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A regular spread trading update by Simon Denham of Capital Spreads.
For the latest spread trading update from Simon Denham click here.
Spread Trading, 24 Oct 07
The S&P is heavily down this morning after comments that major US investors may be deserting the dollar for healthier climes.
Not surprisingly the Europeans are also suffering slightly in the fallout as the FTSE which was called 50 higher at the 21.00 close last night is now trading 10 lower on the open. Punters are short of Europe and long of the US which on the face of it looks to be the wrong way round on the open. The willingness for markets to give up gains quite easily is beginning to worry some commentators, but in the main, the big analysts are still quite bullish for the remainder of the year.
We are now back at the 6500 level and if we hold below this level and fail to bounce then the charts would not look good for short term trading. The temptation for investors to walk away at the moment is getting stronger as not only the indices but individual stocks are exhibiting increasingly irrational behaviour.
The FTSE is trading up or down a hundred points (frequently both in the same day) every day and some of the component stocks are trading 5% each session. Punters are keen to buy on the opening this morning which, if reflected across the market, should give some support at these prices.
Reckitt and Benckiser come with data at midday and the shares that did well yesterday and are slightly up on the open this morning so obviously someone thinks that the numbers are going to shine.
The currencies are once more becoming very spooky with sterling/dollar trading its full 250 point range twice in two days. Today is showing signs of trading it again this morning. Cable has given up on the 2.05 level overnight and has pushed down to 2.0430-2.0433 a small support level. A break below here would open up a move to 2.0370 and possibly 2.0300 but with further bearish US comment inevitable punters would be advised to be cautious about getting too carried away. Sterling is still being bolstered by the Euro effect to some extent and if this crutch starts to slide (a move below 1.4260) then the pound could well start to set up camp in the weak dollar zone.
All the currency crosses are frantically going nowhere. Even the mighty Euro has spent the last month trading and re-trading the same 3 cent range. With the failure two days ago at the trend resistance of 1.4350 dealers are pondering whether it is time to asses the chances of some form of pull back with 1.4050 looking to be the target and below this the long term trend support is way away at 1.3560. But against this is the benign neglect of the dollar by the US treasury and Fed. They see a weak dollar as a counter to the Chinese/Far Eastern trade block. Whilst this may stoke inflation, in the US the perception is that this is something that the current administration is willing to risk.
Sterling Yen neatly failed at the resistance mentioned recently at 235.50 and has come off sharply (although all pound yen moves appear extreme these days). Every day is seeing 200 to 300 point moves as either the currency pair seems to have got out of line against the dollar. Quite frequently a move up for the pound against the green back is made on the same day as a yen fall (and vice versa) and the combination of the two is causing some quite violent price action.
Gold attempted to get above $760 again yesterday but failed to make a mark and this morning we are back at exactly the same price as yesterdays open. We had the tightest trading session for two months. The last tightening range between the 24th and 30th of August was the trigger for the big move higher of recent weeks and if we spend a bit of time around the 755 level then chartists will be anticipating a break in one direction or the other.
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Spread Trading, 23 Oct 07
Markets have now neatly reversed the falls of Monday and in some cases are significantly higher than the closing levels just before the weekend.
The Far Eastern markets recovered their poise after the nervy Monday session and funds continue to pile into Chinese, Hong Kong and Indian equities with the Hang Seng managing a 1000 (!!) point rally and the Bombay Sensex up almost 700. Both well over 3% up on the day.
The FTSE spread betting market is opening some 45 points to the good on the off at just over 6500 (6505-6506 as I
write with Capital Spreads) and has bounced strongly off the support mentioned yesterday at 6400. As mentioned the 6400 and 6500 levels have proved to be both something of supports and resistances and punters who went home long last night have been taking profits on the open this morning. Yesterday started off on the bloody side for our clients but as the day wore on longs who held their nerve were rewarded. If we stay above 6500 for a while this morning there is a good possibility of buyers coming back again but punters are understandably twitchy about any direction just now.
The Americans did what they normally do when the Europeans make a big bear move on their markets, they traded in the other direction. US market do not mind going down but they always seem to hate it when the movement occurs outside of US trading times. If all a trader ever did was wait for the few times a year when the Dow was called more than 100 pips lower in UK morning sessions and then buy I feel that their win to loss ration would be very sweet indeed!! The US markets are called higher again this morning at 13593-13597 with Financial Spreads in the Dow and 1508.9-1509.3 for the S&P (above 1500 once more). With credit worries 'apparently' rising again, the equity markets might seem to be the second safest place to be (cash being number one!).
