Possible rise to 5950, 6000 today, could be starting to turn bearish though

Support 5900 5890 5871 5820
Resistance 5953 5974 5976 5986 5998

Good morning.
Market Summary for Tuesday
The correlation of the oil price and the markets persisted today with oil initially below $30 then rising quickly on possibilities of oil production cuts by suppliers. The FT100 was initially down over 100 points but managed to close above 5900 on the rumours. Fortunately it turned just after the long took at 5785 and well done to those that managed to run that up to 5850 or more. The main sector gainers were oil and commodities with some travel companies the weakest.

US & Asia Overnight from Bloomberg
Asian stocks rose after a rally in U.S. equities, with Japanese shares jumping and industrial companies leading gains.

The MSCI Asia Pacific Index gained 0.9 percent to 118.83 as of 9:03 a.m. in Tokyo, while Japan’s Topix index added 2 percent. The regional gauge is heading for a 9.9 percent decline this month as concern about a slowdown in China and a rout in oil and other commodities sent shares tumbling. The Standard & Poor’s 500 Index rebounded 1.4 percent on Tuesday as investors looked past another selloff in Chinese stocks to focus on a rally in crude and better-than-forecast earnings. Attention now turns to central banks, with both the Federal Reserve and the Bank of Japan reviewing policy this week.

“We could see a short-term rally,” Angus Nicholson, an analyst at IG Markets Ltd. in Melbourne, said by phone. “A lot of the markets around are trading at such low levels that they tend to draw buyers back into the market. We won’t be calling a bottom just yet. We’re probably going to see weak economic data from China in the first quarter and that’s going to add pressure on oil prices.”

E-mini futures on the S&P 500 dropped 0.6 percent. After U.S. cash markets closed, Apple Inc. forecast a decline in sales for the first time in more than a decade, adding to evidence that the market for smartphones is becoming saturated and that expansion in China is no longer enough to maintain the company’s unprecedented run of growth.

Regional Gauges
South Korea’s Kospi index rose 0.8 percent. Australia’s S&P/ASX 200 Index lost 0.7 percent as it opened after a holiday, with investors awaiting inflation data. New Zealand’s benchmark gauge added 0.3 percent.

Futures on the FTSE China A50 Index advanced 1.1 percent in most recent trading, while those for Hong Kong’s Hang Seng Index climbed 1.8 percent. Chinese data on industrial profits for December are due Wednesday.

The Shanghai Composite Index slumped 6.4 percent on Tuesday to the lowest close since December 2014 amid concern capital outflows may accelerate as the economy slows. Outflows jumped in December, with the estimated 2015 total reaching a record $1 trillion, more than seven times higher than the whole of 2014 based on Bloomberg Intelligence data dating back to 2006. [Bloomberg]

FTSE Outlook and Prediction

FTSE 100 Prediction
FTSE 100 Prediction

After yesterdays rise I am feeling a bit more optimistic that we will see 6000, and probably the 6050 level I have mooted a few times. However, we have resistance at 5950 first thing today which is worth a tentative and risky short (yesterdays risky long at 5785 actually turned into the trade of the day, if the price hadn’t dropped back to trigger the breakeven stop) with 5975 and then 6000 above that. If the bulls break 6000 then 6050 is very likely, and possibly even 6100. Just to match up the FTSE with what I think oil will do, I am thinking a rise from this $30 level to $35 but then another decline to $16 – that would tally with a bit more upside on the FTSE and then further downside towards the 5400 a level also mentioned previously.) Anyway, for today, we have the daily pivot at 5871 for some support if we do drop off 5750 early on, however with the arrows I have been a bit more optimistic and gone for a rise to 5980 where we have 2 PRT lines then a dip to 5930 before a rise to 6000. It is going to be an interesting day as we also have the Fed later releasing their latest rate announcement at 7pm. No dividend today either. In other US new, at 3pm we have some housing data which is forecast to show a month slow down to 2% from 4.3% previously. So, generally feeling bullish today but watch 5950, 5975 and 6000 for short entries and get stops to breakeven ASAP – one might turn into a runner and see some downside, otherwise it will pop up to the next level of resistance.

