Yesterday the UK government recommended that all British citizens and their immediate families should consider leaving mainland China if they can do so. They estimate that 29,500 are currently there and that consular staff will remain to help those looking to travel abroad. A second chartered flight is expected to leave Wuhan on Sunday carrying almost 100 British people. US carriers United Airlines and American Airlines Group from today will no longer be flying to Hong Kong. A cruise liner at Yokohama harbour found 10 confirmed coronavirus victims on board. These have been taken to a medical facility and the other 3700 passengers will be quarantined on board for 14 days.
President Trump’s State of the Union address yesterday, the day before his impeachment trial will be resolved, focused on all the things he’d done to ‘make America great again’. No surprises here, but then Democratic House speaker Nancy Pelosi made a big show of ripping up the printed text of his speech she had been given.
DAX 30
Retracing half of the losses since the record high while keeping the MACD bearish. The auto-industry is reeling from Britain’s decision to ban the sale of all petrol, diesel and hybrid cars from 2035 – earlier than originally planned.
SHORT TERM TRADER: Short at 13460; stop above 13400. Target 13000.
POSITION TAKER: Short at 12945; stop above 13650. Target 11850.
FTSE 100
Stalling half-way between January’s high and low.
SHORT TERM TRADER: Short at 7470; stop above 7550. Target 7200.
POSITION TAKER: Short at 7260; stop above 7440. Target 6800.
S&P 500
Bearish momentum easing fast as the market holds up better than some others – possibly because the Fed has room to cut rates if needed.
SHORT TERM TRADER: Short at 3260; stop above 3350. Target 3100.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Back above the psychological 1.3000 and so keeping within January’s range.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Back down at the lower end of the range of the last 3 months.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Momentum is threatening to turn bearish as we revert to retesting the pivotal chart level at 1540.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
