Good morning
A volatile day for the FTSE yesterday with key support (5970) being broken to the downside but buyers erased most of this activity in the afternoon. The VIX (a measure of volatility) was off the scale.
We failed to close the day under key support at 5970. A close below this level would have been very bearish. As we are still in a bull market under usual circumstances I would most likely be treating yesterday's sharp move down as no more than a bear trap to shake out too many traders long in this market.
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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