European stock futures rallied after policy makers eased repayment rules for Spanish Banks, released conditions for possible aid to Italy and unveiled a Euro120 billion growth plan for the region’s economy. After 14 hours of talks ending at 4.30 am in Brussels this morning, leaders agreed to drop the requirement that Governments get preferred creditor status on crisis loans to Spain’s Banks and opened the door for recapitalizing lenders directly with bailout funds once Europe sets up a single banking supervisor. In other news Barclays Bank shares fell 16% after it was fined £275 Million for manipulating Libor and Euribor rates. Later today we have Chicago PMI and Univ of Michigan Reports out of the US.
Sept S&P 500
The S&P dropped late in the day to my buy level and I went long at 1310. We had a large rally into the close on the back of some sort of agreement for Spanish Banks. I kept my position overnight and I have gone flat this morning at 1341. The fact we are over 1330 is bullish and I will look to go long from 1328/1332 with a 1322 stop. I will only look to short the market if we rally to 1360.
August Crude Oil
Crude also had a late fall and I was able reset my long position at 7850. I have taken profit this morning at 7980 and I am now flat. I will continue to look to buy in front of 7850 with a 7720 stop. Again as I said yesterday the market need to break 8150 to get bullish.
Sept FTSE
The FTSE fell hard yesterday after the fine for Barclays Bank and I was able to buy at 5420. I have also taken profit this morning at 5530 and I am now flat. Today I am going to stay flat unless we drop back to the 5480/5500 where I will look to reset my long position.
Silver
Silver dropped down to my buy level yesterday and I went long at 26.30. I have taken profit this morning at 26.80 and I will look to reset my long position if we drop back to the 26.10/26.30 area. If I am taken long I will leave a 25.85 stop.
Sept EURO
I have no view here this morning and I will look to see how we trade over the next 24 hours
Recent Comments