I say credit markets are 'apparently' being squeezed because the newspapers are full of it this morning. Unfortunately for all these column inches the Short Sterling and Euribor contracts do not bear this out as the front month December contract is pretty much where it has been for the last month. With the big US banks trying to set up this rinky dink vehicle for distressed debt we may be seeing some talking down of asset values so that they can be picked up at truly sparkling levels.
In the equities spread betting market, Debenham's have produced a profit increase of 13% on like for like sales down by 5% and margins down by 0.9%(?!?) They have achieved this by the addition of almost 800,000 sq ft of new floor space. The shares are now well above the lows of September of around 84p and are sunning themselves at 108.1-109.2 up 5.5p this morning. Our clients have been short this stock for a very long time and seem no closer to cutting out and after the last year who can blame them. With problems still on the horizon this is still a speculative recovery play.
S&N's defensive language is hardly likely to win friends and influence people. Calling a partner (albeit one who wants to take you over) 'incompetent' and 'dishonourable' take financial briefings to a new level. The Stock is still stuck around the 750 level at 764.1-765.4 as investors ponder the chances of a competitor approach. The big stock holders will not want to miss out on a potential windfall so the S&N board must make its best efforts to drive up the stock, I would be surprised if being gratuitously rude is going to achieve this effect.
On the FX front cable traded virtually the entire range mentioned many time over the past few weeks (2.0250 to 2.0500) in one day. We have now confirmed this range quite dramatically and our clients were happy to sit on the shorts built up on Friday and Monday morning. We are now attempting to emulate the price action on the 4th, 9th, 12th and 17th of this month as the charts show an almost perfect pattern for four days. If this time is the same we may see the markets climb to 2.0430/50, if this bounce is merely a mirage then we still have to get back below strong support at 2.0300 and (of course) 2.0250 before the bears came out to play.
As feared yesterday gold ran into a bit of a problem as weak late coming bulls, tempted by talk of $1000 an oz, were driven out of positions as the price dived by, at one point, $20. Oddly enough it fell neatly down to the support level mentioned yesterday at 745 before finding buyers once more and recovering to the mid 750's. Who says you never read anything useful! We are now struggling to get above the 756 resistance level and a failure to clear this point may bring sellers out again. Punters are (as ever) still long but seemingly not so confident as in recent times.
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Spread Trading, 22 Oct 07
Forgive me for being slightly smug but my comment on Friday morning wondering why the markets had not fallen that week on the frankly very grim US data was borne out by the trading activity. A fall of almost 400 points in the Dow is being followed up with an 80 plus point drop this morning as confidence drains away.
The curse of October seems to be striking again and investors can hardly claim they were not warned, coupled with the rather extreme recovery move after the August sell off punters have had an almost perfect trading environment.
The FTSE is being called to open over 100 points lower this morning at around 6420-2621 which is still pretty close to the end of September closing levels of 6466. The Dow and S&P are some 450 and 40 points respectively off the same days closing prices. The 6400 to 6500 range is very congested and, in what has been an exciting year to date, both levels have proved to be something of supports and resistances. With punters now trying to buy on the opening low quotes from 6414 upwards we may find that this view is taken by the main markets when they open at 08.00. Whilst the US economy is showing some strange dislocations (housing slowing/outflows of capital/weak currency against robust consumer/low unemployment/strong exports) the UK may find itself in a rather more difficult situation. The manufacturing sector has had a very good year to date but let us be honest
and remember how small it is now is compared to the wider economy. A slow down in the financial sector will harm the UK more than any other major nation on earth and the continued gyrations (whilst good for creating interest for spread betting companies!) do not lend themselves to good long term advertisements.
Fortunately for the reporting end of the market there are no major corporate announcements this morning. It always seems a little unfair when companies have to give out interims or trading statements when the rest of the market is going bananas.
