Blue Chips Rise as German Chancellor Eases Back on Greek Demands
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UK Market Comment, 17 June 2011
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close, the FTSE looks set to finish positive for the day.
Blue chips in London are set for a rare positive close as hopes of a move forward regarding Greek debt have given a lift to sentiment.
With German Chancellor Angela Merkel easing back on some of the initial demands regarding Greece, investors have taken this as a positive sign that we are at least nudging close to some sort of resolution.
However, with so many false dawns regarding European debt, it is clear that no one is exactly over-enthusiastic about taking on large amounts of risk over the weekend, and it would be naïve to believe that a small one day rally suggests that the good times are once again set to roll for stock markets.
Developments over the weekend could make for a volatile start to trade on Monday and shares spread betting investors will want to see shares build on today’s stability. The last six weeks have seen plenty of rallies run into trouble and for markets to turn lower.
For traders, it will take a good triple digit rise for the FTSE 100 to start putting the pain of the last month behind them, otherwise we could well see more difficult times when trading resumes next week.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
Shares, where to find free charts, live pricing, how to trade etc >> Shares 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
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UK Market Comment, 16 June 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
The Greece crisis has refused to go away, prompting another day of red for UK equities.
A relief rally on Wall Street has stopped the FTSE 100’s fall turning into a real hiding. The closing 0.7% loss is easy to stomach compared to its earlier place down nearly 100 points, until you remember that blue chips suffered much the same fate yesterday.
US markets somehow found support after a dreadful Philly Fed number caused a rapid spike down. However, the support looks merely technical and potentially due to excitement over a reasonable weekly jobless figure.
One thing traders are facing in abundance is volatility, with the VIX index showing its highest levels since the Japan earthquake in May.
The lack of clarity around the Greek debt situation has continued to worry European markets. Government resignations and reshuffles, as well as the IMF getting involved, have all made the story hard to follow.
Talk of postponing any agreement until July has only added to the finger-biting. One thing that is certain is the all-time low the EUR/CHF rate reached (1.1950), as well as the sound beating the euro has taken from the Dollar this week. It looks like it will remain one-way traffic for the Euro whilst the debt saga rumbles on.
How and where to spread bet on:
EUR/CHF, where to find free charts, live pricing, how to trade etc >> EUR/CHF 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,
24 hour spread betting ..." » read
IG Index review.
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'Blue Chips Rise as German Chancellor Eases Back on Greek Demands' edited by AG, updated 17-Jun-11
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Daily Closing Market Comments Index
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