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You did really well holding your nerve to 67.5p and I'm pleased for you. As for RBS, I've been looking at them a lot today. I think a retrace is likely but I doubt it would be to the low 30's now. A 6 month chart shows support (lows) around 40p at the end of last year so I'd be very surprised it it fell below that now even though prices above 40p have only just come around again. RBS seems to be gaining momentum and is certainly very tempting as it looks like it could soar like Barclays did. But the government own 70% of it unlike their 0% of Barclays. This week will decide where this share is going longer term and fortune could favour the brave.
The market has gone crazy this morning playing catch up from the US gains yesterday. Financials are flying and the swine flu news doesn't seem that bad at the moment. I still can't understand the overall zest for buying at present. The volumes have been so large today that many online services have been struggling to keep up with demand. It seems totally at odds with the real ecomomic news about GDP contraction here and in the US. Adidas profits down 97% to pick just one example and yet it makes no difference to the general market??? US Bank Stress test results are due out Thursday and then the UK banks start reporting Q1 figures (RBS Friday??). Early signs are that some of the major US banks need more capital and shorting positions on them have massively increased according to Gloomberg. This doesn't seem to be bothering anyone though! I feel I can't see the wood for the trees at the moment and the safest thing for me to do is just hibernate for a while. Not making any money doing this I know but I think there's more chance of losing some if the correction comes which I have been anticipating. But what do I know!!!
I hear you brother. Yes FP has been 'treading water' today its just I consider Aviva and LGEN to be better barometers of this sector at the moment. Standard Life (my fave) are still hurting from yesterday. Aviva have managed to bounce off the £3 again now so it might not go today. Difficult stuff this crystal ball gazing.............!!
Aviva have just gone under £3 for the first time today and LGEN is under 56p again.
The sector is just starting to show signs of a slide. This last hour is going to be intersting as I thought it might be.
Well done mate. I don't see anything worth risking today myself and I'm going to heed my own advice to stay out and see what transpires on Tuesday.
I think that would be a wise move. A lot of news and panic can develop in 3 days before the markets re-open. 70p used to be achievable on this share but I think 65p is now the likely the resistance level in the short term, so getting out at 64p with a profit and your money back in your hands ready to strike when the market falls makes sense to me.
FP volume is pretty low so far today and if it continues like this the share will likely just keep on treading water today. If any real action is going to happen it will probably be in the last hour today.
Forgot Monday is a Bank Holiday, so the falls I am expecting may come Tuesday particularly when everyone has had a longer break to digest whats been happening in the market. I think there will be a good number who think this run can't continue. My advice yesterday was to get out at 64p and take the profits on offer and that remains today.
Keeping an eye on this one. Too high for me to come in yet still. Rest of sector down bar LGEN which has gone absolutely crazy. FTSE has recovered from early falls now, perhaps the falls will come on Monday now? I still think prices have generally gone silly in the last few days and it has to reverse soon. PS Just noticed that all of qatari1's posts that I read this morning have now disappeared???
MM in my book is market makers or market men. Good luck everyone today. I have to take my eye off the ball now as I have somewhere to go this afternoon. Catch you guys later... qatari1 - Sounds like you have access to level2 data. I'm just running on free level1. To make the really serious money I think I can from this I perhaps should get into level2. Who would you recommend? I hear it can be bought from £20pm ish.
Cheers. I hope we are winners together next time as well. What do you think about the FTSE being so high today though given the current climate. Surely it can't keep rising as it is in the face of the ridiculous growth turnaround statements in the budget, the US GDP drop, swine pandemic etc etc.
It's all about comfort levels, I'm clearly more risk adverse than you, and perhaps more risk adverse than I should be but you were in at 55.1 and its much more comfortable from there. The downside isn't as bad as the upside from there. Don't forget I had my fingers nearly burnt on this share last week and lets face it I'd still be in a loss situation now if I hadn't followed my gut instinct last Friday. I was right to sell then but wrong to not get back in at 55p when I had that fleeting chance. I feared it would slide to 50p so waited for it to settle. Can't win them all...............
Its gone up too far for my comfort to get in now, but credit to you guys for sticking with it. At 60p it shows it would have been a good punt as qatari1 suggested but I wanted to get in at 56p (58p my max) and that didn't come around. The whole of the FTSE has gone mad today and its nearing the February peaks now c.4300 and given the current climate of swine pandemic etc that seems crazy. I would expect a movement down on the FTSE tomorrow so the trick for you guys is to decide how much the uplift today in FP has been from market sentiment and how much to the Tesco deal. If I'd been in at 55 to 60p like a few of you I would seriously consider getting out today at 64p if it reaches it. You will have made a good profit then and can protect against the retracing (if it happens) or you hold your nerve for 70p plus but being a cautious person I'd take the profits that are on offer today.
Looks like Standard Life are the only ones actually suffering this morning. The rest have gone up a notch or two. LGEN just hit 56p!!! Aviva nearly £3.10 and Pru getting on for £4. The banks are flying too Lloyds & RBS. Meanwhile FP strolls to 62p???
SL's statement doesn't make good reading this morning. Their sales at least 20% down and in some markets including UK worse still. Canada and Asia growing though. Despite the early gains seen this morning from people setting limits and trades outside market hours, I expect the sector as a whole to fall today now. I'm keeping out at the moment until the dust settles a bit, might miss out an opportunity I know but I think its still a bit too risky and there could be easier gains elsewhere. If FP is flying its economy class, the rest have been going supersonic!
Well it turned out to be a dull day as I suspected from the early trading pattern and we have moved sideways as I predicted but not with anything like the range today I was hoping for. What's really odd is while the rest of the sector has simultaneously risen today to their relative high points for recent months, FP is languishing at a relative low point !!! I think the Tesco deal (yes I now accept its a done deal to all intents and purposes!) is actually the companies lifeline but from what I've read there will be no business resulting from it until the end of the year at the earliest. That means nothing new contributing to the bottom line in this financial year and if the poor Q1 figures are repeated throughout the year the share is going to considerably underperform against market projections and the share price will therefore suffer accordingly. I'm not therefore expecting any fireworks from this share at the moment. If the rest of the sector couldn't lift it today and it had a good news story about Tesco to boot, what is going to make this share rise???
It's starting to look that way. I really was expecting a greater range today to confirm the movement back upwards. There will be some who bought in yesterday looking for it to take off who might now be having second thoughts and sell for a quick profit at 60p which might yet drag the price downwards a tad but I think lows of 58 are now more likely than the 56 I am hoping for!
An indifferent day as I have no investments on the go at all at the moment, I was pining my hopes on getting FP for 56p but this looks unlikely at the moment. Will have to see what this afternoon brings though. I can only see a DEFINITE quick profit in this share if I get in at that sort of price and out again at 60p which would now appear to be very easily achievable sale price. For me the risks are still too high above that level in the very short term.
Aviva has catapulted upwards today (close to £3 now) and Pru have risen a lot this morning as well but they don't seem to bedragging FP up with them at the same rate of knots. As I've said before this share is either way undervalued or the runt of the litter.