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Unum Market Commentary: Recession Realities Hit JSE; Rand SlidesOn Tuesday, the reality of South Africa's economic challenges manifested itself in the data set released by Statistics South Africa which showed that the economy contracted by 0.7% for the second quarter of 2018, following on from a 2.6% contraction in the first. Immediately following the release, weakness was seen in the Rand which saw a sharp sell-off from 15.02 to 15.21 versus the US Dollar. This weakness continued throughout the day with the local unit reaching a low of R15.38 versus the greenback by 8pm Tuesday evening. As a result of the poor GDP print and subsequent currency slump, shares with widespread South African exposure saw sharp declines. These shares included Bidvest (-6.60%), Firstrand (-5.00%) and Vodacom (4.54%) while MTN (-17.05%) saw sharp losses on the back of fresh claims out of Nigeria. Benefiting from the weaker currency was Kumba Iron Ore (4.69%), Mediclinic International (2.45%) and British American Tobacco (+2.37%). On European markets, declines were seen across the board with the Euro Stoxx 50 index shedding 1.06% on the day, dragged down by luxury goods retailer LVMH (-3.51%) and semiconductor producer ASML (-3.20%). This morning, the Dollar starts on the back foot while Asian equities are down over 1% on average. JSE Major Sectors Resources 10 +0.55% Industrial 25 -1.75% Financial 15 -3.10% ________________________________________ Join the Unum Trading Desk on Friday 7 Sep 2018 starting at 14:15 as we look to trade the EURUSD Forex pair on the NFP data. t.me ________________________________________ In currencies, the South African Rand trades as follows: USDZAR -0.25% to 15.30 GBPZAR -0.23% to 19.67 EURZAR -0.17% to 17.74 Gold trades at $1198 Platinum at $778 Brent Crude Oil at $77.83 International Markets This morning, Asian equities are as follows: Nikkei 225 (-0.30%) Hang Seng (-1.67%) Shanghai Composite (-0.92%) Latam Markets closed as follows: Merval 25 (-4.10%) Bovespa (-1.94%) INMEX (-1.18%) ________________________________________ Company News Steinhoff International Holdings N.V - Sale Of Interests In The Poco Furniture Group On 26 April 2018 the Group announced that it had agreed in principle a settlement of the German litigation proceedings between the Group and entities controlled by Dr Andreas Seifert (the “Seifert Entities”). It was noted in the 26 April 2018 announcement that the Seifert Entities had offered to acquire the Group’s remaining 50% interest in the POCO furniture group (“POCO”). The Group’s subsidiary LiVest GmbH (“LiVest”) holds the Group’s shares in POCO and has today entered into a sale agreement with the Seifert Entities by which the Seifert Entities will acquire LiVest’s shares in POCO and certain related properties for a total consideration of €270.685 million (the “POCO Sale”). In addition, the POCO business will retain debt of approximately €140 million, with no recourse to the Group. The closing of the POCO Sale is subject to typical conditions precedent including German and Austrian competition and merger control provisions. Closing of the POCO Sale shall bring the German litigation proceedings with the Seifert Entities to an end. As noted in the Company’s Q3 2018 trading update, following the declaration of a dispute by the Pohlmann family regarding the 2015 sale of their interest in LiVest to Steinhoff, any proceeds from the sale by LiVest of its 50% share in POCO will be held in escrow while the Pohlmann dispute is finalised. Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group. ________________________________________ Aus miners: BHP Billiton (-2.42%) Rio Tinto (-2.48%) S32 (-2.31%) FANGs Facebook (-2.60%) Amazon (+1.33%) Netflix (-1.11%) Google (-1.66%) FTSE Miners: Anglo American plc (-1.48%) BHP Billiton plc (-1.92%) Glencore plc (-1.81%) Alibaba Holdings (-2.61%) Tencent Holdings (-2.48%) Share Link: bit.ly/JoinUnum ________________________________________ Please feel free to contact the Unum Trading desk for any queries : 011 384 29 29
JSE:J200
by MariusGrobler301
Consolidation in December. Large players publicly enter the frayNews of Blackstone Group L.P. and Fortress Investment Group LLC buying Social Capital Hedosophia Holdings Corp. is fairly bullish and new RSI support has been formed and will provide liftoff from the descending triangle IPOA.U has been living in since creation. There will be a good parabolic movement when we are able to escape. Catalyst: News that the SPAC will indeed find a unicorn to mate with. Chamath is very public and cares about his image as a disruptor so he will deliver big or not at all and apologize and try again and win big. I expect him to go after a company with large market cap(up and maybe past $10Billion) within his range and with undeniably bullish potential. Chamath is to take a board seat on this company. if we are able to make a deal for 10% of a $10 Billion dollar company then the cap of IPOA.U goes to higher than one billion as the holding company is going to be worth as much as the asset + future growth of that unicorn priced in just like a regular IPO pump. Hopefully this is a multi X play, my conservative target is $25 for IPOA.U
ILong
by DavidSamuelMann
1
USD/JPY - Opportunity To Short?Hi traders, hope you're having a good start to your trading week. We have a nice setup forming on USD/JPY on the 4H chart, with a breakout trade. I analyzed this chart and I have discovered that price appears to be in a 3 wave pattern. Price had impulse down leg (See chart for details), had a corrective up move, and now has now started a down leg. I am expecting the new down leg to be equal to the length of the first impulse down leg. With this logic, I was able to predict and plot the next move on the chart. I have replicated a down leg that is equal to the impulse leg, to determine where I expect price to move to. After seeing a nice pullback leg, I was then able to replicate the leg, knowing that the corrective leg had found it's top, which coincides with the resistance line above price. (See chart for details) I am expecting a down move of 110 pips, which will complete at around 109.90. This is under the provision that price successfully breaks much more reliable move than a breakdown without a retest. I do not consider this trade to be valid to create a new position at this time, unless it breaks the horizontal support. So bare this in mind. It would be more ideal if price breaks 111.20, then retests the original support as resistance and then breaks down. This would be the right place to be considering a position in this pair. There was an entry opportunity many hours ago which was taken, but since price moved a lot since then, has now expired. We now need to see a support level break for any new position to be considered. Entering now will have too wide of a stop loss, and is not worthwhile. The target price is not only a measure move price of the impulse down leg, but also coincides with a parallel channel sideways support. This could be a good place to watch for long opportunities, if price bounces in the near future. The calculation is simple, I have simply measured the first impulse leg, replicated this leg and placed the leg to where the the correction ended. Then I had a measure move target. Those of you in my Telegram signals group will already know about this one. And we are watching the trade and waiting for it to become further favorable for us. I will be posting updates on this trade as it progresses below. So leave a like & follow so you can keep up to date with this analysis. If you have any questions or queries, feel free to connect with me.
by TomProTrader
5
JNS- JANUS CAPITAL GROUP ON A KEY LEVEL FROM 2010During the last period JNS gained about 43%, going to touch the 16$ level.It's probably influenced by the news about Bill Gross joining Janus Capital Group. It's a key level because on 2010 on the same resistance occurred a triple top and the beginning of a downtrend phase that reached 5,70$ (2011). After that low we can observe a new uptrend phase contained in a rising channel that lasts from 2012. For the swings traders there is the possibility to buy on the lower channel and sell on the higher side. For a long term investor there is the possibility to look for a breakout on the 16$ resistance with a good chance of exponential growth that in the past reached the 36$ level (2008). If the breakout fails i would expect a double or triple top as a trend inversion signal.
JLong
by cantestogo