Trading with point and figure

[Dentalfloss]

http://leavittbrothers.com/pdfs/LB weekly 20160626.pdf

 

[Moneylender]

Good morning

 

[Moneylender]

9530 a big res area

 

[Dentalfloss]

9530 a big res area

there now

 

[Dentalfloss]

our 9250 supp area held and a 300 point rally
missed it...cannot get em all..lol

 

[Moneylender]

our 9250 supp area held and a 300 point rally
missed it...cannot get em all..lol

You had enough last week from what I saw. lol

:smart:

 

[Dentalfloss]

dax into the open

 

[Dentalfloss]

You had enough last week from what I saw. lol

:smart:

i did...what a week
i was a bit apprehensive at first...thinking that p/f could not cope with the volatility.....that soon disappeared
coped exceptionally well

 

[Dentalfloss]

9605 is the bigger res area..imho

 

[Moneylender]

9490 to 9530 working well this morning so far!!!

 

[Dentalfloss]

spx into the open

 

[Dentalfloss]

While the week ahead has plenty of economic data to consider, the fact that even survey responses pre-date Friday's Brexit decision render it somewhat irrelevant, outside of formulations that either suggest that national, regional and global economies were starting to improve, but now face the added uncertainty due to the referendum result, or opt for the 'things were not looking good ahead of the referendum, and the downside risks have now been amplified'. It will take a number of months before a genuine picture emerges of the economic impact.

Be that as it may, the key items on the data agenda are in the table below. In the meantime, there are the results of the Spanish general election to digest, as well as various items from yesterday's BIS annual report. Highlights include "Global financial markets: between uneasy calm and turbulence" http://www.bis.org/publ/arpdf/ar2016e2.htm; " Global realignment and policy rebalancing" http://www.bis.org/publ/arpdf/ar2016e.htm & http://www.bis.org/speeches/sp160626.htm; and "When the future becomes today" http://www.bis.org/publ/arpdf/ar2016e1.htm.

However, the weekend developments post UK referendum will naturally be front and central to financial markets, with the news flow over the weekend offering nothing that was even vaguely encouraging. In the UK, it is clear the 'Leave' campaign leaders have not formulated any plans on how to approach the exit negotiations. The opposition Labour party is in complete and utter disarray, but Scotland's ruling SNP has laid out its stall very clearly, in effect pushing for a second independence referendum, which polls suggest would vote to leave the UK, threatening a veto of legislation to approve the UK's exit from the EU, while also looking to initiate negotiations with the EU that would see Scotland remaining in the EU (rather than leaving with the UK and applying to re-join). As for the EU, the meeting of the EU founding members' foreign ministers underlined that Germany and France are again struggling to formulate a common approach, Merkel as ever calling for calm, but offering no road map suggestions, per se the usual dose of over-thinking and indecision. Unhelpfully her chief of staff Altmaier appeared to hint at the sort of anti-democratic prescriptions that have emanated from Berlin and Brussels in negotiations with Greece. Eminently these are very early days, but the clear lack of any contingency plans from all involved political actors, excluding Scotland's SNP, underlines the degree of naivety, fecklessness and incompetence, which can only serve to unsettle financial markets and investors. The EU Summit (European Council meeting) on Tuesday and Wednesday provides the next key point of focus, with particular attention needing to be paid to what, if any overtures are made to Scotland. As for markets, more spikey volatility appears to be baked in the cake. Investors must then attempt the near impossible task of balancing the prospect of protracted economic and political uncertainty, with some hoping for more of the monetary policy 'stimulus' that has not provided any material stimulus to the real non-financial economy, against the reality of even longer financial repression, and a ballooning income deficit.
from Marc Ostwald

 

[Moneylender]

i did...what a week
i was a bit apprehensive at first...thinking that p/f could not cope with the volatility.....that soon disappeared
coped exceptionally well

I should have followed your example I was too cautious by far expecting the MM's to play silly buggers!

 

[Moneylender]

Long term look at June

 

[Dentalfloss]

slightly out on res
we had 9605 and 2034 areas marked
who cares
excellent results

 

[Dentalfloss]

I should have followed your example I was too cautious by far expecting the MM's to play silly buggers!

the only time it could not cope was when vote result announced...was asleep anyway
rest of the time..fine..just quicker movement

 

[Dentalfloss]

yur 9530 is now supp

 

[MichaelJohnFX]

Morning chaps

 

[Dentalfloss]

9486-9500 pivot area for bulls

 

[Dentalfloss]

dax