S&P: Wednesday’s squeeze capped at the Fibonacci 61 per cent from the record high and yesterday capped under the 50 per cent level. Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

S&P SHORT TERM TRADER: Small short at 2760 and will add to this position on a close below 2600 tonight; stop above 2705; first target 2550.

S&P POSITION TAKER: Short at 2700; stop above 2725. First target 2545, probably 2455.

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Senate’s last minute approval
Fails to avert government shut down

Here we go again, the stalemate and mess that is US politics. Having been banging up against the debt ceiling for weeks, early today the Senate rubber stamped an agreement to borrow another $300 billion over the next two years. The deal now must go back to the House of Representatives who are expected to pass it today. If they get it done quickly enough, then Federal employees who were told their departments would be closed should turn up for work.

Yesterday the Investment Association reported that a record £63 billion of UK invertors’ money had flowed into funds in 2017, taking money managed in these vehicles to £1.2 trillion. Interestingly they say that despite the current threat of higher interest rates, a mantra plugged by all too many for too long, fixed income funds was the bestselling niche with £14.3 billion in sales.

Financial & Political Commentary

 

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