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Ftse Shrugs Off Terror Attacks

Bubble Pricker

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The FTSE touched 5026 this morning but has now recovered to 5150. The market seems to be shrugging off the attacks very quickly. I only expected the bounce for the next few days.

I managed to buy some FTSE iShares at around 5070. I would probably have almost hit the low at 5026, but the lines to my broker were busy on end.

I am not surprised by this, only by the speed of recovery. The markets hardly blinked after the Madrid bombings, and the harsh reality in the financial markets now seems to be that attacks of this type in European cities are now accounted for as events that will occur once in a while.

Any views on where the FTSE will go next?

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Still think it's looking very toppy and due a downleg, so thankful I managed to cover my shorts around 5050 yesterday. If the US market is anything to go by, we should be over 6000 (but obviously rates are a bit higher over here). So I am still bullish on the FTSE except in the very near term, and am keeping my 5400 target for this year. The markets are supposed to take a breather over the summer, but it seems most investors have cancelled this year's summer holidays. Yesterday's recovery I think shows that there is a lot of money sitting on the sides, so hopefully we are not near to running out of steam just yet. Retrace to 4950 would keep the bull run firmly intact.

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