Wednesday update

SHORT TERM: higher open and another choppy session, DOW +37

Overnight the Asian markets gained 0.1%. Europe opened lower and lost 0.3%. US index futures were higher overnight, and the market opened 3-points above yesterday’s SPX 2429 close. By 10am the SPX had hit 2435, and then started to pullback. Just before 1pm the SPX reached 2425, and started to rally. At 3pm consumer credit was reported lower. Just before the close the SPX hit 2435 again, then dipped to close at 2433.

For the day the SPX/DOW gained 0.15%, and the NDX/NAZ gained 0.35%. Bonds lost 6 ticks, Crude dropped $2.40, Gold slid $8, and the USD was higher. Medium term support remains at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Tomorrow: the ECB meets, weekly jobless claims at 8:30, Comey testifies and the UK elections.

The market opened a few points higher today, but after 10am resumed the now 3-day pullback from Friday’s SPX 2440 record high. Nothing unusual during this pullback despite: Crude tanking today, and the ECB meeting, Comey testimony, UK election tomorrow. The pullback extended today to 15-points, hitting SPX 2425. No change in the very short term count of 4 waves from SPX 2353. Short term support is at the 2428 and 2411 pivots, with resistance at the 2444 and 2479 pivots. Short term momentum hit a positive divergence at this afternoon’s SPX 2425 low. Trade what’s in front of you!

MEDIUM TERM: uptrend

LONG TERM: uptrend

CHARTS: https://stockcharts.com/public/1269446/tenpp

About tony caldaro

Investor
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165 Responses to Wednesday update

  1. alexh110 says:

    Exit poll looks bad for the Conservatives in the UK election.

    • alexh110 says:

      BBC are forecasting they will lose their majority. A Corbyn-led left wing coalition could be viable if this is indeed the outcome.

      • vivelaamo says:

        Disgraceful if happens. The people of this country are ******** idiots!

      • alexh110 says:

        Cable is selling off hard.

      • fionamargaret says:

        If there is not a majority for the conservatives, there is perhaps no party that would align with her…regardless, if Labour can get something going with the SNP (who lost more seats than anybody thought possible), then a second look at Brexit is possible, which I think would be a plus, and keep London as a Financial Centre.
        Another election is in the cards whatever the outcome if the changes are as the exit polls suggest.

        • alexh110 says:

          Couldn’t agree more. I hope it will lead to us staying in the European Single Market with a Norwegian style arrangement.

  2. stockop says:

    staying flat. this could go bananas overnight based on how its looking now. freaking nasdaq

  3. EL MATADOR says:

    “The President’s odds have been cut to 4/7, down from the previous 4/5, the bookmaker announced on Thursday according to a tweet from Matthew Garrahan, an editor at the Financial Times.”
    http://fortune.com/2017/06/08/ladbrokers-donald-trump-impeachment-james-comey/

    Like I said, Trump is here to stay for all 4 years, he will not be impeached, IMO…..and I will win my bet 😉

    • kvilia says:

      Betting against retards is offensive, El Mat 😉

    • stcoleridge says:

      Cutting from 4/5 to 4/7 implies he is more likely to get impeached.

      • vivelaamo says:

        Exactly. That article makes no sense. I think whoever wrote it misunderstood how odds work in the UK. I believe they are calculated different in the US?

        • EL MATADOR says:

          say what, whatcha guys smoking man….the odds of the event not happening (against the event happening) have increased from from 5 to 7…..meaning impeachment probability has declined……don’t mess with the trump-percolator

    • fbender7 says:

      There is not even the slightest possibility that our President will be impeached. He has not done anything that could even be remotely considered impeachable. Simply not liking him does not make him impeachable. He has the liberals exactly where he wants them, distracted by all this fake nonsense. I’m going to fully enjoy these 8 years of President Trump. Followed hopefully by 4-8 years of President Pence.

  4. gtoptions says:

    Thanks Tony
    SPY ~ ‘Still’ Testing WPP >= Good!
    https://www.tradingview.com/x/d6rfofdH/

    Comey Testimony Winners ~ Trump & VIRTU! 😉

  5. H D says:

    $GC_F +$10 off the TL noted this morning. See ya’s manana

  6. blackjak100 says:

    Was that just a truncation in the S&P with C in progress?

