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The equity markets continue to go sideways which means that strong negative forces are negating the usual seasonal positives.
2. UK FTSE 100
FTSE is now at 6738 up 17 points. This action continues to suggest the next move of import will be down and new highs are less likely.
3. The German DAX
The DAX is now at 9541 up 42 points. We may finally be seeing the expected rally.
4. The US DOW
The Dow closed yesterday at 16462 down 68 points with the spread betters now quoting it at 16502 (+40). The Dow is also due a fifth wave rally.
5. The Japanese NIKKEI DOW
The Nikkei Dow closed at 15,880 down 241 points. WE TOOK 50% PROFITS above 16000 and, right now, that looks a good call!. We remain 50% LONG of Japan (from early January 2013) and still up (5000+ points based on the Nikkei)
6. US T-BOND
Bonds continue to trend down.
7. Gold ( UK cash)
Gold is now bouncing off $1200 – this may get interesting again, see yesterday’s video clip.
GBPUSD is falling back and we may have seen a key high. GBPEUR is still drifting around 1.20.