As widely expected following the landslide result in the first round of Presidential elections in Argentina, Peronist centre-left candidate Alberto Fernandez and his more famous deputy, ex-President Cristina Fernandez de Kirchner, won the second round with an estimated 48 per cent of the votes against incumbent Mauricio Macri’s 40 per cent. The latter invited the winner to breakfast today at the famous Pink Presidential Palace. Elections in the ex-DDR region of Thuringia produced another blow to Angela Merkel’s CDU who were pushed into third place. There was a big swing towards far left-wing Linke which picked up almost 30 per cent of the vote, followed by the far right AfD which doubled their tally to almost 24 per cent. Coalition partner SPD won a humiliating 8.5 per cent of votes and the Greens just 5.4 per cent.
Data from HM Revenue & Customs, collated by law firm Boodle Hatfield, saw the value of art exports from the UK hit £6.8 billion, 24 per cent higher than it was a year ago, cementing the UK’s position as leading global art, antiques and antiquities centre. The biggest boost came from US buyers who now account for 54 per cent of overseas interest, as reported by City AM.
DAX 30
New moon and nearly November and this index has retraced just over a Fibonacci 76.4 per cent of last year’s losses from a record high. Not yet overbought, though it was when it first hit current levels late October 2017, being positive about this index is hard when we’ve seen it fail often at the psychological 13000.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Mercifully the machinations in Westminster are having precious little impact here as the index hovers roughly half-way between the record high and last year’s interim low.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
With this index at record highs, this is the sort of good news that President Trump appears to be desperately looking for ahead of Halloween and Thanksgiving later next month.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Holding neatly in a tight range above the first trend line and at the highest level since May.
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
Rather a poor show as the euro hasn’t even managed to retrace up to first Fibonacci resistance of the steady losses since 2018’s interim high.
SHORT TERM TRADER: Small long at 1.1150; stop below 1.1050. First target 1.1250.
POSITION TAKER: Square.
GOLD
Consolidating at the upper end of the range of the last 2 years. It might be labelled a triangle but as we’re into its apex, it’s probably not going to work out.
SHORT TERM TRADER: Short at 1520; stop above 1535. Target 1440.
POSITION TAKER: Short at 1507; stop above 1560. Target 1440.
