MAGNETIC FTSE Trading Report

BOE news out today at 12pm so this will be an influence on sterling dollar and therefore FTSE. One issue is the pound has been very strong of late so if profit taking comes in this will boost the FTSE. This is the reason we have to have a wide stop at the moment if getting short. 

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MAGNETIC FTSE Trading Report

We continue to sell strength on FTSE and this continues to be lucrative with an impressive sell off into the month end yesterday which was always on the cards with a strengthening pound and weak technicals.

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MAGNETIC FTSE Trading Report

We remain short on the FTSE targeting 7250-7200. For the full report please read http://www.markaustintrading.com

MAGNETIC FTSE Trading Report

The strategy all week has been to sell rallies and this has been working on the FTSE well. Today the FTSE will open with cable under pressure. Many investors entered the FTSE when cable was down near 1.20 and with the currency rallying over night upside on the FTSE is going to be hindered. Its unlikely the FTSE will get above 7487 (yesterdays high).

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MAGNETIC FTSE Trading Report

Its FOMC today in America and also there is a small dividend on the FTSE so if 7400 holds then we could see a final rally on the FTSE today up towards 7480.

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We remain in a longer term short on the FTSE targeting 7200

A breach of Fridays lows at 7433 should also see a move down to 7410.