#FTSE #WallSt This is being written under duress, the writer rapidly developing an extreme dislike for vaccines. Earlier today, the annual flu jab was administered, virtually in the GP’s car park. The practice decided their “Flu Clinic” risked being a dangerous nuisance with each treatment room needing cleaning down, after the patient was seen. Instead, patients were seen behind dividers, not allowed to sit down, and the customary cuppa while awaiting any side effects making themselves known was a distant memory.
To be fair, the process was streamlined and sitting around with a coffee whilst feeling a fraud wasn’t missed.
The dislike process comes from a stinking headache making itself known, along with a strong probability of being unable to sleep as the night progresses. Unfortunately, these symptoms occurred last year and there’s no reason to suspect this year shall be any different. Difficulty with vaccines obviously reminded that a hard look at Astrazeneca was merited, especially given the conflicting and confusing reports relating to their Covid-19 treatment, developed with Oxford Uni. News of their jag tended follow the messily beaten path trodden daily by UK politicians and a UK media always keen to find the worst aspect of events.
Day one, the Oxford/AZN vaccine was groundbreaking, cheaper, easier to distribute. By day three, the trial results were noticeably less efficient than those mentions for Pfizer and Moderna but we could be reassured this was due to a cock up in giving different doze strengths during the trial. All things considered, this version of reality appeared to follow the UK playbook, promise the world on Day One, then grudgingly give excuses thereafter. Perhaps, as all the results are preliminary, the company is in the same position as Pfizer and Moderna, all awaiting the time they can publish full results for proper scrutiny by bodies with greater skill than journalists looking for a clickbait headline.
Unfortunately for Astrazeneca’s share price, there are implications from the current pause in proceedings.
It closed Thursday at 7748p and now, the threat exists of weakness below 7710p triggering reversal to an initial 7232p with secondary, if broken, calculating at a bottom hopefully of 6269p hopefully. Some slight hope is generated due to movements during November as “perhaps” it shall bounce at 6735. Our normal logic suggests AZN shall deserve a Long position, should 6269 ever make an appearance. Alternately, should any miracle news drive it above 8900p, go Long and wait!
FTSE for FRIDAY The US Thanksgiving thing sneaks up on us every year, a sensible market holiday which is easily overlooked. There’s something almost essential about a break in proceedings between August and Xmas but the FTSE eschews the opportunity. On Wall St, the market was closed for “Thanksgiving” and for Friday, it closes early at 1pm Eastern Time.
This US holiday generally spells a period of boredom for the FTSE, a session where despite any excitement, the market will doubtless close the day at the same level it opened. It can be assumed we’re not bursting with optimism for Friday. Perhaps this year shall be different, thanks to Brexit, Trump/Biden & Covid-19.
Allegedly, market strength next exceeding 6401 points should bring FTSE growth toward 6500 next with secondary, if exceeded, up at 6563 points. While there is certainly some inherent strength in the FTSE, we’re not inclined to hold our breathe for this scenario.
Instead, it appears more likely weekness below 6350 shall prove capable of a visit to 6304 points. Should such a level break, we can work out a secondary at 6267 points.
Thanks to the US holiday and experience in prior years, our thoughts lean toward only initial targets being at risk for Friday, regardless of whether it’s an UP or DOWN trigger.
Have a good weekend.
Free First Movement for FUTURES
||Price At Issue
26/11/2020 FTSE Closed at 6362 points. Change of -0.45%. Total value traded through LSE was: £ 4,616,288,955 a change of -37.01%
25/11/2020 FTSE Closed at 6391 points. Change of -0.64%. Total value traded through LSE was: £ 7,328,126,643 a change of -3.31%
24/11/2020 FTSE Closed at 6432 points. Change of 1.56%. Total value traded through LSE was: £ 7,578,918,377 a change of 19.1%
23/11/2020 FTSE Closed at 6333 points. Change of -0.28%. Total value traded through LSE was: £ 6,363,234,404 a change of 15.64%
20/11/2020 FTSE Closed at 6351 points. Change of 0.27%. Total value traded through LSE was: £ 5,502,683,054 a change of -22.04%
19/11/2020 FTSE Closed at 6334 points. Change of -0.8%. Total value traded through LSE was: £ 7,058,313,031 a change of 4.8%
18/11/2020 FTSE Closed at 6385 points. Change of 0.31%. Total value traded through LSE was: £ 6,735,334,001 a change of -10.55%