#France #Nasdaq Concealing a fart with a cough! The converse has become a social necessity, giving a brilliant mental image of a packed elevator providing a gastric symphony, office workers trying to disguise even the slightest cough, returning to the office from a smoking break…
Self-isolation, Day Two, proved remarkably laid back. As someone who utterly detests frivolous medication, a suggestion of Lemsip, along with a dollop of Honey, to tackle my common cold was tried. Surprisingly, it dried the dripping part of the cold, eased the sore throat, and perhaps eased the cough. But more importantly, the popular cold remedy knocked me for a six. Aside from monitoring the markets opening in the morning, normal mental activity did not resume until lunchtime.
So, did the UK Chancellor just fart in an elevator?
For most watching, his speech at first appeared enthralling, finally, Westminster starting to taking things seriously. As he expanded, the level of commitment left this viewer wondering just how bad things are going to get. It’s one thing making a solid attempt to “protect the markets” but what if the country emerges with a workforce without jobs, multiple businesses opting to take the safe route and just close down. Will the UK Govt find themselves taking utilities/airlines back into public ownership, simply by issuing loans in exchange for equity?
Firstly, something glaringly obvious we keep forgetting to point out. In these volatile times, the FTSE continues to experience some sort of spike at the open. Usually (but NOT always), a spike will provoke a day traveling in the opposite direction. Our rule of thumb, if the height (or depth) of a spike is exceeded within the first hour, expect the worst. Thus, if the market is spiked UP at the open yet the value drops below the opening value of trade, expect a drop. Conversely, if a market is spiked DOWN at the open, the opposite will generally prove true. And like all rules, it will sometimes be broken without warning.
From the point at which the FTSE closed Tuesday, very little is required to provoke some upward travel on Wednesday. Moves now above 5300 should prove capable of an initial 5349 points. If exceeded, life gets interesting as secondary calculates at 5511 points, along with the hope the market has not perceived the chancellor as farting in an elevator.
The UK index needs below 4977 to give some real concern for the near term, calculating with an initial risk of reversal to 4792 points with secondary, when broken, down at a more painful 4480 points.
As always, we are discussing The FTSE, not after hours futures…
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
17/03/2020 FTSE Closed at 5294 points. Change of 2.78%. Total value traded through LSE was: £ 9,128,689,221 a change of -13.38%
16/03/2020 FTSE Closed at 5151 points. Change of -4.01%. Total value traded through LSE was: £ 10,538,775,450 a change of -6.31%
13/03/2020 FTSE Closed at 5366 points. Change of 2.46%. Total value traded through LSE was: £ 11,248,883,463 a change of 60.84%
12/03/2020 FTSE Closed at 5237 points. Change of -10.87%. Total value traded through LSE was: £ 6,993,953,766 a change of -24.85%
11/03/2020 FTSE Closed at 5876 points. Change of -1.41%. Total value traded through LSE was: £ 9,307,244,216 a change of -11.98%
10/03/2020 FTSE Closed at 5960 points. Change of -0.08%. Total value traded through LSE was: £ 10,574,130,773 a change of -8.51%
9/03/2020 FTSE Closed at 5965 points. Change of -7.55%. Total value traded through LSE was: £ 11,557,885,051 a change of 24.01%
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