Weekly Review and Outlook 4th December 2017

Mark NugentDec 2017, Trading Plan

Weekly Trading Review – Week Commencing 27th November 2017

Highlights of the Week

The week started with rumours of a Brexit divorce bill agreement which was confirmed officially on Thursday. The GBP was well up on the week.

In the US, Trump’s tax plan was approved by the Senate, meaning it is now approved by both houses (slightly different versions in each) and leaving the final step of reconciling the two bills before it comes into law. This occurred after the markets closed on Friday so expect gaps up in US equities and the USD.

Finally, on Friday, ex NSA head Flynn agrees a plea bargain with Mueller, where he will testify against as yet un-named Trump administration people about contacts with Russia. US equities dropped but recovered on Friday and were up over the week.

OPEC managed to under-deliver by agreeing an extension to their production cap for effectively 9 months until end 2018, but put in the caveat of quarterly reviews. Any money made here was made on the way into the announcement, not afterwards.

Themes for the week were:

1. Second bite at FTSE250? – got it but exit at breakeven.
2. Manage oil – buy rumour/sell fact? – yes/no.
3. USDJPY set-up for a gain? – used weak JPY with strong GBP for gain.
4. GBP/Brexit – agreement needed by 4th Dec (Tusk) – divorce bill settlement yielded gain.

Performance

My WTI long closed on Monday for a gain of +1.40%. Tuesday’s FTSE250 long closed on Thursday at breakeven. Performance in November is +1.77% and year-to-date is 27.2%.

Wednesday’s GBPJPY long closed on 1st December (Friday) for a gain of +0.99%.

Weekly Trading Outlook – Week Commencing 4th December 2017

Major Events

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Here is your Weekly Review and Outlook video.

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The themes and plan for this week’s trading can be found HERE.


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