More fairly quiet expiry action yesterday with expiry now due tomorrow.
1. UK FTSE 100
FTSE closed yesterday at 5888 up 20 points with the spread betters now (05h00) quoting it at 5868 (-20). FTSE continues to flirt with triangular resistance and still nothing to question the uptrend. We remain 50% short via the ETF SUK2. We are also 50% long the VIX via the ETF VIXS.
2. The German DAX
The DAX closed yesterday at 7390 up 43 points and hereto we see the DAX flirting with the upper parameter – see chart above. We are now 50% short of the DAX via the ETF ETFS Fund Company Plc DAX 2X Short Fund Shares EUR (GBP).
3. The US DOW
The Dow closed yesterday at 13577 up 13 points with the spreadbetters now quoting it at 13522 (-55). Similar action here with a fall back overnight. We remain 50% short of the NASDAQ via the ETF Proshares Trust Ultrashort QQQ
4. The Japanese NIKKEI DOW
The Nikkei Dow is now at 9101 down 130 points. We blipped above 9222 in a 5 wave form and are now falling back. I have a stop in place to buy at the high, 9288, as this would suggest some form of third wave rally.
5. US T-BOND
Bonds fell some more. We remain officially 50% short of shorter dated bonds via the ETF DB X-Trackers II IBOXX Short USD Treasuries Tr Index 1C (XUTS).
6. Gold ( UK cash)
Gold is also becalmed but another rally looks close, as I said Xtreme Stop could work wonders here. Only worry is the world and his dog seem positive! We are 100% long via the ETF (PHAU) and entered when Gold was around $1560.
7. FOREX
GBP/EUR is looking good and a move above 1.2475 would suggest five waves up. The GBP/USD is heading towards $1.65 as expected, now at $1.6250.