While people in Madrid are enjoying a historic snowfall, we are all freezing and watching the clouds here in London. I have been checking the weather forecast pretty much every day since Christmas but I must admit I have given up now. On the positive side though, markets are heading for a strong first week of the year. In the US, we had new price highs from the S&P, SML, RTY, MID, CCMP, NDX, SOX and a Dow Theory Buy signal (Dow & TRAN both at new highs) overnight – ES1 currently up +0.4%. In Asia, China a bit weak this morning but we saw the Topix and Japanese small caps both breaking their respective highs from 2018. Here in Europe, more highs by some indices – DAX and OMX both made all-time highs earlier. FTSE only one trading down (-0.1%) but still up +6% so far this week.
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