    • stockop says:

      too much tradejoe for you!! lol (not meant to be an insult i read everything that guy writes just like Tony and I’ve learned quite a bit from both of them). I see that as 3 waves up so i dont really see how it could be a truncation. definitely looks like this could be turning into an ED. would like to see this shoot up in an impulsive looking e wave. would also allow the NQ to form an ABC for a nice looking right shoulder in an H&S

      • blackjak100 says:

        Actually, just mentioned it because DOW & NAZ made new ATH but S&P did not

        • stockop says:

          true, true. Dow is definitely signaling the party is over so maybe it did truncate. really looking for a clear setup so i’m hoping we atleast get some confirmation by EOD. damn the UK election for making me think it could move markets overnight

          • pooch77 says:

            So that explains rotation to iwm,if you look at daily still had room to run as other charts looked top.I usually let daily top out before short but Monday after they were down 11 points I was sure we topped out.Screwy week

            • stockop says:

              i still think IWM has some more downside, but i would agree. looks like rotation out of the techs into financials and small caps may have begun today. i truly do think on a top like this its going to show signs of distribution (a pattern) in at least one index before rolling over. then again the markets have not been so kind recently. could see either a)elections do not go as planned and we rally to complete the right shoulder in the NQ and potentially Dow, with ES completing ED, as market not reacting causes last of shorts to cover or elections just make the market crap out. either gonna be flat at EOD or have a minuscule position it looks like. markets could also go to the pooper by close

  7. UPDATE: Markets waiting at the “starting line”. What are they waiting for? (Tommorrow: full moon; next week: major cyclic low.) Let’s hope they don’t use up all their gas waiting for the “starter” to turn up!

  8. pooch77 says:

    SnP up .15% IWM up 1.70 %

  9. pooch77 says:

    Vive chance to get tza maybe at 16.32 today or tomorrow

  10. vivelaamo says:

    Look like market has seen Comeys testimony is a nothing to worry about.

  11. chop should be over, move to 2450 should start now

  12. captbara says:

    Intense battle between gold and $. Breakout or fake out TBD

  13. vivelaamo says:

    Tempted to short RUT but these slow low volume grind ups can be bad for your bank balance.

  14. 10 d EMA for GDX right here at 23.03,20d at 22.89.Needs to hold here.Have my doubts.

  15. gary61b says:

    ESU7 if a drop from 2433 down to 2423 could finish this, with what would be close to a double bottom and at support before 2415 as the next heavy.

  16. Comey is not a happy camper–something even Campfreddie would agree with me about.Not often you hear an FBI chief call a sitting President a liar (by inference).It looks like most of the headlines–that Lester Holt and others(like CNN) will be pounding on tonight–are complete.
    Comey just did say,”No one has been convicted of obstruction of justice by saying ‘I hope you can put a stop to…’ ”
    But Comey inferred,he thought he was being ordered to do so.Legally,it’s not something he’s seen convictions on.Impeachment however,has little to do with legal proceedings–it’s pure politics–and how many votes a President can get to avoid removal.Just a matter of whether Trump has enough friends to keep his job.I’d say no.He’s not a politician,so they’d rather get rid of him…imho.

  17. Lee X says:

    You’re all wrong

  18. kvilia says:

    Ha, no wonder Comey got fired. FBI relied on contractor’s report to confirm cyber attacks without having access to content.

  19. allen1929 says:

    .39 pc @ 10 am est

  20. purplember says:

    Comey would NOT talk privately to congress but only Publicly. Comey is a showboat and looking for TV face time. never in my lifetime have i seen the FBI director on tv as much as Comey.

    Liberals wanted comey fired and now are upset he was fired. huh

    • Boom&Bust says:

      You are simply biased. “Liberals wanted comey fired and now upset he was fired, huh”.. stupid remark .. Everyone should be “upset” in the manner and for the reasons that Comey was fired. Looks and smells rotten when the president’s campaign is being investigated and the investigator is fired! .. Not just liberals are suspicious of Trump’s actions.

    • H D says:

      You obviously watch a lot of TV so you understand the court of public opinion is greatest. Not all liberals are upset he was fired.

