The FTSE 100 is struggling to maintain current levels as more sellers coming into the game over the past few days. The squeeze up to 6390 of last week now seems a distant memory but of course dealers are generally hopeful of bullish rather than bearish price action so there is always a natural tendency to optimism. Technically, the index having failed to maintain the levels above 6230 and failing to get back above this point in the last few sessions means that we have broken the eight week bull run in place since late March. There is support at 6135 and 6060 which could well be the targets for a short term sell off.
Spread Betting on Indices, 22 May 08
UK stocks are struggling this morning to regain any momentum after the sell off on Tuesday and the Banking sector (which had ignored the pummeling on that day) is now in the torpedo sights once again. Barclays is now well below 400p at around 385p, a new multi year low. RBS at 235p is approaching the cash call price, as is B&B at just 103p. Payment date is not far away and it would be very embarrassing if the price dropped below the offer.
The capitalisation of Bradford and Bingley is now just £650m which is a perilous situation for a bank with so many UK mortgages lodged in its vaults.
The FTSE is now back at the level where we had such a battle just a few weeks ago (around 6190) and dealers will be hoping that what was resistance back then will turn into support now. I fear though that the bad news is building once more and that there may be a continuation of this week’s weakness in the short to medium term.
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Spread Betting on Indices, 21 May 08
Editors Note: We don’t have specific review of the Indices markets today however today’s Spread Trading report covers a number of sectors and is certainly worth a skim >> Spread Trading.
Spread Betting on Indices, 20 May 08
The FTSE has squeezed higher and higher over the past few weeks culminating in yesterday’s sharp shift up to the high 6300’s. This move has had more to do with short squeezing than real fundamentals and punters have been getting shorter and shorter throughout the move waiting for a break in the trend. Today there looks to be an early morning attempt and with the markets down 50 on the close last night there is a chance that they may get some relief. Over the past month or so though there have been numerous mini bear moves which have come to nothing. It would probably not be wise to say that the bull run has finished unless we close a good deal lower than current levels. Trend line support is way down at 6230 which gives us a lot of room to manoeuvre.
Spread Betting on Indices, 15 May 08
The FTSE’s opened lower than our original call this morning as the bears take control using the after thought of the BOE’s quarterly inflation report as an excuse to test recent lows around 6140. Clients remain bearish of the FTSE 100 overall, but today’s dip has attracted a few buyers back into the market in the belief that this little uptrend has further to go. The fact remains though that since the small break-out at the beginning of May the market has traded sideways and the feeling is that there needs to be a real turn in the tide for the market to push on up a steep hill. The jury is still out as to whether this is a bear market bounce or a true end to the overall bear market. The answer to this will be down to how the banking stocks perform going forward. Recently they have been particularly sluggish yet the FTSE has remained relatively resilient.
Retailers are feeling it a bit this morning after DSG International, (Dixons and Currys) announced a cut in their annual dividend and they are due to close some stores following a drop in sales. With more disposable income going on petrol on food it’ll be a while before wages catch up again for consumers to be able to go and splash out on new TVs, cookers etc. With no interest for football supporters in this year’s Euro Championships as well, the future looks grim for electrical retailers.
Spread Betting on Indices, 14 May 08
Mining stocks lead the way and they have been the stalwarts of the FTSE in the past few weeks. Banks are really sluggish despite better than expected figures from France’s BNP Paribas. It seems that investors have cashed in on a round of large dividends from banks and just lost interest by selling up. One can’t help but have the feeling that there will come a point rather soon when investors pile back into these banking stocks. The main thing preventing them at the moment is the prospect of interest rates not going down as expected.
The FTSE 100’s been hovering around 6200 for a while now and clients remain bearish overall. The intraday trading environment remains attractive with small daily ranges across the majority of financial markets at the moment. The real question is though are we going to see the old adage “sell in May and go away” come to fruition.
Spread Betting on Indices, 13 May 08
The markets today look to be opening back up at yesterdays opening levels as the FTSE yet again tries to break above 6270. The price action of the last few days bears an uncanny resemblance to the action in mid to late April when we were struggling to get above 6100 (remember the five trading days in a row when the index closed within a few pips of each preceding day). The pressure looks, once more, to be on the up side but we have been here before and with the CPI number out at 09.30 it would be odd for us to break out before this.
Spread Betting on Indices, 12 May 08
The FTSE 100 spread is opening about 25 higher at around 6230 in early action as the Oil and Mining sectors exert their influence once more but with retailing and banking, yet again, taking the back seat. The index looks to be pressuring the 6250 to 6280 level mentioned several times over the past week or so. Bulls will be hoping for a breach which would then leave a resistance target around 6310 - 6340. On the down side there is now solid volume support all the way down to 5990.
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Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'Indices Spread Bet May 2008' by DB, updated 23-May-08
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