Will the pivot hold at 6692? Bulls will need to break 6711

Good morning. A pretty flat day on the FTSE yesterday which really seemed to lag the other indices, most noticeably the DAX which looks like its pushing for 9400. Fortunately the gold trade I mentioned yesterday with the 1228 support needing to hold came good, and has now gained more to 1253. The bulls didn’t quite reach the 6711 (with the spread) before the dip to the pivot but it was all very slow moving and though we did bounce at the 6686 area, it was very lacklustre and gave up after the close. Back above it now though and knocking on 6700 again. Its sometimes a bit telling when then FTSE lags the other indices, as if they start to pull back then the FTSE will probably follow them down, without fulfilling its potential upside targets. I mentioned 1814 for the S&P as a stumbling area yesterday, and that’s still the case, and 9400 on the DAX so watch those levels, though the S&P is still stalling around the 1810 area.

On gold again, if the bulls can break 1253 then I expect we will add another 10 or so points initially, possibly even ultimately pushing to 1269 and 1305. So, short term still looking good for a bit more upside in fact.

Asia Overnight from Bloomberg

Asia’s benchmark regional stock index swung between gains and losses after valuations climbed to near the highest level in six months. Gold producers advanced, while Japanese exporters declined on a stronger yen.  The MSCI Asia Pacific Index added less than 0.1 percent to 141.77 as of 2:03 p.m. in Hong Kong after falling as much as 0.2 percent. The measure rose 9.6 percent this year through yesterday as investors bet the Federal Reserve will maintain its bond buying into 2014.

“People have become a little bit blasé about the risks and that’s creating an environment where we are a little too stretched,” Angus Gluskie, who helps oversee about $550 million as a fund manager at White Funds Management in Sydney, said by telephone. “The market is ready for a technical pullback and we have taken some money off the table. We are now cautious.”

Valuations on the MSCI Asia Pacific Index yesterday climbed to 13.9 times estimated earnings, close to the multiple of 14 reached on Nov. 18, the highest level since May, according to data compiled by Bloomberg. That compares with 16.3 yesterday on the S&P 500 (SPX) and 15.2 for the Stoxx Europe 600 Index.

QE

Minutes of the Fed’s October meeting released Nov. 20 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated. Stimulus from the Fed has helped the S&P 500 soar 166 percent since its March 2009 low. The index has advanced 26 percent this year, poised for its best annual performance in a decade. Four of every five investors expect the Fed will put off a decision to begin reducing monetary stimulus until March 2014 or later, according to a Bloomberg Global Poll of investors, traders and analysts who are subscribers. Just 5 percent are looking for a move at the central bank’s Dec. 17-18 meeting, the Nov. 19 poll showed.

“The global economic environment is improving so this should be constructive for equities,” Tai Hui, Hong Kong-based chief Asia market strategist at JPMorgan Asset Management, which oversees about $2.2 trillion globally, told Bloomberg TV. “We should be looking at a continued increase in our portfolio allocation to equities.”

S&P Futures

Futures on the Standard & Poor’s 500 Index rose 0.2 percent today. The gauge fell yesterday, after seven consecutive weekly gains that boosted the gauge to a record, as energy shares retreated following Iran’s agreement to limit its nuclear program.

FTSE Outlook

ftse 100 prediction
ftse 100 prediction

I’m just going to start by talking about the S&P and it dropped off quite well from the 1810 (near enough) area yesterday to 1800 before staging a bounce. If the bears have another go then 1800.5 yesterday’s low) is the level they will need to break to target 1794, whilst movement above 1809 should see the 1814 level. US thanksgiving holiday later this week should in theory be creating a fairly upbeat populace so I am inclined to maintain the bull side for the moment. Onto the FTSE. As mentioned above it was pretty flat yesterday with not a lot happening. I am still bullish, providing that the bulls can break 6711. This level has provided quite a bit of resistance but the more its tested the higher the chance that its going to break. If it does then I can see quite a quick climb to 6750+ on the proviso that the ProTrend line at 6723 doesn’t also act as resistance. I have plotted pink arrows from that level as it’s a bit 50/50 really what it does at these resistances, 6711 and 6723 are both fairly key and possibly jumping both hurdles is a big ask, though as mentioned, if it does then a  run to 6750 is likely.

