Yesterday – notes Greg Secker – on the back of low volumes the FTSE closed up 65 points at 4,443 trading in a tight range of around only 80 points, but still managing a sixth consecutive day of overall gain. Today with only minor market moving news out, look for component news to inspire movement but with the possibility of reduced volumes in America negatively affecting that, due to the election. The Dow Jones closed at 9,319 down 5 points, yes just 5 points – a large slice of apathy having broken out in the American market, quite probably due to the election, with little over half that of recent levels of volume traded, the index meandered in a very small range of around 150 points. Today, look for similar activity, with only minor news out to affect trading, other than the election, which is currently overshadowing the market. Oil is currently at $63.30 and Gold is at $724.10. That’s it for today, good trading and I will speak with you tomorrow.
Last week the FTSE ended Friday’s session with a gain of 85 points to reach 4,377 and an entire week of upward movement. Having crossed and held a position above the 20 period exponential moving average the next target is the 50, currently around the 4,600 level. With only low-level news out today, look for the break of 4,400 level for upward directional movement and the 4,100 level for the downside. Last Friday the Dow Jones closed up 144 points ending the week at 9,325 Today with ISM (the Institute for Supply Management) Manufacturing and Prices Paid reports out at 3 pm Greenwich Mean Time look for sustained movement above the 9,280 level for upward direction indication and a breach of 9,000 around the newsbreak should these be negative. Oil is trading at $67.81 a barrel and Gold is currently at $718.20 a troy ounce. Good trading and I will speak with you tomorrow.
The FTSE closed 49 points up yesterday at 4,291 during a choppy session and made it the fourth up day in a row and that hasn’t happened since the end of August! Today with a bounce off the 20 ema, weekly position profit taking and the potential of later Bear movement on the Dow, impetuous may well be found to prevent a straight run of five. Yesterday – notes Greg Secker – on the Dow Jones index a gain of 169 points saw 9,180 by the close, after an irregular day’s trading with most of the session spent in a 200 point channel. Today a plethora of economic indicators are scheduled, starting with Personal Consumption indicators at 12.30 pm, on to The Michigan Confidence report at 2pm, (a key one with the proximity to Thanksgiving), and culminating with an address by Bernanke which, whilst ordinarily a minor market mover, in these turbulent current times strong reaction may ensue should any significant positive or negative assertions by interpreted by the market. Oil is trading at $65.58 and Gold is at $738.40. That’s it for the week, have a great day’s trading, a fabulous weekend and beware things that go bump in the night this evening!
