RE: as it's quiet ....27 Nov 2010 01:26
Having done a wee bit of chart work tonight, some new bounce points have emerged as both LLOY and BARC have achieved (and thank you) their gap closed but have fallen further than they should.
LLOY is now showing (a potential) somewhere around 54p and BARC around 244. And my old favourite, XTA shows 1105.
Obviously, none of the above may happen but the current market trend suggests they are all possible, due to the FTSE remaining on track for a retrace to 5400.
What is really bothering me is that whilst I have mentioned that 5400 potential several times, why the heck is the driving news fitting the logical market trend. I really do not get it. Stock market potentials cannot predict an Irish Problem, a Spanish Problem or a Korea issue, except they do.
Given previous years market performance over the coming period, I suspect we shall get a few vile days toward target in the near future, then strong recovery from the beginning of December until it all goes wrong around mid February.
Alternatively, 'they' will have fooled us into a state of bearishness and will stuff us all with strong recovery from Monday. And if anyone doubts 'they' exist, one need only look at the performance of the FTSE over the last two days whilst the DJI was closed. As the market could not be too far away from the DJ when it re-opened, the FTSE went silly today and stuffed rather a few indice traders.
Thankfully, I managed to avoid that shambles but still only finished the day 3 points ahead in a day with an 100 point range.