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- Varchev Finance: Trading Day In One Post – 03.09.2018
Varchev Finance: Trading Day In One Post - 03.09.2018
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Loading...Asian Exchange Market - As I predicted earlier, some of the profitable trades were through the short positions of the Asian indices. The Japanese Nikkei traded with a 0.39% drop, Kospi with -0.54%. In southern Korea, Shanghai composite declined by 0.545. Hang Seng collapsed by nearly .49%, with traders weighing negativism on Wall Street.
FX market - USD showed strength in the first minute of trade today, expecting the growth during the day to keep. The best dollar trade is out at GBP/USD - Short. The technical pair remains in a descending channel, with the current Price Action giving good prospects for adding to the short positions. The interesting thing right now is that we have a very strong and rare signal for a downward shift - downward, unfulfilled. 50 and 200SMA remain bearish, the price is below 200 period - the trend is in effect. Sequenatial counts a fifth below, which means a high probability for Sell. The lack of reaction in the upward direction makes me think that gaps will remain incomplete, and this will further force speculators to push the Sell button. Later today, we expect UK Production PMI data. Better data would support the cable in the short run, and such a push up will give us a perfect opportunity for a new Short.
Commodity Market - Following Trump's comments, he will need another $200bn. at the beginning of the week, oil is down. Comments from Canada are also negative, which further pushes oil down. Currently, the Middle East remains "stable," with no indication of upcoming conflicts to support WTI. As far as gold is concerned, the metal continues to trade in the mid-term downward channel and near the bottoms recorded over the previous three weeks.
European stock market - European markets will start the session with decreases, the most recent will be the automotive sector again. Last week, Trump rejected the EU's proposal to fully abolish car duties and ruled it as extremely unfair. Given this, it's good to look directly at the car companies that soon do not seem to come out of the spiral that drifts them down. From the entire sector in Europe, BMW and Daimler are best for shortening. At the same time, VW remains at a key level that should not be overcome. Technically, we still do not have a clear signal to buy or sell, but given the foundation, shorts remain the best option.
US Stock Market - Dow finished the red territory session with a drop of 92 points, with US airline Boeing and Goldman Sachs downsizing the ups and downs of Apple and Nike. SPX also declined 0.2% to 2901.56 bps, while the Nasdaq CPI was up 0.3%. Friday was the day set as the deadline for a new US-Canadian trade deal, but alas, we did not see it. This week, as early as Tuesday, the Canadian spokeswoman, Christie Freeland, is expected to visit Washington.
Economic Calendar for the European and US Stock Exchange Session - 03.09.2018
10:55 Germany - Production PMI
11:00 Eurozone - Production PMI
11:30 UK - Production PMI
Trader Petar Milanov Read more:
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