I can’t believe another day has come and gone. The time today has just flew past. Yet again not too much to report from me trading wise. Debenhams pyramided today. I set a buy order for 70, which was filled at 69.901, slippage yet again. My stop on this trade is quite tight at 68. So far my F&C asset management trade is holding up. The spread bet has just moved into a slight profit, hopefully the current pullback has ended and is now ready for a leap upwards.
3i Infrastructure is up a bit again. I should be looking to move my stop on this position. This trade was a bit of a test, as they all are, of a strategy using the super trend indicator but not my super trend cross strategy. The price was close to the super trend stop price (within 3%) and it has been consolidating for a while. Hopefully the price will continue to rise. Maybe it’s the rumour that I started yesterday about a 3i take over bid? Who knows. Just so you know, I have no idea if there is a take over bid on the table etc. aor am I affiliated with 3i in anyway. The rumour is supposed to be taken in humour. Well would you look at that I’m a poet and I don’t know it.
Taking a look at the FTSE it’s not looking good for it getting past 6000 by the end of the year. I would assume all the EU bailout talk has rattled the markets which is why it’s taken a nose dive. Bad news for my pension, but hey! If I could predict where the FTSE was going to go and when then I’d be a rich man. The sad fact is I can’t and no one can.
I’ve just had a look for super trend cross stocks and there are 27 today. Quite a lot compared to the usual 5 or 6, yesterday there was only 1. Most of them are selling opportunities, hardly surprising considering the FTSE tanked today. I’ve yet to take on a short opportunity using my super trend strategy, maybe today will provide me with an opportunity. I’ll take a look later and let you know.
Personally I still think the FTSE will pass 6000, but before the new year? Well now I’m not so sure. The thing is this correction in the FTSE is long overdue. It hasn’t corrected itself much since the low of around 5100 back in august. I think things could be shaky for the next few days, after which I think things will start to settle down again. But hey what do I know! The FTSE could fall to 3000 tomorrow for all I know.
Until next time,
“May the markets be with you!”
Spread betting beginner