Yesterday the US House of Representatives voted to impeach President Trump, charged with abuse of power and obstructing Congress, the third such event in American history. This paves the way for a trial by the Senate early in the New Year. On this day, 19th December, in 1998 President Clinton was impeached.
The Monetary Policy Committee of the Bank of England meets today with the key bank rate expected to be kept on hold at 0.75 per cent. More shockingly The Times newspaper has found out, reporting this overnight, that since early this year the bank’s press conferences have been leaked via an audio feed which runs just ahead of the video feed. The system was hacked into by one of its suppliers and the commentary was sold to those who might profit from the advance notice of content. ‘This wholly unacceptable use of the audio feed was without the bank’s knowledge or consent’, said a statement from the bank. As they say, one really cannot get the staff.
DAX 30
Momentum is still a tad bullish despite this week’s retreat from what now looks like another potential small broadening top chart pattern.
SHORT TERM TRADER: Square and will remain so over year-end.
POSITION TAKER: Square.
FTSE 100
Overbought for a third consecutive daily close. Yesterday European Commission president Ursula von der Leyen helpfully pointed out that getting ‘Brexit done’ by the end of 2020 would leave ‘’very little time’’ to agree a trade deal, and that the UK would suffer more than the EU if this was the case.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Fractals keep on multiplying as price action since November now looks increasingly like a potential broadening top, while keeping the index overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Sitting on the old trend line resistance as momentum disappears. There is a chance that this will provide a level for a new interim base.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Bullish momentum easing off steadily as the euro retreats from secular trend line resistance.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
A third consecutive daily tiny doji and this market dithers at horizontal resistance.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1507; stop above 1520. Target 1448.
