Nice to see you back on here.
I don't feel bullish. But the volume has picked up and the markets are grinding higher. Europe seems to be being pulled up though.
Nice to see you back on here.
I don't feel bullish. But the volume has picked up and the markets are grinding higher. Europe seems to be being pulled up though.
Sidekicker
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Took a month off
I don;t feel overly bullish fundamentally. Based on put/calls and bulls in the market, it's way overbought but then that's happened before also.
Would have thought FTSE will end up testing 5760 (cash).
Dick Lexic
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agree poss brick wall at 750...maybe martin could bring in bob and the gang if we get there.
Dick Lexic
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having serious problems with my computer it's running at 10 mph ...think the clutch is slippin
DaddyJohn
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Dick Lexic
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everybody still awake?
just - nothing really interesting today
slow grinds test the patience of even the holiest of traders
Dick Lexic
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just - nothing really interesting today
slow grinds test the patience of even the holiest of traders
well i think there will be a few hail mary's if it hits 750
DaddyJohn
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well i think there will be a few hail mary's if it hits 750
yes... could push up over night and open above the stops !!! .. reminds me of what happened after the new year
I never quite understand why, on occasions, the market is bought up into the close. You can see it today from about 4:20pm onwards, accompanied by some healthy volume. You could just see it targeting the high at 5702. I can't figure out why they are buying at the top. It can't be a short closing. Someone is seriously buying the market. We had 12,000 lots trade in those 10 minutes. That's just under the total lots traded between 8am and 10am today. I guess we will find out over the next few days when we see what direction it takes. Call me a cynic, but could that be the plunge protection team supporting the market. Go figure?!
As for price action today, when it finally woke up, this mornings price action gave us a 38% retracement from the overnight high. It then ranged for two hours and then woke up after the BoA and MS results, and gave us a 161.8% extension. This then pulled back nicely to 61.8% with the low at 3:05pm. With the big push up at 4:20pm, it made a new high for the day and is stalled up against an upper trendline on the 1 hr chart.
Today was a Z day, so tomorrow should be a sell short day, which could also explain why someone took it up to sell down from.
As for price action today, when it finally woke up, this mornings price action gave us a 38% retracement from the overnight high. It then ranged for two hours and then woke up after the BoA and MS results, and gave us a 161.8% extension. This then pulled back nicely to 61.8% with the low at 3:05pm. With the big push up at 4:20pm, it made a new high for the day and is stalled up against an upper trendline on the 1 hr chart.
Today was a Z day, so tomorrow should be a sell short day, which could also explain why someone took it up to sell down from.
Dick Lexic
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this is better than eastenders
barjon
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Martin
I don't know what it looked like comparing the futures but, for me, ftse spent the day trading somewhat weak against the dow (although nothing extreme) and the late dash might have been about playing catch up.
jon
this is better than eastenders
Anything is better than Eastenders! Shut it!!!!!!
Looking back through previous high volume closes of the last year, there does seem to be a tendancy for it to reverse the next day. I guess we need to see tonights close first. I am looking for the ES to make a move up to 1312.50 and bounce off. That would make it a 161.8% extension.
Cheers jon. It could be the FTSE catching up, but I would have thought there were less costly ways of doing that. The FTSE was lagging the US, but it has been lagging most of this week, and last.
DaddyJohn
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FTSE definitely has a mind of it's own recently.. I suspect the US markets are more bullish at the moment due to the banks.. which I have heard there are a lot of funds underweight on US banks and so they are rebalancing their portfolio.. I dont suppose FTSE will see this kind of buying into our banks due to the govt ownership and exposure to Europe.
In terms of the closing volume.. many times trades are only activated on the close if certain condition's are met.. it could be a) if price is XX at 4pm then I want to buy.. or it could be b) trader short , but waits to see price action at 4pm ..; if market looks like making higher highs , then they close.
The big boys use different criteria to us methinks
Dick Lexic
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this is better than eastenders
but then sooty is better than eastenders
more grind?
Dick Lexic
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martin do you wish me to shut up?
barjon
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Martin
On a daily basis ftse has gone
-15
+14
+11
-6
-14
-23
+1
+13
+1
over last week and this. It's about -30 overall from where it would be had it kept pace with dow. More strong days than weak days, tho - if you can call +1 strong
it's not been hugely weak overall.
jon
