Yesterday afternoon the roof and spire of Notre Dame cathedral caught fire, possibly set off by a major renovation project at the building’s apex. Important artefacts were saved, President Macron cancelled a pre-recorded TV speech that was to air that evening addressing the issue of ‘gilets jaunes’, and pronounced RE the cathedral ‘the worst has been avoided’. Calling for a fundraising effort for repairs, France’s richest man and En March supporter Francois Pinault has already pledged €100 million.
UK consumer champion Which claims that reviews for products sold via Amazon’s site are largely inaccurate or false. For example, searching for top-rated headphones of the 12,000 reviews, 87 per cent were from unverified purchases. The giant retailer claims it uses automated technology to weed out false reviews.
DAX 30
Hovering at this year’s high and the stochastic might turn down at today’s close. Note that yesterday the German arm of Italy’s biggest bank, Unicredit, agreed to plead guilty to criminal charges for transferring money illegally through the US financial system. The Italian unit agreed to pay a $1.3 billion fine for Iran sanctions busting.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Still ridiculously overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Another one that’s terribly overbought, with Goldman Sachs cutting salaries by 20 per cent to reflect Q1 20 per cent fall in profits.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Pushing into the triangle’s apex. A report from EY yesterday shows that for the first time in its 10-year history the UK knocked the US off the top spot in their rankings of top investment destinations.
SHORT TERM TRADER: Tiny long at 1.3020; stop below 1.2950. Target 1.3300.
POSITION TAKER: Square.
EURO/US DOLLAR
Bullish momentum picking up again as we prepare to test trend line resistance.
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
Momentum’s just about bearish as we hover above key support at 1280.
SHORT TERM TRADER: Short at 1292; stop above 1315. First target 1280, then 1260.
POSITION TAKER: Short at 1292; stop above 1320. Target 1185.
