Opening Report – 17 June 2014

1. Introduction

The Dow failed to take out 16,700 yesterday so no five waves down at this point. Triple witching is on Friday.

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2. UK FTSE 100

FTSE is now at 6,762, up 8 points. FTSE is still below the triangle and we need to see acceptance above 6,800 to negate the negatives…

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3. The German DAX

The DAX is now at 9,966 up 82 points. The DAX shot up this morning and generally looks more positive…

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4. The US DOW

The Dow closed yesterday at 16,781, up 5 points, with the spread betters now quoting it at 16,821 (+40). The rally on the Dow remains highly corrective still allowing for a fifth wave move below 16700…

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5. The Japanese NIKKEI DOW

The Nikkei Dow closed at 14,975, up 42 points. Upside acceleration would suggest new highs.

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6. US T-BOND

Bonds have moved up in what I believe is an a-b-c correction, we may now have peaked.

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7. Gold (UK cash)

Gold is back below $1,300 and may see $1,200.

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FOREX

GBP/EUR and GBP/USD continue to trend up.

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