The FTSE Wednesday, 21st December 2005
Tuesday's results:
Open: 5539.
Close: 5547, up 8pts. A see-saw day with no clearly defined direction and one in which I'm glad I stayed away.
Range: 5524 - 5552. The FTSE stopped shy of the 550 point again today. It's trying hard, but at the moment it hasn't the solid momentum to sustain this pivotal point.
Last 5 trading days: up 40pts.
On the Month: up 124pts. Still about right for the month.
Dow: 10,805, down 30pts. It's dropped below my prediction of 830 by the end of the week, so I'm not sure whether it will rise tomorrow or Thursday if at all. Well see. Even so, the market is having little or no effect on the FTSE.
Last 5 trading days: down 16pts.
On the month: up 1pt. Well behind the FTSE's performance.
News items of note:
BRUSSELS (Reuters) - 'Prime Minister Tony Blair faced a barrage of criticism on Tuesday over the EU budget deal he brokered as European lawmakers said they could not accept it unless governments put up more cash.
Blair hit back in a rowdy European Parliament session by mocking British Eurosceptic critics in the assembly, accusing them of being stuck in a World War Two mentality.' - unlike his own, bogged down in a Iraqi fiasco. I can see this debate trailing well into the new year so no direct impact on the markets at the moment.
LONDON (Reuters) - 'All stores belonging to off-licence Unwins were closed and the company's 1,400 workers made redundant on Tuesday, administrators for the bankrupt firm said. KPMG, appointed administrator for Unwins after the company was formally declared bankrupt late on Monday, said all 350 stores had been shut with immediate effect.' - Saw this coming some 4 months ago and so did the market. No impact tomorrow.
LONDON (ShareCast) - 'Wall Street dragged itself out of the red just ahead of the London close, helping UK stocks remain in the blue, with miners, banks, utilities and supermarkets all showing gains.
Investors tucked into the food retailers on hopes of a bumper festive season. J Sainbury , Wm Morrison and Tesco were all ahead. Morrison announced the sale of another four former Safeway (NYSE: SWY - news) stores to Somerfield (LSE: SOF.L - news) for £15m.' - The miners were by far the main FTSE movers, and I think we'll be in for a shock in regards to High street Xmas turnover. Online shopping is beginning to take its toll, but we won't know the results until the end of Jan.
Charts, and nothing but the charts: Tuesday's was no clear indication either way. Wednesday, again no clear indication. The data was difficult to interpret, but from what I can see it favours a fall.
Companies reporting:
None.
Economic Data:
MPC vote Out; CBI distributive trades.
The FTSE tomorrow based on present news and data: the DOW ended the day on another medium sized negative and of late its down turns have failed to turn the FTSE's head; charts have no clear indication but prefer a fall to a rise; miners continue to push the market forward and I'm thinking, at what point will they run out of steam!
Early gut feeling: it's close, it will either end up as evens or a medium drop.
Will I bet? Already have. I went for a Short prior to close of play. No bottom end but a 12 point rise will take me out of the market.
I'm off tomorrow so I'll be watching the markets.
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