There was plenty of press over the weekend about a company called S&N being taken over (but frankly who cares about a brewer who inflicts John Smiths Smooth on an unsuspecting public and then calls it a Bitter). There is a possibility that there will be a referral to the Monopolies commission but this would be more of a defence play by the company itself, as the three companies involved are actually 3, 4 and 5 in Europe which would not normally go to the commission. It would certainly not be in the best interests of shareholders. As mentioned here on Friday, the shares have stuck around the 750p level since the announcement and although there was a bit of buying right at the close which moved the price up to 767p, as shorts covered positions before the weekend (nobody wants to be the wrong way round if a rival bid gets announced on a Saturday!!), it is likely that we will continue to shadow this area until some more definite news is known.
Looking at the FX markets this morning clients could be forgiven for thinking that nothing much had changed but this would obscure some pretty volatile markets over in Japan.
GBP/JPY has had a 300 point trading range already and whilst we have bounced from 232.20 back up to the current 234.30 the short term chart looks like grim reading. Not surprisingly the bounce point of 232.20 was the kick off level for the recent pound/yen rally and the five day sell off has now just reversed the whole move. Punters will be watching the 230 to 235 trading range which constrained us for most of September. Momentum would seem to favour a fall and our clients are being cautious about getting long.
Dollar/Yen managed to get as low as 113.20 before finding strong buyers and as we can see from recent lows in August and September this general level is proving something of a buying opportunity for traders. The USD/YEN cross has now fallen from around 118.00 to the current 113.92-113.94 six straight down days. The perception that the US administration is shepherding a dollar devaluation is gaining ground and the announcement last week of net $80bn sales of US assets for August has had its predictable effect on the currency. If the cross can close above 114.15 this evening then punters may take the view that this is just another move in the oscillation between 113.00 and 117.50 that has been going on since the August sell off. A close below 113.40 would be taken very badly and may trigger some aggressive selling.
Oddly enough Gold has not taken advantage of all the equity market chaos and dollar weakness to move higher once more. It is tempting to guess that we may be hitting the edge of the envelope at the moment. The move above 750 last week has not had the sort of follow through that many may have expected and the longer we hang around at the current levels the greater the probability of a reaction sell off. This morning sees the price down a few bucks at 761.0-761.6 for the rolling contract and we are seeing some client selling of long positions. As mentioned over the past six months our clients have been religiously long of gold (aside from the odd day or two) but we are seeing a more general closing of positions in the last three or four days. Punters are not particularly bearish (there is little short building going on) but there seems to be a feeling of "let someone else have the next move". There is minor support at 756 and 745 and resistance at 765 and 770 (the high)
Spread Trading, 19 Oct 07
So we go up so we go down.
Somehow the US markets yesterday managed to read a whole series of c**p data as not too bad. The Far East had no such reservations and decided that a significant slowdown in its major market was pretty bad and the Nikkei ignored the stability and dropped 200 odd points. Cue this morning and we are back down again in response to the overnight NIkkei markets, which moved in response to US data, which moved etc etc etc..
The FTSE was trading at around 6630 at the close last night as the US markets rallied but has opened around 15 lower on the off. With the spread betting market at 6595-6596 we are running into solid buying from clients as they are taking the (not unreasonable) view that for the last few weeks we have been trading in the reverse direction to the most recent move. At the moment this is paying dividends in both the indices
(especially the Dow spread betting markets) and the major crosses. With most markets stuck in trading ranges dealers are taking short term pain in anticipation of longer term gain. We are now just below the 6605 level which is something of a trigger in either direction as we oscillate between 6594 and 6605 (five times so far this morning).
The US markets are not as sanguine as the FTSE at the moment. We have now (quietly) had five down days in a row although each day has had nice little bounces and falls. Dealers are wondering if the recent action is showing a market that is about to take a hit or whether we are just waiting for the next bullish impetus. The prospect of Fed rate cuts is bolstering valuations but investors should remember that the 2000 to 2003 bear market took place against weakening rate expectations.
There are no major corporate numbers today but the usual rumour mill is churning away. BG Group continues to attract bid speculation but the valuations are very stretched if these hopes go unfulfilled. S&N having shifted higher on the bid announcement has now spent a few days very tightly stuck to the 750-760p level. If there is a competitor bid then maybe it is worth pursuing but the S&N board have rejected the approach and Carlsberg are unlikely to overpay. 750 looks fine for now but probably not a share to stake your house on in either direction. Disappointment could see us very quickly back at 650p but a renewed approach would see 800p (at least). There would be no chance to get out if you were wrong so best only spread bet on this with spare cash.
