Spread Bettor News 25-28 July 2008
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UK Market Comment, 28 Jul
Closing comments from Tim Hughes, Head of Sales Trading, IG Index:
Going into the final few minutes of the day the UK market is trading near the lows of the day.
It has been a directionless session in the UK with the FTSE 100 flipping from positive to negative and staying within the range seen on Friday.
Banks have been under pressure again with HBOS off by around 6% so far, as weekend press speculation about significant write downs to be announced on Thursday brought the sellers back out, ending the short lived run above the 300p mark. What could be a driver for markets over the next few days is the oil price. The slide over the last couple of weeks has seen the price drop by more than twenty dollars but there are the first signs of support emerging ahead of the $120/122 area – a zone that propped the market up in June. If this turns out to be the case, many are expecting another run back up to the all time highs seen earlier this month – a rally that will be good for the oil companies but not so good for the broader market.
Other than this, markets do seem to be somewhat becalmed at the moment - maybe a welcome break from some of the volatility experienced earlier this month. For the FTSE 100 traders still view the 5275/5300 area as the big support for now and will want to see the buyers come out if the market slides much from current levels.
How and where to spread bet on:
The FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100
HBOS, where to find free charts, live pricing, how to trade etc >> HBOS
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
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UK Market Comment, 25 Jul
Closing comments from Anthony Grech, Market Strategist, IG Index:
As we move into the last hour of trading, the FTSE remains in negative territory where it has been throughout the day, albeit off earlier lows.
UK markets were largely forecast to decline today, after negative comment on the financial sector and poor home sales figures in the US, saw the Dow plummet by 283.10 points last night. In fact, with the exception of Barclays and HBOS, the banks have seen sell-offs today, led by Alliance & Leicester, currently 11p lower (-3.21%) to 340p.
Looking at the wider market, FTSE 250 firm Rentokil is the biggest loser so far, after it cut its profit forecast by £35 million. The services firm is currently down 31% to 70p.
In the US this afternoon however the Dow has started higher, after some welcome positive indicators.
New durable goods orders came in better-than-expected, up 0.8% in June compared with a 0.1% rise in May. The leading US index is up by 72 points in early trading. As is the case of late, it's hard to predict how long the upturn will last after yesterday's heavy losses. Having said that, despite yesterday's plunge, it is worth recalling that the Dow is still more than 400 points up on last week's sub-11,000 mark.
The FTSE has had seen three days of losses against two of gains as it continues to hover just ahead of the 5300 level, which increasingly appears to be the area at which buyers re-enter the market.
How and where to spread bet on:
Rentokil, where to find free charts, live pricing, how to trade etc >> Rentokil
Alliance & Leicester, where to find free charts, live pricing etc >> Alliance & Leicester
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
24 hour spread betting ..." » read
IG Index review.
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Risk Warning: Financial Spread Trading and CFDs carry a high level of risk to your capital. You may lose more than your initial investment. They 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.
Article provided / approved by IG Index which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 114059.
'Spread Bettor News 25-28 July 2008' edited by TH, updated 28-Jul-08
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Daily Closing Market Comments Index
Index of UK financial market trading articles - the regular closing market comments from IG Index...see Index.
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