Archive for June, 2008

The FTSE was down about 65 points this morning at 5,992, whilst the FTSE 250 was also down 65 points at 9,922.  Both are now under the 6k and 10k levels.

Last night over the pond the DJI closed down nearly 101 points at 12,402.85, up about 60 points up from its low, whilst the S&P500 closed down 8 points at 1,377.65 and the Nasdaq down just over 11.05 points at 2,480.48.

In the Far East today the Nikkei 225 closed up 226.40 points at 14,435.57, whilst in Hong Kong the Hang Seng was down about 59 points at 24,317 by lunchtime chow time.

Staying in Asia, oil was down again to just over US$124 bbl.

Back here in London, there were a few heavyweights that went ex-div, so dragged down the FTSE somewhat.  These included: National Grid, down 24p at 724p; Vodafone, down 6.5p at 156.2p; and Enterprise Inns, down 13p at 447p.

Backj to oil, where the heavyweights fell back tdue to the drop in price of the black stuff.  BP was down 12p at 592p, and RD Shell was down nearly 40p at 2,045p.

The miners also suffered, with Vedanta Resources down 40p at 2,384, Xstrata down 74p at 3,971p[, and Antofagasta down 15p at 673p.

On to the housebuilders, where it was real doom and gloom.  Persimmons was down another 16p at 440p after a UBS downgrade to ’sell’ this morning, whilst Bellway was down 25p at 5778p, and Redrow 15p at 208p.

On to financials, where Man Group was down 10p to 614 after an Investec downgrade to ‘hold’ from ‘buy’.

News from Lehman Brothers, who have said they are looking at a $4 bln rights issue, caused their shares to fall 10%.  This didn’t help the banks, with HBOS falling 12p to 340p, Barclays down 7p to 353p, but RBS actually risiong 2p to 247p after an upgrade to ‘overweight’ from ‘underweight’.

British Airways was up 2p at 232.75p as hopes of some decent passenger numbers were due today.

On to retailing, where Kingfisher was up a penny to 139.8p after a near 9% increase in 1st quarter profits. Broker Seymour Pierce liked the nbews, upgrading its stance to ‘hold’ from ’sell’.

The FTSE ended the day up 50.1 points at 6,057.7, whilst the FTSE 250 ended up 58.6 points at 9,986.9.

Over the pond, by the time London closed the DJI was up 20 points at 12,524, whilst the S&P500 was up 5 points at 1,391, and the Nasdaq up 16 points at 2,508. Fed Res chairman, Bernanke, said from Barcelona that he reckons the economy will pick up later this year. News that factory orders were up 1.1%, when expected to be under 1%, was also received well.

Back here in London, we saw some of the banks bounce after yesterday’s poor Bradford & Bingley news.  RBS closed up nearly 19p at just shy of 245p on rumours that there were some trying to build a decent holding in the bank, and also that many short positions wer ebeing closed before the result of the bank’s £12 bln rights issue. It seems that RBS isn’t struggling to get out of the offer, and that investors are taking up the rights.  Peers also had a good day, with Lloyds TSB up 11.5p at just shy of 389p, and yesterday’s hot potato, B&B, closing up 1.25p at 68.25p. Broker Collins Stewart gave B&B a new target of just 60p, down from 135p, and Morgan Stanley reckoned 50p was a better target, down from 82p.  Not all banks did so well, though, with HBOS closing down over 8p at just shy of 352p, Barclays down over 5p at 360.25p, and Alliance & Leicester down nearly 3p at 400.25p.

Staying with financials, insurer Prudential closed up 15.5p at 670.5p after Merrills said it was more favoured than Arriva, whilst Royal Sun Alliance closed up 3.4p at 137.8p after ABN Amrto gave a higher target of 164p, up 9p from its previous target of 157p.

On to retailers, where Home Retail Group, who own Homebase and Argos, closed up 14.5p at just shy of 243p after a Seymour Pierce upgrade to ‘buy’ from ‘hold’.  Peer Kingfishger, who own B&Q, also looked good, closing up 3.5p at 137.6p.

Staying with retailers, Carphone Warehouse closed up 9p at 238p with rumours still around that someone will come in with a bid.

On to oil, where AMEC closed up 35.5p at 884 after saying it was helping BP with some project management on offshore work. Broker Evo reitereated its ‘add’ stance and 9-quid target.

On to minres, where ENRC closed down 77p at 1,367 on the back of rumours that fellow national Kazakhmys may sell its stake in ENRC after its lock-in period expires. Peer Vedanta also had a bad day, closing down 81p at 2,424, and peers followed too, with BHP closing down 17p at 1,931 and Rio Tinto down 41p at 6,129.

On to housebuilders, where Barratt Developments closed down 11p at 156.5p, Bellway down 20p at 603p, and Redrow closed down 9.5p at 223.25p.

Internet gaming firm PartyGaming closed down 22.5p at 277.5p after rumours said that a compromise deal with the US Dept of Justice were a bit speculative and presumptious.

the lower oil price helped easyJet, who closed up nearly 10p at 295.5p, and peer Ryanair posted some decetn figures for the year, closing up €0.23 at 2.86.

