Good morning
With the markets approaching the year end I don't have much to add on top of yesterday's email. With very little news coming out today we may be in for another quiet and flat session whilst we await the start of 2011 trading.
I have attached yesterday's email for new subscribers.
We have a small target at 5984 which should fill today (current market is 5996) and a large target at 5914 which we will target for early 2011.
There is a slim chance we will reach 6100 before we hit 5914 but I do not see any further up side beyond 6100 before 5914 is reached. The preference is therefore on the short side.
This will be my last email for 2010 and normal trading alerts will commence on the 4th January.
When I met Mark I was enormously impressed with his FTSE trading abilities, so much so that I decided to recommend him to my clients. John Piper
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Thursday, December 30, 2010
Wednesday, December 29, 2010
Mark Austin FTSE Trading Update - 29th Nov 2010
Good morning
I hope you all had a pleasant Christmas period.
The FTSE has achieved 6000 and in one go. The final burst was based on low volume and its a big reason I don't trade the Christmas period as the market ignores normal behaviour patterns. A normal market does not move up in a straight line.
With a few days until the year end I don't anticipate the markets reacting to over bought conditions just yet. Fund managers will be keen to finish the year on a high.
Wednesday, December 22, 2010
Mark Austin FTSE Trading Update - 22nd Dec 2010
Good morning
The FTSE is making new highs but its currently on the back of very low volume. See below.
Date Open High Low Close Volume Adj Close*
Dec 21, 2010 5,891.60 5,953.90 5,891.10 5,951.80 541,859,600 5,951.80
I expect decent decline after this over extended move and this may come in on the first trading week of the new year.
In the meantime the FTSE has a strong target at 5915 which will fill over the next few trading sessions. The FTSE is currently trading at 5953. Once this has been reached the FTSE may drift higher during the holiday period.
The FTSE is making new highs but its currently on the back of very low volume. See below.
Date Open High Low Close Volume Adj Close*
Dec 21, 2010 5,891.60 5,953.90 5,891.10 5,951.80 541,859,600 5,951.80
I expect decent decline after this over extended move and this may come in on the first trading week of the new year.
In the meantime the FTSE has a strong target at 5915 which will fill over the next few trading sessions. The FTSE is currently trading at 5953. Once this has been reached the FTSE may drift higher during the holiday period.
Tuesday, December 21, 2010
Mark Austin FTSE Trading Update - 21st Dec 2010
Good morning
The FTSE will open higher today and the key point at this stage is whether 5900 can hold.
Prices have entered into the 5900 range on several occasions but failed. Today there are signals indicating a retest at 5900. I would go short for this target if it wasn't Christmas week.
Once a retest occurs the FTSE must not have acceptance under 5900. Otherwise, the target at 6000 will be compromised and we may get a deeper correction before this is due. We have a camarilla break out level at 5965 which if broken will also confirm a short term top is in place.
Trading Opportunities
5900 will attract even if we head higher first. If you are trading this week use low leverage.
If I see something very obvious I will issue an alert but it has to be fairly concrete given my report yesterday regarding low volume
--
The FTSE will open higher today and the key point at this stage is whether 5900 can hold.
Prices have entered into the 5900 range on several occasions but failed. Today there are signals indicating a retest at 5900. I would go short for this target if it wasn't Christmas week.
Once a retest occurs the FTSE must not have acceptance under 5900. Otherwise, the target at 6000 will be compromised and we may get a deeper correction before this is due. We have a camarilla break out level at 5965 which if broken will also confirm a short term top is in place.
Trading Opportunities
5900 will attract even if we head higher first. If you are trading this week use low leverage.
If I see something very obvious I will issue an alert but it has to be fairly concrete given my report yesterday regarding low volume
--
Monday, December 20, 2010
Mark Austin FTSE Trading Update - 20th Dec 2010
With Christmas week upon us I expect low volume trading which is always a hazard to normal strategies and systems. The other period to watch out for is the last 2 weeks in August where similar conditions arise. I will therefore introduce the new morning market alerts on the first trading day in January.
The feedback for the new enhancement has been very positive and with testing out the way I will prepare the manual for the new year. The service will be sold separately but as existing subscribers to the Mark FTSE Service you will receive this free: A couple of points to note:
All targets were met for the last 2 weeks of testing which shows the validity and potential of this for you. The average target distance for the 2 weeks was smaller than usual but this is more down to market conditions. By this I mean indices are currently range bound. Some of my system targets can be 100 points plus.
