Data published yesterday by the Office for National Statistics showed that in the 3 months to March employment rose to a new record high of 76.1 per cent of the population, up from 75.4 per cent this time last year, and unemployment for Q1 dipped to 3.9 per cent from 4.0 per cent in the previous quarter. Average earnings are running at 3.4 per cent growth, 3.5 per cent including bonus, keeping them just below pre-2008 levels. The biggest leap was in the ratio of women over 50 years old in work, possibly caused by a later pensionable age.
The price of Qualcomm shares soared 23 per cent, their biggest gain in 19 years, in New York yesterday as smartphone maker Apple settled a patent dispute with the chipmaker. Apple is to resume using Qualcomm modem chips, which led to Intel announcing yesterday that it will exit the chip business.
DAX 30
Inching higher in minute steps keeping this index, like many of its peers, stupidly overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Making no upside progress and still ridiculously overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
More overbought than it’s been since early 2018 when we stalled just under the 2900 level.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Keeping inside the right-angled triangle, Brexit or no Brexit, underlining the lack of US dollar volatility form months now.
SHORT TERM TRADER: Tiny long at 1.3020; stop below 1.2950. Target 1.3300.
POSITION TAKER: Square.
EURO/US DOLLAR
One small step at a time 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
Settling bang on key support yesterday in what looks increasingly like the neckline of an irregular head & shoulders top.
SHORT TERM TRADER: Short at 1292; stop above 1310. First target 1280, then 1260.
POSITION TAKER: Short at 1292; stop above 1320. Target 1185.
