Following a review of the Financial Reporting Council’s operations by Sir John Kingman, the government announced yesterday that the organisation will be axed and that a new overseer will replace it. The Department for Business, Energy & Industrial Strategy said the new unit will be called the Audit, Reporting and Governance Authority and will implement 48 recommendations suggested by Kingman. Some have suggested the exercise is merely rearranging the deckchairs while I would add that, as we’ve seen with the Financial Services Authority which was replaced by the Financial Conduct Authority, I’m not sure that they can get the staff.
Today the World Wide Web is 30 years old and its creator, Sir Tim Berners-Lee, is popping in for a little party at Downing Street. Organised by Jeremy White, secretary of state for digital, culture, media and sport, leaders in the British tech industry have been invited. Am wondering whether the PM will have time to pop in ahead of another ‘meaningful vote’ in Parliament this evening.
DAX 30
Bouncing to re-test this year’s highs but bullish momentum is only a fraction of what it was in January and February.
SHORT TERM TRADER: Short at 11600; stop well above 11800. First target 10800.
POSITION TAKER: Square.
FTSE 100
Momentum’s still bearish despite another doji yesterday.
SHORT TERM TRADER: Small short at 7120; stop above 7275. Target 6800.
POSITION TAKER: Square.
S&P 500
Momentum’s not bullish despite yesterday’s bounce though the Dow Transports has managed its first rally following 11 consecutive daily declines.
SHORT TERM TRADER: Short at 2775; stop a bit above 2820. Target 2600.
POSITION TAKER: Short at 2795; stop above 2825. Target 2600.
BRITISH POUND/US DOLLAR
The biggest daily rally in months yet there is massive divergence as the MACD and momentum are still bearish. Looks like many are either trading on hope or are again having to cut stale short positions. Risk/reward is not here.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Lagging sterling, so that EURGBP has dipped briefly below £0.8500 this morning. Trying to recover against the US dollar and the commodity channel index might turn positive.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Momentum is clearly bearish as we struggle at the top of the old channel.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1328; stop above 1326. Target 1255.