180 Comments

  1. Hello chaps.
    Rinse and repeat of yesterday’s fruitless tactics for me, selling 2X on rsi highs, scalping one and running the other break even. Working ok off 5920 atm.
    Real test for the bulls coming up, I’ll bore you with a 4 hours chart and upside possibilities in a little while.

    2. Oh, go on, bore me, please!
      Going to run shorts from yesterday a bit longer, see if they can’t give me a few quid. As you say, bulls have got to do some work to get it much higher…..famous last words.

        1. Morning All,
          I was thinking after yesterday’s heroic rise (relentless or what !)
          that today will simply be a range bound day.
          Certainly the RSIs and small divergences would indicate this for the time being.

  2. Morning all,Hugh just read someone on Twitter saying something similar to what you said yesterday re Currencies as the “tell” rather than Oil,they were highlighting Yen and have a page full of Charts.Ariel @Chartlines if you are interested website is http://chartlinestrading.blogspot.co.uk/ but I havent looked at that yet.

      1. Yen is seen as somewhere to run for safety……I was watching USD/JPN a while back and when the Dow was dropping the JPN would get stronger against the USD.not been watching it recently though and city’s minimum position size is 100 units!!!!. I asked tmfp what the minimum size was on I G and I’m sure he said 1 unit…..another plus for I.G.

        1. Yes, it’s a quid.
          USD/JPN has been a carry trade for a long time, playing divergent interest rates, too esoteric for an old man like me.
          Read up on it, not as simple a correlation as may appear if you’re just looking at the price in isolation.

          1. Whether you have a few years on the clock or not tmfp your as sharp as a pin……..there was a young bull with his dad on top of a hill looking down on a field full of cows.The young bull said hey let’s RUN down to the field and have some fun with one of those cows……..his dad said ..no son..let’s WALK down to the field and have some fun with all the cows!! :0)

          2. Yes the withdrawl of cheaply borrowed dollars from Asian Stock Mkts has multiplied the comm fall effect too,just kills everything.I have a watchlist of co.’s that are all about domestic consumption,but short on the funds for the LTBH at the moment 🙁

          4. Sorry anstel,Long Term Buy and Hold.
            I have two types,overseas investments in developing markets and Short term trades that went wrong 🙂

  3. Hopefully Apple’s poor results yesterday will hurt sentiment, and push the US down heavily when they open later on. Took some profits on Dow from 16170. There could be a big sell off and hopefully push them down towards 15500 sometime today.

      1. Tried long 12.06-12.30 on dax for 20 points, booked. That is my longer holding today, very pleased. I know I should have re-entered at 12.37 but received rather important news so was away.

        1. That’s great Jack 2. Do you know what I think about your trading? I think you get the direction of the moves right but maybe you are a little too nervous to leave the position open and run your profits a bit more.if I where you I would keep small size,a wider stop,and try and leave it a bit for time to accumulate a bigger gain,you could always bring a manual trailing stop up behind your gains,I’ve never done it manually on the Dax because it’s the most volatile index IMO but I have done it on the Ftse.its a full time job moving the stop as the market breaths and sells of before further rises but it can be rewarding.If the situation was in reverse of our present market…I.E.if we were at all time highs and you were shorting as your position got into profit you could bring your stop behind it and then add position size in increments with a stop behind each increment.I don’t think adding size is a safe practice to use from here though because it wouldn’t take much to spook the market and it could just fall right through your stops especially with Fed later,and it could leave you with a bigger loss outside of your risk parameters. Good Luck Jack.

          1. It’s just my opinion Jack so tell me to shut up if you like but I think if you work on your emotional side of trading……namely fear and greed,mainly fear I think in your case.keep size small and just say is this going to kill me or significantly alter my life it I lose.provided you take steps to protect your maximum level of acceptable loss you will still be OK. Then just push your emotional boundarys noting how it makes you feel.We are all programmed by the reptillian part of our brain into a fight or flight response.There is no Big Lion about to eat us but we perceive it as if the market is that lion.you will still feel uncomfortable but breath deeply and reevaluate the worst case scenario.just try it and see…other thing as well if you have a string of winning trades at minimum size don’t get overconfident and up position size as that’s the trade where you give it all back and some.hope that helps.

