S&P: No longer oversold as we retrace a Fibonacci 38 per cent of Q4’s collapse. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.


S&P SHORT TERM TRADER: Short at 2500; stop well above 2625. Target 2200.

S&P POSITION TAKER: Short at 2485; stop above 2625. Target 2075.

German factory orders drop Fall 4.3 per cent annualised

Data out this morning show that during the month of November German factory orders dropped by a bigger-than-expected one per cent, dragging the annualised rate to a 4.3 per cent decline; October’s figures were also saw downward revisions. Data has been collected since 1952 and monthly figures have averaged a 0.36 per cent increase; the record a 27.1 per cent rise in June 1975 and the worst, a fall of 15.7 per cent in July 1975. Today’s fall, the biggest annual drop in several years, was caused mainly by shrinking demand from other EU countries.

Today in Southwark Crown Court four of Barclays’ most senior former bankers will appear on charges relating to Qatari money received in 2008. Ex-CEO John Varley, ex-senior executive Roger Jenkins, Richard Boath and Tom Kalaris are alleged to have arranged the cash injection to avoid a UK government bailout. The first two are also suspected of having lent $3 billion to the Qataris to buy shares in their bank.

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