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the markets are stuck at 6000 whats happening ??

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blinko
blinko Posts: 2,519 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
in Savings & investments
the markets are stuck at 6000 whats happening ??

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  • suitusir
    suitusir Posts: 51 Forumite
    Hi,

    I would not say markets are stuck ,the ftse at 6000 and dow at highest ever I would say its new territority. The Nikkei did 399 points alst night. Will see a couple of sidewards days now.

    Hope that helps,


    Keep smiling


    Kevin
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Not sure which market you're shopping in?;)

    But as the FTSE has just breached 6000 for the first time in 5 months - it's a trifle premature to use the word 'stuck'?

    http://investing.reuters.co.uk/investing/MarketsLocalUK.aspx
    If you want to test the depth of the water .........don't use both feet !
  • ReportInvestor
    ReportInvestor Posts: 3,646 Forumite
    If you believe today's Investment Chronicle ( Warren Firth, a chartist at IG markets) then we are in significant new territory :).

    Short term resistance at 5940 broken.
    Second line of resistance at 5980 broken.
    Next stop 6375 (coz no significant resistance points between 5980 & 6375).

    So what's the FTSE100 doing on Friday?

    Hovering around 6,000 :rotfl: just like blinko observed on Thursday.

    Chartists, dontcha luv 'em?
  • nrsql
    nrsql Posts: 1,919 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What's the reasoning behind 6375?

    I can remember predictions seemed to be about 6000 for the end of this year - that was when the ftse was just over 5000 and before it jumped through 6000 in the first half then fell.

    Problem with chartists is that you can always fit a trend around any points. Good for describing historical performance but not so reliable for prediction.
    Can make you a lot of small profits with the odd large loss.

    That's my opinion anyway - the theory is fun though, worth studying but wouldn't like to stake vast amounts on it.
  • ReportInvestor
    ReportInvestor Posts: 3,646 Forumite
    Perhaps the chartists are the victims of history.

    Just because there wasn't any resistance (in 2000) above 6,000, doesn't mean that there won't be in 2006 (since we know what happened in 2000 ;)).

    I suspect, however, that it's much more likely that the IC example probably refers to what happened much more recently when the 6,000 barrier was "broken".

    Here's hoping that the IC is right :).
  • ReportInvestor
    ReportInvestor Posts: 3,646 Forumite
    Yahoo - Never has the market stuck so closely to one level for so long :rolleyes:

    FTSE100 closed at 6,005 on Friday.

    What does blinko know that the rest of us don't?
  • hansi
    hansi Posts: 3,001 Forumite
    Part of the Furniture 1,000 Posts
    blinko wrote:
    the markets are stuck at 6000 whats happening ??

    Stuck! Blimey, give it a chance, it's only just got there, needs time to settle in !(LOL)
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