Financial spread betting update 24th October 2011

This week’s financial spread betting update is now available and can be read by clicking here.

In early trading this morning stocks have continued to edge higher and the S&P 500 may continue towards 1260. Much of course may depend on the outcome of the meetings in Europe and Wednesday’s deadline to reach a solution. This could lead to some movement in stocks in the days ahead.

On the currency front the dollar is flat this morning and we did see a pause in the recent 3 week dollar weakness commencing towards the end of last week. As we wrote in this week’s update, several currencies are now pushing towards resistance levels and whether there is sufficient strength to push through those resistance levels following the recent rally remains to be seen. Momentum does appear to be waning in the currency markets. The Euro in particular is testing a fairly decent resistance area between current prices and the $1.40 level.

Much of this year has been plagued by uncertainty in the global financial markets and this has been reflected in high volatility across many markets. Although there have been some decent trends, most markets have failed to develop into sustain trends and have reverted to their prior trading ranges. This is a situation that will not continue indefinitely and bodes well for profitable trading conditions in the not too distant future.

This week’s financial spread betting update begins with:

Stocks have continued their recent short-term strength while commodities have for the most part continued lower although there are exceptions. The dollar ended the week lower for a third straight week but the moves seen in the currency markets have been far from convincing. Long-term trends remain as before, up for the dollar and down for stocks and commodities….…continue reading by clicking here

Good trading

Phil Seaton

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