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The tight trading ranges in financial markets that have developed in the last few weeks have led to compression signals in stocks and bonds, as first reported in the August 26th edition. Those first few signals have now been joined…

The Japanese stock market has been range-bound for most of this year, trapped between the pessimism of outlook that has become embedded there and the government’s frantic actions to get things moving again. In some ways this has become a…

Dear governors and FOMC members. There has been some market confusion lately stemming from your various conflicting individual pronouncements about the likely direction of interest rates. This is bound to be a problem when such close attention is focussed on…

A couple of US equity indices made compressions yesterday: A couple of Europeans did too, although others are also near to compressing: This means that a new move is imminent and we cannot usually tell which way prices will go…

Gold futures made a daily-scale compression on Friday that has yet to break either way, despite some early weakness today. If you are convinced of the direction of the market for other reasons, by all means use the break of…

The sugar market rallies from time to time and the rally can be large, is it has been since last summer.  These sugar rallies are exaggerated by the lack of marginal supply as so much of the world’s production is…

Soya bean oil has been rallying all month, while the rest of the soya complex has crawled modestly higher.  This is an opportunity to sell some bean oil short hereabouts. Meanwhile, wheat has been trading sideways and has just made…

The MDax index of German second-tier companies made a top extension yesterday and so did the Dow 88 index of the largest companies in China, both at a daily scale. Taken with the FTSE top extensions reported yesterday, these two…

The new enthusiasm for stocks has catapulted the UK stock market FTSE100 index far above pre-Brexit levels. As written here and elsewhere, this is mainly due to the ‘bargains’ that the falling £ has produced – 70% of earnings in…

Stocks have generally firmed around the world during the last week. Those markets where uptrends already existed have made further gains and some of those that were in trading ranges have pushed above them. This fits our view that the next…