As if things weren’t bad enough already in Venezuela, yesterday, opposition leader Juan Guaido, after several days of skirmishes and an attempted army coup, declared himself interim President outside the Miraflores Presidential Palace. Quick as a flash President Trump took to social media vowing to back the man, followed by leaders of some other countries in the Americas, so it appears to be a concerted international effort. Today Russian media has come out condemning US and Canadian support. A spokeswoman for Russia’s foreign ministry added, ‘’the developments..illustrate the progressive western community’s real attitude to international law, sovereignty, and non-interference’, reports the Financial Times.
Sentiment data from Japan this morning show that the leading economic index dipped from 99.7 to 99.1 in November while the coincident index slumped from 104.6 to 102.9, the lowest reading in about 2 years.
DAX 30
Sort of stuck yesterday with the tiniest of dragonfly candles.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
No further progress and nothing to report as we remain inside the massive broadening top chart pattern in the making for 25 months.
SHORT TERM TRADER: Short at 6905; stop above 7045. First target 6600.
POSITION TAKER: Short at 6895; stop above 7045. First target 6600.
S&P 500
Hovering fractionally above our sort of watershed area at 2600. US political acrimony increased yesterday with Nancy Pelosi now barring President Trump’s annual state of the economy address to Congress and he considering an alternate venue.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
As the clocks ticks towards whatever Brexit we’ll have to face sterling’s resilience underlines the herd mentality that has gripped those trading this currency. Against the euro we hit 87 pence this morning and it is worth noting that 86 pence is the strongest the pound’s been since May 2017.
SHORT TERM TRADER: Tiny long at 1.2870; stop below 1.2935. Target 1.3200.
POSITION TAKER: Long at 1.2860; stop below 1.2845. Target 1.3250.
EURO/US DOLLAR
Irrelevant really.
SHORT TERM TRADER: Long at 1.1510; stop below 1.1345. Target 1.1750.
POSITION TAKER: Square.
GOLD
Another market where we have nothing to report today.
SHORT TERM TRADER: Short at 1292; stop well above 1300. First target 1240.
POSITION TAKER: Square.
