Spread Trading 24 Jun 09
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Trading 24 June 09
Markets this morning tried to open on the side of the angels but sellers have been quick to get involved and the FTSE has slipped from the 4250 level on the off to around 4220 as I write.
We are seeing heavy buying from Financial Spreads clients who have watched the index unsuccessfully trying to break below 4200 for the last couple of days.
While I can empathise with the feeling that, as nothing has really changed over the last few weeks, the markets have fallen far enough I would be wary of getting too over exposed just at the moment.
I fear that too many funds/traders may have bought into the recovery story. With the low volume summer months upon us there is a reasonable chance of a squeeze on weak longs forcing a sharp shift lower.
It would be advisable if you are tempted to take out any positions at the moment to be less aggressive than normal. Watch for a break of 4217 and below here 4200 which both represent minor supports.
As mentioned several times over the last few weeks cable has been trading the $1.6200 to $1.6550 range and yesterday was yet another example. The morning low was at $1.6210 and the current GBP/USD spread is $1.6534-$1.6537. For those who read the signs, it was a candy from a baby moment.
We are now seeing clients exit longs and taking profits. We have also seen an increasing number of reversals as well with shorts being built up above $1.6500. If you have played the game over the last six or seven days, why not do it again? I suppose that is a reasonable view.
Short players should be wary though of a move above $1.6575 as there is a solid resistance range from $1.6540 to that point. If the pound manages to get above this mark there may be a further shift higher.
Crude Oil made a recovery move from the weakness of Monday as the support at $66, observed in yesterday’s comment, proved too much to overcome.
We have the inventory data out of the States this afternoon and traders will be looking to flatten positions before this.
Look for some possible weakness in morning and early afternoon trade as the market is long at the moment. The real direction will probably occur later in the session.
Also see today’s new feature: UK Taxes and Stronger Banks.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'Spread Trading 24 Jun 09' edited by SD, updated 24-Jun-09
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