  6. As promised, some RSI thoughts (seeing as that’s the only thing I half understand), plus some other basic technical signals on the four hour IG.

    The stand out rsi (10) feature is that 60 has been a lid on any rises this year, classic bear stuff, until last Friday, when it crept over but didn’t hold, a false breakout but a breakout nonetheless.
    After failing though, 40 rsi held and bounced hard, a bull characteristic.
    This is a potential switch around.
    In doing so, a 50% retracement of the 300 pt bounce off the low ALSO set up a potential reverse head and shoulders, the head being 5600 (5640 cash) and the shoulders 5740/70.
    For this bullish reverse H&S to complete, the neckline of 6000 must break.
    If it does, then the target would be the sloping weekly downtrend line at the top of the chart, currently just above 6200.
    Also keeping an eye on the uptrend line off the lows, currently around 5840 for a brave pull back long (100 pt stop on break of yesterday’s low and break of 40 rsi)).
    Back to the upside RSI, a break of 6000 would mean smashing through 60 and an extension into overbought ~75, maybe to ~6100, before a pullback, then onto the trendline test with 6000 turning into a support for that.
    http://i.imgur.com/fh8noMY.png
    Tl,dr: Not as bearish technically as it feels, buy a break of 6000.

    1. Morning tmfp,very interesting post this one,you said if I see something to say well I did and posted it at 5am on ydays board but if anyone’s missed it I will mention again.I woke up about 5am ish and had a look,The A50 was very very weak at around the 8700 mark the Dow had only dropped to the 16043 area then the A50 gained about 50 points and the Dow shot up to 16100 in a few short minutes.I believe there’s a lot of upward potential in the Dow,it’s waiting to break out in my opinion,I have no proof but when it lines up with what your saying and the fact the A50 could bounce from a relatively low level plus the Fed later and I read somewhere Yday something about a meeting to cut the oil supply but I can’t find it now.bottom line I think it could turn quite bullish quite fast FWIW.

      1. Thanks.
        Yes indeed, lots of things could happen.
        TA is all about “if X happens, then Y looks likely” which was the point of the post.
        I find it easier to work out potentially good R/R entries by using TA, rather than trying to estimate the value of news “noise” in terms of points.
        I’ll have a hunch trade with the best of them, but realise it’s a pure gamble and limit risk to a minimum.
        If I don’t follow a system which I believe has value and clear parameters, I may as well buy scratchcards.

        Re: your A50/DOW correlation, fair do’s, but at 5am NY is in bed or the bar and the DOW illiquid, so be careful of reading too much into comparisons between open and closed markets.

    2. Thanks,tmfp,5840;pivot is 5867 and S1 5815,assuming Yellen is Dovish and a rise gets sold into be interesting to see where it settles.CityIndex still havent taken their 4000 point move off their charts,so I have strong S at 1913 if we breach 5600 🙂

        1. Mind you my Laundrey Bill was £4000 to get my underwear clean.ive not quite regained my normal rhythm either :0)

      2. Wouldn’t worry too much about longing it, if we hit 1913 the internet might get a bit unreliable anyway.

        2. I would be straight off to my bunker with as many cans of corned beef and bottles of water I could carry,oh and a couple of magazines !

  7. FTSE only low volume drifting, can’t even hold a shallow uptrend, just broke at 82, if 75 goes could see a lows test and maybe 50’s.

    1. I read that there’s DAX support around 9670? Looks like it want to have a look at it, maybe after holding 730 this time.
      Got a little extra ftse short at 81 10 stop

      1. Think it might turn before 700,Dow doesnt seem interested in pushing down to 16000 they have Mortgag apps at midday and then nothing I can see before they open,expectation seems to be a Dovish Yellen later.

          2. Didn’t quite make it that time but nice on the DAX for a try at 800, so a little long at 86 for 900+

          3. Laying that long off against my 20 short, more upside now 900’s broken I think, especially if DAX can hit the 800’s.

  8. Just closed shorts for the square root of nothing – which is better than dropping loads I s’pose. I think I’m wrong but it all feels very nervy and could easily move either way quickly.

