As European stocks close in Europe, traders look to exit for the week. A look at the markets.

Technical Analysis

Author: Greg Michalowski | german-dax

European stocks ending the week on a down note. Yields are mixed. Gold and oil are higher.   PS. Bitcoin is up to $8000

The European stock markets are closing and the major indices are lower.

  • Germany's DAX down -0.4%
  • France's CAC down -0.3%
  • UK's FTSE down -0.1%
  • Spain's Ibex down -0.7%
  • Italy's FTSE MIB down -0.5%
  • Portugal's PSI  20 down -0.34%
In the 10 year note sector yields are mixed:
  • Germany 0.364%, down -1.2 basis points
  • France 0.710%, down -0.18%
  • UK 1.299%, down one basis point
  • Spain 1.556%, up 1.4 basis points
  • Italy 1.837%, unchanged
  • Portugal 1.986%, up 0.7 basis points
  • Greece 5.23%, up 2.4 basis points
In other markets trading now:
  • Spot gold is up $10 or 0.78% to $1288.90. The lower dollar and lower yields are contributing to the rise
  • WTI crude oil futures are also up sharply.  The league contract is up  $1.30 or up 2.3% at $56.41
  • US yields are mostly lower.  Two-year 1.72%, up one basis point.  Five year 2.05%, up 2.3 basis points.  10 year 2.34%, -3.7 basis points.  30 year  2.78%, -4.6 basis points
  • US stocks are trading down on the day.   S&P index is down 5.17 points or -0.2%.  NASDAQ is down -6.3 points or -0.9%.  Dow industrial average is down 93 points or -0.4%
In the forex market a snapshot of the the strongest and weakest continues to show  the JPY aas the strongest currency and getting stronger as the NY session has progressed. The NZD remains as the weakest currency (and getting weaker).  The USD has moved more negative since the NY opening.  It is higher vs the CAD, AUD and NZD, but lower vs. the EUR, GBP, JPY and CHF. 


In news this morning, the US housing starts and building permits were much better than expectations. The they did not have an impact on the value of the dollar.  The KC Fed manufacturing index was worse than expected.  I can't say it had an impact as it is just a regional index. However the dollar is lower in the NY session.  

Gold rising, yields going lower and some technical breaks (especially in USDJPY), seem to be the catalyst for the price action today.  

That's all for the midday/London close recap. 

PS  Oh... Bitcoin reached $7997 today (just short of $8000).  The low on Monday reached $5605.  By my calculations that is a 42.67% gain from the low...($7997-$5605 = +$2392/$5605 = 42.67% gain)