      • Boom&Bust says:

        purple parrots FOX. “Liberals” felt Comey was wrong in disclosing Clinton’s investigations but firing Comey when investigating Trump’s campaign is equally wrong.. Too complex for some to grasp of the gravity of the situation or the similarities to Watergate.

        • stockop says:

          the only people who believe this is the next Watergate are liberals and the journalists making $$$ hyping it up and repeating amongst themselves the similarities about republican sentiment about the two events. The difference is…the russians “help” involved a ridiculously simple email phishing hack that broke down the DNC and showed just how corrupt the organization was. alls they did was bring to light all that is the democratic party. Nixon, ORDERED the DNC to be taped. 1+1= 3 to some of you people. no different than the same people who call for every recession to be the next great depression

          • Boom&Bust says:

            No, stockop, you’re just repeating the republican line of bs. The Russians hacked both the DNC and the RNC .. However, the hackers did not release the RNC emails. You are showing your naivety if you think that the RNC had superior firewalls. Nixon took part in a cover up…that is why he was forced to resign…the smoking gun. Proved that no one is above the law.

            • stockop says:

              FIREWALL?!?!?! Are you kidding me? I assume you are just older and don’t understand technology, but it has been 100% confirmed that Podesta was hacked by a simple phishing email scam. https://en.wikipedia.org/wiki/Phishing just incase u want to actually learn something. “the hackers did not release the RNC emails” is conjecture to the nth degree. There is ZERO proof of this, in fact, i didnt even know there was conspiracy theorist liberals who thought this until now. Jeez, this kind of conjecture is on the level of the obama birther crap

              • Boom&Bust says:

                What you’re saying is that the RNC FIREWALLS were no more sophisticated than the DNC…good! So, therefore, if the hackers could get into the DNC they could also get into the RNC! No, not conjecture…pretty obvious. Keep listening to FOX,,,and voting for traders like Trump.

              • stockop says:

                the hack had nothing to do with firewalls. podesta is an absolute imbecile and got hacked because he fell for a simple phishing scheme.

                http://www.cnn.com/2016/10/28/politics/phishing-email-hack-john-podesta-hillary-clinton-wikileaks/index.html

                attached is a source that I am sure you approve of. i seriously feel bad for people like you that are so opinionated and afflicted with cognitive dissonance that they are unable to see reality.

              • Boom&Bust says:

                Yes, stockop, you had Gowdy prosecuting Clinton in the press for four years and Russia feeding Wikileaks with hacked emails but I am the one that has a problem with “reality”? No, you’re right, Congress convenes a panel whenever an FBI director is fired or to investigate meddling in our presidential election by a foreign power. Yeah, sure this happens all the time! No, these senators are a bunch of morons and doing this because there is NOTHING THERE! SURE!! haha.. REALITY .. look it up..you don’t know what it means!

              • stockop says:

                hahaha i assume you are a shill or you have read Saul Alinskys Rules for Radicals. Typical liberal deflect, change subject, and insult. I won the original debate and you managed to do all I listed above. Now change “entire liberal media prosecuting DJT in the press”, “hacked emails that showed the true corrupt nature of the DNC”, add “attorney general meeting on tarmac with husband of person under the AG’s investigation” and you have liberal hypocrisy in proper form. thanks for the refresher. presidential nominee being under federal investigation ring any bells for not happening all the time? the partisanship has reached all-time highs. Its the people in power knowing how to get their followers to rile up and reelect them. This situation is no different than the republicans getting all in a tissy over bill clinton the rapist and the result will be the same.

              • Boom&Bust says:

                You are a sap – plain a simple. You haven’t won anything but in fact, you’ve lost. Our national debt has spiked since Reagan implemented “trickle down economics” which has only trickled up! The divide between the rich and poor has never been greater yet you keep voting for cons like Bush and Trump. You buy the scare and the smear tactics of the republican party. Trump will do as Bush did ie. cut taxes for those who do not need them while cutting programs of those less fortunate. Will increase military spending which is nothing more than a vehicle to siphon our tax dollars into the pockets of the wealthy. You are part and parcel part of the problem with a naive and shallow thinking electorate. Bill Clinton may have had an affair which the republicans erroneously took as a high crime even though testimony deemed perjury was not relevant to the trail in question. The rape allegation is allegories to Reagan, Bush 43 and Trump to our treasury. As I wrote, you are a sap…nothing more – you cling to your guns and your out dated thinking of Climate Change without logic… but, you are quick to slander and smear a politician only because “progressive or democrat” is attached. A sap or a fool: one and the same.. YOU!

