Fresh from a G20 summit, French President Emmanuel Macron was driven straight from the airport to the Arc de Triomphe which, over the weekend, had been targeted by angry protesters who sprayed graffiti and smashed the statue of Marianne. The Champs Elysees was closed to the public so they spread out in the surrounding area smashing pavements and street furniture, burning cars and buildings, and targeting shops and restaurants. The government is debating whether to re-impose a state of emergency which was in place between 2015 and 2017.
As of January 2019, Qatar has decided that it no longer wants to be an OPEC member. This reflects the souring relations between the world’s biggest exporter of Liquid Natural Gas and its Middle-Eastern neighbours. This comes ahead of OPEC’s 175th meeting which starts in Vienna on Thursday.
DAX 30
Today’s little bounce puts the index back above trend line support taken from 2011’s interim low. It has done nothing to alter the top-heavy chart pattern with a head and shoulders and horizontal neckline.
SHORT TERM TRADER: Stopped out of my short position on this morning’s gap higher.
POSITION TAKER: Short; stop above 11600. Next target at 10700.
FTSE 100
A pathetic little bounce this morning doesn’t change the fact that this index has spent a whole month consolidating close to this year’s lows.
SHORT TERM TRADER: Short at 7080; stop above 7120. First target 6865.
POSITION TAKER: Square.
S&P 500
Trading this morning half way between this year’s low and the record high. The potential double top remains intact.
SHORT TERM TRADER: Square.
POSITION TAKER: Nursing a rather expensive loss this morning.
BRITISH POUND/US DOLLAR
Stopped in its tracks as Brexit rumbles on.
SHORT TERM TRADER: Small long at 1.2830; stop below 1.2695. Target 1.3150.
POSITION TAKER: Square.
EURO/US DOLLAR
Fairly steady, considering. Note that over the weekend Spain’s far-right Vox party wins 12 seats in Andalusia, the first time since Franco died in 1975. The ruling socialists saw their majority drop considerably.
SHORT TERM TRADER: Little long at 1.1395; stop below 1.1260. Target 1.1600.
POSITION TAKER: Square.
GOLD
Trading pretty much in the middle of the range of the last 6 years.
SHORT TERM TRADER: Stopped out this morning for a tiny loss on the blip above 1230.
POSITION TAKER: Square.
