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Peter Garnry
After the Italian referendum, investors are worried about the policy trajectory for the Italian banking system. Saxo Bank head of equity strategy Peter Garnry, however, believes that Italian banks will pull through.
Squawk / 23 September 2016 at 11:10 GMT
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United Kingdom
Good morning Johan,

Quite a large move down on OMX, do you know what is happening please?
23 September
Johan Berntorp Johan Berntorp
Hi! Good afternoon :). Well, banks are getting it today. Nordea hit SEK 86 and had a negative daily divergence so it seems we are seing some profit taking. Notable is also that Volvo has hit SEK 100 and has started to lose ground. Remember, it has a cycle date Monday so maybe the up-trend is in jeaopardy. The FED's descision of keeping rates low isn't good for banks, all things equal, I think. Levels to watch are now 1431, 1426, 1412, 1407, 1396 and 1388. These are fixed and won't change. To the upside, 1445, 1449, 1457, 1464 and ultimately 1471.
23 September
Johan Berntorp Johan Berntorp
Upon established price action below 1431 I think we are likely heading into the 1396 - 1412 zone. For more upside I'd like to see higher prices beyond Monday the 26th.
23 September
DudetteUK DudetteUK
Thank you Johan for your answer . All very good news for me, I am in the camp of those who think that the Fed should have hiked and that Banks need higher rates, more positive curve, so the reaction should be on the downside once the knee-jerk rally has happened.
Have a great day, let's see how the US take a stronger USD
23 September
Johan Berntorp Johan Berntorp
Yes. Take a look at the SPMIB (italy40.I). I have a thesis that the move from Feb 11 is corrective, i.e. new lows to come/or a severe test of those lows. Looking at the italian index this gain in confidence. The price action off those lows are very week, and the canary in the coal mine are the banks...EU50.i has a similar structure, a bit stronger but still in trouble are DAX and OMXS30...reason not to be too cocky from a bullish perspective imo.
23 September
Johan Berntorp Johan Berntorp
That's a bit longer term though...
23 September
DudetteUK DudetteUK
I agree... Things take time, but I agree with your view completely...It is a matter of patience.
23 September
DudetteUK DudetteUK
In the same idea, the NYSE has not been able to trade back to its highs, so the general US market is weaker than the headlines are telling us
23 September
Johan Berntorp Johan Berntorp
If those Pizza companies keep on going they will soon make up most of that market :) Absolute crazy performance...DPZ:xnys...
23 September
Johan Berntorp Johan Berntorp
Good point about the NYSE.
23 September
DudetteUK DudetteUK
:-) like pizza a lot, but not the bad ones like DPZ
23 September
DudetteUK DudetteUK
I might be too sensitive, but it feels like the floor trap is about to open on all those markets
23 September
DudetteUK DudetteUK
miners are getting hammered, XLF not feeling the love, something is starting to smell fishy
23 September
Johan Berntorp Johan Berntorp
Yes, I just bought SIL though...Hehe, my brother living in Boston also slammed Domino's pizzas. Bubble pizzas....?
23 September
Johan Berntorp Johan Berntorp
Entry 45,88
26 September
DudetteUK DudetteUK
Good morning Johan!
OMX going through those supports like hot knife in butter! 1412 is next on the line, promising to be a fun morning! Good trading to you!
26 September
Johan Berntorp Johan Berntorp
You too!
27 September
Johan Berntorp Johan Berntorp
we got 1407 :) Amazing how the market turn at the outlined levels even though it might just be brief reactions...
27 September
DudetteUK DudetteUK
Yes, it doesn't look very bullish despite the earlier reaction. I was hoping to see 2160 on the ES, to add to my shorts, but we didn't make it overnight!
27 September
DudetteUK DudetteUK
Maybe too early but closed my puts on CAC40 initiated last week above 4500 ( currently 4370)
27 September
Johan Berntorp Johan Berntorp
sweet!
27 September
Johan Berntorp Johan Berntorp
We have five waves down from the peak now on DAX, SWE30, Fra40, etc...if done in this cycle off the most recent high on sept 22 we should see a move higher soon...if it fails a larger peak might be in place or we have a new better low for more highs...my take, wait and see...
27 September
DudetteUK DudetteUK
I agree... We could see a sharp retracement for month end, so taking my chips away for European bets. Waiting to decide for the US markets, the Comp has failed miserably yesterday, so I am selling rallies

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