In a televised interview yesterday, Apple CEO Tim Cook warned that results from the technology firm in the run up to Christmas were disappointing and would impact full-year revenues; it also revised Q1 guidance down a notch. Lying a lot of the blame on weaker demand in China, analysts have pointed out that there have been several warning signs that it’s phone models weren’t selling as well as they used to and that customers weren’t upgrading their telephony as frequently as they used to. We’re calling it ‘peak Apple’.
Quietly staged, and with only sketchy forewarning, this morning China announced that it had landed a probe on the far side of the moon. A sort of mythical place in the hearts of many, it landed in the South Pole-Aitken Basin, the deepest crater on the moon.
DAX 30
Consolidating neatly under the neckline of the massive head & shoulders top, capped yesterday by first Fibonacci retracement resistance.
SHORT TERM TRADER: Short at 10445; stop above 11000. Target 9300.
POSITION TAKER: Square.
FTSE 100
Squatting on long term trend line support at the bottom of the massive broadening top chart pattern, here’s another index capped yesterday at first Fibonacci retracement resistance.
SHORT TERM TRADER: Short at 6645; stop well above 6800. Target 6250.
POSITION TAKER: Short at 6770; stop well above 6900. Target 6200.
S&P 500
Holding ahead of trend line support taken from 2009’s low to audible sighs of relief from investors who are unlikely to have shifted core holdings in December. Employment data due tomorrow so probably a wait-and-see day today.
SHORT TERM TRADER: Short at 2500; stop well above 2625. Target 2200.
POSITION TAKER: Short at 2485; stop above 2625. Target 2075.
BRITISH POUND/US DOLLAR
Some rather suspect FX moves late last night with GBP/JPY the biggest casualty. At 91 pence per euro it’s at last year’s weakest point with rumour having it that PM May’s about to canvass EU leaders again, this time on the backstop. The Japanese yen, in the space of less than an hour, spun out of control from 109.00 per US dollar to just under 105.00 – last year’s strongest level as its safe-haven status, along with the Swiss franc, reasserts itself.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Failing quite dramatically at trend line resistance just ahead of the 50 per cent retracement level.
SHORT TERM TRADER: Didn’t cash in my profit and now find myself stopped out at a small loss. Kicking myself.
POSITION TAKER: Square.
GOLD
Yesterday’s little rally has kept gold ahead of palladium in the dollars per ounce stakes as the latter trades at new record highs.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