As mentioned yesterday clients were looking at the Cable ranges and selling heavily on anything above 2.0430. As the market approached 2.05 this selling intensified and clients were rewarded with a re-affirmation of the 2.0500 resistance with a late drop in the cross. This morning the 2.0400 level seems to have held nicely and clients have taken profits and are now going long again. easy!).
The GBP / USD spread betting cross is now at 2.0425-2.0428 and we are seeing buying.
The Euro has shot through to new highs against the dollar after yesterdays economic data but there seems to be little follow thorough from the initial sharp shift. Traders will be watching the 1.4275 level as a close below here may indicate some short term profit taking. The ECB seems to be getting ready for the possibility of a rate hike (!) as inflation in Germany seems to be shifting higher. The other euro constituent nations are less than happy with the Germanic centric view taken by the ECB especially as the Germans have a massive trade surplus against most nations equally massive deficit. France, Italy and Spain would normally expect a weakening currency to aid in the balancing of trade numbers but the ever increasing value of the Euro just makes foreign imports cheaper and cheaper and their own product ever more uncompetitive.
Gold move strongly higher once more yesterday and this morning with the $770 level being traded at for the first time. Punters are just buying every small dip and are being rewarded on a continual trend higher. As mentioned before on this thread I am not such a gold bug and can find little reason to purchase at these levels other than the reason that everyone appears to want some. The trend and momentum charts are just one way and it would seemingly take a real shift to change the consensus view that precious metals market is the place to be.
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Spread Trading, 18 Oct 07
Yet another great day for clients as virtually every market moved in their favour. Longs in UK equity markets were matched with shorts in the US indices and the price moves after the Carlsberg, S&N announcement favoured both.
This morning the FTSE was called 20 higher but this early spurt has been given up as investors took a quick peek at 6700 and decided that it was a just a bit too rich for the moment. The chartists will be licking their lips if we drift lower from these levels today as this may indicate a strong rejection of the highs. With the market now at 6672-6673, unchanged on the day, there are a lot of reasons for sitting on your hands and awaiting events.
The Dow was almost a contra move day traders wet dream yesterday with the initial strong rally being heavily sold off then the sell off being reversed with a late rally to close unchanged on the day. Today dealers do not seem sure what to believe and our clients are hanging back with virtually no net outright position. Yesterday's candlestick day chart shows a very rare phenomenon for the Dow with a 'Long Legged Doji' indicating extreme indecision from investors. This could be a sign that the markets will continue to hover around these levels for some time. If you stand back a moment this is not surprising because whilst the corporate world appears solid with margins well under control and profit growth continuing there are significant signals on a macro economic scale that seem to be suggesting that there could be clouds on the horizon.
Punters have had a very nice time of it recently with everything from Gold to Currencies seeming to trade in the expected direction, now is the moment to make sure that those gains do not get blown away with any extreme aggressive position taking.
On the corporate front, the move by Carlsberg/Heineken for S&N was well hidden until virtually the last minute. A dribbling of news yesterday morning forced the bidders out into the open and no doubt there will be some internal witch-hunt going on to find the culprit. Nowadays the web will have to spread wide. Bankers, Lawyers, Printers, PR companies etc must all be brought into line before a bid is made and a leak could come from any of these sources.
S&N is now up at 754.6-755.9 in the shares spread betting market but Carlsberg have already indicated that a price above here is unlikely. Unless a counter bid becomes apparent we may not see much more for the time being. SAB Miller and Diageo from the UK and major brewers from the US may be tempted but for the British duo they may be put off by potential Monopoly and Mergers constraints.
Premier Research has come with interim numbers this morning and it is difficult to asses the impact. Revenue growth of 75% has resulted in lower net earnings due to takeover costs and higher running costs. Whilst this should result in better figures for the next half year, long suffering investors, who have seen the stock dive from 280p to the current 95p, have much of the potential good news in the price.
