The text messaged arrived at 20:29 yesterday saying: ‘We’re very sorry about the problems with Online Banking, Telephone Banking and some features in our app. Everything is now back up and running. Thanks for your patience. Your Barclays Team’. They will be grilled, like others before them, namely Visa, Cashplus, and the TSB. The trouble is, I can’t remember signing up for any of these mobile services. In fact, I tend to avoid them like the plague because I know from the inside the sorry state of some of the systems they are working with are in.
The Financial Times reports today that a leaked memo from unnamed HSBC executives says their investment banking strategy had ‘’utterly failed’’ and ‘’performance is really appalling’’. The document, addressed to CEO John Flint and dated 25th August, goes on: ‘’We are entirely fed up and demoralised and have no confidence at all in the existing leadership. Unlike any other bank, there is no proper and effective route to provide upward feedback: hence this memo, which is whistleblowing on incompetence’’.
DAX 30
Another strong rally yesterday towards trend line resistance has turned the MACD bullish.
SHORT TERM TRADER: Stopped out of my short position yesterday for a rather hefty loss.
POSITION TAKER: Stopped out this morning above 12400 for another hefty loss.
FTSE 100
Closing just inside the trend channel yesterday thus turning momentum a little bullish.
SHORT TERM TRADER: Stopped out of my short position this morning above 7400.
POSITION TAKER: Short at an average above 7300; stop above 7500. Target 6925.
S&P 500
Bursting above the top of the right-angled triangle to much media euphoria. Almost overbought, as usual. The psychological 3000 should act as bait.
SHORT TERM TRADER: Square
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Classic! Media says PM Theresa May has been ‘humiliated’ by the EU and cable has its best one-day rally in nearly a month.
SHORT TERM TRADER: Took profits at 1.3275 as planned. Might re-buy on a weekly close above 1.3250 as then weekly momentum should turn bullish like daily one is already.
POSITION TAKER: Long at 1.3110; stop below 1.3050. Target 1.3600, maybe more.
EURO/US DOLLAR
Bursting above the top of triangle consolidation as the US dollar cedes ground against a host of other currencies.
SHORT TERM TRADER: New long at 1.1780; stop below 1.1600. Target 1.2000.
POSITION TAKER: Took profits at 1.1785. Feeling more confident with the idea of being long the euro.
GOLD
Breaking trend line resistance despite keeping the 1190 to 1220 range.
SHORT TERM TRADER: Cut myself out of the short position as I’m rather fed up with this market.
POSITION TAKER: Short at 1194; stop above 1215. First target 1160.
