Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 08 May 2017 at 6:53 GMT
Managing Partner / Spotlight Group
United Kingdom
Curious opening for French be careful and cautious.

CAC 40 gained 3.13% last week and 5.79% on the past rolling month . Even more impressive is the gain of 11.72% YTD...but as of 06:51 GMT the CAC 40 futures were lower by 12.5 points or -0.23%,

EURUSD has eased slightly so it would appear at first glance that the CAC 40 was very much bought on the rumour of a Macron win and is being sold on the fact.
Romanatrader Romanatrader
Good Morning Mr. Pope, do you think that CAC 40 futures will go up in next few days because Macron´s victory? Thank you Romana
Stephen Pope Stephen Pope
This morning is proving to be a swift round of profit taking with the CAC 40 as of 10:28 GMT standing at 5,389.35 -43.05 or -0.79%.
The first support today was based at 5395...well that did not hod and now the next objectives for the sellers is 5374...5356 or for the really determined 5284.

However, get past this wave of selling...which is really just profit taking on the move following the first round two weeks ago and the conditions become more optimistic. The near-term technical measures are shifting minute by minute...but I do see further upside toward the middle to end of the week. If above 5429 I would be targeting 5465 ... 5486 and 5504. But I would not buy just yet.

Romanatrader Romanatrader
Thank you very much Mr. Pope...


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