The continued decline in the price of oil, US markets having turned mid-session and you have the makings of confidence deficiency – which is exactly what we saw for Asia. By the open dealers were looking for the bid and that never really changed. Nervousness for the US data so it was absolute certainty that […]

We must face the fact that we are in a slowing global economy and governments simply have their fingers crossed in hopes this nightmare just corrects itself. There is a massive slowing of real income in Europe and the OECD has commented that this is creating a serious political problem for governments moving forward. Central banks cannot stimulate, because at […]

The big US banks — JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup, and Morgan Stanley — have large operations employing tens of thousands of people in the UK. They have historically set up their regulated businesses in Britain and then used its right to “passport” into the rest of the 28-member bloc. Lawyers are […]

Not a great session for Japan or the Hang Seng with both down around 1.5% a piece. Shanghai managed a better performance closing marginally higher having spent all day meandering around unchanged. The main talking point in Asia was again BREXIT and the GBP under performance so far. Setting another 31 year low (1.2795) concerns […]

Standard Life suspended trading in its UK property fund after reducing the value of the fund by writing down the value of property by 5%. This set off a wave if liquidation that resulted in the fund being suspended. The management clearly read the press and listened to the politicians way too much. It makes […]

We are beginning to see interest rates rise globally in the free market. After BREXIT exposed the crisis in Europe, the rates began to rise in the peripherals. That will move closer toward the core. The Fed will respond only when the capital sees what is unfolding in Europe and shifts to the States. The […]

It is a shame, but Nigel Farage is standing down as the leader of the UK Independence Party. Nigel came from the real world and never desired to be a career politician. He has stated that he had done his “bit” following the UK’s referendum vote to leave the EU. “The victory for the ‘Leave’ side […]

  The pound has remained in a sideways band and is trading near the low of the decline. Our Weekly Bearish Reversals were 13540, 13507, 13340, and 13044.  After that, we have reversals in the 128-127 level, 125, and 120. We have elected the first three closing Friday at 132.75. Technically, we have support down below 130 for […]

Austria’s Constitutional court has ordered that the May’s presidential election be completely annulled. A new election must be held because of “particularly serious cases” of voting fraud that was detected in the vote. If the election is not rigged, then we may have another country seek to exit the EU or give them a good […]

The first day of the second half of 2016 and it starts with a whimper. Yes, The Nikkei and Shanghai were marginally better bid (China PMI marginally lower 50 v’s 50.1 previously) but with the Hang Seng closed there was really not that much to write home about. The Japanese data was a little better and we saw a […]