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Equity markets churned a lot at the end of last week, especially in the US and Japan where central bank policy announcements confirmed what commentators had expected. The ensuing sharp moves made it clear that markets had not discounted any…

There were more daily-scale compressions in US equity indices yesterday, reinforcing the point that US markets remain range-bound and that the range may still be traded from both sides. The Fed decision to raise rates in line with expectations might…

Nikkei futures compressed yesterday and have moved up from that compression today: You may have covered the outstanding shorts advised in the December 8th edition when we turned bullish on European equities yesterday. If not, cover Japan now and reverse…

The Dow version of the UK equity index made a daily-scale bottom extension yesterday. Buy some FTSE futures or other expression of a bullish position in the UK (many FTSE 100 stocks are international). There may not be many such…

Equity markets mainly fell last week. US indices stayed within the tight range that we have warned would continue for a while, but Europe was weaker and several important compressions broke to the downside – see later in the report.…

Natural gas futures extended yesterday. This market has experienced a well-publicised and lengthy decline so it is now ‘cheap’ by any measure. This never stops further price falls of course but now seems a good time to buy some for…

There were widespread daily-scale compressions in US equity indices yesterday. Here are four examples from a much wider range of generic and sector indices: We have been sidelined in US equities for a little while, advising only that the markets…

The forward months of soya oil futures made top extensions on Friday. Time to sell short:    

Equity markets dropped in Europe yesterday, followed to a lesser extent by the US and hardly at all later in Asia. The context is one of continued compressions in the US, as reported in the November 24th edition. Here we…