Today City AM reports that the chief executive of the Financial Conduct Authority and Bank of England hopeful Andrew Bailey gave an interview to the Times of London. In it he suggested that the mixing of institutional and retail funds is ‘’is [not] necessarily a good idea’’ and that this will have to be reviewed ‘’when the dust settles’’. Meanwhile the Financial Times estimates that in the financial year to March 2019 Mr Woodford and his business partner Craig Newman took home dividends worth approximately £20 million.
Overnight a new wildfire has sprung up in an upmarket suburb of Los Angeles and has already consumed more than 500 acres. An evacuation zone has been established and residents of another 3000 homes have been ordered out. This is in addition to those raging in the Sonoma wine-growing region where 50,000 acres have been burnt since Wednesday and the Kincade fire which broke out on Monday.
DAX 30
Inching up a little again and becoming very overbought on a daily basis as we approach the psychological 13000 level.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Hovering slightly unsteadily at the 7300 area as the commodity channel index is trying to turn down.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Not overbought on a daily basis as this index is now clearly at a new record high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Bullish momentum is not all it’s cracked up to be though cable’s holding above first retracement support and what had been old trend line resistance.
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
Another currency pair with poor bullish momentum. Results published yesterday show that Matteo Salvini, leader of the right-wing League party, dealt a crushing defeat to other parties in Umbria. A real surprise as it and its neighbour Tuscany are traditionally the stronghold of the left-leaning liberal elite.
SHORT TERM TRADER: Small long at 1.1150; stop below 1.1050. First target 1.1250.
POSITION TAKER: Square.
GOLD
Continues to disappoint. City AM reports today that accountancy giant EY covered up details of a crime gang which collected cash from drug dealers and converted it into gold bars. The sums involved are quite staggering: $5.2 billion and 3.6 tonnes of gold, some of which were disguised as silver bars and exported to Dubai.
SHORT TERM TRADER: Short at 1520; stop above 1535. Target 1440.
POSITION TAKER: Short at 1507; stop above 1560. Target 1440.
