The FTSE Monday, 17th October 2005
Fridays results:
Open: 5265.
Close: 5275, up 9pts.
Range: 5245 - 5293.
For the month: a total of 202pts down; first week 115pts, second week 87pts.
According to my data, the first 3 days of this coming week will denote where the market will finish at the end of the month. If the FTSE stumbles further we will see an additional 125 -200 point drop. However, if it rises the market will slowly claw back all its earlier looses to end up right back where it started.
Dow: 10,285, up a healthy 70pts.
News items of note:
Forbes.com - 'Wall Street is hoping that this week's cascade of corporate earnings reports will help the markets overcome an October scare prompted by increasing concerns that economic growth could skid to a halt. Investors are still worried that the economy may not be able to sustain itself if high gasoline and heating costs prompt consumers to spend less just as companies opt to raise prices to cover their own rising costs.' - Another interesting week ahead.
FT.com - 'Bank of England statistics reveal that we owe £931.8bn on our homes and £190.5bn on our credit cards. Figures from the DTI show that individual insolvencies rose by 36.8 per cent to 15,394 in the second quarter of 2005 compared to a year earlier. Nor have companies remained unscathed: corporate liquidations jumped to 3,342 in the second quarter, a 6 per cent rise on a year earlier and an 11.7 per cent jump on the first quarter. Bad debt provisions at banks are also rising with HSBC and Barclays (NYSE:BCS) each reporting a 20 per cent increase and HBOS reporting a 25 per cent jump.'
Sky News - 'Manufacturers saw a sharp slowdown in sales in the third quarter although the services sector fared better, says the British Chambers of Commerce. The net balance for home sales in the manufacturing sector tumbled to 3% in the third quarter from 19 in the second, the lowest since Q3, 2003.That came as home orders fell and export orders and sales showed their worst performance in a year.But services, account for most of the economy, improved.The net balance for home sales in the services sector rose 1% to 13% as a rise in home orders offset an easing in the balances for services export sales and orders.Both of those fell to a year low.'
Charts, and nothing but the charts: a medium rise. I've been studying them at length over the weekend and if we accept the results what we'll see for the next two days is a rise. Monday will be a see-saw rise to test the 5300 barrier and Tuesday will move beyond and slap 5327. We'll see.
Companies reporting: Superscape.
The FTSE tomorrow based on present news and data: being a bull by nature its been exceptionaly difficult for me to accept and act upon the blatantly obvious in regards to economic news. In fact, all data has been pointing south since the beginning of the month and the two main questions to be asked are, 'are we at the bottom yet, ' and 'are we going up now.'
Gut feeling: a rise of 24pts by the end of play.
Will I bet? Yup.
If you are betting: make your own decision, watch the markets open and do read the news for clues as to which way the FTSE may go.
yours
UK
Fridays results:
Open: 5265.
Close: 5275, up 9pts.
Range: 5245 - 5293.
For the month: a total of 202pts down; first week 115pts, second week 87pts.
According to my data, the first 3 days of this coming week will denote where the market will finish at the end of the month. If the FTSE stumbles further we will see an additional 125 -200 point drop. However, if it rises the market will slowly claw back all its earlier looses to end up right back where it started.
Dow: 10,285, up a healthy 70pts.
News items of note:
Forbes.com - 'Wall Street is hoping that this week's cascade of corporate earnings reports will help the markets overcome an October scare prompted by increasing concerns that economic growth could skid to a halt. Investors are still worried that the economy may not be able to sustain itself if high gasoline and heating costs prompt consumers to spend less just as companies opt to raise prices to cover their own rising costs.' - Another interesting week ahead.
FT.com - 'Bank of England statistics reveal that we owe £931.8bn on our homes and £190.5bn on our credit cards. Figures from the DTI show that individual insolvencies rose by 36.8 per cent to 15,394 in the second quarter of 2005 compared to a year earlier. Nor have companies remained unscathed: corporate liquidations jumped to 3,342 in the second quarter, a 6 per cent rise on a year earlier and an 11.7 per cent jump on the first quarter. Bad debt provisions at banks are also rising with HSBC and Barclays (NYSE:BCS) each reporting a 20 per cent increase and HBOS reporting a 25 per cent jump.'
Sky News - 'Manufacturers saw a sharp slowdown in sales in the third quarter although the services sector fared better, says the British Chambers of Commerce. The net balance for home sales in the manufacturing sector tumbled to 3% in the third quarter from 19 in the second, the lowest since Q3, 2003.That came as home orders fell and export orders and sales showed their worst performance in a year.But services, account for most of the economy, improved.The net balance for home sales in the services sector rose 1% to 13% as a rise in home orders offset an easing in the balances for services export sales and orders.Both of those fell to a year low.'
Charts, and nothing but the charts: a medium rise. I've been studying them at length over the weekend and if we accept the results what we'll see for the next two days is a rise. Monday will be a see-saw rise to test the 5300 barrier and Tuesday will move beyond and slap 5327. We'll see.
Companies reporting: Superscape.
The FTSE tomorrow based on present news and data: being a bull by nature its been exceptionaly difficult for me to accept and act upon the blatantly obvious in regards to economic news. In fact, all data has been pointing south since the beginning of the month and the two main questions to be asked are, 'are we at the bottom yet, ' and 'are we going up now.'
Gut feeling: a rise of 24pts by the end of play.
Will I bet? Yup.
If you are betting: make your own decision, watch the markets open and do read the news for clues as to which way the FTSE may go.
yours
UK