The momentum is with the bulls at the moment, and with the FTSE lagging the other indices yesterday may play catch up today. On the other hand, if those other indices decide to top out then the FTSE is very likely to drop in tandem with them, and  dip to 6655 is likely. After that level, there are supports around the 6630 area being the bottom of the Bianca channel area (10 and 20 day) and the 10 day Raff.

Initially I am playing the long side for a run to that 6750 and will hope that the bulls keep the momentum for a bit longer. Shorting areas are the resistance levels at 6711, 6723, 6762, 6778 – the first 2 of these are the risky ones. I don’t think it will be long before the bears have a go though as we start testing the top of the daily channels.

237 Comments

  6. im long from 6680 but think if we get close im going to probably take the funding loss. look to go long above 6711 and trade the range othw

    1. These are risky..almost a gamble 30 points..
      currnetly ive shorted at 6696 and markets at 6669..if it bounces back to 6676 im taking it out

  10. Perfect drop to take out those stops before the big take off?? My charts are showing a big movement either way. Holding my longs from 6690 and 6680 for sure.

  12. S&P 500 and Dow now showing negative 1 hr. channels since the early hours of yesterday. Further falls are indicated. As Nick suggested, the FTSE is taking its lead from the latter. In fact it seems to be escalating its response. 🙁

    1. Maybe thats why they havent followed them up over the past few sessions. Dax, S&P and Nikkei all near tops…

        1. thts how it should be in an ideal world … markets ain’t ideal by far i guess .. it looks more like a trap atm

  13. Well the pivot didn’t hold so my next support at 6655 Is probably going to be in play. Being bullish from the off wasn’t right and got stopped at 6680

  17. that’s been the case every day for the last few session but never seems to catch a bid. also while banks trading ok the resource space is trading weak. So need to watch. Also oil majors on the ftse trading heavy

  18. I agree with Dax Dow and S&P are at that near tops the decline for these indice will be a lot sharper and deeper than the Ftse.

  19. Senu are you saying that is a Bear trap ?
    Also I read Staples are the most weak today in FTSE. This basket is usually the defensive one.
    If that basket is the most negative today, it could mean RISK On is still very alive

    1. Im getting even a stronger sell than i had this morning..still got position open from 6696……if we hit 6676 and US data comes bad im adding to short

      2. JUST MOVE GODDAMMIT! When i`m away from the computer the market moves when I have the time to look at them it doesn`t budge…

  25. Rio tinto has a lot of weight in FTSE ? In my country Rio Tinto means Red river… looks more like a bad red wine

    1. The people in London Stock Exchange made a bad judgment how to balance an indice. And no one complains. How the hell miners have a lot of weight ? It should not be that way. It should be a more balance market.

  30. Hi Ahwab yes think we will see sub 16000 today on Dow has made some great move in the last month but indicator are in extreme overbrought, not that means much these days still have had a little sell on the Dow shorter term and my large sell is on the Dax longer term ( which is breaking my balls ) but the best indicator is me just do the opposite to what I do you will be ££££££ up

    1. I`m all for the bears, but there really hasn`t been a clear signal, so until we get a decent drop i`ll buy the dips as we`ve seen last few weeks no real bear threat.

  31. PMS its done on mkt cap ! 30% banks and oil and gas.

    Top 5

    HSBC Hldgs Banks 127,037 7.32%
    Vodafone Group Mobile Telecommunications 109,343 6.30%
    BP Oil & Gas Producers 90,960 5.24%
    GlaxoSmithKline Pharmaceuticals & Biotechnology 80,953 4.66%
    Royal Dutch Shell A Oil & Gas Producers 78,865 4.54 %

    1. Thanks, so what Brenda Kelly from IG said that Miners have a lot of weight in FTSE is not true

  33. Is this some sort of trap? 🙂 We are all sat waiting for a move up? Is the market patiently waiting for us to load up on longs before tanking? lol Sitting on the sidelines 🙂

    1. na, its killing the bulls first before it goes up and loading up on the shorts lol.
      Anything is possible, but stats say 65% long atm.

