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European Weekly Review
23 September 2014
             By S Gale, Analyst

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Europe Weekly Index Summary
 CloseWeekly
Volume
Weekly ChangeP&F TrendStop
Euro Stoxx 325.689,847.6m+1.57+0.5% Bull 4 Sep 2014 297.50
Euro Stoxx 50 3257.483,224.9m+25.78+0.8% Bear 1 Aug 2014 3350.00
France CAC40 Index 4442.55529.9m+13.92+0.3% Bear 7 Aug 2014 4600.00
Germany DAX Index 9749.54461.8m+89.91+0.9% Bull 3 Sep 2014 9550.00
Netherlands AEX Index 422.05427.0m+4.40+1.1% Bull 9 Aug 2013 385.00
Spain IBEX 35 Index 10947.91,893.4m+106.60+1.0% Bull 4 Sep 2014 10700.00
Sweden OMX Index 1418.29380.4m+25.07+1.8% Bull 18 Sep 2014 1320.00
Switzerland SMI Index 8817.52205.0m+21.11+0.2% Bull 1 Sep 2014 8150.00
Closing prices last 5 days
Stock Index

The Euro Stoxx 50 Index encounter resistance at 3,300 and the SXXP retests 350.

 

The German DAX Index failed to sustain its short term break of resistance at 9,800.

Index Breadth
Our SXXE % 10 Week MA Breadth Indicator unwound into 50% after failing to reach the top of the range; the breadth remains divergent to the broader market.
Countries

Sweden (OMX) makes new highs, consolidating into breakout support at 1,410.

 

Finland (HEX) tests top of range but is now finds relative support.

Netherlands (AEX) makes new short term highs and tests medium term relative resistance, we anticipate a breakout.

Switzerland (SMI) consolidates at highs and is into relative base.

Spain (IBEX) just fails to make new short term highs below medium term price and relative resistance.

Stock Action

We take profits in our long positions: Geberit (14.95%), Norsk Hydro (20.75%), Heineken (12.63%) and Sanofi (11.63%).

We open a long position in Fortum; we target 22.5 and place our stop at 18.3.

We close our short positions in: Delhaize and Akzo Nobel as they hit out stops.

 

We open a short position in LVMH; we target 120 and place our stop at 143 and in Infineon Technologies, we target 8 and place our stop at 9.3.

 

Model Portfolio
Longs
Date Stock Code Type Open Price Current Price % P&L Stop Comment
28 Apr 2014 Unilever NVUNA Long 30.53 31.465 +3.06%29.5
14 May 2014 Roche Holding AGROG Long 269.3 283.2 +5.16%244
25 Jul 2014 OpapOPAP Long 12.53 12 -4.23%11
29 Jul 2014 Linde AGLIN Long 156.2 155.05 -0.74%145
5 Aug 2014 TelenorTEL Long 144.9 145 +0.07%137
11 Aug 2014 Deutsche Post AGDPW Long 23.905 26.09 +9.14%22.4
14 Aug 2014 ENIENI Long 18.38 18.38 0.00%17.5
25 Aug 2014 Thales SAHO Long 43.16 43.165 +0.01%41
26 Aug 2014 BBVABBVA Long 9.347 9.642 +3.16%8.9
16 Sep 2014 Svenska HandelsbankenSHBA Long 329.6 335 +1.64%315
17 Sep 2014 Nordea BankNDA Long 91.45 94.85 +3.72%87

Shorts
Date Stock Code Type Open Price Current Price % P&L Stop Comment
28 Jul 2014 SkanskaSKAB Short 147.6 145.9 +1.15%156
12 Aug 2014 ThyssenKrupp AGTKA Short 20.61 21.875 -6.14%22.5
27 Aug 2014 Metro AGMEO Short 27.13 26.81 +1.18%28.5
28 Aug 2014 EnelENEL Short 4.008 4.156 -3.69%4.25
29 Aug 2014 BouyguesEN Short 27.935 26.7 +4.42%29.2
1 Sep 2014 FiatF Short 7.355 7.835 -6.53%8.05
1 Sep 2014 MichelinML Short 83.59 77.84 +6.88%88
4 Sep 2014 Seadrill LtdSDRL Short 222.2 177.9 +19.94%235
4 Sep 2014 Vinci SADG Short 48.79 46.435 +4.83%52.5
4 Sep 2014 Swedish MatchSWMA Short 235.3 239.7 -1.87%245
5 Sep 2014 DSM NVDSM Short 50.4 50.22 +0.36%52
9 Sep 2014 Saint-GobainSGO Short 38.465 37.01 +3.78%40
11 Sep 2014 Philips Electronics NVPHIA Short 23.38 23.5 -0.51%25.5
12 Sep 2014 HolcimHOLN Short 71.35 69.1 +3.15%77.5
22 Sep 2014 Air FranceAF Short 7.644 7.644 0.00%8.8
22 Sep 2014 LVMHMC Short 132.45 132.45 0.00%143
22 Sep 2014 Infineon Technologies AGIFX Short 8.8 8.8 0.00%9.3
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