RE: Today’s volatility!6 Nov 2018 20:35
Yes, wot a day! (volatile!) Bear in mind it's mid term elections in the US. Our markets were all down today. Could see by the amount of red in my watch list (to the left) that the day had got off to a bad start, in general across the board. Yet, confusingly US markets are up today, so far (might change by 9:00pm close our time, of course).
Just checked the DOW and it's still up, but nowhere as high as previously when I last checked when our markets closed. So if today was to do with the US mid terms then it would affect their markets also, it hasn't in general, so far. Although as said their gains are receding currently - but still blue!
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Glanced earlier at BT's intraday action and it nearly had my eye out @ approx 11:15am when it spiked up from 257 and held it briefly at 267! WTF?!?
After a meeting I attended, I had a coffee at a frothy coffee cafe and glanced at BT approx just before 3pm when the SP was @ 255p and almost posted that the earlier 252p @ 1:30pm was the day's low as now that the longest intraday uptrend of the day, so far, was in play I felt that it would now go on to close well clear of that low. Later I noticed that 5 minutes after I left that cafe, the SP came under non-stop attack again and drove the SP down relentlessly. It was now 252p and I thought - okay back to that prior day's low; that's where it'll most likely close - but right into closing like a pack of mad dogs the selling was fierce driving the price bit by bit, minute by minute, lower and lower. Even though I did post that 250p would prove too strong to break through in such a short time left before close I was taken aback by the ferocity of the bear attack into close.
Which brings us to Wednesday. Well first things first, by the v early hours of Wednesday morning (US time) they will know for certain the outcome of the mid term elections in the US, which means when our markets open it will all coincide like a glove. The USA will close tonight not knowing the outcome. We in the UK will open in the morning knowing the outcome. It has to factor-in, on tomorrow's price action, whether markets open bullishly or bearishly. FTSE et al, in the UK, were all down today. It aided bear attacks on UK stocks.
Whatever, a 4%+ drop in one day is traumatic and nearly always bodes ill-well for the next trading day. Virtually nearly always. But the SP has been behaving out of character this past week or two. Ordinarily I'd say that to escape in one leap the SP would have to close at least - at least - above 256p, but on today's performance the 245p pivot point, or worse beckons. With this amount of volatility in BT I'd rather see what the results of the US mid terms are first, as they will set the tone for all the world's markets on Wednesday.
Continues...
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