European stock market close: Spain and Italy give back the Draghi gift

Author: Ryan Littlestone | Category: News

Author: Ryan Littlestone

And the rest have a go as well.

  • FTSE -0.4%
  • Cac -0.7%
  • Dax -0.3%
  • Ibex -1.6%
  • FTSE Mib -1.8%

European bonds

  • Italy 2.95% +3bp
  • Spain 2.92% +3bp
  • Portugal 3.54% +8bp
  • Germany 1.45% flat

It stands to reason that bond yields have given back some of the gains made yesterday and I can’t help thinking were in ‘treading water’ mode in stocks. I know some of you have been looking at the S&P but looking at a couple of European charts it’s looking like there’s some good short setups forming.

CAC daily 09 05 2014

CAC daily 09 05 2014

Dax daily 09 05 2014

Dax daily 09 05 2014

FTSE daily 09 05 2014

FTSE daily 09 05 2014

There’s some scope for shorts against those upper levels and I particularly like the FTSE chart. It might be a bit ‘dick for a tick-ish’ but I like the look of a sell at the FTSE highs around 6880. I’m going to leave it until Monday then might scale in shorts.

 

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