      • purplember says:

        I’m sick of Media taking every rumor / leak of unnamed source and screaming IMPEACH HIM without any facts. this is a dog and pony show that will go NO WHERE. it’s a he said / she said.

        my question Comey why didn’t you investigate Bill clinton meeting privately with Atty General at airport while Hillary was under investigation. clearly OBSTRUCTION OF JUSTICE. is comey political ?

        • H D says:

          This isn’t that hard. Facts are facts. Your ‘media” just has you brainwashed. No need to keep pivoting to Clintons.

          • purplember says:

            HD facts are there is NO obstruction of justice for saying “i hope”. you keep your wishful thinking cuz you hate trump

            • Boom&Bust says:

              You do not know that… “facts” are coming out now! And, when a president says, “I hope..”,,, I’d say that it carries some weight!

            • H D says:

              I never said there was. And yes I typically hate all “grab em by the P…!” type people. Just the cowboy in me. Some AZ conservatives like me still have morals. God, family, 2A etc. Politically, conservatives just can’t get it done. They keep proving that over and over. Why I support democrats more. Especially when it comes to helping the poor. Turn the FOX news off for a month. You will thank me.

              • purplember says:

                HD i don’t watch news but it’s clear you love NBC, CBS, ABC who are democrat propaganda machines

              • H D says:

                purp- really? You have all the talking points memorized :mrgreen: Let’s not make it about you or me or the media. Facts will come forward and we will go from there. Peace.

    • purplember says:

      HD simple question. why would Trump fall on his sword for a guy he just fired ? this doesn’t make any sense.

      • Al Jolson said,”…..” lol.But seriously,current politicians quote Lincoln,Washington,Mark Twain…all the time.Very common.

      • tommyboys says:

        Russia Russia Russia – LOL! Colosal waste of time and resources! Think of what could be getting accomplished by all these elite clowns WE pay to
        Lead us -LOL Pathetic and laughable. My 9 year old accomplishes more. All coutries spy and hack. RNC also was attempted to be hacked – this is fact. Difference is the security they had/have in place was effective – thus no hack. Might have been “the Russians” or any number of others. So what. There was no “collusion”. Trump didn’t set it up LOL – R I G H T! SO EFFING STUPID. We’re all reduced to peasants. Pathetic.

  21. GC what a hit! testing TL. 1300 big psychological and technical level.

    • phil1247 says:

      what a surprise !….. 🙂

      phil1247 says:
      June 7, 2017 at 11:02 am
      most aggressive ext long was nicked… a warning
      i want to sell into the next surge
      Reply

      • H D says:

        phil- Nice! want you to know it’s not a competition. There were a few here looking higher on Tuesday when it was testing 1300, much higher, and there were a few saying it was resistance.

    • HD,

      This is my first exposure to your chart. Please elaborate. Like Moulder says in the X-Files, “I want to believe!” Links / references please.

      JP

  22. kvilia says:

    Newbie, are you holding our champagne on ice? By the end of today/tomorrow the latest I may ask you to start popping the corks.
    Cheers,

    • pooch77 says:

      He will be drinking sour milk

    • scottycj1 says:

      Aligning yourself with someone who has been consistently wrong for years…Brilliant !
      There is only one trading method better than following someone who is right a lot of the time…That is doing the opposite of someone who is always wrong.

    • kvilia says:

      Newbie – bulls are sweating according to their comments 😉
      For the record, I am fully aligned with BJs C wave taking ES to 1320sh. Not only perma bulls will loose pants on ES trade, they will be wrong on gold trade. According to Scotty, GC should be trading below 1000. Well, it is not, and it will not any time soon.
      I’ll be first to admit being wrong but hey, perma bulls are always in “the internet”.
      Cheers,

  23. Do these political types ever hire any ugly women as assistants?They all look like Miss America’s,bringing those files in for their bosses.

