Short term
Trade view / 03 November 2016 at 2:18 GMT

UPDATE: Italian equity index offers opportunity – #SaxoStrats

Global Macro Strategist / Saxo Bank Group - Singapore Hub
Price target:
Market price:
Management and risk description

We have closed the MIB puts successfully on this trade view for a +63% return on premium: [(Exit 931 / Entry 570) -1 = +63%].
While I still think risk is to the downside and the path of least resistance favours further risk-off until we are through with the US elections – i.e. equities will still head lower.
The trading plan was to potentially look to take profits once the 16.8K to 16.5K was breached on the FTSE MIB, yesterday's minus 2.51% move took us to 16,474 on cash and 16,451 on the futures.

For those that are still outright long the puts (some people managed to do a second 1.5% risk higher up) and still like the thesis, you may consider taking half the position off or targeting 15.5K to 16K on the MIB.
It feels like equities may try to get a bounce in today, before reverting to another leg down. Keep thinking S&P futures need to test the 200D at 2060… rather than the slow grind lower.
Early days, we’ll see soon enough…

 Source: Bloomberg

FTSE MIB update
 Source: Bloomberg. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

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