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

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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.

 

Author: Ryan Littlestone

Ryan Littlestone has been working in financial markets for more than 20 years. Wide-eyed, he stepped out of Bank station in London to join LME founding member Rudolf Wolff where he worked his way to the main order desk and brokered customer orders to the LME floor and across virtually every global market. An opportunity to help set up and run a new LIFFE floor operation saw him catch the trading bug and it wasn’t long before the pull of the pits was too great to refuse. He became a ‘local’ and has been trading his own account for more than 11 years.

2014-05-09T15:59:39+0000

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Ryan Littlestone

2 Comments

  1. Eurostoxx is @3156, 6 points below open.

  2. Nice post Ryan, thank. I was actually keeping an eye on SPY only. But certainly worth keeping a tab on these as well.

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