Yesterday – notes Greg Secker – the FTSE closed at 4,169 with a loss of only 12 points having traded in a 120 point channel throughout the session. With no Market moving news out on this side of the pond today’s movements are likely to be linked very strongly to the Dow’s Thursday outing as the Industrial Average finished up yesterday. After a continuation of the weakness that has been the hallmark of this week the index then bounced from beneath the 8,000 level to rally over 870 points to close at 8,835. This massive move occurred after the FTSE’s close so watch for significant reaction to this at Friday’s opening and then expect a round of end of week position profit taking and selling off to take advantage of the high’s of yesterday. There is also a raft of news out from 1.30 pm onwards through to 3pm including the Advanced Retail Sales. Oil is still below $60 at $59.55 and Gold is now at $735.40 gaining back the previous days losses. That’s it for now, have a great day’s trading a wonderful weekend and I will speak with you on Monday.
Yesterday – notes Greg Secker – ’s close of the FTSE was 64 points lower than the previous day at 4,182 having dropped under pressure from the losses on Wall Street. The index attempted a bounce back from early losses but continued to fall from noon to an hour out from the finish when the bargain hunters leapt in to swipe some cut price shares. Today look to the 4,400 and 4,100 levels which, if broken and held are likely to give the greatest confirmation of decisive direction. With no British market moving news today look to the plethora of European news out just prior to the off in London and then American Trade Balance figures out at 1.30 pm along with lower level employment news breaks to give cause for price action around those times. Yesterday – notes Greg Secker – the Dow Jones fell by another 411 points, with weakness from the outset until the close, leaving the index to finish at 8,282. As mentioned the release of Trade Balance figures coupled with further global economy unrest and indecision watch the 8,150 level 8,700 on the upside for the next major potential move. Oil and Gold fell too with oil reaching a 21 month low of $55.73 and Gold dropping over $22 to $710.70. That’s it for now good trading and I will speak with you tomorrow.
Yesterday – notes Greg Secker – the FTSE closed down 157 points at 4246, showing weakness from the outset and trailing down to a consolidation in the final two hours of trading as seen on the 5 minute chart. Today with a raft of newsbreaks that are all at low level watch for component news and pressure from the Dow should the industrial average find decisive direction. The Dow Jones fell with early weakness and then traded in a 300 point range to end the day with an overall loss against Monday’s close of 177 at 8,693. Today with further pressure from the Asia markets over continued concerns that despite all efforts to the contrary the economy is worsening on the back of fears that Japan’s economy is likely to grind to a halt in the third quarter. With only low level news out today look to component news for directional movement. If yesterday’s low is broken and sustained this could signal the next fall towards the 8,100 level. Oil is trading below the $60 level at $59.43 and gold is at $735.70. Good trading and I will speak with you tomorrow.
Yesterday – notes Greg Secker – the FTSE ended 38 points higher at 4,403 but significantly down from the day’s high of 4,524 on the back of the Miners, which surged after China approved its $586 billion government spending economy rescue plan. Today with our Trade Balance figures out at 9.30 am look to the break of the 4,350 level for downward directional movement or a flirtation with the 50 ema at around the 4,620 level for another bounce back to trend. In America after early strength the Dow Jones trailed down throughout the day from a high of 9,158 to close down 73 points at 8,870 as concerns over major stocks weakness overshadowed any positive impetuous that the Chinese plan may have had. Look to the Asia markets positivism for early directional movement above the 8,750 level and profit taking to render any upward movement null and void throughout the session. Oil is currently at $62.52 and Gold trades at $746.90. That’s it for now, good trading and I will speak with you tomorrow.
