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Trading Moves To Wimbledon
By: paddypowertrader   Friday, July 03, 2009 4:01 PM

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Equities made a half-hearted attempt to rally from yesterday’s lows, but I suspect the interest was focussed on South London. Shares were marked down into the close.

Boy oh boy, even I’m struggling for something to say today! Guessing that it would be a quiet day I had an extended gym session this morning, but I still came back several hours too early.

We should have seen a rally after yesterday’s collapse, but there wasn’t much conviction behind it (perhaps too many of the decision makers had wangled tickets to watch our now-favourite Scot in action).

I gave up just after lunch and sold the Dax, not in a meaningful way as I still think the odds favour a bounce, but just to put a marker down 30 points off the low. Today the 200-day moving average has done its job,halting this morning’s fall at 4672; it felt like a real struggle for the Dax to straddle the 4700 point, but once it was successful it seemed loathe to give it up.

At 4703 my trade is flat; if I’d sold FTSE at the same time I’d be 6 points in profit.

I haven’t touched the currency market for the second day running. There was a few quid to be made for the talented or lucky, but my own experiences have persuaded me to keep my money for the more liquid days that have a bit more structure to them.

I sold some Barclays yesterday at 290.5p and they’re 8p higher today. Yesterday’s sale was only putting a marker down and I’m looking to add to the short at around 300p with a stop at 330p in case I’m wrong.

The trouble is that I’m going to be off the desk for most of Monday so I don’t want too much money on the table while I’m away.

If you’ve some time on your hands before closing for the day why not check out How To Trade The UK Employment Myth. I’m looking at shorting a couple of shares on a bigger picture view, so if you know of a good reason why I should leave them well alone stick up a post quickly please.

Can the Lions do it tomorrow? My head says no, but I would so love to be proved wrong.



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The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
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