European Equity markets continued their gains yesterday despite news that the Euro-Zone Economy is likely still contracting well into the December quarter, albeit at a less severe rate than anticipated. The Euro-Zone PMIs released yesterday point to a Q4 contraction of between 0.4% and 0.8% after the 0.1% dip in Q3. The flash estimates showed November Manufacturing and the Composite Euro-Zone PMIs proving a little stronger than expected. However they all remained below the 50 breakeven level and have done so for most of the year.
This morning Germany has it’s IFO survey which will be closely monitored. Their are no economic releases in the US as the markets are closed at 6pm as the Thanksgiving weekend continues. Today is known as Black Friday and all eyes will be on the first estimates for Retail Sales as this is the busiest shopping day of the year.
Dec S&P 500
No change from yesterday as I want to sell on any rally to the 1398/1402 area with a 1405 stop. The cash market closes at 6.00pm followed by the futures market 15 minutes later with most traders not at their desks. I will still look to buy any dip to the 1378/1382 area with a 1375 stop.
Nasdaq 100 Rolling Contract
I am still short from yesterday morning at 2605 with the same 2640 stop and I do not expect any change with most of the US on holiday.
Dec BUND
The Bund continues to fall and I am still a buyer on any dip to 141.60/141.90 with a 141.40 stop.
Euro/USD
I was lucky for a change yesterday as the Euro traded up to my 1.2900 sell level and I took a nice gain at 1.2870 and I am now flat. The Euro is higher this morning on the hope that Greece will be settled as the Finance Ministers are due to meet again on Monday. This morning I am a small seller again from 1.2925/1.2950 with a 1.2970 stop and I am still a buyer on any dip to 1.2820/1.2850 with a 1.2810 stop.
Dec DAX
The Dax is still in a very narrow range as it continues to trade at the top of the 7220/7250 resistance area. This morning I have bought the market at 7228 and I will leave a 7195 stop on this position as I look for a test of 7300/7320 initially.
Recent Comments