Hi Dan

I have been an independent trader for the last two years trading on price action and using scalping systems. I joined Market Bytes for one month, and then Market Bytes Live was launched and I joined that on the 29/05/2008… First day I was lost and second day I started to follow what was happening and saw how these guys analyse the market accordingly with no scalping and no guessing. They work with technical analysis, so I asked all the questions that I needed to ask, and they were answered promptly. Anyway on my third day I followed all the signals and strategies that were discussed in the room and I came out with a massive 710 pips… I was trading a £2/pip so total profit by midday of £1420 not bad for 5 hours work. I would recommend anybody to join the professional and start climbing the ladder of success and join the 5% winners.

C C Abu-Aita

Hi Dan

Thanks
Vikki

Morning all…

Messy morning to be honest with no real direction… CCI’s clashed with Moving Average’s which kept us out of many of the potential trade setups.

{rockdrive<EN>} +26 eu/jpy

{Billy_P} no trade today 113 yesterday

{andy<EN>} +95 points on DOW from yesterday - nothing today. Thanks Guys

{gary555} +51 e/u + 29 a/u

{Gazza<EN>} 104 sorry

{Bloom<EN>} Up 85 pips on yesterdays Dow recommedation. Thinking longer term

{bob<EN>} still with the dow ,short120 pips up

{Gazza<EN>} -19 $Yen

{Flash<EN>} +121

{Superman<EN>} +20 cable

{Flash<EN>} Come out of Dow earlier this morning, +100 plus my +21 Cable very happy today

{Flash<EN>} Out of Cable, +21

{Superman<EN>} made a quick 20 off cable

{Stefan<EN>} still in +125 pips

{Simon<EN>} 116 PIPS JAMES - CHEERS!

{vikki<EN>} 70 for me thanks James 

{Tom_R<EN>} 104 for me, thanks James

{chris<EN>} 96 on dow 33 on dax

{Richard<EN>} 98 points and still in with half

{andy<EN>} 95 pointson DOW

{martin} 100 on Dow thanks M Boy

{Michelle<EN>} I got 125 points - cheers james

{david_day<CY>} 87 points on dow yesterday thanks james

{Durti_Ca$h<EN>} BEAT ME BY 5 DAVID. ONLY MANAGED 82 !

{david_day<CY>} out of usd jpy 3 pips

The FTSE was up about 21 points this morning at 6,029, whilst the FTSE 250 was up 38 points at 9,965. The banks seem to be coming off the floor.

Over the pond, last night the DJI closed down 134.5 points at 12,503.82, whilst the S&P500 closed down nearly 5 points at 1,385.67, and the Nasdaq down 31 points at 2,491.53. Economic weakness seems to be the feelings of woe. Today we see the US factory orders, with a slight dip from the April figure.

In the Far East today, following on from New York the Nikkei 225closed down nearly 231 points at 14,209.17, while in Hong Kong the Hang Seng recently closed down over 457 points 24,373.90.

Staying in the Far East, oil was down again as concerns over world economy will effect demand for the black stuff. Light sweet (Jul del) was down another half a buck to US£127.30 bbl, whilst Brent North Sea crude (Jul del) was down over 70 cents at at the same level - US$127.30 bbl.

Back here in London, it was the banks that were bouncing, even after the bad news fro Bradford & Bingley yesterday. This morning we saw B&B actually up a penny at 67.5p, whilst peers were up even more, with RBS up 7p at 233p, and Lloyds TSB was up 7p at 384p, and Alliance & Leicester was up 2p at 405p.

On to transport, where the airlines liked the oil price falling back. British Airways was up only a penny at 230p, but others did better. Ryanair Holdings had announced some decent full-year profits of €480.9m, up from €401.4m the previous year, and easyJet was up 5p to the good at 290p.

Back to oil & gas, BG Group was up 23p at 1,264 after announcing it announced it has signed two liquefied natural gas agreements with Petrobas of Brazil. Other oil heavyweights didn’t do as well this morning as the oil price affected both BP, down 2p at 602p, and RD Shell down 4p at 2,078.

The miners backed off after their recent interest, with Rio Tinto down 46p at 6,124, Vedanta Resources down 45p at 2,460, and Anto off 2p at 690p.

Findel was down 2p at 225p after a Goldman Sachs downgrade to ’sell’ from ‘neutral’, and a news price target down to 180p from 330p.

 A Fair old hammer candle today on British American Tobacco. The 20 & 50 MAs closing togther, and look like the signal if it breaks.  This has bounced off the 200-day twice lately. Worth watching…

Whilst it is more than difficult to pick anything ‘on the up’ at the moment, Premier Farnell looks like it’s bounced off the 200-day MA. What happens with the 20 & 50day MAs will determine if the strength has really come back in with buying interest. The RSI has broken back through the 30 level. Maybe worth monitoring, and possibly taking interest if it breaks 170p, the previous high. We’re not holding our breath, though, but felt we should point out the odd equity possibilty for those who still dabble with a swing trade or two. Watch your stops, too.