Tik Tok, Tik Tok - clock is ticking! Quiet day for markets this morning ahead of Janet Yellen’s testimony and Mr. Trump’s last full day on the job. You must be tired of reading the word “dull” by now but today (so far) is without doubt another one to add to the “dull day” list. Indices all steady overall (SXXP +0.09%) with defensives outperforming cyclicals. Volumes better than yesterday but still tracking -18% lower vs the last 30 days. Note UK is showing some signs of life with the small caps (SMXX) making another two year high today. Keep an eye on sterling perhaps, it is near the top of its 7 month range vs the Euro. Key resistance at 1.1285 – 1.1219 last.
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