Spread Betting UK 25-26 March 2010
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UK Market Comment, 26 March 2010
Closing comments from Tim Hughes, Head of Sales Trading, IG Index:
As we approach the close, the FTSE is struggling to hold clear of the 5700 level despite a bumper start to trade on Wall Street.
In what has been a quiet day for fundamentals, the London index spent much of the session trading in a narrow 20 point range.
There was a quick foray below the 5700 level and, despite the subsequent rebound with sentiment across the Atlantic helping out, there’s no sign of a late rally.
The upbeat US GDP reading fell short of earlier revisions so this carries with it a mixed note, although equities should be buoyed by the fact this news will keep bond yields in check.
Whichever side of 5700 we finish the week could well dictate the mood as we approach the long Easter weekend.
Certainly if there’s no support being seen despite the rebound that’s occurring on Wall Street then it’s difficult to imagine that the rally will find much more energy in the face of month and quarter end profit taking.
The awkwardly timed Non-farm payroll figures, which will be released next Friday when many markets are closed, also stands to increase nerves amongst traders.
However, it’s worth noting that volatility indicators have been edging lower through the day’s session, with the VIX now trading at 17.2. Still, this is still some way above the multi-year low of 16.17 seen earlier in the week.
At least we seem to have made some progress with the sovereign debt issues but the scope for a curve ball to be delivered to markets in the coming days still remains.
All in all it makes it rather difficult to imagine where further sustainable upside can come from.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
Wall Street, where to find free charts, live pricing, how to trade etc >> Wall Street Spread Betting
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,
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UK Market Comment, 25 March 2010
Closing comments from Anthony Grech, Market Strategist, IG Index:
The FTSE has maintained a steady onward march in afternoon trading on the back of positive economic data locally and across the pond.
The FTSE 100 carried on the morning’s good mood as Wall Street opened higher on positive recovery indicators.
US employment figures and a few promising words from Fed Chairman Ben Bernanke about maintaining ‘accommodative policies’ carried Wall Street and the FTSE on its back.
At home, UK retail sales figures for February rose strongly compared to January, up 2.1%.
Thomas Cook Group has been the biggest winner on the day, up 6.64%, while Next, Cairn Energy and British Airways also delivered strong performances.
Old Mutual, Vodafone and Kingfisher were ahead in the red, each down more than 1.30%.
Much of the FTSE’s long-term recovery has been based on optimism driven by a fiscal policy that has pumped the economy full of cheap cash at low interest rates. As a result, today’s strength can be attributed to some genuinely positive results in the wider economy.
With the index now pushing beyond a 21-month high, traders will be looking to call this latest rally’s peak and we may see a slowdown, if not a sell-off, in the short-term.
Imminent tightening of monetary policy by the BoE remains unlikely. Therefore, if we continue to see upbeat news hitting the wires, and if investors can hold their nerve in the face of these increasingly vertiginous heights, there’s no reason to suggest the index won’t continue its impressive recovery.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
UK Shares, where to find free charts, live pricing, how to trade etc >> Spread Betting on Shares - FTSE 100 Companies
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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'Spread Betting UK 25-26 March 2010' edited by AG, updated 26-Mar-10
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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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