Thierry Laduguie

Despite very mixed manufacturing PMI numbers across the Euro Zone this morning and no material sign of unemployment improving, EUR/USD is still determined to test the psychological 1.3700 level which has shown resilience on a couple of occasions so far this year. A wave completion in the coming days has the potential to take the […]

The market moves up in three phases. In general the rally starts on rumours, for example last week the rumour was that the ECB would announce some new measures to boost the economy. On the day of the ECB’s announcement the market rallied again, that was the second phase. The third phase occurs after the […]

With the ECB interest rate decision and press conference looming, markets are nervous this morning. The FTSE 100 in particular is one of the weakest markets, the UK index broke below yesterday’s low while the S&P 500 is stuck at the top of its trading range. The divergence between the FTSE and the S&P has […]

Pfizer’s proposed takeover of AstraZeneca is causing lots of questions such as: 1.    How can Pfizer guarantee this takeover will not jeopardise Britain’s position in scientific research and development? 2.    Is Pfizer doing this primarily to avoid a multimillion dollar tax bill in the US? 3.    Does the government have the legal right to intervene? […]

Stock markets rallied near previous highs but so far key resistance levels are intact and yesterday the S&P turned down to close near the previous day low. The FTSE is trading lower, it would appear that the trend has turned down. It also appears that there is no appetite to push the markets higher, disappointing […]

At the UK Investor Show I was asked the question: “Why do a large proportion of people who trade lose money?” When taken in context against investing for the long term, short-term or intraday traders are more likely to lose money, but there is a small group of traders who consistently make money from the […]

e-Yield Sentiment Indicator (ESI) is neutral but it could turn bullish soon. One of the components of the ESI, the 34-day BTI is still declining while the second component is rising. This divergence will come to an end when the two indicators points in the same direction. Until then I can’t say with a high […]

Last Saturday I spoke at the UK Investor Show about the importance of sentiment on stock prices. Each time I present on this subject I am not sure if the audience connects with the notion that “stock prices are driven by sentiment”. This is not conventional wisdom as the majority of people who invest in […]

Despite the rampant bullish sentiment over the last year the FTSE 100 is still trading below its high set in May 2013. The failure of the FTSE to follow the S&P 500 to new all-time highs this year and the fact that it still trades over 200 points below the 2013 high could be a […]

There are two types of sentiment, first and second degree. 1.    First degree sentiment First degree sentiment occurs after a prolonged stock market move up or down when bullish or bearish sentiment reaches an extreme. Generally speaking in a bull market any advance lasting more than two years could create a first degree in bullish […]