      1. As you say always another trade…..so I’ve just put a few quid on Scotland to beat England at 2.5s. Has to be value!

  9. Hess corporation have announced capital spending cuts of 40 %. I think the Americans are going to reduce output of WTI. Put it this way if any of us had an oil well in our back yard we wouldn’t be selling our oil at bottom dollar would we …no we would save it till the price goes up……..Oil is the New QE.

  10. anstel you are right – oil is the new QE, i can see some more bearishness for the next day or two before the bulls take over

      1. Sorry That should say I CAN see a strong rise on the horizon………got bloody fumble fingers tday.

        1. Anstel, you need to a bit careful with your analysis of the oil market! Just remember they can’t just turn off the pump so they have to store it somewhere. There was a story in the paper the other day that a Canadian refinery is CHARGING producers 50 cents a barrel. So multiply up the overproduction by about a year and it is clear that the business to be in is oil storage.

          1. Thanks chippy but look, if the fed can pump $85,billion a month into QE 3 your suggesting that they can’t afford to spend some on storing a commodity that will go up in value because your storing it …… Oh and with an added bonus of a stock market rally to suck in some more money,come on chippy please.

  11. This FED meeting at 19.00.
    They can dress it up however they like, but they painted themselves into the corner that led to the rate hike, probably for US political reasons.
    This afternoon’s DOW will be a balance between risk off all round i.e. quiet and range bound 16000/16150ish, or hype rise in thin volume.
    As there’s nothing more than talk likely, the reaction afterwards might indicate CB jawboning is becoming less and less credible, like their other attempts to lipstick the pig.
    So, I’d lay off shorting for now, but be ready to in the mid high 16200’s and equivalents i.e 5950ish ftse.

    1. Carney was clear yesterday about what he thinks and all of his thoughts come from the Fed,so I suppose we’ve been told how Yellen will talk,they were blaming reduced co profits on $ strength earlier too.

  12. I’m long Ftse from 86 at the moment…….just like tmfp says Im planning on a possible short on the Dow at around 16250 but keeping a very open mind on shorting levels.I am only going to short a very very strong rally.if it’s not a strong rally I’m just watching. FWIW and IMO …….TAAT…….TTFN :0)

      1. Didn’t think about short at all. I am a scalper: when I see long I take long, when I see short I take short. When I see it, I suppose. My task now is to learn to hold longer and write me experience down. It helps. Today held 25 minutes – the longest this year, it’s better than 2-5 minutes.

        1. Yes, I’m trying to do the same, held a short today for five hours must be some sort of record!
          It’s difficult to partition your mind though I find, when on the one hand you’re looking for small quick scalps and on the other at the bigger picture.

      1. Out for nothing, although I think upside is limited now, a good DOW open priced in.
        Just watching for what they do, a quick + from the off, then what?

      1. Fine for me,was slow this morning though,try reinstalling Adobe Flash if it is just black sounds like a crash.

  16. Well if that’s not the best technical analysis going……me cynical never.this lots going up and they have shut the sweet shop……What a p@## take.

    1. Lol, more tinfoil hat anstel.
      City are a sweetshop, thats’ the problem what’s the attraction of such a shitty little platform anyway?

      1. Yes you should get a tinfoil hat tmfp, I know you mean no harm by your jokey comments matey …..so look up Gustave le Bon ….and…..Edward Bernays…..

        1. Re attraction to city…….I choose them when I started because they originally provided the cfd trading to Barclays and Halifax.i didn’t know about IG then and just thought it was cheaper to get CFDs wholesale so to speak.

          1. “sweetshop”,to be honest tmfp they dont even have that in their favour now,most of the variety is gone since the ownership changed,the AIM shares and so on all disappeared from the menu.

  18. Afternoon,
    Decided to sit this morning out and do “stuff”.
    Barring the small drop below 5880 -I thought we’d stay in this range 5880 – 5925 but a few prices just above.
    Eyeing up 5957 – Monday resistance.

    1. 57’s not out of the question today, bears are running for cover in a thin market, but do you really want to be short overnight? Tricky…
      Also, 57 is only play money Monday high, cash high’s already broken.

