Another of those mornings when the spread betters have pushed the FTSE down to ape the Dow. Expect it to rise to meet last night's close. There is probably a strategy lurking in these movements but the profit potential seems so slight compared to the risks. What it does mean is that even if it is a down day this isn't the right time to go short.
FTSE closed above its 90DMA, although as of writing sitting some 30 points lower. Long term daily trend still bearish but has been putting on a good fight for 6000. The next level up (if that's not too wildly optimistic) is 6095. On the down side it still looks to me like fresh air down to 5800.
Waiting for the bell...
4 Jun 2008
Trading Day
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TRADE
ReplyDeleteFTSE Daily
SELL @ 6022.8
not a great price but moved sharply.
1-min chart
STOP down to 6020 so covered the bet.
ReplyDeleteLooking grim so waiting. Aware this is a 1-min trade but all the other charts now looking bearish at 6000.
doh! forgot to actually post this!
OK, tried to be clever and lucked out. On a 1-min signal should have taken this at 5995, but FTSE had a little hop just to wave bye-bye to 6000. See you again some day!
STOP now down to 6005, the top of its bounce.
FTSE locked inside its panic room, walled in by 6000 and 5990. Dow futures ticking further down. Waiting for a break-out.
ReplyDeleteBeing patient here. Trying to call the bottom is pointless, but closing at the top of a dead-cat-bounce is also sad.
ReplyDeleteSTOP at 5975
This smells to me like a market slap in the face to the Bank of England. Both FTSE and Sterling getting clattered, perhaps the BoE should think again about easing rates a tad tomorrow to relieve the British consumer.
OK not hanging around to spoil a good day.
ReplyDeleteTRADE
BUY @ 5956
Profit = 66.8 pts
This isn't the greatest time to take this, but here goes...
ReplyDeleteTRADE
FTSE June 5700 Put @ 32
It's cheap and I don't need to look at it for a week. expires on 20th so 2.5 weeks of life.
OK, this may seem marginally insane, or possibly downright sectionable...
ReplyDeleteTRADE
FTSE Daily
BUY @ 5940.8
3-min chart
but gold and oil on the rise.
5950 proving a tough nut to crack
ReplyDeleteTRADE
SELL @ 5946.8
Profit = 6 pts
A bit useless but not wholly pointless.
TRADE
SELL @ 5944.5
1-min chart
near to NY open so time to wake up.
short shelf-life for this one
ReplyDeleteTRADE
BUY @ 5932.8 to close
Profit = 11.7 pts
Took this quickly as Dow popped up off 12350.
TRADE
FTSE Daily Options
5920 Put @ 10
5960 Call @ 10.1
Total 20.1 pts
Can sit back and enjoy the show now.
Well, something I've been saying about the current market - that every support and resistance gets tested and retested. Looks like 6000 getting tested from the down side - actually, suspect yesterday's low of 5975, but what do I know!
ReplyDeleteoh...btw...
TRADE
5960 Call @ 23.1
minuscule profit of 3 pts!!
will wait to see if the Put makes anything.
There are not many binary bets still in play with the FTSE some 100 pts down at 3pm. However, this one still could be.
ReplyDeleteTRADE
FTSE to finish Down > 50 pts
SELL @ 95.5
cost 4.5 pts
Having taken my option this also covers the upside.
FTSE is kinda jerking around so am happy to not have any index trades. The 3-min chart is giving bad signals so that my human program is telling me to ignore them. My two live trades are both worthless but a 30 pt move in either direction may bring some extra crumbs of profit - been a good day anyway so not complaining. Could just as easily keep jerking around.
ReplyDeleteTime for a drink!
Took this on the way down
ReplyDeleteTRADE
FTSE Daily
SELL @ 5982.3
been watching it as slightly foolish during the settlement period, but the Dow was looking stunned as it recoiled from 12500.
other 2 trades end at zero, so LOSS of -4.5.
Total for today is +83 points :-)
Moved STOP down to 5980 so already covered. There was a 3-min signal but a bit of an impulse buy as on reflection don't fancy hanging around here for long looking at this Dow-proxy trade.
TRADE
ReplyDeleteBUY @ 5974.3
Profit = 8 pts
so +91 pts for the day!
I need to go and saw the IG Index FTSE price tick up when the Dow was going down. Obviously their out-of-market formula includes oil and gold prices as well as the Dow.