Not a good day for tech stocks as social media giant Twitter announced far worse than expected revenue and profits in the third quarter, blaming it on a slow summer and advertising bugs; the share price fell from $40 to just over $30. Online retailer Amazon also saw earning fall short in Q3 2019 and guided Q4 expectations considerably lower on the cost of beefing up its one-day delivery option; shares fell 9 per cent after hours.
Just 2 months after stepping down as Conservative party leader in Scotland, though keeping her role as a member of the Scottish Parliament until 2021, Ruth Davidson has been appointed senior adviser to PR behemoth Tulchan Communications. Francis Ingham, director general of the Public Relations and Communications Association had this to say: ‘’the possible conflict of interest in doing so is clear, and damages the reputation of both our industry and of the political process’’, as reported in City AM.
DAX 30
Still overbought as we inch to a new high for this month.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
I didn’t see this one coming as we rally easily through 38 per cent Fibonacci retracement resistance, towards a 50 per cent retracement, as PM Boris Johnson whips out the election card.
SHORT TERM TRADER: Stopped out of my short at a loss.
POSITION TAKER: Square.
S&P 500
Just not going anywhere as the commodity channel index bumps along its upper edge. Yesterday at 15:15 Eastern Time the Fed announced a big increase in the amount available to repo – after days of bids far greater than the liquidity on offer. The overnight facility has been increased from $75 billion to $120 billion – daily – and the fortnight’s term repo from $35 billion to $45 billion on a Tuesday.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
This week’s slippage is small indeed, holding above first Fibonacci retracement support, considering cable’s added 10 cents this month.
SHORT TERM TRADER: Long at 1.2950; stop below 1.2760. Target 1.3150.
POSITION TAKER: Long at 1.2950; stop below 1.2600. Target 1.3350.
EURO/US DOLLAR
A small shooting star candle yesterday, while trying to cling to first Fibonacci retracement support, even as Russian energy giant Rosneft announced yesterday that now all payments will no longer be in US dollars but in euros.
SHORT TERM TRADER: Small long at 1.1150; stop below 1.1050. First target 1.1250.
POSITION TAKER: Square.
GOLD
Yesterday’s bounce from support in the 1480 area has seen the MACD try to turn bullish – something it’s attempted several times over the last two and a half months.
SHORT TERM TRADER: Short at 1520; stop above 1535. Target 1440.
POSITION TAKER: Short at 1507; stop above 1560. Target 1440.
