Well the FTSE has taken a tumble today. It looks like it’ll close the day down about 90pts or so. I have to say I’m not filled with confidence the way the FTSE has been performing over the last few days/weeks. It would now certainly seem that the 5880ish resistance level has held up and it would seem that the only way is down. How far down, well that’s anyone’s guess, that is if it continues to go down of course. I honestly have no idea what the FTSE will do, it is fun to try and speculate though. I think it may head back down to the 5000 mark before finding support, but then again it could happen sooner and bounce upwards way before 5000, who knows.
With the FTSE heading south for the winter it’s taken most of my spread bets with it. No stop outs but their not showing as much profit as they were before the markets opened. I though today was going to be a good day for the markets and most of my spread bets were up in early trading. Sadly, as we all know, this is the stock market and anything can happen. My biggest loser is Persimmon. I checked it earlier and it was up to around 363 ish it has closed the day at 345. Just the 20 points difference. Still I know that spread betting is not a sprint, it’s a marathon. One that I may not win, but hey I’m sure going to give it my very best shot.
There maybe some new trades later. If there are I’ll post about them tomorrow. I managed to move one stop over the weekend. Northern foods now has £2 locked in, assuming no slippage. On the topic of Northern foods I’ve still had no response from CMC markets about what happens to my open spread bet. I’ve contacted Peter Cruddas the founder of CMC markets. I found him over on the trade 2 win forum. Loads of people are moaning about the move to the new CMC platform. Supposedly they are stopping the old platform at the end of December. I have yet to receive any confirmation of this via e-mail or post so I don’t know if it’s true or not. I have to say I don’t blame people for moaning about the new platform. What was the point of launching it when it wasn’t up to scratch. Just wait until it’s fully functional, or do a beta release to get people testing it, much the same as software companies do.
If it was in fact Peter Cruddas who I contacted(could be an imposter) I’ve yet to have any response. I know he has been on the site today, or at least someone from CMC markets has, so Peter if you do read this please get in touch. I know myself and any readers of this blog would like to know the answer to my Northern foods merger question.
Until next time,
“May the markets be with you!”
Spread betting beginner
Coincedence I too recently joined the T2W forums when I was researching an alternative to IG Index. It seems the favourite over there is Capital Spreads so maybe one day I will check them out.
Good luck with December, traditionally a good month for the FTSE! Lets hope santa brings us some decent profits 😉