The New York Times reports that yesterday, at a federal court in Boston, founder of opioid drug maker Insys Therapeutics, John Kapoor and four of his top executives, were guilty of racketeering. Not only had they bribed doctors to prescribe their very strong and highly addictive nasal spray Subsys, but had misled health insurers about patents’ need for the medication. This marks another step in the fight against an opioid crisis in the US which has killed 200,000 people over the last two decades.
As if the British didn’t have enough on their plates, the RAC found that petrol prices this April rose at nearly their fastest pace in almost two decades. Gasoline rose by 5.44 pence per litre to an average 128.06p, diesel as always keeping pace. Since the year 2000 only once, March 2018, did they surge even more, by 5.98 pence.
DAX 30
Still overbought with a slightly worrying doji the height of this week’s range – so far.
SHORT TERM TRADER: Will consider selling on tonight’s close.
POSITION TAKER: Square.
FTSE 100
Momentum remains bearish courtesy of yesterday’s close below trend line support at the bottom of a tiny shooting star candle. A May Day Bank Holiday Monday might make for a subdued market. Sell in May and go away?
SHORT TERM TRADER: Looking to re-sell if Friday’s close is below 7300.
POSITION TAKER: Square.
S&P 500
Eyes will be on this afternoon’s US April employment data – unanimously expected to underline the fabulous rate of job creation and the great state of the economy.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Bullish momentum pathetic but maybe it’s because we’ll see more UK local election results trickling in today. The feeling this is a vote not for any party, but against the political establishment.
SHORT TERM TRADER: Long at 1.3040; stop below 1.2900. Target 1.3300.
POSITION TAKER: Square.
EURO/US DOLLAR
Oh dear, fizzling out even more rapidly, possibly caused by more bad news from airlines, banks and car makers in the EU.
SHORT TERM TRADER: Long at 1.1190; stop below 1.1140. Target 1.1400.
POSITION TAKER: Square.
GOLD
Another close below the pivotal level at 1276 but it’s only just managed to keep momentum bearish. Much talk about central bank demand for gold doesn’t quite go along with this year’s price action – which looks increasingly like a large, irregular head and shoulders top.
SHORT TERM TRADER: Short at 1283; stop above 1290. Next target 1260.
POSITION TAKER: Short at 1292; stop above 1290. Target 1185.
