The Dow Jones Industrials briefly traded below its 200-day and managed to bounce into the close. The index is in trouble as it has penetrated the 61.8 retracement level of the April 11 – July 17 move. The last line of support before a likely full blown correction is the 200-day, 25 Dow points below today’s close. Note also, the S&P500 closed below its 100-day moving average for the first since April. Stay tuned.
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The soaring cost of London living is pushing the finances of young people to the brink. Katie Morley reports on how a number are now starting to question how much longer they will be able to call the UK capital their home.
For more video content from the Financial Times, visit http://www.FT.com/video
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It’s showtime for the S&P500, which managed to hold and bounce from its 100-day moving average today. The bulls must continue their defense of the November 2012 trendline and the 50% retracement at the 1895-1900-ish level. Would love to see a move down t0 and hold the 200-day at 1860 to flush the excesses, restart the charts and base counts, and provide a new entry for a fresh bull move into year-end. Unfortunately, the market is not Santa Claus and rarely grants what you wish for. Stay tuned.
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The carry trade – borrowing cheaply in developed countries to deposit at high rates in the emerging world – works brilliantly, until suddenly it doesn’t. David Bloom, of HSBC, tells FT investment editor James Mackintosh the risks are mounting.
For more video content from the Financial Times, visit http://www.FT.com/video
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Stratfor’s Editor-in-Chief David Judson and Founder George Friedman discuss how Putin’s handling of the Ukrainian crisis is influenced by recent Russian history and could lead to his downfall.
For more analysis, visit: http://www.Stratfor.com
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Global Macro Monitor 