The feedback for the new enhancement has been very positive and with testing out the way I will prepare the manual for the new year. The service will be sold separately but as existing subscribers to the Mark FTSE Service you will receive this free: A couple of points to note:
All targets were met for the last 2 weeks of testing which shows the validity and potential of this for you. The average target distance for the 2 weeks was smaller than usual but this is more down to market conditions. By this I mean indices are currently range bound. Some of my system targets can be 100 points plus.
Friday, December 17, 2010
Mark Austin FTSE Trading Update - 17th Dec 2010
Good morning
Another quiet evening across global markets means the FTSE will open flat again and provide no opening opportunities.
Today is triple witching for the FTSE and this is when options and futures expire. As I mentioned a few days ago, this event will take place between 10am-10.15am and usually creates a large buying or selling spike which is then almost always retraced. These spikes are far more obvious than normal expiry as futures are included. Its also worth noting that trading activity is far more volatile on the days after expiry as opposed to the days leading up to expiry. With that said we do have Christmas around the corner which will result in quiet activity but I do expect a couple more high volume days. The volume this week has been non existent.
Another quiet evening across global markets means the FTSE will open flat again and provide no opening opportunities.
Today is triple witching for the FTSE and this is when options and futures expire. As I mentioned a few days ago, this event will take place between 10am-10.15am and usually creates a large buying or selling spike which is then almost always retraced. These spikes are far more obvious than normal expiry as futures are included. Its also worth noting that trading activity is far more volatile on the days after expiry as opposed to the days leading up to expiry. With that said we do have Christmas around the corner which will result in quiet activity but I do expect a couple more high volume days. The volume this week has been non existent.
Thursday, December 16, 2010
Mark Austin FTSE Trading Update - 16th Dec 2010
Good morning
The FTSE will open flat this morning so no opening opportunities I'm afraid.
We have a potential failed retest at 5900 which could attract some selling today. Certainly another failed retest at the open would re-enforce this.
In terms of trading opportunities, as we have expiry tomorrow and market action can be very erratic the day before.
To get access to the complete email as well as my ftse trading opportunities you can sign-up at my website.
The FTSE will open flat this morning so no opening opportunities I'm afraid.
We have a potential failed retest at 5900 which could attract some selling today. Certainly another failed retest at the open would re-enforce this.
In terms of trading opportunities, as we have expiry tomorrow and market action can be very erratic the day before.
To get access to the complete email as well as my ftse trading opportunities you can sign-up at my website.
Wednesday, December 15, 2010
Mark Austin FTSE Trading Update - 15th Dec 2010
Good morning
Fairly muted action FTSE trading this week with prices creeping higher but staying in a tight range. This action is typical leading up to expiry which is on Friday. I pay particular attention to the quarterly expiry's as this is when options and futures expire at the same time. Also known as triple witching. For those of you who can watch your screens between 10am-10-20am (Friday), triple witching usually creates a large buying or selling spike which is then almost always retraced. These spikes are far more obvious than normal expiry as futures are included. You can also use one touch binaries which expire at 12pm. These are usually cheap given the time frame. If the FTSE is resting at for example 5900 you want to buy a cheap one touch at 5950 and 5850. One of the binaries benefits during expiry due to volatility creating your profit.
Fairly muted action FTSE trading this week with prices creeping higher but staying in a tight range. This action is typical leading up to expiry which is on Friday. I pay particular attention to the quarterly expiry's as this is when options and futures expire at the same time. Also known as triple witching. For those of you who can watch your screens between 10am-10-20am (Friday), triple witching usually creates a large buying or selling spike which is then almost always retraced. These spikes are far more obvious than normal expiry as futures are included. You can also use one touch binaries which expire at 12pm. These are usually cheap given the time frame. If the FTSE is resting at for example 5900 you want to buy a cheap one touch at 5950 and 5850. One of the binaries benefits during expiry due to volatility creating your profit.
Monday, December 13, 2010
Mark Austin FTSE Trading Update - 13th Dec 2010
Good morning
This morning I have attached a graph showing key support for the FTSE at 5720. This area is where the MA 50 and MA 10 lie and as long as we don't close (end of day basis) below this level the FTSE remains bullish. We can see on the graph the MA 50 provided important resistance for the recent correction and during the rally from September the MA 50 provided very strong support on the downside so we must pay attention to these areas.
The Elliott wave count still suggests a move to 5750 (and below) before we head higher. A close above 5870 would compromise this count. With very slow price action within a triangular pattern the FTSE is gearing up for a move. The odds are stacked to the downside at this stage. However, given that we are in a strong uptrend it is best we wait to position long after a correction but we can use morning signal alerts to run short positions.
Thursday, December 9, 2010
Mark Austin FTSE Trading Update - 9th Dec 2010
Good morning
We are currently holding the FTSE weekly binary to finish down on the week.
