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1.5% up at the close so left it to see how things go - may end up bailing - agree that short of 6,000 would be an excellent place to go short. JLP doing better than I expected from 2p and Zac Mir's post is positive - so staying above 2.4p opens up potential - GLA holders.
Good luck Kalan
If that fails somewhere between 5900-6000 will see a strong short at double points from me. Still confused so still waiting !
I'm with you Rosewall - the Dow Jones futures are showing it 20% down since the start of the crisis. For it to go higher we would be back in a bull market - that's a 10% drop in annual GDP and we are in a bull market - looks like bull to me - put my short on and putting my shorts on - garden beckons. Probably be bailing on both in the next couple of hours lol.
All that is going on is a widespread pump. It will be followed by a widespread dump which, of course, will be blamed on the pandemic. Recognise that and don't get sucked in.
Yeah I'm confounded so i'll be standing aside for a bit and trying to work out what the hell is going on. Bad news appears irrelevant at the moment. Everyone wants to buy and those left behind are worried that they are missing the boat. Some are throwing caution to the wind and lumping on. This is going to be a long winding road so no rush either way I imagine.
Have a good day. I'm off to doing something useful with myself !
Think thats just this LSE site playing up topcatz ;)
Looks like you made the right call for today, but still very difficult to judge were this is heading. I thought last night the market would react very badly this morning to news of boris going into hospital and the uncertainty that leaves for government (hopefully just in the short term), but instead the reaction seems to be following the Asian markets on hope that the pandemic is showing signs of abating. Profit taking whenever you can seems to be the right approach at the moment. I'm taking the view that the traders, fund managers etc are not medical/scientific experts, and upward moves can't be relied upon as a signal that the worst is over.
Whoops :/
Closed my short yesterday afternoon at marginal profit when I saw the FTSE racing away. Should have closed off on Friday for considerably more.
The Trading decision was in the charts so my fault entirely. I highlighted a possible breakout up or down. I could see it clearly but assumed it would break down. Lesson learnt as I should have closed and waited for confirmation before re-positioning.
Closed my short yesterday afternoon at marginal profit when I saw the FTSE racing away. Should have closed off on Friday for considerably more.
The Trading decision was in the charts so my fault entirely. I highlighted a possible breakout up or down. I could see it clearly but assumed it would break down. Lesson learnt as I should have closed and waited for confirmation before re-positioning.
Closed my short yesterday afternoon at marginal profit when I saw the FTSE racing away. Should have closed off on Friday for considerably more.
The Trading decision was in the charts so my fault entirely. I highlighted a possible breakout up or down. I could see it clearly but assumed it would break down. Lesson learnt as I should have closed and waited for confirmation before re-positioning.
Hi Speedie. Understand your gloom and the Brompton advice. I suspect a vaccine will only be part of the solution. I strongly suspect research will also focus on identifying the factors that lead to the catastrophic cytokine release and multi-organ failure in some (just a few) individuals and not in others with the aim of developing strategies to minimise and attenuate this. This approach would lead to us signing a truce with the virus rather than trying to eliminate it, which will be far too costly on many levels.
If I am right, then in the future the question 'what did he die of?' will elicit the response, 'he died of Covid pneumonia' in much the same way as we might say he died of cancer or a heart attack or a road accident. Vaccines, improved therapies and strategies and appropriate management of high risk individuals should ensure that we don't have to say this too often. I remain optimistic, despite being 72 with an underlying lung problem.
Maybe tomorrow as they say. Off out for a bike ride now (because I can) - Going to forget about he markets for a while as it's just fog to me at the minute
See you later
Safety first - UK FTSE up 2% at mo but Germany up 4% and so are USA futures - so likely to see a bit more strengthening in FTSE (sold into the dip - because it was a short).
Probably a wise move Kalan. You can always enter when direction becomes clearer. Price action as expected. Direction not expected !
I'm sure the next ghastly news is just around the corner
Well it's no use sitting here saying they are all wrong and betting against the herd so my short x2 on the FTSE which was down 7% this morning has just been closed at down 3.6%. Everything on Bloomberg is positive this morning and my bet that the charts were turning was premature - will wait for confirmation and re-open the short because I am convinced the financial folk are living in a bubble. Most of us are going to get the virus or get the vaccine whichever one comes to us first. How much would they have knocked off the major markets if we had just had an 80% reduction in flights? At least 10%. how much would they knock off for China GDP going from +5% to -3%? Another 10% and so on and so on. I suppose they will say that the pump priming of the finances would have added 10% to 20%. Everyone has an opinion and someone will get it right and become a guru for the next 10 years until the next crisis.
Me neither Kalan.
Very weird - who knows what's going on and whether this has been traded up so some of the more canny can exit. Possibly another of those rallies we were talking about. FTSE wants to stay upside of the EMA9 @ 5500 for now but I think the afternoon trading will give us a better picture
Hi All. I see this C19 virus being around for a long time. Eventually a vaccine will be produced in large enough quantities to beat it but that is a year away, at least. In the mean time the movement of people and goods will decline. I have been advised by the Royal Brompton Hospital, probably one of the worlds best lung clinics, that i should look at self isolating for the forseeable future. This does not bode well and i see further falls in productivity. I do not like the term but "dead cat bounce " springs to mind. All a bit gloomy but just the way i see it. ATB Speedy
The concensus seems ti be that the virus abates and opec regain control and we all get back to normal. Job done. What I dont get is where the think the virus has gone. Also jow low does production need to go to keep oil prices high. 10 20 30 40 per cent of world production?
The concensus is that Governments can sirt this and the big risk today is that they have done more than is necessary so the gold hedge against inflation holds sway. I would love to believe it but I just dont buy it.
Far from a done deal then Moneyhawk. The ruskies are ruthless and Trump's not one to back down either !
The Russians will most likely want the USA to take their fair share of production cuts. So if thats the cause for their delay on the deal, it all hinges on Trump and what he thinks he can sell to his voters as being something in Americas interests. Bit of a catch 22 for him, he's constantly called for low oil prices, but a large proportion of USA production needs high prices to be viable.
Hi Moneyhawk
I did hear what Trump said. More chance of the death figures reducing in Italy and Spain than America I would have thought. Trump continually shoots his mouth off without engaging his brain. Interesting about the OPEC/Russia deal. Russia will be playing hard ball as usual.
You are spot on with the volatility. I would not be surprised if this Yo Yo's all week.
Hope you are well
I agree with the vol
Could still be very volatile, think its too early to predict an upwards rise from here. Seems to be two main factors at play:
1. Some countries reported lower daily increases in deaths over the weekend.
2. The OPEC/Russia oil deal announcement due today has been delayed to Thursday, with some reports this morning suggesting they are close to a deal
But looks far from certain what will happen with both of those by the end of the week.
Didn't expect that. FTSE breakout to the upside led by futures and Wall street.
Fake or the real deal ?
much thanks speedymeadie….
have a great week all and be safe
Hi Posotive. The P.M. miners have taken a hit along with most sectors. The diff with miners is the stuff in the ground is still there and will be mined shortly. The well managed miners will recover. Most of all do not panic sell as you will regret it when, not if, they rebound with a vengeance. ATB Speedy