  24. stockop says:

    http://www.aaii.com/sentimentsurvey
    +8.5% bulls? Ouch, if volatility happens thats a lot of people to get burned at all-time highs.

    • scottycj1 says:

      35% of all participants bullish……seems there’s a lot of room (65% more) participants that can get bullish.

      • stockop says:

        no doubt. just pointing out who might have been buying at all-time highs. complete newcomers, weak hands. how fast u think they would run on a pullback that aint a dip? pretty large jump for a week tho its been doing that for the past few months

  25. pooch77 says:

    Look for all time highs on Comey testimony,

  26. Gold could drop $7 each for Comey’s testimony ending and the UK election finalizing later today.It all has to do with a possible 2-3 point counter rally in DXY.Looking like stochastics want to unembed on gold,bonds and DXY.Now it’s Comey time.

    • phil1247 says:

      re DXY….
      101 would be in play if these lows hold…..
      above 101 validates 107 target

      • I’ll put a rally to 99.50–top of the 4 black crows that started this freefall.Above that would be extremely bullish,just like if GDX could have ever gotten above 25.60.It’s like a wall.

  27. phil1247 says:

    /GC
    extension failed
    bearish below 1293
    support drops to 1266
    i want to sell into any gold rally now

  28. phil1247 says:

    http://tos.mx/tosmx/item?id=iQkPAF&image

    /CLQ7

    CRUDE OIL

    45.64 extension short target hit
    bottom falling out

  29. Richard Glackin says:

    For the last 2 1/2 days the S&P keeps hammering the 2435ES barrier…and has been turned back every time – retreating to lower and lower levels. Perhaps, if it gets a big enough running start?

  30. fotis2 says:

    Place you bet gents07 Jun 2017

    Con: 43.4%

    Lab: 36%

    LD: 7.8%

    UKIP: 4.4%

  31. kvilia says:

    Bill Gross thinks the market is in as bad shape as it was in 2008. Bill Gross, portfolio manager of the Janus Global Unconstrained Bond Fund, on Wednesday warned that the financial markets are at their most vulnerable since the 2008 financial crisis and investors are paying too high of a price for the risks that they are taking. “Instead of buying low and selling high, you’re buying high and crossing your fingers,” said the bond guru, speaking at the Bloomberg Invest New York conference. “Money is being pumped out into the system and money that is yielding less than nothing seeks a haven not only in bonds that are under-yielding but in stocks that are overpriced,” said Gross in a separate interview with Bloomberg TV.
    Good night now.

  32. I’ll combine Ira with me tonight.
    Ira sez:First cracks in the bond,currency embedded readings.Unless they regain the embedded tomorrow,a pullback is on the menu for Thursday,friday.
    Me:Bonds and currencies have helped gold get up to 1298.Without rallies in bonds gold looks vulnerable.The +div in DXY looks imposing.Break of 1281 is a first sign of more selling.
    Ira sez:Gold will still be bullish staying over 1261.Below that,is trouble.
    Me:I really don’t want to see it break back below the 1270 and 1281 trendlines.
    Ira sez:VIX made a higher high.A break below todays low is very bearish for VIX and bullish for stocks.
    Me:Good night all.I have a funny feeling gold is going to get hammered tomorrow.20-30 dollars worth by the CBs.We’ll see.

  33. 123 abc says:

    Speculative thoughts on the FTSE100 cash index ahead of the UK election…

    (Of course, much of the volatility occurs overnight in the futures when the ballot boxes are counted)…

  34. stormchaser80llc says:

    Very little change seen today, so will restate things from yesterday pretty much, except for oil. I was expecting a turn higher after sideways trading earlier in the week, however oil dumped today. I think its more likely that we see another lower low before a turn higher in oil.

