2nd November 2017
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It felt wrong yesterday to suggest a short on the S&P at 2587 in the trade plan, however it worked out really well with the drop starting at 2588. The FTSE bulls failed to build on that initial move above the 7520 resistance though and unfortunately the long triggered late in the day (I had planned for the 7498 long to take at 9am, the low was 7500 instead at that time) so that got stopped out as prices dropped off during the late afternoon. The Dax bulls were out in force though, nearly managing the 13500 level during the session. With news that Powell will likely be the Fed chair (to be confirmed at 7pm this evening if its him or someone else), and therefore a continuation of the Yellen era, the US markets might well rise again. The Fed kept rates unchanged yesterday, we have the BoE today (0.25% increase to interest rates expected) and NFP tomorrow. Apple results also mark the end of earnings season. For the FTSE100 bulls, the line in the sand is still 7520 – a break of that is needed to test the 7555 level.
FTSE Outlook and Prediction
Its all going to get lively at 12pm as the BoE announce the rate decision. We also have Trump confirming the Fed chair at 7pm. After the rate news from he BoE we have the inflation report and we may well get a clue as to whether Carney is feeling more hawkish or dovish and therefore that may well set the tone for the rest of the UK session. Either way the rate news will affect cable and a spike up on that will see a bit of FTSE 100 weakness, while a drop in cable will see the FTSE rise. Overnight we have been quite weak, with the FTSE 100 futures dropping to the 7450 support level mentioned yesterday. The bulls will be keen to defend this level as a break of 7450 leads to 7400. They weren’t particularly strong yesterday to hold that brief move above 7520, dropping back from 7530.
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Hi Nick !! Just wanted to address an issue with accessing your forum. It doesnt show posts for the day after say 5-6 posts its all blanks I can see someone wrote somehting and how long ago but on accessing it just blank . Also wanted to know your views on trump selecting his finance minister and how does it effects markets. THNKS
Oh right sorry about that. Not had anyone else say they have an issue, and seems to be several messages being posted. I am using Safari and its fine in that. Might be worth clearing your cache?? Or maybe you have a browser extension that might cause an issue?