Trading Plan – Monday 17th October 2022: New Chancellor Hunt kills mini-budget

Mark NugentOctober 2022, Trading Plan

Trading Plan – Monday 17th October 2022: New Chancellor Hunt kills mini-budget

Good afternoon.

Last week saw the end of “pivot” talk. A Hawkish Fed on Wednesday followed by a hot CPI print on Thursday ensured the Fed will keep the hiking cycle going.

It was another bad week for the UK. There was a will-they-won’t-they moment regarding the Bank of England and the ending of bond buying. This is not the first time there has been a messaging problem with the BoE. Then Chancellor Kwarteng was unceremoniously fired on Friday.

I placed no trades. It was just too crazy.

This week gets off to a fine start with new Chancellor Jeremy Hunt reversing almost all aspects of the recent apocalyptic mini-budget. There is talk of getting rid of PM Truss before Wednesday’s Prime Minister’s Questions as a sort of mercy killing.

The highlight of this week’s calendar is UK CPI on Wednesday where the markets expect a reading of 10.0%.

As always, in the video I go through my trading themes for the week.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE