S&P SHORT TERM TRADER: Short at 2468; stop above 2485. First target at 2430 almost met already so shall run this position a little longer.
S&P POSITION TAKER: Will sell only on a weekly close below 2400.
Internet investigated By China regulator
CNBC reports that this morning mainland China’s cyberspace administration is investigating internet giants Baidu, Sina Weibo and Tencent for cyber- security violations. An English translation of the notice states that the social media platforms of these three (Tieba, Weibo and WeChat) have been spreading ‘violence and terror, false rumours, obscene pornography and other content that endangers security, public safety and social order’.
Lots of July inflation due today which has kicked off with Germany’s 1.7 per cent Y/Y, and a similar number expected from the Spain and the US later today. Next up is France where it’s running at just 0.7 per cent Y/Y (on an EU harmonised basis) and late Italy where it grew at 1.2 per cent in June.
Nicole Elliott is a long standing Member of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.