On the FX markets the pound has swung to the top of the trading range against the dollar and our clients have now got there selling boots on and are hitting any levels above 2.0430. There is a chance of a break out but only if we beat the 2.0475 resistance and close above it. Otherwise punters are just going to take this as yet another oscillation in the 2.0250 to 2.0475 trading range and set up shorts in anticipation of a shift back into the lower reaches. The moves today are generally a dollar weakness play and after the numbers showing huge capital outflows from the US (admittedly in August) players may be forgiven for wondering why this move did not happen yesterday. The US requires huge Treasury purchases every month to balance its books but foreigners had a net $50Bln plus sale figure in these assets. This means that 'saver USA' must have taken up the slack. If sales of US assets are matched with corresponding lightening of the dollars involved (and you have to assume this is the case otherwise why would you sell the treasuries in the first place) then we can anticipate a scenario of large dollar overhangs building up in the currency markets.
The yen has been the major winner over the past few days as it attempts to bounce form the recent fall out. The euro yen is forming an hourly flag formation and traders will be looking for a break out of this to give some immediate directional impetus but aside from this the cross appears to be very choppy in at 164.50 to 167.75 trading range. Sterling yen has run up against the 240 top which caused so much trouble back in April/May and the rejection of the price has resulted in a swift sell off back to the current 237.34-237.42 but the trend and momentum still favour the pound in this cross so dealers are unlikely to press too hard on the downside just at the moment.
On Gold we seem to have run out of puff for the moment after Silver rejected the recent rally. We have closed for three days in a row within a dollar or so of the previous day. Over the past few months this has generally meant that the market is just gathering itself for another push higher but with the dollar weakness today not helping our punters are starting to offload some of their longs for the first time in a while.
Oil had a choppy day yesterday looking for a break above $85 or below $82.80 in December Brent in several quite strong moves. All were ultimately defeated and we closed within 20 cents or so of Tuesday’s settlement. Punters are very unsettled wondering about the fabled $100 level
Spread Trading, 17 Oct 07
European Markets are opening slightly weaker this morning with US markets bucking this trend and pushing above last nights close. It is difficult to see an obvious reason for this but we are seeing some buying of the FTSE and Dax in early action below 6600 and 7950 and selling of the Dow and S&P.
Traditionally the market always falls in October, and when the year ends in a 7 this is apparently even more certain (don’t look at me, I don’t trawl through history to find this stuff out!). A few days ago with all markets poised to break to new highs you could have been forgiven for echoing Henry Ford's advice that "History is bunk" but now, after another US investment house has warned of overvaluations and Oil and Gold markets have shot up to new highs, investors are starting to wonder.
The Dow is now around 30 points above September's close but the FTSE is still 150 higher. If we believe in patterns then the next few weeks could be a bit fraught for the UK index.
The FTSE is spread trading at 6599-6600 having opened 30 points lower than pre-market estimates.
The Spread Betting companies are usually quite good at calling opening levels but this morning it seems that there may have been some spoof being played with early pre-opening bids and offers being pulled at the last second. Yesterday was a truly dire trading day with the FTSE trading the same 15 to 20 point range no fewer than 17 times.
A great market profile for our
Capital Spreads day traders who like to bet on the ranges. Dealers, as mentioned, are buying this morning in the FTSE so obviously the anticipation is for a recovery of yesterdays losses.
Sporting bet have released there final year numbers with operating profit at £7.4m (not bad considering they lost some 75% of their business in one go last year). But with operating margins at just 6.2% analysts will be looking for some serious cost cutting. Capitalisation at £210m means that much of any good news is written into the price which probably accounts for the fact that the share price has remained static this morning.
The FX spread betting markets seem to be very much in two minds. The Far East spent all the early morning selling Sterling and Euro sharply lower versus the Yen but the Europeans seem to completely disagree and have recouped much of the falls with some strong position buying. GBP/YEN was at one time down at 235.80 but has now bounced to 237.38-237.46 with our clients seeming to be very much two way, buyers matching sellers. The Euro/yen (like the sterling cross) has come off from the highs of Monday at 165.75 and dealers are waiting to see whether the support at 165.15 and 164.85 will hold. In early trade we did go below these levels but have now swiftly recovered them. At 165.24-165.27 we are still very close and the penalty for getting it wrong in this instance would seem to indicate that punters should 'keep their powder dry' for the time being and await the days events.
As mentioned a couple of days ago cable seems to be stuck in a trading range of 2.0200 to 2.0500 with 2.0300 and 2.0450 as a tighter range within this. The last two days trading action have brought this out once more with selling above 2.0430 taking us down to 2.0300 yesterday where buying was seen in enough size to see a sharp bounce almost back to 2.0400. Overnight the support has been tested again but yet again strong buying at 2.03 has seen the bears off. At 2.0353-2.0356 we are now mid range and seemingly going nowhere.
