The Anglo-Dutch company which had planned to scrap its London stock market listing keeping only the Netherlands one to simplify its structure, did not get the support it needed. Saying this morning that it ‘’has not received support from a significant group of shareholders’’ – being institutional investors.
UK-based auto-makers ramping up their threats of a no-deal Brexit this week. Yesterday the British Society for Motor Manufacturers and Traders said that 339,000 cars were sold in September, 87,000 less than this time last year representing a 20 per cent drop. They blamed it on new testing requirements which continue to ‘distort’ the market. CEO Mike Hawes added, ‘’these are exceptional circumstances with similar declines seen in other major European markets’’. Recent data from the USA, Brazil and Germany have also shown a cliff-edge fall in vehicle production and sales volumes.
DAX 30
Momentum turned bearish on last night’s close with very little else happening in this market.
SHORT TERM TRADER: Short at 12330; stop above 12460. First target 11900.
POSITION TAKER: Might go short again on a close below 12200 today.
FTSE 100
Slipping towards the lower edge of the old trend channel and momentum might turn bearish today.
SHORT TERM TRADER: Short at 7490; stop above 7575. Target 7200.
POSITION TAKER: Short at an average above 7300; stop above 7535. Target 6925.
S&P 500
Slipping back inside the right-angled triangle, holding clearly above its lower edge which coincides with the Fibonacci 23 per cent retracement of the rally since July. A close below 2900 will hint that the move above the triangle was a small false break. Watch for employment data this afternoon, especially in the light of the highest US Treasury yields in some years.
SHORT TERM TRADER: Will go short on a close below 2880 tonight.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Bearish momentum almost completely erased on the rally back above 1.3000. Really rather messy. A close above immediate trend line resistance might cause some short-covering.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Desperately trying to cling to 1.1500.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Like the two FX charts above, another messy technical picture in gold.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1194; stop above 1218. First target 1160.
