9th June 2017
What a shambles. That’s what happens when you get greedy kids – it doesn’t work how you think it will. May was arrogant and thought she would walk that election and increase her majority. And thats backfired spectacularly for her. Whatever adviser told her to call the election should be fired as we now have yet another political mess, especially as she didn’t really need to call it. Just arrogantly believed that she would be voted in with an increased majority. Greed once again, pure and simple. Wouldn’t be surprised if we have a Labour/SNP tie up next week and see Corbyn as PM next week. Certainly makes the Brexit negotiations a lot tougher to push through now. These MPs never learn though do they! Suppose they are only really interested in how many millions they can earn once they leave office. Which will probably be tomorrow for Theresa – she didn’t last long…. Wonder how well Trump and Corbyn will get on?!
The result has seen cable plummet and is probably heading back to 120 at some point (maybe that 112 low back on the cards too), which should keep the FTSE 100 up in the short term due to the international companies earning money overseas. Different story for the UK based companies over the next few years though. Thats the only thing keeping the FTSE up at the moment as uncertainty would usually see it fall.
FTSE 100 Outlook and Prediction
Well, got to try and make sense of this to a certain extent but it would probably be a good idea to let the dust settle and see how the day plays out and the political uncertainty is sorted out.
So, today….. Could do anything really! Cable has taken a battering so far and probably will continue to do so which ironically is likely to underpin a rise in the FTSE 100. I am looking at support at the daily pivot area around 7430, and we actually have a bullish 30min chart to start with today, after the bounce off the daily coral overnight at 7385.
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