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#FTSE4Friday At times, the lack of critical thinking from the folk at the top in the UK deserves an award. For instance, while announcing a 50% tariff on raw steel from China, the UK Government tossed 500 million toward creating a port to accept a surge in cheap Asian car imports. Vehicles which are made of processed steel and thus, exempt from new tariffs. will complete the destruction of the UK vehicle industry. Similarly, at a time when finances are getting extremely tight in the UK, the Bank of England decide to ignore pressure to reduce interest rates, ensuring the stifle any attempts for things to get better.<\/p>\n
Folk making these decisions are all paid by the taxpayer, yet somehow feel it’s their duty to reduce the number of taxpayers within our country. The new tariff on Chinese steel, while providing headline opportunities along with photo ops for politicians, shall doubtless prove too little, too late. But not to worry, the politicians making the decision will be retired by the time everything goes wrong.<\/p>\n
On the basis “The Market Always Knows”, the FTSE has experienced a severe kicking, needing above 10,460 points, ideally closing above this level, to greatly reduce its drop potentials. While above 10,095 will doubtless induce a fake form of recovery on Friday, we’re not convinced happy times are ahead. We can calculate above 10,095 should trigger recovery to an initial 10,138 points with our secondary, if bettered, at 10,275 points. This could prove quite important, theoretically placing the share price in a zone where a future “safe” 10,480 calculates as providing an attraction. But we’ve become used to a severe drop day such as Thursday entertained us with, providing a miracle recovery on the following day. While our secondary target at 10,275 reads as attractive, it fails to move the index into safe recovery territory.<\/p>\n
Unfortunately, we anticipate things risk going wrong as below 10,000 points now threatens reversal to an initial 9,860 points (matching the start of this year) with our secondary, if broken, at 9,680 points. All things considered, we suspect 9,860 shall find itself assigned as a “bottom” level for the FTSE. It can be assumed we’re not confident for the near term as it feels like the UK Govt are in control of market movements!<\/p>\n
On the bright side, the weather has suddenly improved, the grass starting to grow, and the mechanical roof of our VW successfully unwinds itself into the boot. And the birds are singing. The only big problem comes from Frogs as we’ve not yet seen the annual migration occur. This implies the Frogs “think” streams and pools shall be full of water for longer this year, signalling a wet summer is ahead. Who knows, maybe Frogs know a thing or two…<\/p>\n
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