S&P: Business media rushing around for analysts’ views of a move that none of them saw coming. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle

 

S&P SHORT TERM TRADER: New short at 2840 on yesterday’s break below the bottom of the right-angled triangle; stop above 2860.  Target 2700.

S&P POSITION TAKER:  Square.

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In an interview on CNBC yesterday following the market close, President Trump said, ‘’I think the Fed is making a mistake. I think the Fed has gone crazy…’’, possibly the third time he has lashed out at their raising of the Fed Funds target. Earlier in the day White House press secretary Sarah Sands had commented on how ‘incredibly strong’ the US economy was despite the stock market sell-off. But the real problem is that on the 3rd October Donald Trump gloated, ‘’the stock market just reached an all-time high during my administration for the 102nd time – a presidential record’’.

Data out today for September from UK RICS house price survey showed that surveyors were at their gloomiest since the Brexit referendum. This wasn’t helped by BoE Governor Carney’s quite frankly ridiculous comment last month that they could drop by 35 per cent within three years of a no-deal Brexit.

Business media rushing around for analysts’ views of a move that none of them saw coming.

Financial Markets and Political Commentary

 

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