Trading with point and figure

DAX
30 MIN DATA

2ujm6oi.png
 
7480 on ftse
20750 on dow
dax 12650

bulls need to break those and have those pivots as supp

supp before the break needs to be nearish...so as the pullbackafter the break is not too deep

lets see whathappens
 
- Very quiet day statistically with little more than German PPI to digest
ahead of UK CBI Industrial Trends, Canada CPI and Retail Sales; focus
on rash of ECB speakers and Fed's Bullard; Iran election also in view

- ECB: Coeure comments hint strongly at June policy meeting forward
guidance adjustment

..........................................................................

********************
** EVENTS PREVIEW **
********************

To end a week, which has given the most modest of shakes to the post GFC doctrine of central bank inspired TINA (there is no alternative), the schedule of data and events is very meagre. Monthly equity options expiry features alongside another busy run of ECB speakers, along with Fed's Bullard, while the data schedule boasts nothing more than German PPI, the UK CBI Industrial Trends and Canadian April CPI & Retail Sales. Brazil's renewed political woes will also continue to claim attention, and have at least served to force a long overdue and rather more sanguine look at the wisdom of the recent charge into EM assets and currencies. That said the attached table underlines that the BRL is still up 3.7% year to date vs the USD. Today also sees the presidential elections in Iran, which could prove pivotal in terms of whether the path to re-integration into the global economy pursued by incumbent President Rouhani continues and he is re-elected. or whether, as the clergy and the Revolutionary Guard appear to want, his main challenger hardliner Raisi takes the reins, which would almost inevitably heighten tensions both with the USA and Saudi Arabia. The fact that Teheran mayor Qabadaf has stood down and backed Raisi suggests that the vote will be very close. For all that inflation has subsided under Rouhani, the economy is hardly firing on all cylinders, and unemployment, above all youth and female, remains high. That said a vote for Raisi would hardly seem to improve prospects. The day's ECB speak bears some scrutiny given Mr Coeure's comments yesterday which suggest the June meeting will see a clear shift in the policy outlook, and will likely see the forward guidance that rates will be kept at current levels 'or lower' dropped, and perhaps an initial outline of how they intend to manage what will be the tricky process of winding down its QE programme, without unleashing a ballooning of yield spreads, both sovereign and corporate. Rather more ominously, Coeure also warned that calm markets are 'disconnected' from political reality. A transcript of the Coeure interview comments can be found here: https://www.ecb.europa.eu/press/inter/date/2017/html/ecb.in170518.en.html

====== from Marc Ostwald
 
Morning folks,

FTSE....:sleep::sleep::sleep: might have to wait US open stuck around 7460

Cable had a bid...faded 1.2986 let's see if it continues.... But that 1.30 is a magnet needs to stay above 1.2980...

WTI...nice pump from 50..... Can't see any bears yet on H1or M5...yet
 
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