  20. Afternoon fellas,

    New here. Being watching all your comments for about 6 months and joining the fray-musn’t talk to much to tmfp-he’s more of a bear than me. Medium sized account, fundamentals based, little ta as well. Trades today, bought 5878 on the revisit of the lows before lunch, chopped out at 5918. Just shorted at 5932{15.08} looking for a restest of the lows with oil inventories out and dow looking to push below 16000. stop in at 5954. Nice to meet you all.

    1. Good luck GG.
      Bear back in cave here for the time being after a good feast (and I bet I was the only one to buy in the 5500’s) 🙂

      1. Greetings GG welcome aboard, apart from our ringleader and Nick we haven’t got a bloody clue what’s going on but we just like pressing buttons……usually the wrong one!!!!

    1. But when that Dow pops up positive watch the Ftse fly IMO.just as an interesting point when I started trading CFDs the Ftse was at 6639 but the Dow was sub 16000. Don’t know if it makes a difference because I know the two indices are constructed differently but my guess ( here I go again…guess…opinion….) is the FTSE should be up around 6300 ish to be any where near its previous relationship with the Dow. Let me know if you know different.

      1. It’s called arbitrage, anstel, a trading strategy in its own right, the differences between them.
        Lots of factors involved, exchange rates etc. as well as, as you say, the composition of the different indices and specifics like QE programs.
        You can trade the straight differential on IG, but of course the 3×1 value DOW/FTSE is really exponential.

        1. Thanks tmfp …..I had heard you mention arbitrage before…..and I’d heard you mention you had traded the difference between the two……..but I didn’t know that it was the same thing and it was called Arbitrage.Thanks again for increasing my knowledge and awareness…….I don’t know if they have arbitrage on offer in the sweet shop but in any case I’m just going to stick to the FTSE….the Dow…..The Dax……..I have the most experience with these and it’s hard enough anyway.

  22. anstel, I perfectly understand what you are saying. This fear appeared after I’ve been dazzled on my head many times by huge losses. It’s the reoccurrence that fears me and that bl..dy SL open. It’s the biggest enemy of mine. So now it’s the period of recovery I’d say, I am on a minimum stake as possible, SLs are reasonable but I didn’t recover my holding abilities yet. Partly distraction at home after Christmas but also the fact that when I ever held anything it was losses, so I’m scared of holding anything until I flip my mind on the other side again. But I am working on that, dealing with my vision on that.
    When I am out of market I understand what’s happening and what I’d have done, but when I am in it… the time goes so slowly I can’t bear it and I close knowing that I didn’t reach my target or the indicators didn’t show me to close yet.

    1. It will come to you Jack,I could tell you were fully aware of the problem,just thought showing a little bit of understanding of your feelings would encourage you to slowly take smaller steps out of your comfort zone! Just do it gradually till you learn how to recognise the feelings you are having,and then just evaluate the worst case scenario,and you will see your feelings and emotions are not working in your best interests?As Randy Howell says there is no freedom from emotion….but there is freedom of emotion.Takes time but I think you will get there…..like Anton Kriel says….you have to respect Money but be indifferent to it…..hope this helps.

    1. It was just a thought Jack, tricky old market you prefer there, the DAX, good luck.
      Much respect to you for your honesty with yourself (and on here) about your thought processes.
      I got the dealing “yips” a while back, every time I got a signal it was “what if disaster?” whispering in my ear all the time. I just said “F*** it” one Monday, if you don’t deal when you believe it right then there’s no point. It wasn’t an overnight sensation but I kept that week’s trading record for a long time and referred back to it when my confidence sagged.

    1. Those 15.00 1 min candles are interesting anstel on DOW and FTSE theory is which ever way it extends afterwards is good for a few.

        1. I wish I had your expertise with the charts tmfp,we all seem to have different strengths on here,if we could all trade as a team we could do really well I reckon.Good Luck mate and thanks for all your help to all on here.

          2. Hahaha yes I could make a nice hole in the teams account…….PG tips the tea you can really taste. Like that advert with the chimps moving the piano on the stairs and they dropped it……..That’s one way of shifting it lol.

