16th June 2017
Well that was rather bearish yesterday, with a fairly strong decline down to the bottom of the 20 day Raff at 7380 whereupon we had a decent bounce. I bet a few bears that got stopped out on the rise to 7555 were rueing that move! The move down was driven mostly by the fact that 3 members of the BoE had voted to raise rates sooner rather than later.
Gold and Oil also declined, while sterling spiked and moved back above 12750. Ian McCafferty and Michael Saunders joined MIT professor Kristin Forbes in voting to raise rates to 0.5pc. The MPC said inflateon had picked up more quickly than expected in since its last economic forecast in May and a further fall in the value of the pound since its last evaluation of the economy would also add to upward pressures on inflation. Prices, as measured by the consumer prices index (CPI), rose by 2.9pc in the year to May.
Meanwhile, Eurozone finance ministers reached an agreement to release €8.5bn (£7.4bn) in bail-out funds for Greece, allowing it to avoid a summer default. Tin can, meet road.
Overnight the FTSE 100 has remained around the 7430 level, and we may well see a rise and dip sort of day.
There is option expiry at 10:10 this morning so expect some spikes then.
FTSE 100 Prediction
I am thinking we might get a rise and then dip day ahead of the weekend, and don’t forget opex at 10:10 so expect a spike around then, till approx 10:20. The bulls have managed to build on the rise from 7380 where we had the 20 day Raff channel bottom yesterday and we may well get a bit of a push higher today before a drop back.
Yesterdays news on the BoE rate vote is todays fish and chip wrapper so it will be eyes onto something else. Greece has had a sticking plaster to keep the wolf from the door for a while longer. We are also at the bottom of the 20d Bianca at 7424 though the 10 day is a bit lower 7395.
Generally it all looked pretty weak yesterday but got a bit oversold on the hourly, and the daily RSI is now at 41. To be honest it was due a pull back, and was struggling to break 7600 but now we have had a flush down it might be challenging the highs again soon. June is usually a poor month for stock markets anyway.
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Positions flipped to a short bias
No options on Dax? Price barely moved.
Dax is upsetting.
anstel, it should be your lucky day.
Patience grasshopper…
Don’t tell me you didn’t cash out? That was an opportunity, there’s no guarantee it will go higher, it’s just an option.
Just relax….were still breathing arn’t we…..its a lovely day…..
There’s no guarantee it will go lower now either remember…
I understand you, it’s not as bad as before so it may get even better. I wonder what is your star sign, your patience must be coming from there. 🙂
Could well be :0)
Lucky spike on Dax saved my long and gave me profits. 39.5 exited
Confused bearish sentiment with a bullish pattern. That happens.
No, anstel, I am not one of those patient ones. I think I should just withdraw my bad trading profits today and go to ASDA.
Dax got a longish bias again, but I am not trading that.
And glad I didn’t go for it. anstel, you should have cashed in, Nick said “we may well get a bit of a push higher today before a drop back”, that spike on FTSE looks unrealistic, it was hardly an impulse. This pattern has prevailed for the last couple of weeks: spike up and slow decline. Hope you are not deep under the water.
I have contingency plans in place…….
It’s a coil
Got a gut feeling later in the afternoon we may see a typical Dow sell off.
Short…
FTSE 73 this morning.
Closed a few dax positions for +25.
In heavy -ish Dow short
Pump team make technicals useless. So this is all gut
Si is missing these dumps. He will be kicking himself !
This could really go down hard, depends if pump team let it?
Any idea on where this Dow sell off will find support. ?
Woo hoo…
It hasn’t gone yet….80 points in Dow terms is nothing
100ma on the hourly is holding it for now…. nothing supporting it moving average wise until 21,090, then there’s the 800ma at 21,000ish
Be careful guys
It’s going to run back up and carry on making new highs. Very jumpy candles
I see that on the hourly, makes sense about holding and supporting.
Closed below 50ma but above 100…. see how this candle closes
Pulled my stop to a small profit.
Not had the best week, but feel I have embedded a few extra rules to what’s needed to be successful. Time will tell if I’m right about that last comment. Have a good weekend all. Carpe diem fellas.
Evening chaps,been totally focused today…..well I have had to draw on every last ounce of experience and emotional regulation on this Ftse long…..I’m out at 7492.3….. Made 4 figures on the trade but I lost more closing out half my position on the way down the other day,however I bought it back at a better price and also made some other slight changes along the way…….,Had a great Monday …..made other good trades this week on top of the gain on the long ive just closed…but the loss closing the half on the drop was more……I’m three figures down on the week…..I can handle that :0) …I was under some serious pressure on this trade and ive been up 3 nights nursing it……..yes ive lost but I’m extremely pleased with the way I have traded myself out of this last long………I need to further adjust my strategies and my rules .,they work,but they need a lot of thinking about and fine tuning……yes I have lost a modest amount but overall I’m pleased with myself and its further reinforced my big weakness …..The thief in the night…….work still in progress….good weekend all and best of luck….
I closed all my positions tonight on indices. I did well this week but it was luck more than skill as it feels like any one of a thousand variables can trip you up, and no matter what your skill it’s irrelevant unless you have inside knowledge. This compounded with manipulation I am going to stop trading them (unless a no brainer presents itself).
I have spent a lot of time researching platinum. My grid method I used pre Trump was really effective and so with the price of platinum at rock bottom I’m going to give it a whirl.
There’s just too much BS with markets, the Dow and MR Pump, data that means nothing. I need a more stable and fundamental based market.
Hi Anstel, self reflection is key to developing yourself. The Human condition is such that lessons are rarely learnt unless significant consequences result.
Good luck Anstel, you already made it as your doing what you love.
Good weekend