The repercussions from the cyclone that devastated huge areas of Mozambique and neighbouring nations will takes years, not months, to ripple through. For several days now thousands of protesters have been sitting outside Sudanese President Omar al-Bashir’s home in the capital Khartoum, demanding regime change. He has ruled the split country for 30 years and is wanted by the International Criminal Court for mass killings in Darfur. In Libya, the capital Tripoli is on high alert as forces loyal to warlord Khalifa Hifter are said to be moving into its southern suburbs prompting a warning from US Secretary of State Mike Pompeo.
As from today a new Ultra Low Emission Zone comes into force in central London, 24 hours a day, every day of the week. A £12.50 charge, on top of the existing weekday congestion charge of £11.50, will be levied on pre-2015 diesel cars and petrol cars 14 years old or more. Penalties for non-payment start at £80 and rise to £1,000 for lorries. This is to tackle pollution in the capital which constantly operates at illegally high levels causing breathing, and cardio-vascular problems, and new research suggests psychosis too.
DAX 30
Last week’s strong rally has retraced a Fibonacci 61 per cent since last summer’s decline and managed the first close above the massive head and shoulders neckline. Maybe time for me to re-think.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
The strongest weekly close since late September was not what we had expected.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Bullish momentum peaked mid-March yet here we are at last year’s highs.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 2800; stop above 2900. Target 2550.
BRITISH POUND/US DOLLAR
As stuck and as stubborn as Westminster.
SHORT TERM TRADER: Tiny long at 1.3020; stop below 1.2950. Target 1.3300.
POSITION TAKER: Square.
EURO/US DOLLAR
Unsurprisingly bumping along the bottom of the range of the last year or so as the economic outlook for the EU deteriorates and the forecasts for budget deficits with it. Unusually, it is not oversold.
SHORT TERM TRADER: Long at 1.1245; stop below 1.1170. Target 1.1380.
POSITION TAKER: Long at 1.1225; stop below 1.1170. Target 1.1425.
GOLD
As we’d thought last week’s doji suggests we’ll hold above 1280 again this week.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1292; stop above 1325. Target 1185.
