Well with the FTSE down another 50 odd points (so far) it’s not looking too rosy. It would seem that the resistance level around 5875 has thus far held true. The question is will the FTSE gain enough momentum go get up past it or will it continue to fall. I suspect it may be the latter. Taking a look at the chart it looks like a potential head and shoulders pattern has emerged or is in the process of emerging. Not a good sign. I suspect we could see a the FTSE trading between the 5000 – 5900 range before it makes a move either way. All that said I really have no idea. I’m only guessing what I think might happen, I don’t know for sure. One person does know what the FTSE is going to do! You’re intrigued now aren’t you. Tony Loton correctly predicted “It will fluctuate. That’s all we know “. Spot on!
Not surprisingly since, the FTSE dropped, some of my positions have dropped as well. Most notably Vodafone. It’s currently very close to it’s stop level. Will it stop out today? Maybe tomorrow? Maybe not at all. I am slightly concerned with it getting so close to it’s stop level that I will suffer slippage yet again. I guess we’ll know tomorrow what happens.
No new trades today. There is nothing that is appealing to me at the moment. There are a few orders that I may look to place. I read Tony Lotons blog post earlier and saw he’s either established new positions or has orders on for the Irish banks. I already have an order for Bank or Ireland set to buy at 14 with a stop set at 4. There is also allied Irish and Irish life which I’m considering placing orders for. They are all close to their all time lows and could potentially bounce of these levels as support. I haven’t decided what to do yet when I have I’ll let you know.
I’ve still had no reply from CMC markets about the Northern foods merger. I have to say I’m suitably unimpressed with their customer service so far. So much so that I am considering to switch spread betting companies to SpreadEx or SpreadCo. Maybe I’ll give Gekko a go as they offer factional bets. I was going to write about CMCs new charting tools that they have just added. It’s a step in the right direction but I personally think they have a long way to go.
Well that’s enough of that rant. Is it really that hard for the spread betting company to e-mail me back. I’ve sent three e-mails so far and I’ve had nothing. I’m just going to keep e-mailing them everyday until I get a response. They can’t ignore me forever, then again maybe they can.
Oh one last thing, I am thinking of possibly treating myself to one of Malcolm Pryors DVDs for X-mas. Does anyone have either of them? If so is it any good? If you have both which one would you recommend? I’m going to start a new forum topic so if you could post a reply there that would great thanks.
Until next time,
“May the markets be with you!”
Spread betting beginner