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Eurostoxx futures +0.4% in early European trading

  
Analysis, Global Indices
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Relatively mild gains observed in early trades

  • German DAX futures +0.3%
  • French CAC 40 futures +0.3%
  • UK FTSE futures +0.2%
This is largely reflective of the mood seen in US futures, which are slightly higher as well to start the European morning.
That said, the overall risk mood remains more measured with Treasury yields on the weaker side playing catch up to price action yesterday.
So far, there’s still the feeling that traders and investors are still quite indecisive about risk trades following the US-China trade truce. As such, the next set of headlines is likely the spot to watch to push risk towards a certain direction.

European shares are beaten down. German DAX falls -2.5%. France’s CAC -2.9%

  
Analysis, Global Indices
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Ouch.  European shares take a beating.

The European major indices are closed and the provisional closes are not looking good. The major indices are all beaten down by 2%-3%  declines.
The provisional closes are showing:
  • German DAX, -2.5%
  • France’s CAC, -2.9%
  • UK’s FTSE, -3.2%
  • Spain’s Ibex, -2.7%
  • Italy’s FTSE MIB, -2.8%
In the European debt market, the benchmark 10 year yields are ending the session higher, but off the highest levels of the day.  Below is a snapshot of the current yields, changes and high low yields.
Ouch.  European shares take a beating.
US stocks are also down sharply and trading near lows.
  • S&P index, -1.91%
  • NASDAQ index, -1.75%
  • Dow industrial average, -2.0%

In other markets:

  • spot gold is surging and back above the $1500 level. The price is up $22.34 or 1.51% at $1501.50.
  • WTI crude oil futures is trading down $1.35 on expectations of slower growth. That is down 2.5% at $52.28. The inventory data showed a higher build then expectations today
In the forex, the JPY remains the strongest currency on flight to the relative safety of the JPY. The CAD has taken over as the weakest.  The USDCAD is now trading back above its 200 day moving average at 1.3288.

Eurostoxx futures +0.5% in early European trading

  
Analysis, Global Indices
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Positive vibes seen in early trades in Europe

  • German DAX futures +0.5%
  • French CAC 40 futures +0.8%
  • UK FTSE futures +0.3%
Just be wary that a large part of the gains seen here can be attributed to catch-up play to the performance of US equities overnight. European equities closed in a mixed mood before the late surge in US stocks – led by tech – so that is helping to fuel some of the gains.
Other than that, Facebook beating forecast revenues in Q2 is also helping to lift sentiment further but it’s all about the ECB later on. Expectation that the central bank will ease today has heightened (OIS market sees odds of a 10 bps rate cut at ~51% now) and that should tells you how markets are feeling about the decision later on today.

European markets mostly edge lower

  
  Education
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It’s been another mixed day – albeit a fairly uneventful one – for European shares. The UK market moved higher despite poor UK manufacturing figures and renewed talk of triple dip recession, but most other exchanges recorded minor losses.
• The FTSE 100 finished at 6510.62, up 6.99 points or 0.11%
• France’s CAC climbed 0.1%
• Germany’s Dax was down 0.23%
• Italy’s FTSE MIB closed down 0.42%
• Spain’s Ibex was 0.26% lower
• The Athens market added 1.23%

Writing your trading plan?

  
  Education
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  1. Why am I trading? This is not a trivial question to ask; and you must answer it honestly. Are you trading to make money? Or are you trading for the thrill? In other words, are you trading like an investor or like a gambler?
  2. What are my trading goals? Again, not a trivial question. Are you trying to gain a few dollars for extra spending money? Trying to fund your retirement? Trade for a living? Or are you trying to amass a fortune and retire early to a life of luxury? How you answer this question will identify the level of risk that you will have to endure.
  3. What is the size of my trading account? An obvious question.
  4. What is my skill level? Be honest.
  5. What is my tolerance for risk? And does that tolerance bear any relation to my skill level? It’s no good having a high tolerance for risk if your skills are inadequate.
  6. What must I do to improve my skill level?
  7. If my skill level is low, what trading size can I use to ensure that a single bad decision will not wipe me out? Preserving capital and staying in the game long enough to LTP good trading practices is crucial.
  8. What is my preferred trading instrument and have I familiarized myself with the behavior, range and velocity of that instrument? Some trades, like bonds and the ETF’s can move at a glacial pace.
  9. What indicators will I use to identify my entries and exits? Here, “the more, the merrier” may not be the wisest choice. Remember, there can be paralysis by (over)analysis.
  10. Where will I place my initial stop; and how will I manage them? You may have a trailing stop strategy, or you may plan to just exit when your indicators say, “Get out!”
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