FTSE Trading Report - 10 November 2011

The market couldn't hold 5600 just after the open yesterday and that counted as yet another false break above key resistance at 5600. We had discussed on Tuesday that if we saw another false break above 5600 we would likely see the market drop towards 5300 for the rest of the week.  Will we drop further?

Unless we see any spectacular news comes out on Europe which at present looks unlikely (given the the list of European countries approaching default keeps rising) this could be the start of the next leg down of this bear market.

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FTSE Trading Report - 9 November 2011

Today is all about 5600 and whether the market can hold this level.  Yesterday the market made another false break above here and then fell away. Today we are set to open above this level.  If the market can hold this level over the first 10 minutes of trading this is a bullish sign for the short term and we could see one final rally today/tomorrow. 

The magnet has already been reached today.

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FTSE Trading Report - 8 November 2011

No real change on yesterday's report and whilst we trade below 5600 the market targets 5300. I did mention yesterday that we had conflicting signals and this remains the case today however I don't expect this to continue much longer.  Its not ideal but to have a 75% win rate on our magnet trades we have to be selective.

As Tuesdays are generally bullish days we could see a rally towards 5590.  If the market rejects 5600 again, then the chances are we are going to decline towards 5300 for the rest of the week.

Today the dividend is 1.5. 

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FTSE Trading Report - 7 November 2011

Friday saw a failed break just above 5600 which is a short term negative signal however we have to be aware that we have been treated to several bull and bear traps over recent weeks partly down to the Greek saga. The market is extremely uncertain at present with the EU bail out plan and what we are seeing is sharp reactions to any short term news coming out on Greece. This is making swing trading difficult and until a clear established trend is formed I will continue to focus on low risk, short term set ups.

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FTSE Trading Report - 4 November 2011

Its Non farm payrolls today so the tunnel system will be an option today if we can sell the 100/100 tunnel at 80 or higher.

The magnet is on and I also expect the close to be visited this morning.

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FTSE Trading Report - 03 November 2011

We had an inside day yesterday (we traded within Tuesday's daily range) which could well develop into a break out from either 5544 or 5338 today.  The wave count suggests we will see lower prices however I am still mindful of the gap which is going to draw the market in.

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FTSE Trading Report - 01 November 2011

The FTSE took a large turn around yesterday with bad news coming out of Greece.  We were expected one final rally higher to position short however the Greek issue was the catalyst to spark the decline earlier.  When market become very over bought and there is a high probability of a sell off final patterns can fail to complete (in this case the 5th wave).

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