FTSE 100 February

[Hooya]

just posting this so I can link it somewhere

 

[barjon]

A bit now you see it now you don't. The confirmation of the
shooting star keeps bearishness alive, but it was encouraging
for the bulls that 4480 (S1) held so well despite the best efforts of
hooya's spotty teenager.

Another test of S1 wouldn't surprise (even S2 if it goes), but we'll
find out tomorrow.

 

[goostrey]

I suspect it will depend on US tonite. At the moment it looks quite bearish over there.

edit

Saving grace S&P has not yet broken its lows yet :!:

 

[Fluke]

I am working on Fib grid 4556/4357,noticed fall to approx 382=4480 and back up to 236 at 4509.Still short on this.
Edit
Fins cash has fallen another 10 points when i was typing this.

Second Edit.
Closed now for +20 points and will short again later.dow has just
gone down like a lead balloon

 

[bonsai]

morning

Fluke, do I gather you are day trading ? The Dow ?

 

[Fluke]

Bonsai.
No I was Watching the FTSE and Finspreads and took some money out of my short position on the FTSE,as the Dow fell sharply. This was more luck thanjudgement.
What intrigues me at the moment,is how the ftse is falling at the retracement levels of the fib grid 4556/4357.
lol.

 

[bonsai]

can I suggest you draw on your chart the line I put on the chart I posted yesterday.

Ftse seems to be using it as some sort of support ? as well as 4480
There is also a support line running from 4374 under the lows.

a confluence of support ?



if all break we may have some way to fall.



edit

 

[Hooya]

bit fed up off these quick bounces of support...costing me 5-6 points in profits.

 

[Fluke]

Bonsai.
I will do that shortly.
The boss said I have to tidy up my den.It looks like a bomb has hit it.!!!!.

 

[bonsai]

no obvious clues whether this will break down or not, so standing clear and waiting for the market to tell me.


but a/d is picking up.

 

[Hooya]

im not trading today...in too bad a mood missed two entries today.

 

[bonsai]

oops
bottom line is from 4374

 

[bonsai]

looks like we have a higher low now so have pencilled in 4520
for a few pennies

 

[Hooya]

right up against its trendline

 

[mully]

Bonsai

Just idle thinking.

With reference to the decline from 4556

Could we be currently in a 4th wave triangle since 4.00 pm yesterday?

 

[bonsai]

could be mully

as its tucked in under the 1 day,trend is down until it breaks upwards ?

 

[Hooya]

cash looks like it wants to break the down trend but the futs dont look so keen. $ effect again???

 

[goostrey]

is there a direct inverse relationship with the ftse and £/$, or is it just circumstantial that one has been falling and the other rising
:?:

 

[mully]

The relationship between the FTSE100 and cable reflects the fact the the major constituents happen to have significant $ exposure.
BP
Shell
AZN
GSK
DGE
HSBC
Therefore, their translation of profits can be materially impacted by the $ performance.
Weak dollar can reduce their apparent profits when translated into sterling.
(depends on hedging policies).
Of course there are other impacts but you get the point

Remember it is all about perception of facts.
Take yesterday, Molins reported in line numbers
but warned about its 2004 outlook re dollar.
Share price has since tanked, down 11% yesterday
and another 8% today.

 

[goostrey]

long term I have answered my own question but I don't know about short term