorgan CEO Dimon trade insults.
SHORT TERM TRADER: Small long at 1.2925; stop below 1.2900. Target 1.3275.
POSITION TAKER: New long on yesterday’s close at 1.3110; stop below 1.2900. Target 1.3600, maybe more.
EURO/US DOLLAR
Trying to make a break for it and dragging momentum along with price action. Important resistance lies around 1.1800.
SHORT TERM TRADER: New long on this morning’s break above trend line resistance 1.1700; stop below 1.1650. Target 1.1800.
POSITION TAKER: Long at 1.1595; stop below 1.1600. Target 1.1785.
GOLD
Potential spike above the trend line but maybe not if, as we currently expect, the US dollar is likely to lose ground against other major currencies.
SHORT TERM TRADER: Short at 1195; stop above 1220. First target 1160.
POSITION TAKER: Square.
