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A surprising number of folk agreed with our whimsical humour of moving UK politicians to Rwanda, giving them the luxury of a private gated community and no internet access as a thanks for their excellent service to the UK, and their bank accounts. But somehow, the Bank of England managed a surprise movement on Thursday by choosing to leave Interest Rates alone, despite the US managing a clearly political increase the previous day. It was all very strange, leaving a suspicious hint some of the folks in the BoE Monetary Committee may be practicing the lost art of “thinking” for themselves.<\/p>\n
The FTSE 100 appeared to appreciate the approach from the BoE, managing to gain a substantial 111 points as the day commenced, closing the session exactly 100 points above the point at which the Bank of England embraced common sense with their rates announcement. It was all quite unsettling, leaving us the only thing to complain about being the weather here in Argyll.<\/p>\n
We allowed ourselves a laugh at the announcement England needed 9 months of rain to fully alleviate the effects of the drought. Essentially, this was a longer range weather forecast for our part of the world, autumn looking like it was over and done with during the last week, leaves which had quickly turned brown suddenly blowing off trees, creating a soggy mass like seaweed abandoned by the tide. Oh, we can also complain about the lack of a Formula1 race this weekend.<\/p>\n
But more importantly, we’d reached that time of September, when those who took an extended August holiday are now starting back at work. To be blunt, the grown ups should now be back from holiday and the stock markets should start exhibiting a real interest in life. Currently for the FTSE, movement exceeding 10,824 points should attain an initial 10,873 points with our secondary, if bettered, at 10,897 points. If triggered, the tightest stop loss level looks tight at 10,810 points though 10,774 would make a lot more sense.<\/p>\n
Should things intend go wrong, below 10,780 risks triggering reversals to an initial 10,746 with our secondary, if broken, a less likely 10,697 points.<\/p>\n
Have a good weekend.<\/p>\n
Hopefully we’re about to see the FTSE inveigle itself into closing a day above 10,910 as this should indicate the market breaking upward from its recent period of tedium.<\/p>\n
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