Monday, March 2, 2009

Anyone want to guess when will FTSE hit 3500?

Stocks rattled by financial fears

Stock markets have fallen worldwide, rattled by fears that turmoil in the financial sector is far from over. On Wall Street, the US Dow Jones index fell below 7,000 points for the first time since October 1997. In the UK, the FTSE 100 index briefly hit a six-year low. Markets elsewhere in Europe also fell sharply.

Posted by peter_2008 @ 05:03 PM (1948 views)
Please complete the required fields.



20 thoughts on “Anyone want to guess when will FTSE hit 3500?

  • It must be bad!
    The guy in the photo has his hand on his brow as if he is really upset!!

    Reply
    Please complete the required fields.



  • Deciphermonkey says:

    lol, no he’s just watching the repeats of Harriet Harman’s empty threats to Fred!

    Reply
    Please complete the required fields.



  • little professor says:

    The FTSE plunges 5.3%, HSBC (supposedly a safe bank) gets its beggin bowl out again, and AIG loses $100 billion, yet none of this warranted a mention on the BBC 6 O’Clock News headlines. Weird.

    Reply
    Please complete the required fields.



  • Checkout the Dow Jones index on BBC website Top 5 winners / Losers
    NO WINNERS!!!!!! I have never seen that before, is it a first?

    Reply
    Please complete the required fields.



  • crash n burn says:

    That’s not the question, the question is “how long before we have 2 consequtive closes below 3,300?”.
    That would be a nasty technical signal! Grab your guns, canned food, gold soveriegns and high speed inlatable. Anarchy shall rule.

    Reply
    Please complete the required fields.



  • ok so its looking a bit overdone to me. A bit more downside tomorrow and then picking the bottom (or to be more accurate covering nearly all of the remaining shorts). We are near the bottom of a trend channel – expect a little overthrow of that to the downside perhaps mid to low 3500s; we have a technical target of around 3600 (reached) , we are very oversold (RSI – 11day around 20; lowest since the top last year, although i would like to see divergence before liquidating the rest of the shorts and there isnt any).

    Wouldnt rule out a violent bear squeeze, but wouldnt expect to see 3950 breached before a new swing low that breaks this low we are establishing now. After that it looks boom boom for a while to me.

    Reply
    Please complete the required fields.



  • What’s so special about 3300? I thought the usual resistance level happens to the 500 and 1000 mark. But then analysts have been saying “This is the resistance level. This is the bottom.” for ages.

    Reply
    Please complete the required fields.



  • pete – you must have been listening to the wrong analysts! (unless you mean brokers – I dont listen to them EVER).

    Reply
    Please complete the required fields.



  • yep they must have been the wrong ones cause they should have said “this is the SUPPORT level……”

    Reply
    Please complete the required fields.



  • the question right now is S&P 700 going to hold or are we closing below it?

    Reply
    Please complete the required fields.



  • All the signs point to there being some enormous falls tomorrow on the FTSE…..but we shall see!

    Reply
    Please complete the required fields.



  • mountain goat says:

    TM – I see Mr Prechter is advising to ‘cover’ all short positions

    Reply
    Please complete the required fields.



  • Thought I would throw another angle on this, looking at the fall in 2003. Mar 3rd : 3684 – Mar 12th: 3287, I’m guessing with no war on iraq to declare, a full moon in virgo, we could quite easily see a fall of 10%+ more.

    Reply
    Please complete the required fields.



  • Thanks for the update Techieman been agonising over direction for days, convinced that there must be a change in direction but it never seems to happen! Torture.

    Reply
    Please complete the required fields.



  • MG – Prechter advised that before today on the basis of the end of the 1st wave of the “c” wave. He said that the alternative is to plummet now (per hpwatcher’s point) but that if it goes there then there would be counterparty risk so what would be the point? Interestingly the advice is to cover shorts NOT initiate longs. Personally i have been short this leg since i reversed around the low 4000s, and have covered most of that position (i have a bit left). As i said i think we have a sqeeze up either tomorrow or later this week. Also its covering shorts against the sale initiated before the top (so at one stage you would have been losing some money).

    Of course its possible we are going to dump and if we do then i think i will be wrong but it wont have cost me anything (quite the opposite infact) which is why i dont like to try to predict a bottom / top but try to be somewhere in the middle. It may just be that the bear side has paid all its going to pay for a while and now we should look elsewhere (i mean other markets) to trade. Im not enamoured with the long side but i might just be tempted in, at least for a while. The failure to break and sustain below 700 S&P into the close is the first piece of the jigsaw for the bulls – any upside (or at least lack of proper downside) tomorrow and we could have established a viable low. There is nothing wrong with sitting on the fench for a while… i might just do that….nah no chance!

    Actually this is often a good site to go contrarian against… no offence to the guys on here.

    Reply
    Please complete the required fields.



  • bellwether – i am not sure why its torture (i thought you were short commercial property shares?). Anyway this is a difficult call picking bottoms always is – but its easier if you are liquidating rather than opening… Good luck!

    Reply
    Please complete the required fields.



  • crash n burn says:

    Peter, 3300 was the last ftse low since the end of the tech bubble. No real support for a long time after.

    Reply
    Please complete the required fields.



  • No one can predict the bottom of the markets, we can only react when change occurs, as they say, ‘the trend is your friend’.

    Reply
    Please complete the required fields.



  • will – untrue. People i know in many markets predict levels with pretty consistent results. They will predict intermediate and sometimes absolute lows or highs based on probabilities and ranges within a reasonable level. (not the exact high or low but within a range and with a high degree (probability) of accuracy. Because you dont know such people it doesnt mean they dont exist!

    Really if you want to try to be safe you must know where support and resistance levels are, and assess the liklihood of their breach, and what happens if they are breached.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>