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European Weekly Review
15 September 2014
             By S Gale, Analyst

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Europe Weekly Index Summary
 CloseWeekly
Volume
Weekly ChangeP&F TrendStop
Euro Stoxx 324.757,545.4m-4.01-1.2% Bull 4 Sep 2014 297.50
Euro Stoxx 50 3235.072,618.4m-40.18-1.2% Bear 1 Aug 2014 3350.00
France CAC40 Index 4441.7455.2m-44.79-1.0% Bear 7 Aug 2014 4600.00
Germany DAX Index 9651.13312.0m-95.89-1.0% Bull 3 Sep 2014 9350.00
Netherlands AEX Index 417.8331.9m-3.31-0.8% Bull 9 Aug 2013 385.00
Spain IBEX 35 Index 10888.91,633.6m-260.00-2.3% Bull 4 Sep 2014 9900.00
Sweden OMX Index 1388.59374.2m+0.20+0.0% Bear 10 Jul 2014 1410.00
Switzerland SMI Index 8795.93165.4m+7.16+0.1% Bull 1 Sep 2014 8150.00
Closing prices last 5 days
Stock Index

The Euro Stoxx 50 Index consolidates from resistance at 3,300 and we anticipate at 3,300 - 3,140 range.

The German DAX Index consolidates from resistance at 9,800 and we anticipate a 9,800 - 9,400 range.

Index Breadth

Our Europe (SXXE) P&F Bull Trend breadth rallies from oversold but remains in a large bearish divergence to the index.

Our Europe (SXXE) % 30 Week MA breadth indicator rallies sharply but is now into resistance at 60.

Sector Bulls & Bears

The Energy (SX7E) Index forms potential short term tops.

The Construction (SXOE) Index reasserts downtrends with new relative lows.

Stock Action

We closed our short position in Zurich Financial Services as it hit our stop (8th Sep).

We took profits in our long position in Airbus as it encounters short term price and relative resistance at 50 having become overbought (8th Sep).

We opened a short position in Saint Gobain as it rallies into short term price and relative downtrends (9th Sep).

We opened a short position in Philips as it encounters short term resistance at 24 and its 200-day MA and reasserts its relative downtrend (11 Sep).

Finally we opened a short position in Holcim as it reasserts short term price and relative downtrends following failure at short term top confirmation resistance (12 Sep).

Model Portfolio
Longs
Date Stock Code Type Open Price Current Price % P&L Stop Comment
25 Feb 2014 GeberitGEBN Long 274.3 314.9 +14.80%280
21 Mar 2014 Norsk HydroNHY Long 29.01 38.3 +32.02%31
28 Apr 2014 Unilever NVUNA Long 30.53 31.955 +4.67%29.5
14 May 2014 Roche Holding AGROG Long 269.3 274.7 +2.01%244
30 May 2014 Heineken NVHEIA Long 51.71 59.43 +14.93%48.5
25 Jul 2014 OpapOPAP Long 12.53 11.7 -6.62%11
29 Jul 2014 Linde AGLIN Long 156.2 153.15 -1.95%145
5 Aug 2014 TelenorTEL Long 144.9 145.8 +0.62%137
6 Aug 2014 KPNKPN Long 2.488 2.501 +0.52%2.34
8 Aug 2014 Infineon Technologies AGIFX Long 8.222 9.018 +9.68%7.8
11 Aug 2014 Deutsche Post AGDPW Long 23.905 25.39 +6.21%22.4
14 Aug 2014 ENIENI Long 18.38 18.78 +2.18%17.5
18 Aug 2014 Sanofi SASAN Long 79.61 86.89 +9.14%74.5
25 Aug 2014 Thales SAHO Long 43.16 42.73 -1.00%41
26 Aug 2014 BBVABBVA Long 9.347 9.608 +2.79%8.9

Shorts
Date Stock Code Type Open Price Current Price % P&L Stop Comment
13 Jun 2014 Delhaize GroupDELB Short 50.98 52.47 -2.92%54
24 Jun 2014 Akzo NobelAKZA Short 53.79 53.77 +0.04%56
28 Jul 2014 SkanskaSKAB Short 147.6 144.1 +2.37%156
12 Aug 2014 ThyssenKrupp AGTKA Short 20.61 21.72 -5.39%22.5
27 Aug 2014 Metro AGMEO Short 27.13 26.965 +0.61%28.5
28 Aug 2014 EnelENEL Short 4.008 4.218 -5.24%4.25
29 Aug 2014 BouyguesEN Short 27.935 27.7 +0.84%29.2
1 Sep 2014 FiatF Short 7.355 7.865 -6.93%8.05
1 Sep 2014 MichelinML Short 83.59 79.38 +5.04%88
4 Sep 2014 Seadrill LtdSDRL Short 222.2 201.4 +9.36%235
4 Sep 2014 Vinci SADG Short 48.79 45.87 +5.98%52.5
4 Sep 2014 Swedish MatchSWMA Short 235.3 236.5 -0.51%245
5 Sep 2014 DSM NVDSM Short 50.4 49.785 +1.22%52
9 Sep 2014 Saint-GobainSGO Short 38.465 37.365 +2.86%40
11 Sep 2014 Philips Electronics NVPHIA Short 23.38 23.38 0.00%25.5
12 Sep 2014 HolcimHOLN Short 71.35 71.35 0.00%77.5
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