This week’s financial spread betting update is now available and can be read by clicking here.
The markets have begun the week in bullish fashion, continuing strength seen last week. The U.S. markets are officially closed today due to the Presidents’ Day holiday, therefore volume may be thin, as it was on Friday. As we cover in this weeks update, U.S. stocks are at multi year highs in some cases and have recovered their losses since June 2008.
European indexes are also on the move, with the Dax now heading towards 7000 for the first time since August last year.
Commodities are also higher with Crude breaking through to its highest level since May last year. There is little in the way of resistance on the Crude chart to suggest that it won’t continue higher towards last year’s highs.
Currencies are mixed but are mostly dollar negative, as one would expect with stocks on the move higher. The inverse relationship between the stocks and the dollar is still intact. Dollar weakness is also assisting Gold, which continues to edge higher. Overall the trend is towards risk-on strategies at present and the uptrend in interest rate futures is under pressure, with a likely test of medium term support soon.
This week’s financial spread betting update begins with: The past week has seen stocks reach and move above our long-standing target of 1355 on the S&P 500 and U.S. stocks have now all but erased their losses since June 2008. The trend remains up for stocks with indexes either at or near multi year highs (the Dow 30 hit a 4 year highs this past week and the Nasdaq 100 reached its highest level since 2001)………continue reading by clicking here