Just a little tale for those of you too young to know this. In 1987 the then Tory government were trying to sell their then 51% stake in BP as one of their privatisation sales to the public - Sid.. The shares were priced at 330p and 6m people had registered for the offering. A matter of days before the sale, the great storm (Michael Fish said will not happen) blew in closing the LSE on the Friday, meaning we played catchup on the Monday as Wall Street collapsed. BP was trading in the markets at 254p when the Government took the decision to go ahead with the sale and approx 250,000 members of the public proceeded with the offering at the 330p price. It was rumoured that a list of the names and addresses of those 250,000 was fetching a high price in the markets at that time. An american once said 'you will never lose money underestimating the gullibility of the general public'! Ah, the good old days!
Lol.never noticed till just then. But I did say it looks like it has more legs,but there's no getting away from the fact,that it's looking toppy. Any newbie won't know this,so buying in at 50p,which will be the opening price,probably,is highly risky.IMO Would you buy in now?I doubt it. Nite
RBS and Barc will tank imo bringing lloyds down with it.
We will see but the stress test made it quite clear those two would and could have a major problem.
With markets at all time highs and gold flying there is a perfect storm brewing. It makes sense that when markets are as high as they are and banks as low as they are, that there's even more downside for banks ahead unless you think the markets can keep going up from here.
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