Oil still pressures the highs with December Brent Crude Oil Market at 83.47-83.52 just 35 cents off the all time high. There is no evidence of any profit taking just yet and if some of the geo political events actually occur then we could be seeing a nasty little spike. Turkey is annoyed with the States already after the old 'going back over ancient history' activity concerning Armenian atrocities around the time of the First World War. So may not be as amenable as it might be to a little persuasion over Northern Iraq. A US pull out from Iraq will (everyone knows but seems afraid to say) leave a huge power vacuum. Turkey would love the oil rich north, Iran the Oil Rich East and Syria and Saudi the Oil Rich West and South. After the last four years would anyone step in to stop them?
Financial Spreads >>
"With FinancialSpreads.com you get all the normal
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Financial Spreads review.
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Spread Trading, 15 Oct 07
Depending on who you read (or believe) we are either poised for a rally to all time highs or poised for a 1987 style crash. Frankly I am always surprised that analysts have to be so extreme in their views, it never seems to cross their minds when asked for a level at the end of the year to say something along the lines of "well I think we are pretty much fairly valued now, so for the end of the year I see us closing around these levels". Of course, far be it for me to speculate but investment banks (and spread betting companies for that matter) do not make much money in static markets so the temptation to spice it up a little is always there.
That and the fact that they would not get many column inches in the nationals!
Markets this morning are very peaceful with all the indices within a handful of points from Fridays close and our clients seem to be in their usual split personality. We are seeing buying of individual stock bets but selling of the indices as a whole. This seems to be the case across the spectrum with German, French and US equity longs being matched by punters being short of the Dax, Cac, Dow and S&P.
The FTSE spread trading market is trading at 6749-6750 just a gnats breath off the trading day high for the year of 6754. It is understandable that punters would be selling at this level as a failure to beat the 18th June and 13th July highs could set us up for that dreaded market signal "the triple top". Just look at what happened on the "double top" formed by the aforementioned 13th July print, we then managed to drop 15% in the next four weeks! We need to close above these levels to break the resistance in the short term so bears should be wary of getting caught up the wrong way round in a major bull break out.
Travis Perkins has surprised many by holding to their targets for the year. Many had been expecting a fall in volumes on the back of fears over the sub prime markets and anxiety over the future direction of the housing market. The stock has been decimated in the past six months falling from a high of 2121p to the current 1540p as investors have shunned the sector. The stock looks from the outside to have been sold down too far in anticipation of something that might not actually happen (a housing slump). Even a slow down in the housing market may not affect business to the extreme indicated, much of their business is in the home improvement rather than 'new build' sector. If home owners are forced to remain in situ the temptation to improve rather than move may well give Travis a different but just as lucrative and large market segment.
SAB Millar has run into the curse of the 'expected numbers' syndrome with the stock off some 25p this morning on sales up 11%. The company is now truly global and has outperformed the FTSE and its own sector to a startling degree over the past five years and aside from a spike up and reversal last week on the US merger news with Molson Coors the company seems to have all the bases covered. Lager sales in emerging markets are booming and even mature markets seem to have an insatiable appetite for 'new' premium beers.
On the FX front the Yen continues to weaken against the Euro with a renewed attempt this morning at the 167.65 level before slipping back to the current 167.45-167.48. A second failure here may bring out more sellers but in reality it is difficult to see a reversal in sentiment just at the moment. Japan is in danger of falling into deflation once more and wages are falling again (can you imagine this happening in the UK?) which is dragging down demand for the currency let
alone the continued attraction of the 'cost of carry' trade. Punters are long the Euro and Sterling yen crosses and are lapping up the double earner of interest income and price appreciation.
The Cable spread betting market continues to oscillate between 2.0250 and 2.0450 with a tighter trading range of 2.0325 to 2.0425 being the favoured one of our clients. The dollar and yen weakness is flattering the pound at the moment as the currency continues to probe support vs the euro. There is major support at 1.4265 and minor at 1.4310 which with the current price at 1.4325-1.4328 is not a million miles away. Traders are watching the levels closely as a break lower may give cause to offload other crosses as well.
