FTSE Daily Trends

Hovering around 6000 still, low volumes until the new year. Chinese interest rates were raised to 6% on Christmas day – initially markets dropped but FTSE has since recovered. The bears will be using any strength above 6000 to short.

Have added Matra Petroleum (MTA) to the portfolio as a potential star for 2011.

FTSE Daily Trends

FTSE Daily Trends

2 Responses to “FTSE Daily Trends”

  1. John says:

    Hi Nick, not sure if this will amount to anything, but the dow has reacted off a key fib level possibly indicating the end of the 5th. I’m short the dow at the moment, i wonder if the FTSE will be following..a close one to watch. I’m sure it would be far too convenient to nail the very top of the dow though!

  2. Nick says:

    Hi John, it could well do. 6000 was such an obvious short for the short term that its bound to pull back from there. I have shorted the 2 peaks above it successfully in the past few days. We could well drop down to the 5850 level, but there are some ill winds blowing on the China news front http://www.telegraph.co.uk/finance/china-business/8232336/China-slows-as-tightening-start-to-bite.html so it may drop further.
    I must admit I took a lot of profit off the table on individual shares on Christmas Eve – I expect quite a few others have as well.