It only took a single day for Britain’s PM to get out of London, causing trouble elsewhere, for the FTSE to show some slight gains from a foul start. Unfortunately, the results didn’t prove world beating (nor even Europe beating). It’s horrific, Japan, with a population roughly double the UK, an island nation like the UK, population density 25% higher than the UK, has suffered just over 5,000 Covid-19 deaths in the last year. The UK, over 100,000 fatalities… The UK, 7,000km from China, Japan around 800km.
In unrelated news, the Nikkei 225, Japans stock market, recently traded at just under 29,000 points. It’s high, pre-pandemic, was at 24,000 points. It’s an interesting comparison, the UK FTSE reaching 7,700 pre-pandemic and now struggling at 6,500 points. There’s certainly a sneaking suspicion political will to actually protect a countries population can introduce confidence in the marketplace? Unfortunately, this fails explain why the US is performing well with mortality rates not terribly far behind the UK’s world beating achievement.
However, the chart (UK in Purple) below certainly gives pause for thought, the UK down 13% while Japan is performing UP 20% since before the virus hit.
As for the FTSE for Friday, trades above 6615 points currently calculate with the potential of recovery to an initial 6642 points with secondary, if exceeded, working out at 6710 points. At present, the indications certainly suggest an upward day is imminent.
The alternate scenario is fairly nasty as below 6497 looks troublesome, allowing reversal to an initial 6428 points with secondary, when broken, at 6398 and hopefully a bounce. There is a little problem if 6398 breaks, risking the start of a cascade of reversals in coming days and weeks to 5720 points.
Have a good weekend.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:22:14PM | BRENT | 55.16 | 55.03 | 54.84 | 55.55 | 55.72 | 55.99 | 55 | |||
| 9:29:18PM | GOLD | 1842.85 | 1834 | 1823 | 1844 | 1857 | 1864 | 1839 | ‘cess | ||
| 9:31:32PM | FTSE | 6530 | 6472 | 6402.5 | 6536 | 6554 | 6580 | 6504 | |||
| 9:49:40PM | FRANCE | 5506.2 | 5481 | 5452 | 5531 | 5537 | 5558 | 5500 | Success | ||
| 9:53:08PM | GERMANY | 13614 | 13579 | 13515.5 | 13687 | 13714 | 13751.5 | 13594 | Shambles | ||
| 10:19:44PM | US500 | 3776.02 | 3712 | 3689.5 | 3765 | 3832 | 3863.5 | 3783 | |||
| 10:22:51PM | DOW | 30571 | 30466 | 30327 | 30647 | 30936 | 30966.5 | 30720 | Shambles | ||
| 10:24:43PM | NASDAQ | 13177 | 13132 | 13082 | 13298 | 13403 | 13541.5 | 13204 | ‘cess | ||
| 10:26:48PM | JAPAN | 28370 | 27950 | 27734 | 28250 | 28525 | 28609 | 28333 | Success |