    3. Think I have seen this movie before… 🙂 … but is it going to be a different ending this time? The Black Widow’s Cut lol 🙂

  38. If that Wall Street comes down a lot on open bringing the ftse i am fcked. 6645 stop otherwise i`m out with a loss.

        1. ok so my current pos is as stands
          Short 2 lots at 6696 – SL set to 6696
          Short 1 lot at 6657 – SL set to 6657
          Avg open is 6683
          After working out tomorrow pivots (hope havent made a mistake):
          Close 1 lot at 6615
          Sell 1 lot at 6660 – stop loss for this lot at 6677

          Thats my plan for tomorrow so far (may change depending on news/reports/indicators etc).
          If market moves away from me im closing at B/E (as i have confidence that market will keep falling – if im wrong …oh well not losing anything)

        2. Tomorrow’s pivot for the FTSE 100 is 6656.463333

          The rest are

          R3- 6737.436667
          R2- 6717.193333
          R1- 6676.706667
          S1- 6615.976667
          S2- 6595.733333
          S3- 6555.246667

        3. And for the DAX:

          R3- 9338.013333
          R2- 9327.316667
          R1- 9308.693333
          Pivot- 9297.996667
          S1- 9279.373333
          S2- 9268.676667
          S3- 9250.053333

        4. And for the CAC:
          R3- 4323.07
          R2- 4313.97
          R1- 4295.77
          Pivot- 4286.67
          S1- 4268.47
          S2- 4259.37
          S3- 4241.17

  50. I’ll be holding my shorts overnight…still believe ftse will be dropping more.
    Like i mentioned it last week…dow dax and snp bull markets prob move up or sideways whereas ftse is sideways/down.
    Also mentioned that the correlation is totally gone as well.
    We can be seeing 6610 by tmorrow finish.

  51. ONe of the IHS (the small one) is gone. But the more important is still on, if the 6640 level holds

  55. WIthh all bullish news came out from London today. Dovish speak, etc, etc. And even so it manages to break the record of the worst among major peers

    1. FTSE is throwing toys out the pram today lol… Wonder if 6640 will hold. I still got a few FTSE longs at various levels.

  59. i think this has been one of the most accurate predictions by me lool cus it doesnt make sense!
    dow snp and S&P side ways or up
    ftse down sideways

    1. Lol ye fair play. Makes no sense at all. Bloodbath. I do think that FTSE may also ping back up later or tomorrow whilst other markets are struggling

    2. i can easily see ftse breaking 6600..but tomorrow 6610 is the target lets see if that hits- u never know ftse might bounce really hard and inverse my signals.

  63. Maybe FTSE is waiting for another huge performance from DOW/SPX, by breaking on these 2 indices both descending trend line from yesterday. 1810 and 16124.
    This FTSE is over demanding

      1. I do not trade based on technical indicators, but one that I have been monitoring for quite a while is Williams %. ANd this one has been quite bearish in FTSE – much, much lower that -20. The other major peers, all are in green zone above -20.
        And of course the EMAs crossing in 4 hourly chart, these ones did not yet crossover after the cross below in Nov.7

  64. Lol Hashmash doubt ftse with drop to 6600. Good trade for you today, thought you were short term bullish at one point? Though if it did go up you’d probably say you were long…

    1. i was a bit on bullish side yesterday (thinking ftse would post HUGE gains… this wud cause my indicators to reverse from sideline/bearish to full on bullish)..but in the morning my indicators went bullish totally.
      BUT BUT BUT…bulls will be back VERY fast..hence why im on the trigger all the time to close my shorts.
      But i do believe we might hit 6600 this week (looking for 6610 tomorrow).

    2. oh yeah ahwab i was on bullish side last week on like 1 day…the day which i was hoping to short from 6705 lool but never touched it so i closed my long. ever since bullishness has been on my mind but have always been bearish in actions.

  65. FTSE is going in opposite direction to DOW and DAX, might be the market data is interpreted with negative sign 🙁

  66. You people do not believe me, but I always said here from when I started, that not breaking 6876 was a major setback for FTSE.

  68. SPX / DOW seem to be building a base to go higher on. Based on my EWT count im still looking for 1 final high, blow off top kind of thing followed by a nice correction. That might only mean FTSE 6700 followed by 6550 level… Who knows.

  70. Whatever goes up eventually have to come down….you just wait when helicopter Ben tells the market that he will slow the printers then, the market will dive down…lol

  72. just shorted dax down to 9200 by end of week , i think ftse will pull dow and dax down by end of week

  74. bearishness getting stronger and stronger on my indicator!!!! woop woop.
    holding my position..lets see the 6610 tomorrow (maybe even below 6600)

  75. Senu still going with a reduced position closed out 20% of my long ftse…and down 44 pips. Still intent on buying the dips, once I gets past 6445 again

    1. I say that, because there was all the setups for a huge bounce, but it preferred to damage all the work done and deep to hell. Maybe is what UK wants…who knows

  78. Glad im not the only one, long again at 6638 short term to see 6660 to possibly regain some points. Short stop on that at 6630.

