Running on Empty

The market by and large made no progress this last week, together with other western markets. The Nasdaq, due in no small part to Apple,  fared worse registering a fall. This is characteristic of a topping process, where high flyers exhibit weakness first, to then be followed by the broader markets. We have a Fed meeting this upcoming week, where there will no doubt be more money printing, and may give the market another short-term lift. However, this is nothing new that the market has not factored in already. We will continue to hold our short position, and will add a further £1 per point  contract if the market rallies above 1428. Our stop loss this week is adjusted to 1439, and we will take profits at any price below 1390.