This week’s financial spread betting update is now available and can be read by clicking here.
It’s been a relatively quiet start to the trading week with stocks and the dollar pretty much flat at the time of writing, although the Nikkei was lower by 1.26% in overnight trading.
Traders will be on the lookout for the Santa Claus rally, which historically runs for around the last 5 trading days of the year through to the first 2 trading days of the New Year. Whether this happens this year remains to be seen but unless there is a strong rally which currently appears less likely, December is looking like a negative month for stock indexes. It may also be a negative year for stocks as the S&P 500 opened the year at 1234, so unless we get some upward movement from today’s level the markets will be down for this year.
Following some large movements last week in the energy and metals sector, particularly Gold and Crude oil, it will be interesting to see what happens this week and whether weakness continues or if we get some kind of bounce higher. Gold in spite of the large sell off last week is still quite well ahead for the year but considerably lower than the all time highs posted in September.
This week’s financial spread betting update begins with:
As the year moves into the last 2 trading weeks, the long-term trends continue as they have for much of the year, down for stocks and commodities, and up for the dollar and interest rate futures.
Last Friday was triple witching, which saw stock index futures and forex futures roll out of December into June………continue reading by clicking here