As the market is currently trading above 5845 the FTSE could extend towards 5900 in the very short term before we see some healthy profit taking come in down to 5750-5700. We are near a top.
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, August 9, 2012
Wednesday, August 8, 2012
FTSE Trading Report - 8 August 2012
Yesterday the FTSE closed on its highs for the day which may appear bullish but in actual fact it was all connected to the dividend rally in the last of hour trade which we discussed yesterday morning. It should also be noted that markets tend to top out when they close on their highs (after a large rally) as everyone has become a buyer.
Tuesday, August 7, 2012
FTSE Trading Report - 7 August 2012
Today we have a big dividend on the FTSE standing at 25.4 points. What this means is we will most likely see buying in the last hour for the index today, so 3.30pm - 4.30pm. It also means that tomorrow morning if we open above today's closing price at 4.30pm (what ever that may be) we will have an easy sell at the 8am open as these 25.4 points will need to be taken off the real market.
Monday, August 6, 2012
FTSE Trading Report - 6 August 2012
This morning the FTSE has key resistance at 5812 which was the market high on the 1st May 2012 and may give a negative reaction. A break through this level is bullish and will indicate the FTSE is on course to retest the 2012 highs as along as 2 x end of day closes below 5720 is avoided.
Friday, August 3, 2012
FTSE Trading Report - 3 August 2012
No solid news came out of the FOMC meeting or the ECB meeting and we have seen another failure at new market highs. There may not be any solid news after today until Sept/Nov which means the rest of August is vulnerable to investors taking profits on this recent rise we have been seeing since June. I would expect to see the market to drop back to 5550 in the next few weeks.
Thursday, August 2, 2012
FTSE Trading Report - 2 August 2012
We have more key news today with the ECB meeting at 12.45 today. This could be a market mover for the FTSE so keep an eye on this. If the FTSE is trading near parity (5712) late morning the tunnel strategy can be considered, selling the lowest range at the highest price.
Wednesday, August 1, 2012
FTSE Trading Report - 1 August 2012
5705 was the top of our range before the FED meeting tonight and we have seen another reversal at 5700. This is again negative action. The bottom of the pre FED meeting range is 5590. With the FED meeting tonight I would expect this range to break in the next 48 hours.
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