This morning the British Retail Consortium showed that in the combined months of November and December retail sales fell overall by 0.9 per cent taking the rate for a year as a whole to minus 0.1 per cent, the first time they’ve seen a negative number over the calendar year. Like-for-like sales, which strips out changes to floor space available, saw a 1.2 per cent drop during the final 2 months. Spending in pubs and cinemas rose in low double digits.
This morning the Financial Times reports that state-owned Saudi oil tanker giant Bahri has suspended all shipments through the Strait of Hormuz following Iran’s attack on military bases in Iraq. They will assess the risk, but have given no date as to when this busy route might be used again.
DAX 30
Quite the come-back kid and not overbought.
SHORT TERM TRADER: Short at 13090; stop above 13475. First target 12885.
POSITION TAKER: Square.
FTSE 100
Despite yesterday’s good bounce momentum is still bearish.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Not quite overbought while inching to a new record high.
SHORT TERM TRADER: Small short at 3223; stop above 3265. Target 3100.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Losing any sense of urgency or momentum.
SHORT TERM TRADER: Small long at 1.3075; stop below 1.2900. Target 1.3500.
POSITION TAKER: Square.
EURO/US DOLLAR
Losing nearly all bullish momentum as we slip back down to Fibonacci 38 per cent retracement support.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Yesterday’s bearish engulfing candle from a multi-year high (some media outlets are reporting that it was the highest ever price in euros (which wasn’t introduced until 1999) underlines what a lot of speculation is happening here. What had been resistance at 1540 has now become support. If this gives way then we can assume that the move higher this month was a false break and spike high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
