I am on CNBC today at 11:35am. I will post my charts for the show her around 10:30am.
Tom
1st May 2008 08:11am
Good morning,
I was sat ready to trade at 07:00 am when the DAX opened. Nothing happened though. It then hit me. 1st May is a day of celebration in countries such as Germany and Denmark. In Denmark this is a day of celebration when Jesus went to heaven. So no DAX trading today, and I wonder how much liquidiy there will be around. The FTSE tend to be rather boring until the end of the day.
Here is the FTSE 100 futures chart. This is not looking too good for the BULL camp. We are seemingly unable to gain any kind of meaningful traction above 6100. It feels like the index is running out of steam above 6100. The shorts in the market were not scared off either and held firm above 6100, where I would expect many stop-losses to be placed. There was nothing to talk about. Conclusion: I fancy the short side in the FTSE 100 as long as we are below 6100.
There is just one problem. I think that today will be a strange market with Germany closed. This is an index that leads the rest of Europe. So below is the FTSE 100 chart. A good decisive hourly close above 6100 may make me change my mind, but not right now..... What would turn me bullish? A retest of 6050 and then back up to 6100 would be bullish for me.
Click to enlarge chart
The SP500 chart is in middle territory, if there is such a word. We are trading at the 50% line of the recent range, but I am more bearish than bullish. The SP500 had a price target of 1400. That was hit and retested and FAILED. Now we are sitting on the halfway line, and I am of the opinion that I will look to initiate short positions if we can get up towards 1400 again. I may not have this opportunity.
ANALYSIS
