Once again yesterday Mini Cooper maker, Germany’s BMW, threatened production cuts and whether to continue to build at its Cowley plant in Oxford. Nissan said yesterday that it will cease production of its Infiniti brand in Sunderland by July; the decision is not directly Brexit related, but one to exit Western Europe’s premium car market. In Germany yesterday VW said it planned to shrink its workforce by up to 7,000 by 2023, saving €5.9 billion and taking its operating margin to 6 per cent. Nothing to do with diesel gate or the proposed banning of diesel cars in cities, of course.
Film stars, celebrities and financial titans were yesterday rounded up in California accused of running a scam to get their kids into elite colleges. Bribes adding up to an estimated $25 million since 2011 were involved, and something like 38 people have been charged.
DAX 30
No momentum at this year’s highs.
SHORT TERM TRADER: Short at 11600; stop well above 11800. First target 10800.
POSITION TAKER: Square.
FTSE 100
Another index with no momentum yet managing another hammer (or should that be hanging man) against the neckline of a potential head & shoulders top.
SHORT TERM TRADER: Small short at 7120; stop above 7275. Target 6800.
POSITION TAKER: Square.
S&P 500
Reverting to ridiculously small daily ranges.
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
Anyone purporting to trade this market, let alone have a view on the subject, should be taken out for heavy-duty questioning.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Back inside the long-term narrow band roughly between 1.1260 and 1.1500.
SHORT TERM TRADER: New tiny long at 1.1284; stop below 1.1800. Target 1.1460.
POSITION TAKER: Square.
GOLD
Inching above the top of the old channel.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1328; stop above 1326. Target 1255.