    SPX continues its pullback. This is after posting negative divergences since March 1st, 2017 on the Daily chart and last Friday on the Hourly chart, so have to continue to keep a close eye on things. Most breadth indicators are positive, but have been pulling back even stronger than the market this week. VIX remains on an hourly MACD BUY signal though looking to roll over, however new highs today canceled many of the negative divergences seen Tuesday. In the bond market, HYG:IEF continues to gradually come off the recent highs on 3/2/2017, negatively diverging with the stock market. My proprietary Technicals Model lost more steam today. Despite being well in positive territory, it foretells a major turn lower for the market with 4 negative divergences vs. SPX since mid April.

    Supporting charts and much more FREE analysis at my site (http://navigatethemarketstorm.com) However be advised that I do ask folks to take a few seconds to register for a log-in, making sure you agree to my legal documents. On my site, be sure to check out the real-time Trading Platform (look for it on the top menu). I am taking feedback!

  35. fionamargaret says:


    Thanks Chris Kimble

    https://raymondjames.bluematrix.com/docs/pdf/d97b08d3-963d-45f2-9e2a-f257ed5fdb5b.pdf
    Thanks. Raymond James….Charts of the Week

    Thanks Tony, and everyone.xx

  36. blackjak100 says:

    Chance for the bears tomorrow to confirm B not 5

    • stockop says:

      c is impulsive and the retrace into today was near .382 (was exact in the DJI) = wave 4. One more high at least is likely. i would agree that tomorrow is pretty big

      • blackjak100 says:

        Disagree about a new high. A wave 4 is now way out of proportion to wave 2 on the very short time frame. It looks correct to me above.

  37. Thanks Tony. Happy Wed.

  38. phil1247 says:

    http://tos.mx/tosmx/item?id=su1n5G&image

    SPX

    piotrekfx…
    re your question earlier
    i was showing the more aggressive extension long which broke
    but the more conservative daily number is still bullish above 2416 with
    target of 2449.5

    if extensions continue the 2478.5 target could be reached

  39. bouraq says:

    Chart of the day is #EURUSD at http://www.tradingchannels.uk

  40. stockop says:

    HYG got hit today. looks like it could have completed an ending diagonal a few days ago? /ES, /YM, and /NQ hourly closing below their trendlines from the may 18th lows with NQ retesting said trendline with an upthrust followed by a doji to close the day below it. hypothetically, if Corbyn were elected would that not guarantee a C wave down? this market just does not look solid to me and one bad headline…how could some managers NOT want to take some profit at $1000 (AMZN/GOOGL)? talk about a psychological number. IWM bear flagging… tomorrow will be a learning experience thats for sure. basically flat on the market with a few long-dated calls on specific stocks, but man do I want to short this market.

    • alexh110 says:

      Polls predict a Conservative majority of 72 in the UK election; which probably means we’ll get a Labour majority of 300! That’s how much I trust opinion polls!!

    • phil1247 says:

      why? there is no reason to be short until the daily extension long fails……
      also…..did you notice how the last extension long refused to die ?
      ie Frankenextension.
      there is no rush to short

      • stockop says:

        we both got our own trading methodologies. I got a potential /es target of 2452, hence why I’m not short yet. I don’t trade futures, i just watch them, and if a C wave did theoretically occur its going to be fast and vicious and if it goes after hours like the 17th I would essentially be left position less using ur method. with that said, as i’m sure u can tell by my posts, i can trade a little aggressively. got a high tolerance for risk which has been more of a curse than a blessing, tho when the latter occurs… fwiw i have the same emotional sense of doom that i had going into brexit last year, also in june, and with a little luck then i made out like a bandit.

        • phil1247 says:

          emotional trades are usually losing trades

          • phil1247 says:

            also … if you miss a trade … so what?
            . there is always another train leaving the station

            • stockop says:

              i agree completely but its not really emotions (which i do use as profit triggers and they work pretty well when combined with TA). alls i can say is if you’ve read reminiscence of a stock operator there is something going on in this market that i cant place. the day before brexit i legitimately closed all longs and went net short. i was unable to sleep last night and its looking the same tonight and as i said i am flat with no position with nothing else going on in my life that would cause it. exactly how i felt last year and have not had this feeling since. we shall see how this pans out

              • STEPHEN BARTLETT says:

                I hear you with that feeling but I don’t think it will happen here. Tories are 1-16 on. Bookies get it wrong but not that wrong.

