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FTSE 100 direction still hard to find PDF Print E-mail
Written by Sam Coventry   
Monday, 16 August 2010 09:13

A technical look at the FTSE 100 from spread betting firm Capital Spreads.


The FTSE 100 (INDEXFTSE:.FTSE) is lower by 0.53% at 5,247.62.

Simon Denham at Capital Spreads gives those looking at spread betting the FTSE 100 some technical insight:

"The resistance in the FTSE 100 remains just above 5300 at 5305/10 the same as Friday and support at 52525/35 further out we still have 5355/65 and the biggy, 5415/25, on the up side and 5170/75 and 5110/15 to hold us up.

"In reality it is still difficult to gauge an overall direction and as mentioned many times over the last few weeks 5200 to 5400 looks to be set for a while.

"On the Dow the omens actually do not look so optimistic as the rejection of 10700 has been rather more conclusive. We are now at 10325 still 400 pips from the recent highs (the FTSE is just 120 away) and the S&P is 50 big figures from last weeks peak.

"The FTSE has bounced over 100 points from its lows whilst the US markets are still pretty much at them. The failure of the US markets to recover from the mid week falls is rather more worrying. The S&P is at 1080 as I write with strong support at 1069/1072 (unnervingly close)."

SVS Securities had rightly called a flat start to the weeks trade on the back of investor fears about the strength of the global economic recovery still the major theme.

News overnight showed that the Japanese economy grew 0.1%, which was below expectations of a 0.6% rise. In the UK, Rightmove reported that house prices fell in late July and early August by 1.7% on the month but were 4.3% higher than a year ago as supply outstripped demand.

There is no other domestic economic data of note out today so attention will switch later in the session across the Atlantic for US manufacturing data.

Today's Company announcements


Michael Page Interim Results saw PBT up 42% at £61.4m on revenue ahead 8% to £393.5m or 6% at constant exchange rates with growth being driven by increased permanent recruitment activity.

It maintained the dividend at 2.88p and added that it was well-positioned in underdeveloped markets with numerous opportunities for growth but it was now entering the slower summer holiday period and was mindful of the risks to recovery.

Aviva Press Comment Response

The company has defended its decision to reject a £5bn offer from RSA for its general insurance business together with its strategy of operating both a life and non-life insurance business.   

Vedanta Acquisition

Confirmation that it is to buy 51% to 60% of Cairn India for $8.5bn to $9.6bn in cash and post completion it is expected that it will hold between 31%-40% of Cairn India directly and Sesa Goa Ltd 20%. The transaction will be funded through debt and cash resources.





Last Updated on Monday, 16 August 2010 09:16
 

Spread Betting Lessons - Cut out the emotion!



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