Opening Report – 30 July 2013

The summer doldrums are biting hard. FTSE continues to see-saw and it is still not clear whether we are seeing a correction or a peak.

2. UK FTSE 100

FTSE is now at 6578 up 18 points. What action there is looks mildly positive at this point. Any move above 6662 can be counted as a fifth wave off the low at 6023.

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3. The German DAX

The DAX is now at 8294 up 35 points. The DAX also looks mildly positive as long as the small buying spike down to 8278 holds.

4. The US DOW

The Dow closed yesterday at 15521 down 36 points with the spread betters now quoting it at 15566 (+45). The uptrend may have resumed with the target around 16000/16500 as per the chart in subscriber’s corner.

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5. The Japanese NIKKEI DOW

The Nikkei Dow closed this morning at 13869 up 208 points. The bulls, ie us right now, are hoping this decline is a wave 4 developing.

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6. US T-BOND

Bonds may have started on down once more.

7. Gold ( UK cash)

Gold has now seen a solid break above $1300 and has bounced off from the low at $1308

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8. FOREX

On GBP/USD we are bouncing and it is a sharp rally but still an a-b-c at this point.

 

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Opening Report – 18 July 2013

It is expiry week and this accounts for the very quiet action – this is likely to change very soon now! FTSE still has that bear case with a reversal due any time – see chart below.

2. UK FTSE 100

FTSE is now at 6586 up 14 points. FTSE is having trouble around 6600 but not much as yet. This is liable to resolved with expiry, one way or the other.

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4. DAX

The DAX is now at 8226 down 27 points. The wave pattern here remains fairly confused but the DAX has left 8000 behind for now but with a huge gap down to 8050 which the market will want to close at some point.

4. The US DOW

The Dow closed yesterday at 15470 up 18 points with the spread betters now quoting it at 15465 (-5). 16000 here we come and it looks like we are now in wave 3 – see Friday’s chart (see GuyN chart in subscriber’s corner which continues to call the shots!).

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5. The Japanese NIKKEI DOW

The Nikkei Dow closed this morning at 14808 up 193 points. No change of opinion at this point. We are seeing solid rallies but this still counts as a correction and this latest move as wave C which is now just above the 61.8% retracement level around 14600.

6. US T-BOND

Bonds are seeing another feeble rally.

7. Gold ( UK cash)

A good rally on Gold but we still need to see acceleration to convince we have seen an important low. $1300 is key short-term resistance right now and Gold may decide to pullback before going for that. Expiry may change this indecision.

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8. FOREX

On GBP/USD we are bouncing and we may well see another leg up here before the downtrend resumes.

 

A SIMPLE TRADING SYSTEM ON THE DOW

Excelsior Service: Click here to learn more

The Dow opens at 2:30 in the afternoon so no early morning starts – you can trade at your leisure!