        • alexh110 says:

          I’ve been caught out too many times by crazy swings in the ES mini! This time I’m playing it safe: have halved my long position until the danger has passed.

    • mcgcapital says:

      Would expect the UK election to be a non-issue for non-UK assets. Corbyn basically wants to put up corporate taxes so you’d expect the FTSE to go down. But sterling would probably fall too so it might not stay down for long. An outright majority is very unlikely – basically either the conservatives win or there’s a hung parliament where the conservatives have the most seats. A hung parliament would be negative for markets as it isn’t clear who would form a government given none of the other parties would support the tories. I think they will win and FTSE will rally but there’s still a significant risk that they won’t.

      • torehund says:

        Its hard for the bureaucracy to swell further without Corbyn, marxism and hyperinflation follows.

      • alexh110 says:

        Ironically Corbyn could be better for the economy long-term, given he’s prioritising tariff free access to the EU.
        The Conservatives haven’t really given any details of their economic plan post-Brexit; just a load meaningless platitudes. But they’ve implied immigration is their top priority, with no explanation of how they would replace lost trade with the EU once tariffs are consequently introduced.
        Hard to see how the economy can be rebalanced towards manufacturing, if we need to ship our goods halfway across the world to sell them.

        • torehund says:

          You Get what fits, think the pound is too high for manufacturing to blossom, a declining currency will fix that too.

          • alexh110 says:

            A weak pound means manufacturers face higher import costs for raw materials and energy: so that’s not an answer either.
            We’re far from being a self-sufficient island.
            The real answer is unfettered free trade with the EU, and the Conservatives plan puts that in severe jeopardy.

      • stockop says:

        FTSE100 charts not looking too pretty right now and i think there is a better chance of a hung parliament than there was of Brexit happening last year (which caused a sell-off here). A little selling off in the european markets into friday, in fact just keeping these levels, and its a weekly evening star pattern in the FTSE. i mean the market sold off on the comey news, a nothingburger…our closest ally in europe with a hung parliament?? Rate rise next week? Take into account high exposure of European markets by us fund managers and who knows what problems in the UK could do over here.

        • mcgcapital says:

          I agree that we’re due a decent size pullback on all indices. Just expecting the FTSE to pop tomorrow but don’t expect 7600 to be exceeded. Sells around yesterday’s high at 7550 look good for a swing short to me. Gone long from 7470 to try and play a short term rally when the exit poll comes out. Looks like it’s building a base above 7460 on the hourly chart.

  41. Richard Glackin says:

    Fact is this market can still go either direction…in spite of all the opinions and analysis…and yes, I do agree there is a higher probability that the market moves up from here but, I would guess that no one would bet their life that it won’t go down from here.
    We got our second low from the 2440 high which provides us with a much more satisfying drop to just below the 38.2% retrace from the recent rally. Previously, the initial ‘abc’ drop was just too short. However, the 1440 high remains within the possible boundaries for a ‘B’ high whilst the drops have us in the ideal spot for a move higher. Therefore I’m carrying half as many shorts as longs and await the market to tell us which direction it will go. Here’s hoping that you are all on the right side of the Market moves to come. Good Luck!

  42. scottycj1 says:

    I’ve just posted a new Market Message for you: Well not me but John Murphy

    ————————————-
    — AIRLINES ARE LEADING TRANSPORTATION STOCKS HIGHER
    — AIRLINE INDEX HITS RECORD HIGH
    — DAY’S LEADERS ARE ALASKA AIR, DELTA, AMERICAN AIRLINES, AND JETBLUE
    — FEDEX ACHIEVES BULLISH BREAKOUT
    — KANSAS CITY SOUTHERN MAY BE CLOSE TO ONE

  43. 123 abc says:

    —Since the 2352 low, there have been two 15-point pullbacks.
    —Given the hourly positive RSI divergence, it could be that the second 15-point pullback ended at today’s low.
    —Taking out 2411 would disrupt the current count.

  44. 123 abc says:

    ECB meeting, Comey testimony, UK election and a near full moon tomorrow!
    Suspect the 2444 pivot may be hit tomorrow as the fifth wave of Minute-iii progresses,


  45. piotrekfx says:

    Tony. How big (max) the current pullback can be pls?

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