Gold is up strongly this morning to new highs with strong far eastern buying in early morning action as stops above the 750 level were hunted out and killed. The climb in precious metals seems to show no sign of petering out and Silver has now breached the $14 level. Traders are long (as always) and sitting on their positions counting their money. I am continually surprised at the strength of a product that fundamentally has little value (you cannot eat it, use it as fuel, use it as special collateral (it is no better than cash), it's return (above capital appreciation) is pitiful and it's physical manifestation costs money to store), still the attraction continues and we can picture a spike in prices as the last gasp sellers are forced out.
For the latest spread trading update from Simon Denham click here.
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"With FinancialSpreads.com you get all the normal
advantages of Spread Betting plus..." >> read
Financial Spreads review.
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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.
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UK Spread Betting. When trading in the UK many people will want the key benefits of spread betting and well as UK facing companies. Below you will find both...read article: Spread Betting UK.
LMAX Mobile Trading, updated 25-Jan-12
LMAX, the CFD trading exchange has released its first mobile application, LMAX Trader. LMAX Trader enables clients to trade CFDs on the move via an easy to navigate interface, allowing for...read article: LMAX Mobile Trading.
LMAX, updated 25-Jan-12
Spread betting site Tradefair is building a website for derivatives trading that will propel it into the Contract for Differences (CFD) market. According to...read article: LMAX.
A New Year Gift from Clean Financial, updated 02-Jan-09
Before we see you next year, a little present for you. It might be one you have had already but we like to recycle and some of this comedy gold is too good not to...read article: A New Year Gift from Clean Financial.
Financial Spread Betting June 2008, updated 06-Jun-08
Spread Betting market trading update: The banking sector took it on the nose once again yesterday and HBOS is now 55p below the LOWEST point on the day of the bear rumour which caused so many headlines back in March. Barclays has experienced nineteen negative trading sessions in the last twenty and you could now pick up...read article: Financial Spread Betting June 2008.
Financial Spread Bet May 2008, updated 23-May-08
Spread Betting market trading update: This is likely to result in a double squeeze on retail spending through the remainder of this year. That, I fear, is likely to leave those retailers on highly leveraged debt levels in something of a pickle. Banks are not exactly...read article: Financial Spread Bet May 2008.
Financial Trading May 2008, updated 09-May-08
Spread Betting market trading update: As mentioned several times over the past few days the FTSE is struggling to overcome the 6250 resistance. Although we have closed at or around the level several times traders have shied away from buying above the line. The pressure still appears to be very much on the upside but we are vulnerable at the current level to some bad piece of news. Mind you, markets do seem to have finally got shot of the...read article: Financial Trading May 2008.
Financial Trading April 2008, updated 25-Apr-08
Spread Betting market trading update: We are still stuck just under the 6100 level this morning but the bulls seem to have the best of it at the moment. Every time we get up to this level it seems as though the break out is imminent only for traders to run...read article: Financial Trading April 2008.
Financial Spread Bets April 2008, updated 11-Apr-08
Spread Betting market news: FinancialSpreads.com clients have been building up short positions in indices over the past few days so they will be glad to see the market dipping back below the 6000 level this morning. This morning the market has wiped out only half of the gain it made yesterday and whilst this cannot be considered as profit taking, it indicates the ...read article: Financial Spread Bets April 2008.
Markets March Spread Trading, updated 28-Mar-08
Spread Betting markets: Markets went up down sideways etc but in the end closed pretty much mixed. Europe up about a percent and the US and Americas down a percent. Asia has joined Europe but not enough to influence the open this...read article: Markets March Spread Trading.
Markets March Spread Betting, updated 14-Mar-08
Spread Betting market information: If the moves by the US do in fact work then this should help across the board. Many punters will be shy of getting too enthusiastic as we have seen these rallies too often over the past few...read article: Markets March Spread Betting.
Markets February Spread Trading, updated 29-Feb-08
Spread Betting market information: Today we are looking at further opening falls with early the FTSE spread trading at 5945 - 5946 another 15 points lower. The volumes on the exchanges remains weak which is causing such heavy moves as market makers swiftly adjust prices. In conversation with some of the quoting brokers it appears that they are running...read article: Markets February Spread Trading.
