UK Stockmarket 2009 and beyond

lvader

Sold BP @560, bought Barclays 289, sold again @297. Few!

sabretoothtigger

Sounds good, Barclays I have it losing grip until 254. I'd be surprised if it went that low, but there is just clear space around the price right now, nothing visible to support it.

260 to 320 would be a trading range I would expect to see so buy on scale might be good

I also back selling BP because it appears to be quite bearish in NYSE, however the UK quote is still above 552 just about which means it could still be ok. If I was trading not investing, I'd rather be in barclays I think but bp is much better yield


GKP bounced off 72p as foreseen and the news to match is here, no clear uptrend yet though. The 5 day average is keeping it positive
http://www.iii.co.uk/articles/articledisplay.jsp?article_id=10095606&section=Markets

tonygee_3

What a week(and only 4 days!)
Thought today my outrageous prediction was coming true(almost sub 5000)
Lets hope next week is as exciting;)

lvader

I can't see things turning around quickly next week, more of the same I think.

turbobob

lvader wrote: »

I can't see things turning around quickly next week, more of the same I think.

I hope not. Markets don't usually move in one direction only. With big sell off's on five consecutive days, I would guess there will be some sort of respite (even if only temporary).

The 14 day RSI (relative strength index) on the FTSE is currently indicating oversold, and is at levels not seen since October 2008 and March 2009.

The VIX index continues to climb (highest it's been for a year), and it looks like an ugly end to the week over the pond.

worldtraveller

The FTSE is at that "plateau" of around 5000 where it has settled several times since last October:

4988 - 2nd October
5037 - 3rd November
5060 - 5th February
5123 - 7th May (having touched 5049 slightly earlier)

Monday will be interesting. Will it still bounce around the 5000 level, or breach that level and maybe head significantly lower?

Much will depend, of course, on what happens with all the the horse trading this weekend and if we get a resolution by Monday. I imagine that the markets will be much happier with a CON/LIB alliance , than a LAB/LIB alliance (still light on votes though, so would still need other parties).

StevieJ

worldtraveller wrote: »

Much will depend, of course, on what happens with all the the horse trading this weekend and if we get a resolution by Monday. I imagine that the markets will be much happier with a CON/LIB alliance , than a LAB/LIB alliance (still light on votes though, so would still need other parties).

I think the markets are more concerned with Greece than the composition of the
UK govt.

worldtraveller

StevieJ wrote: »

I think the markets are more concerned with Greece than the composition of the
UK govt.

Which is all intertwined of course, relating to sovereign debt, and, in the UK's case (and also slightly more specifically to the FTSE, to which I related, rather than the markets in general), our future Governments ability to cut it back in a timely manner, or not. Our financial situation was precarious already of course, and the current state of indecision, causing further uncertainty, will make this situation worse, until it is resolved clearly.

artha

StevieJ wrote: »

I think the markets are more concerned with Greece than the composition of the
UK govt.

I would agree but having said that I'm not sure why the Greek situation is apparently having such a big impact. Unless of course there is a much deeper concern in the markets that is being triggered by such(relatively) minor global events

turbobob

artha wrote: »

I would agree but having said that I'm not sure why the Greek situation is apparently having such a big impact. Unless of course there is a much deeper concern in the markets that is being triggered by such(relatively) minor global events

I think the deeper fear is of contagion, and that other countries will default on their debt. So far it would appear the markets are not convinced any of this is under control. CDS (contracts that are bets on credit defaults) on various European countries and banks rose sharply this week, indicating there's increasing fear of the crisis spreading.