FTSE rallies continue to be sold ahead of the election and the price action is clearly sideways which is not too surprising . The big players will already be positioned or squaring off positions ahead of the Greek election. For the rest of the week I continue to expect rallies to sold. Could we see a new break above 5536 before the weekend? Possible but unlikely and even if we did see this I would not expect much participation. More of a stop hunting manoeuvre. A new high on Monday could also be a bull trap. It is very common to see bull/bear traps surrounding major news announcements so be aware of this. As a trader I like to odds to be firmly stacked in my favour and its generally after all the excitement has died down. The retail market get sucked into large news events on the fear they may miss a big move.
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