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Tuesday, November 15, 2011
FTSE Trading Report - 15 November 2011
Yesterday we saw some selling but it was not a sharp decline. In bear markets when the markets hit major resistance (5600) any declines should start off with force if the move is to develop into a large wave down. If we do not see strong selling come in today then the chances are we are just consolidating before moving higher towards year end. As we discussed yesterday the markets have a historical tendency to rise towards to end of the year. So today will provide some clues as to the next move. I will also be watching the S&P and the key number at 1257. 2 x end of day closes above this level is bullish and if the Christmas rally does materialise it will most likely be the Americans leading the way.
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