          1. Yes I’m holding it tmfp if I can hold a losing trade I can hold a winning one if I believe it has more to go.I have just looked at those 15 1 min candles on the Dow….it retraced abit as profit was being taken and the buying pressure subsided abit but it’s now broken up past the highest one….just …..it looks like higher highs and lower lows to me but at the moment it hasn’t got the momentum I don’t think……..it’s coming though I’m sure of it.

          3. Fair play, +100 is +100, well held.

            DOW’s looking a little over extended, we may not get 6000+much this trip.

          7. Excellent!
            Monet? that’s an impressionist short btw…..
            Stop to b/e. limit 5960 and enjoy your evening.
            🙂

  25. stopped out, ftse in a bubble of it’s own since we broke through 5900. Wait and see what happens with prices at 6000

  26. MHH here again so soon, plenty of profit to be taken and tech resistance up here, but wouldn’t look for too much downside. DOW’s behaving strangely too.
    Guess (now at 53), maybe 55-40-60-50?

    1. Tough.
      Picking tops in this market with small stops, you have to get such a good entry to see any blue ink. Trust me, I know.
      That early DOW weakness was weird and confusing too, ftse’s been a mission since 5900 broke, as you say.

  28. Hi
    Don’t seemed to have had the time today…
    Attached is the chart I was musing over last week end with the 6050 in mind.
    Never finish thrashing all of the figures on it.
    Each drop is roughly 7% somethin’
    &
    Retracements 4.5% somethin’
    Hence 6050 or thereabouts/

    Not there yet …so may be a load of pogwash…but you get the feel of it.
    Gartley Butterfly and all that stuff springs to mind..
    http://ee.md.it-finance.com/ProRealTime_V10_2/display_chartimage.phtml?name=x3xgqw9trcd6295hrc8npekef&type=png&purpose=file

        1. Hi WSF
          Oil : Haven’t got the foggiest but hope it’s building a base around here. I thinking / hoping !
          Long term RSDB holder !.
          Some interesting articles on quora.com – if you google it.

          It’s probably as simple as seeing it as a price war between big oil and the frackers. No one ever wins a price war & it could be quite long and painful.

          1. I’ve got a Nth Sea penny spec from quite a while back,actually with Crystal Amber so in the unlikely event it sinks I can say I trusted the research of a crew who seemed to have named their fund after a Stripper,that’ll make me feel better 🙂

      2. Looks like an inverted head and shoulders to me, potentially v bullish.

        BTW, when you use imgur stick the direct link here, then the image superimposes the post like what Nick’s does.

  29. Just come in and looked at all this, some one has a lit a rocket up its….
    anstel, when I was having a bit of a dow vs ftse before Xmas the difference was 11600 -ish with Ftse at 6300.
    Anyway, no idea what to do now but feel like someone is pulling my chain! 400 and odd points in a week, good effort!

    1. Cheers chippy I think the Ftse could do with being around 6300 minimum with dow between16100 – 16500…….. Just my guesstimate that’s all…….based on the relationship between dow and Ftse at the latter end of 2013 to early 2014 before that crazy 1300 point rally on dow from 17000 (last quarter of 2014) i think- to -18300 at last Mays peak.

      1. Or conversely, the DOW could do with being around 15200-15600 with the FTSE around 6000….
        I answered your other post about this up there ^^^^ somewhere in all the bullsh*t.

  30. Well I’m looking at the Dow and thinking………it could possibly hit 16300 so thinking of putting a long and short position on and if it drops taking the short side profit but holding the long side……I’m undecided yet so I’m watching.might even have another cup of my favourite life giving liquid :0)

    1. I must admit I don’t understand your “hedging” caper. In my little world if you have bought and sold (or sold and bought!) then you are flat and have either locked in a profit or locked in a loss.
      Hedging is, for instance, going long of cash and buying a put option that “strikes” if you’ve got it wrong and costs you a premium so making your cash entry a little more expensive.