    1. Yep i got Long right on the dip at 6629… Have an average of 6671 now, gulp lol. Rather bigger stake than i wanted to. Next buy will be at 6600-6610 depending… Hopefully it won’t come to that.

    2. ahwab u probably will see 6650…but im quiet confident that ftse is dropping.
      UNLESS! FTSE swings MASSSSIVELY to the upside, only then id see my predictor to show up trend. But overall im quiet certain on the downtrend…the only issue is timing the market entry because of the volatility we have all experienced in the recent days trading ftse.

      1. I don’t get your “predictions”. You are calling the shots after the market has moved. You have just said you think it will fall, unless it moves upwards lol…..

        1. ok im not calling it after market moves lol… ive been mentioning about the fall of ftse for Dayysss now..and ive lost money being churned by markets last week as most of us…ive just mentioned my predictions for tomorrow…im expecting a drop to atleast 6610 (IF that happens ill think about taking off some positions or if ftse bounces to 6696 ill close BE).
          And u probably mis-read what i wrote above….
          I said im betting on ftse falling..UNLESS we have massive swing to the upside ..only then will my “PREDICTOR/INDICATOR” would show a bullish view.

          1. AND i still believe that ftse has a lot more room to fall whilst DOW/DAX/SNP maintain there levels (relative to ftse).
            This i have also mentioned last week saying it will happen this week.
            So nope im not calling shots after market moves lool.

    3. but wish u gl with ur trades mate, i know its painful trading ftse these days..
      bloody last week i lost a bit just entrying/exiting as there was no clear view (even right now there isnt lol)

  81. im also long from 6680 just cannot bring myself to cut. but the anchor bias I hold is just costing me $$$ . Nice trade senu btw looks like today is no different !

  82. If we can get to 6650 then i can cut 3 of my 4 positions at breakeven and leave the 6693 LONG for as long as it takes, whilst probably adding at major levels like 6600 and 6575 (if it goes that low)

        1. PMSTrader im not sure about 6676 tbh..but then again who am i to say that lool as we have seen ftse bouncing everywhere last several days.
          Personally i am looking for the 6660.
          ONLY THING SCARING ME IS THE GDP TOMORROW!
          AND the way it is looking i think we will miss the estimate causing the ftse to drop (which will take it to 6610 atleast)

      3. Yea lets hope so… Big problem here is that the FTSE100 fell due to poor miners performance and Tesco’s broker target getting smashed to bits… The FTSE250 believe it or not was up… DAX / DOW / SPX all up. In terms of reading the market it was near on impossible to predict the fall today, esp given the bullish commods which generally is positive for the FTSE. Oh well, these things happen

        1. You are right, and FTSE250 is a barometer for risk on, as with all small caps in major peers. Today for me was a non event.

        2. hey andy lool that what i said .. it was a good prediction (through using my indicator) but i have no freaking clue why it dropped!!! And its going to be like this for a while (atleast in my view) untill we get a major correction on ftse so it lines up with other major indicies (which are in bull trend)

          1. intially i was thinking dow/snp/dax need correction..but realized that wud be stupid…should be ftse which is totally out of correlation!

  83. That right shoulder in the major IHS is not very interesting. A bit low for my taste, but who knows. This FTSE is hell and everything is possible

  84. ok so my current pos is as stands
    Short 2 lots at 6696 – SL set to 6696
    Short 1 lot at 6657 – SL set to 6657
    Avg pos open is 6683
    After working out tomorrow pivots (hope havent made a mistake):
    Close 1 lot at 6615
    Short 1 lot at 6660 – stop loss for this lot at 6677

    Thats my plan for tomorrow so far (may change depending on news/reports/indicators etc).
    If market moves away from me im closing at B/E (as i have confidence that market will keep falling – if im wrong …oh well not losing anything)

    1. Mr White, its for u lol so u dont say im making predictions after market moves (im not always available for an update).
      However as Senu agreed it would be beneficial to start a free live chat for ftse traders..im looking to set something up for u guys 🙂

  86. Amazing, the hole I’ve got in to. Everything outside the UK island is in fireworks.
    Tweets about how strong this bull market is and here I am coping with losses, because I’m long in this market

    1. Shocking isn’t it, im right there with you though lol… Planning to close a cluster of shorts at breakeven around the 6650-55 region and cover the rest of my Longs with shorts, so if it does run down to 6600 i can benefit then switch… or even 6550, which i guess is possible

  87. hashmash I cannot understand your thoughts on FTSE regarding the correlation with other major peers. You saying that FTSE is well above the other markets and needs a massive pullback so it can regain correlation. Is that it ?