The FTSE gained 114 points on Friday to finish at 4,387. With Producer Price Index figures out today at 9.30am watch the index at that time for early directional movement. In America the Dow opened Friday with early strength through the 8,800 mark and traded within 160 points of that level throughout the session. The index eventually closed the day just beneath the 9,000 level to finish up 248 points at 8,943. With no market moving news look to the Asia markets reaction to the Chinese bailout plan and component news for directional indication. Oil is currently at $61.04 and Gold is at $734.10. Good trading and I will speak with you tomorrow
With a massive drop at the open yesterday, followed by violent reaction at noon and 12.45 pm, to the Bank of England and European Central Bank base rate cuts, the session then dwindled away to close at 4,272 down 258 points against the previous day’s close. The interest rate is the lowest since 1955 and the biggest single cut since 1981 however the initial positive market moves at the announcements, were reversed very swiftly. Today with no market wide news out, look to component news, the usual end of week position profit taking and the Dow lead, at newsbreak time in particular, for any distinct directional movement. Meanwhile once the euphoria and backlash had been completed. the baton was taken firmly in America, with a continued slide by the markets to firmly welcome Obama into the toughest job on the planet, a slide which, enabled the index to deliver the worst two day decline since 1987 due to another 443 point loss, to perch the industrial average at 8,695. With a surfeit of news out today ranging from the infamous and most consistently catalytical Non Farm Payroll at 1.30 pm GMT, on through Pending Home Sales at 3 pm, to Consumer Credit figures at 8 pm, watch closely for further failure of the index should worse than expected news be coupled with end of week position profit taking. Oil and Gold took another big hit yesterday with Oil trading at $60.73 a barrel and Gold at $732.10 for one troy ounce. Have a great day’s trading a fabulous weekend and I will speak with you again on Monday
With a massive drop at the open yesterday, followed by violent reaction at noon and 12.45 pm, to the Bank of England and European Central Bank base rate cuts, the session then dwindled away to close at 4,272 down 258 points against the previous day’s close. The interest rate is the lowest since 1955 and the biggest single cut since 1981 however the initial positive market moves at the announcements, were reversed very swiftly. Today with no market wide news out, look to component news, the usual end of week position profit taking and the Dow lead, at newsbreak time in particular, for any distinct directional movement. Meanwhile once the euphoria and backlash had been completed. the baton was taken firmly in America, with a continued slide by the markets to firmly welcome Obama into the toughest job on the planet, a slide which, enabled the index to deliver the worst two day decline since 1987 due to another 443 point loss, to perch the industrial average at 8,695. With a surfeit of news out today ranging from the infamous and most consistently catalytical Non Farm Payroll at 1.30 pm GMT, on through Pending Home Sales at 3 pm, to Consumer Credit figures at 8 pm, watch closely for further failure of the index should worse than expected news be coupled with end of week position profit taking. Oil and Gold took another big hit yesterday with Oil trading at $60.73 a barrel and Gold at $732.10 for one troy ounce. Have a great day’s trading a fabulous weekend and I will speak with you again on Monday
With a massive drop at the open yesterday, followed by violent reaction at noon and 12.45 pm, to the Bank of England and European Central Bank base rate cuts, the session then dwindled away to close at 4,272 down 258 points against the previous day’s close. The interest rate is the lowest since 1955 and the biggest single cut since 1981 however the initial positive market moves at the announcements, were reversed very swiftly. Today with no market wide news out, look to component news, the usual end of week position profit taking and the Dow lead, at newsbreak time in particular, for any distinct directional movement. Meanwhile once the euphoria and backlash had been completed. the baton was taken firmly in America, with a continued slide by the markets to firmly welcome Obama into the toughest job on the planet, a slide which, enabled the index to deliver the worst two day decline since 1987 due to another 443 point loss, to perch the industrial average at 8,695. With a surfeit of news out today ranging from the infamous and most consistently catalytical Non Farm Payroll at 1.30 pm GMT, on through Pending Home Sales at 3 pm, to Consumer Credit figures at 8 pm, watch closely for further failure of the index should worse than expected news be coupled with end of week position profit taking. Oil and Gold took another big hit yesterday with Oil trading at $60.73 a barrel and Gold at $732.10 for one troy ounce. Have a great day’s trading a fabulous weekend and I will speak with you again on Monday
Yesterday – notes Greg Secker – the FTSE closed 108 points lower at 4,530, having shown early weakness at the open followed by choppy trading ‘til the session’s end. Today the Bank of England interest rate decision is due out at 12 noon closely followed at 12.45 pm by that of the European Central Bank, both of which are widely expected to yield a half percent cut. Yesterday – notes Greg Secker – in America the Dow Jones trailed down from the open to end the session 486 points lower at 9,139 on the back of the Obama win. Today watch for further weakness bolstering the market’s negative reaction to Obama’s confirmation as the 44th President and with low to medium market news reports out, look to the break of 9,000 for indication of direction as the index positions itself ahead of the Non-Farm Payroll figures released on Friday. Gold suffered badly yesterday with a drop of $16.50 to $740.80 and Oil also fell to $65.47. Good trading and I will speak with you tomorrow.
Not a great day for Guy Fawkes but the first day as President for Barack Obama! So as we all wake up to a new world, yesterday the FTSE closed up 196 points to end at 4,639 on the back of big positive moves on the Dow Jones. Today with a raft of economic indicators out at 9.30 am GMT topped by yearly industrial production figures, look around this time for directional movement. A break of the 50 ema at around the 4,660 level, if held, could signal the next upward sweep. Similarly a profit taking bounce off this level could see a breach of the 4,400 ahead of the Bank of England interest rate decision out tomorrow. In America the Dow Jones staged the biggest Election Day rally since 1984 finishing up 305 points at 9,625. With the final college vote counts finalising and taking the place of the remaining projection figures around 8 am GMT there will be plenty of time for the American markets to prepare their response. With a fair way to go before hitting the 50 ema a profit taking bounce could be a feature of today and with only low level scheduled market making news, the greatest potential catalyst for direction will be election result reaction. That’s it of today, have a great day’s trading and I will speak with you tomorrow.