      1. Don’t go there, chippy, I’ve tried…… even sensible Hugh engages in this unnatural practice.

        1. At the risk of getting a boll@cking of our leader the way I see it is this.first I need to believe in myself which way the market is ultimately going. In this case I think the market is going to rise quite strongly for reasons mentioned ^^^^. Ok so I don’t like risk very much so I figure while the market is still nervy if I wait till we get a very very strong rise.then I can place a couple of trades ,very small,one long and one short.i don’t run any risk at all apart from the dealing costs and maybe some slippage,till I break the hedge then if the market sells off again due to nerves I can sell the short side and hopefully it will bounce back up.if conversely the market rally’s I can hold the hedge till it starts to drop. I’m experimenting .minimum stakes might be a load of rubbish but I have been doing it last couple of weeks and it’s been making me points but I don’t talk about it because I get a boll@cking of my dad :0)

          1. Oh by the way if it all goes pear shaped and it starts collapsing I can re hedge it at a loss admittedly but it give me time to see what’s going on.

          2. Seems to me then you simply using stops but using up more deposit. Each to their own and if it works for you then great.
            The only thing I would say is you don’t have to trade, so if you are only fairly confident then just watch.
            Anyway you’ve obviously heard it all before so I’ll shut up!!! Good luck.

          3. Thanks chippy yes it’s abit like stops but I prefer it. Just experimenting with different things that’s all,no harm in trying different ways.Good Luck Mate.

    2. Lol, the wonder of hedging refined to a fine art, a profit guaranteed 🙂
      As they used to say, You’re some bambino anstel.
      Have fun catch you in the morning (at 59somethinglow)

        1. Hey it’s only us bambinos who go out boogieing midweek tmfp.just remember when your a bambino you can overcome the effects of alcohol better………. When your bambinos older brother it’s wise to have a couple of drinks less and come home earlier……Party On tmfp !!!! :0)

  31. Shorting FTSE from 6008, will look in morning when it should be well below 6000 and closer to 5900

  32. Short 25 @ 6001 and order to sell 25 6018, stops on both at 6032-fundamentally no reason behind this push up and if it’s all technical I am looking for a retrace minimum back to 5950/57

    1. That’s aggressive,Dow is looking for Support above the 38.2 retrace and Yellen is talking in 20 mins.

      1. Blimey GG I used to do those numbers and sometimes more but I’m reigning it in as much as possible now .Nick had a great slogan he mentioned the other week…….get rich slowly rather than getting poor quickly….. One of tmfps sayings is …..there’s always another trade………I like to add…..if you have any money…..Best of Luck mate.

  34. Not sure the nonsense is over yet so limits in at15,30 and 50.
    That said, just bought a March 5900 put for 165, seemed good value to me!

  35. iPad and laptop at the ready!!!!not even thinking about it unless it gets close to 16300.no sweat if it doesn’t jump up.see what happens.

  40. thanks Anstel, appreciate it. filled at 5985, shame I was expecting a move down to test 5957 and break through. Never mind, always tomorrow.

  43. if 950 breaks tonight I feel we are looking at 5700s again by Friday, punchy I know but we’ve had a 250+ uplift this week on nothing!

  45. Funny I saw this movement once before in the Dow back in 2007 and it dropped 800 points overnight. I did warn you all I’m a bit of a bear didn’t I?

    1. We have our own resident bear.he can be a bit snappy on an off day but we all love him.you will get on well with him……thinks he’s gone out foraging tonight:0)

  46. I’m still here tmfp …. taken a new full time job so haven’t got time to play except in the evenings and early mornings – swing trading now not gap trading. Monthly candle patterns are looking to me as though they could morph into a 2008 scenario … might take a black swan to come flying by … 3500 anyone?

    1. Zigzagger, great minds think alike. I was looking at the monthly chart myself tonight and thought the same. Be interesting to see how it plays out for the next few months.

    1. 23.50 by the looks of things and then tomorrow it’s durable goods over the other side of the pond at 1.30……… I’m very interested to see if the A50 can regain some ground later though.

      1. I cant see a date,just when it might be,City calendar says sometime after midnight and most others seem to say Friday.

    1. Thanks Hugh,doesnt seem right to me yet either,Dow is below yesterdays close,but above it’s open,not rushing to buy anything,but not about to open an overnight short either.I see Oil is taking back some of what it gave up a few hours ago.

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