    1. PMSTrader,
      As we know most of the time if Dax,dow and S&P are up then most likely ftse will be as well and vice versa..however recently we have seen alot of lagging in ftse, ftse being the black sheep.
      Based on my indicator (which involves Option positions (has a small weighting on indicator), Vol index and volume flow in future market), as well as observing price action, dow,S&P and DAX are totally bull markets, ofcourse that doesnt mean they wont fall (they may have small pullbacks but those should be longing opportunity – I cannot say how long they wud be bull markets for, if i did I would be a billionaire).
      However for ftse, by observing my indicator + price action it shows that the short term is bearish, this short term i cannot define how long, maybe days (doubt weeks).
      But this shorter term bearish view i have is extremely fragile but can cause significant down movement (hence why im betting and having to keep staying on sidelines every now and then, also i hate shorting as u need extremely good entry timing relative to being long).
      And as i have mentioned before it will be an extremely quick bounce to the upside, something like what we saw on oct 9-10 where ftse was around 6330.
      Here is where the confusion comes in, behind the mechanics of my indicator, i obviously cannot predict what the market will do, i only trade upon the information available (number 1 rule of major systematic trading hedge funds, which i have incorporated), but however i can by observing its historic behvariour have some kind of a ball park figure on where the indicator might be. and comparing this indicator on ftse with dow/snp/dax, in order for ftse to be in the uptrend like those other indices, ftse either needs a big drop or even a bigger upward swing (and i cannot see why ftse will have such a tremendous swing upwards soo close to the year end because other major indices will also gain, and they already have done soo much).
      So hence why I think there will be tiny (not major pullbacks in snp,dow,dax) which should be buy opportunities and will be filled quick..whereas on ftse the drop will be much more exagerated but will bounce extremely quickly!
      One thing about the indicators people use such as RSI is above 70 people tend to think its overbought…yea it MIGHT show that..but also shows a major uptrend, same when its below 20.
      I have soo soo much to write about ftse and on my view that trust me it will fill pages lol.

  88. Wow, didn’t see that fall coming 🙂 The FTSE never fails to surprise and catch us punters on the hop. Glad I decided to take the afternoon off 🙂

    1. why dont u just take out ur position rather than holding it? whats the worst thats gon happen…? u lose what u have already kind of lost?
      Sit out let ur head clear always helps me…i used to go bust alot years ago wen i started trading and wished i never made that last trade and had money left over after weekend to go trade again, i now use that as a trading tactic!

  93. now intrady resistances at 6643, 6648 and 6655, then 6666,6673, 6676, 6681, 6685. I was hoping to leave at 6679. But it’s an impossible task, unless US give us another huge performance.

  94. Hashmash i completely agree with you dow will probably drop to just 15950 ftse however may be 6550 followed by a sharp bounce with dow going 16300…

  95. hats of to the grizzlies out there. looking at the snp price action so far (not sure on volumes) its a one way train. you guys have been right so far. Something though will have to give.

  96. Lets not jump the gun right now people. 6630 has held. Look what happened on 7th November, the FTSE went as low as 6612, just for the next day to touch 6700 again. I’m not saying this will same thing will happen again but i’m holding on until we break 6600 for sure. Remember we have been in a VERY bullish market lately. Even in the FTSE which has lagged behind, after the dips it has recovered quickly.

    1. but the pivots on daily basis is dropping and so is the lows of the dip while the top is maintaining constant around 6700

  97. Regardless I am sure the likes of PMS will agree going long now will get you your money by Christmas just hold it. It’s about getting it at a better price which really is the game

    1. oh yeah ahwab, u can hold ur longs (as long as u go capital to withstand a drop till 6500 to be safe). U prob will come out in the money by end of year!

