The FTSE Monday, 19th September 2005
Fridays results:
Open: 5383
Close: 5407, up 24pts. This is the highest point of the year and a four year high.
Range: 5375 - 5418.
Thursdays gut feeling was a rise of 5-12pts; again, I got the direction right but a tad short on the range. Did I bet? I watched the FTSE and came in late, banked a safe seven points.
Last week: the FTSE moved up 48pts and is now up 103pts for September. In all this is slightly higher then I anticipated but not totally adverse for the month.
Dow: 10641, a rise of 83pts.
News items of note:
Forbes.com -'OPEC should increase its output ceiling this week, even amid signs of slowing demand, to show the world that it is concerned about near-record oil prices, the cartel's president said Sunday ahead of a key policy meeting.' - This might be so, but demand is rising ahead of supply. So in the medium to long term I see a dip in oil prices followed by a steady rise, and we know what that means!
Forbes.com, Libya opposes mooted OPEC oil output hike. - 'When asked [ Libyan Energy Secretary, Fathi Hamed bin Shatwan] if he agreed with an anticipated decision by the Organisation of Petroleum Exporting Countries to increase its production quota to help curb searing energy prices, Shatwan said: 'No, I don't.' - I love his reply.
[http://www.newsday.com/business/ats...6455999.story?coll=ny-business-leadheadlines] - The link is well worth reading. Simply put, if the American markets take a tumble the FTSE will be gravely affected.
The Boston globe. -'Wall Street will be focused this week on the Federal Reserve and whether policymakers will raise interest rates an 11th consecutive time, a move that could cause investors to pull back amid greater uncertainty about economic growth in Hurricane Katrina's aftermath.' - Its not just Katrina there are several ill winds blowing!
Sky News. - 'Giant raspberries - twice the normal size - are to go on sale in the UK. They each weigh around a quarter of an ounce and have been grown in Britain this year for the first time, according to Marks and Spencer.' - As sweet as they may be they will not effect the FTSE!
Oil: there is very little moment at the movement but I do see a minor drop coming tomorrow.
Charts, and nothing but the charts: A small dip followed by a rise.
Companies reporting: an interesting bundle and they might make a small improvement.
The FTSE tomorrow based on present news and data: Its a Monday, the FTSE doesn't like Mondays [who does], but September has a habit of breaking that trend unless the previous week ended up on a strong low [last week ended up 48pts, a medium rise for this time of year]; bargin hunters are thinning out.
Gut feeling: I'm hesitant. The beginning of a week is difficult to predict and even more so the day before. There's a lot happening in the world, but I consider most of the unfavourable news will come into effect later in the month if not mid October. Even so, I see a possible rise [small] with a dip later in the day; perhaps down 20pts.
Will I bet? No. Its Sunday night, gut feeelings and early news items are not strong enough to throw good money at the SB companies. I'll wait untill 10am ish to get a better feeling towards the market.
If you are betting: make your own decision, watch the markets open and do read present news for clues at to which way the FTSE may go.
yours
UK
Fridays results:
Open: 5383
Close: 5407, up 24pts. This is the highest point of the year and a four year high.
Range: 5375 - 5418.
Thursdays gut feeling was a rise of 5-12pts; again, I got the direction right but a tad short on the range. Did I bet? I watched the FTSE and came in late, banked a safe seven points.
Last week: the FTSE moved up 48pts and is now up 103pts for September. In all this is slightly higher then I anticipated but not totally adverse for the month.
Dow: 10641, a rise of 83pts.
News items of note:
Forbes.com -'OPEC should increase its output ceiling this week, even amid signs of slowing demand, to show the world that it is concerned about near-record oil prices, the cartel's president said Sunday ahead of a key policy meeting.' - This might be so, but demand is rising ahead of supply. So in the medium to long term I see a dip in oil prices followed by a steady rise, and we know what that means!
Forbes.com, Libya opposes mooted OPEC oil output hike. - 'When asked [ Libyan Energy Secretary, Fathi Hamed bin Shatwan] if he agreed with an anticipated decision by the Organisation of Petroleum Exporting Countries to increase its production quota to help curb searing energy prices, Shatwan said: 'No, I don't.' - I love his reply.
[http://www.newsday.com/business/ats...6455999.story?coll=ny-business-leadheadlines] - The link is well worth reading. Simply put, if the American markets take a tumble the FTSE will be gravely affected.
The Boston globe. -'Wall Street will be focused this week on the Federal Reserve and whether policymakers will raise interest rates an 11th consecutive time, a move that could cause investors to pull back amid greater uncertainty about economic growth in Hurricane Katrina's aftermath.' - Its not just Katrina there are several ill winds blowing!
Sky News. - 'Giant raspberries - twice the normal size - are to go on sale in the UK. They each weigh around a quarter of an ounce and have been grown in Britain this year for the first time, according to Marks and Spencer.' - As sweet as they may be they will not effect the FTSE!
Oil: there is very little moment at the movement but I do see a minor drop coming tomorrow.
Charts, and nothing but the charts: A small dip followed by a rise.
Companies reporting: an interesting bundle and they might make a small improvement.
The FTSE tomorrow based on present news and data: Its a Monday, the FTSE doesn't like Mondays [who does], but September has a habit of breaking that trend unless the previous week ended up on a strong low [last week ended up 48pts, a medium rise for this time of year]; bargin hunters are thinning out.
Gut feeling: I'm hesitant. The beginning of a week is difficult to predict and even more so the day before. There's a lot happening in the world, but I consider most of the unfavourable news will come into effect later in the month if not mid October. Even so, I see a possible rise [small] with a dip later in the day; perhaps down 20pts.
Will I bet? No. Its Sunday night, gut feeelings and early news items are not strong enough to throw good money at the SB companies. I'll wait untill 10am ish to get a better feeling towards the market.
If you are betting: make your own decision, watch the markets open and do read present news for clues at to which way the FTSE may go.
yours
UK
Still working through my mental blocks whilst trading my model.