Real-time Spread Betting Prices and Charts, updated 15-Feb-08
Spread Betting pricing information: The banking sector, which has been pretty hard hit anyway, took a triple whammy this week: UBS reported almost unbelievable sub prime/credit losses, Bradford and Bingley reminded us that there are...read article: Real-time Spread Betting Prices and Charts.
UK Markets Spread Trading, updated 01-Feb-08
UK Markets Spread Trading : When the going gets tough the blame game begins and one of the easy targets in every period of uncertainty is the banks. You can hardly open a newspaper today without reading some journalistic outpouring, railing against the evil conspiracy of global money. It might be a good moment to point out that...read article: UK Markets Spread Trading.
Spread Betting on Markets, updated 18-Jan-08
We answer your Spread Betting questions, plus offer tips on getting free Spread Betting charts, real time prices and...read article: Spread Betting on Markets.
Spread Betting Trading Online, updated 21-Dec-07
Find out where you can Spread Trade online for free, plus your Spread trading questions answered, tips on getting free Spread Betting charts, real time prices and...read article: Spread Betting Trading Online.
Spread Betting Futures Trading, updated 07-Dec-07
Where to trade plus updated Spread Betting trading news and the most popular Spread Betting questions answered....read article: Spread Betting Futures Trading.
Spread Betting Broker, updated 23-Nov-07
Where to find free Spread Betting Brokers plus regular Spread Betting financial trading news as well as the most popular Spread Betting questions answered....read article: Spread Betting Broker.
Spread Betting Platform, updated 09-Nov-07
Where to find free Spread Betting Platforms plus updated Spread Betting trading news as well as the most popular Spread Betting queries answered....read article: Spread Betting Platform.
Spread Betting Software, updated 26-Oct-07
Where to find free Spread Betting Software information plus updated Spread Betting trading news as well as the most popular Spread Betting queries answered....read article: Spread Betting Software.
Compare Spread Betting Companies in the UK, updated 27-Jul-07
We provide you free online information on the UK financial spread betting market. Financial spread betting allows you to bet on the key financial markets. Spread betting can give you an edge because the profits that you make from financial spread betting...read article: Compare Spread Betting Companies in the UK.
Compare UK Spread Betting Companies, updated 05-Dec-08
Compare the width of the key spreads offered by the spread betting companies. Does your company offer the narrowest spreads?...read article: Compare UK Spread Betting Companies.
Financial Spread Betting Articles, updated 12-May-09
Hundreds of spread betting articles from the latest news to spread betting tips to how to spread bet to where to find the latest prices, free charts and...read article: Financial Spread Betting Articles.
Easter Trading Hours, updated 13-Apr-09
Easter Financial Spread Betting Hours. Ensure you are not get caught out. The Financial Spreads opening hours provide an example of what you can expect. However please...read article: Easter Trading Hours.
Trading Hours Presidents Day, updated 18-Feb-08
A quick look at the President's Day trading hours. FinancialSpreads.com's opening hours provide an example of when you can expect the markets to be open. Please check directly with other spread betting brokers...read article: Trading Hours Presidents Day.
Holiday Trading Hours, updated 31-Dec-09
A quick look at the seasonal trading hours. FinancialSpreads.com's festive opening hours provide an example of when you can expect the markets to be open. Please check directly with other spread betting providers...read article: Holiday Trading Hours.
May Bank Holiday Spread Betting Hours, updated 04-May-09
With the European May Bank Holiday and UK Bank Holiday make sure you do not get caught out. The Financial Spreads opening hours provide an example of what you can expect...read article: May Bank Holiday Spread Betting Hours.
Spread Betting Search Engine, updated 25-Oct-11
Spread betting search engine and CleanFinancial.com site search and...read article: Spread Betting Search Engine.
Spread Betting Comparison, updated 25-Oct-11
Spread Betting Comparison Notes - details on the prices and services available....read article: Spread Betting Comparison.
Financial Trading Email, updated 08-Mar-10
Free financial trading email. Unsubscribe easily and immediately....read article: Financial Trading Email.
Financial Spread Betting, updated 07-Feb-12
The financial spread betting and trading website - free spread trading news, tips and strategies, spread betting company reviews, price comparison, important account options and...read article: Financial Spread Betting.
Daily Spread Betting, updated 07-Feb-12
Daily Spread Betting - a look at what is happing in the markets today - quick headlines, major economic releases and company announcements...read article: Daily Spread Betting.
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