In terms of analysis the attached chart shows we are tracing out a B wave for wave 2. I still expect the C wave to come in today/tomorrow however the retracement may not be as low as first expecting. This can happen when we are in an extremely bullish environment. Buyers come in and snap up lower prices very quickly. The FTSE may therefore not penetrate 5720. Major support.
Wednesday, December 8, 2010
Mark Austin FTSE Trading Update - 8th Dec 2010
Good morning
The FTSE made a new high yesterday just above 5850. This can be counted as a final fifth of the first wave up from 5518. I am now expecting a short sell off (wave 2). Target 5650. As mentioned yesterday if we had made a new high yesterday and closed above 5825 then my analysis would have been weakened. 5825 was a previous major break out level.
Tuesday, December 7, 2010
Good morning
FTSE trading remains in a bullish trend and the American markets are following suit. Last Friday America received weaker than expected employment data but strugged this off. I have mentioned before that in terms of news I feel employment data (previously very important) will be taking a back seat and the European debt crisis is the main driver at force. Any planned European news and I will use the Tunnel strategy.
FTSE trading remains in a bullish trend and the American markets are following suit. Last Friday America received weaker than expected employment data but strugged this off. I have mentioned before that in terms of news I feel employment data (previously very important) will be taking a back seat and the European debt crisis is the main driver at force. Any planned European news and I will use the Tunnel strategy.
Monday, December 6, 2010
Mark Austin FTSE Trading Update - 6 Dec 2010
Good morning
Following on from Friday's morning analysis, we closed over the MA 20 (5725) on Friday on a weekly basis so this confirms the market is in a healthy uptrend and a break of 5477 (inverted head and shoulders break out) is now unlikely. 6100 is targeted.
If we assume the 4th wave correction form 5902 ended at 5518 we are now in the the final 5th wave. This will be subdivided into 5 waves. Wave one could have ended on Friday at 5794. We will now decline to 5650 or lower for wave 2. We want to position ourselves long for wave 3 which will has a calculated target of 6098.
To get access to the complete email as well as my ftse trading opportunities you can sign-up at my website.
Following on from Friday's morning analysis, we closed over the MA 20 (5725) on Friday on a weekly basis so this confirms the market is in a healthy uptrend and a break of 5477 (inverted head and shoulders break out) is now unlikely. 6100 is targeted.
If we assume the 4th wave correction form 5902 ended at 5518 we are now in the the final 5th wave. This will be subdivided into 5 waves. Wave one could have ended on Friday at 5794. We will now decline to 5650 or lower for wave 2. We want to position ourselves long for wave 3 which will has a calculated target of 6098.
To get access to the complete email as well as my ftse trading opportunities you can sign-up at my website.
Thursday, December 2, 2010
Mark Austin FTSE Trading Update - 2nd Dec 2010
Good morning
After a strong rally yesterday FTSE futures are currently up around 30 points. Its possible an important low is in place at 5518 and the start of a final 5th wave has commenced. Target 6100.
5477 has held so the FTSE is still in a bull trend and the move from 5902 can be counted as a correction (4th wave). Of course this will most likely be a long drawn out event unless we have confirmation the European situation is contained. America has stepped into the limelight and may offer assistance going forward. A positive move but only speculation for now.
From a technical point of view if we have started the wave 5 up this will be sub divided into 5 waves. We are currently in wave 1 and this should end around 5720.
After a strong rally yesterday FTSE futures are currently up around 30 points. Its possible an important low is in place at 5518 and the start of a final 5th wave has commenced. Target 6100.
5477 has held so the FTSE is still in a bull trend and the move from 5902 can be counted as a correction (4th wave). Of course this will most likely be a long drawn out event unless we have confirmation the European situation is contained. America has stepped into the limelight and may offer assistance going forward. A positive move but only speculation for now.
From a technical point of view if we have started the wave 5 up this will be sub divided into 5 waves. We are currently in wave 1 and this should end around 5720.
Wednesday, December 1, 2010
Mark Austin FTSE Trading Update - 1st Dec 2010
Good morning
Yesterday I gave a fairly in depth view on where I see the FTSE heading over the next few weeks.
We are fast approaching major support at 5500-5477. From here price action is key. Its important as a sustained break through 5477 changes the structure of this recent rally and puts the FTSE into a longer term downtrend.
Yesterday I gave a fairly in depth view on where I see the FTSE heading over the next few weeks.
We are fast approaching major support at 5500-5477. From here price action is key. Its important as a sustained break through 5477 changes the structure of this recent rally and puts the FTSE into a longer term downtrend.
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