        1. im in for a bearish view for next several days…i cant really say where until the market has reached…but for tomorrow im looking at around 6610, will build longs from 6600 hopefully from 6550 if possible.
          i posted above my view for tomorrow :).

  99. Senu, I reply to your question earlier. I didn’t have internet on Monday so didn’t trade but traded today. Had to get my head round it, tried long 6677 at 9.10 and lost 11 pounds (3.6 points). Was annoyed thinking that I should have taken short but then still tried long 6673 at 9.22 waited it dipped to 6660 thinking it should hold (I had a final stop loss at 6650) as it was a support a couple of days ago, it did bounce and I closed -6 pounds (-2 points). But I was some of my today’s losses afterwards in short scalps. But I wouldn’t call it a serious trading today, I try to take it easy until I will be able to take trades and losses without emotions.

  101. Am I right or not, hashmash is the only guy shorting FTSE ?
    I do not like it at all. This is why we got long squeeze this afternoon

    1. i really need the 6660 to get in more position (have said ill push through 1 lot) but will see if i can risk 2 lots.
      BTW everytime i trade, say short, if i short at 6660 i expect the price to drop from that pivot/s1 or watever within 30mins-1h
      if the markets move too fast against me then im out that postiion before even my SL.

  102. my short signal got 20% (5% increase in last 4 hours) STRONGER today towards bearishness i need to pile in more positions lol but better be accurate with timing these positions in such a shitty market

  103. BTW people…one thing scaring me is the GDP report tomorrow.
    Theres a couple scnearios.
    1. The thing im scared of, it comes out crazily amazing that it pushes ftse TREMENDOUSLY UP UP UP UP UP, im tlaking about 1.5% up on the day (not that liekly in my opinion)

    2. Comes out at the estimate but the market dont react that wildly and moves sideways (why would it do that? i dont know as the estimate shows an increase!)

    3. The most likely outcome i going towards..comes out worse than estimate previous = 1.3% estimate = 1.5% im thinking it will be 1.4% (interploating from my indicator),not too bad and causes ftse to drop a little tomorrow.

    4. Comes out alot alot worse than estimate causing ftse to tumbleeee (again dont think this has a high probability!

    But number 3 im leaning towards the most! GDP at 1.4%, this is a pure guess from my indicator (considering US is strong so im thinking there reports would be ok, maybe confidence will miss again tomorrow).

    1. Mo its an indicator i made myself through exp in hedge funds…
      it uses options.. vol index and futures volume. The part of options has lesser weight in the indicator. I also use the normal pivots supports n resistance n price action to time my entry as well as rsi stochastics parabolics (very small amount) n macd.

      Its quiet simple my chart setup with only 4 indicators.. these common indocators are only for entry timing n not directional bet (maybe 10% id say but my own indicator is90% that decides my direction im betting

  106. I shorted ftse at 6723 back on 7/11 at £10 point based on indicators and resistance levels. I’m spreadbetting though and generally not a day trader as such. Generally looking for trades lasting in the order of a number of days/weeks. Most of the posts prior to mine suggest your direct market trading. Im tempted to close out now for a tidy profit but think we have a few more days of falls to come and am targeting the lower 6500 level.

  107. Remember my words
    u will hear ppl in january say “santa came late this year”
    ftse in my view is on the edge of a bear market (tomorrow ill see how my indicator reacts).
    Right at this moment needs a lot alot alot of up movememt to become bull or a big drop otherwise it will jus be range bound

  108. I am long from 6636 looking for 6662. I think it will be a bit of a bounce this morning at least to 6664 then I don’t know. If I will have that 26 pips I am happy for the week. This is my first trade this week and if I got it right then probably the last unless there is an another opportunity like this. Stop at 6625.

  109. Ive derisked a few of my Longs from 6629 & 6635… Still holding the higher ones and will assess if we get to 6660, but may not get there

    1. What time is it? Im holding for now but US markets & European markets looked to have topped and getting ready for a few weeks correction in my opinion. Don’t want to be left holding the remainder of my longs when FTSE heads to sub 6600 levels, which i do believe it will

    1. Simon i did alot of analysis and charting last night, as the drop to 6630 changed the picture completely and i was left a bit exposed on my longs. Have closed all positions at 6650 and have nothing open. Luckily was only a minor loss, however looking at the US markets who have yet to have a pullback and the DAX i feel we are heading for a slightly deeper correction. Im targeting 6550, have no positions open atm, but will be reassessing after 9:30am.

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