In the UK the FTSE 100 closed lower again today as concerns over rising oil prices and the strength of the US economic recovery continued to weigh on sentiment.

By the close, the FTSE 100 index was down 23.5 points at 4,314.4, off its early lows and above the important 4300 level thanks to a positive, if unconvincing, morning by Wall Street.

The broader indices were also lower, while volume was average for the time of year, with 2.3 bln shares changing hands in 187,518 deals.

Considering the bad day in the US last Friday the FTSE 100 held up well but can 4300 hold and if not where next?

In the US despite oil hitting new highs the markets grimly hung on as they traded in a very tight range and closed as near as damn it flat on light volumes.

The DOW closed down 0.67 at 9814.66
The S&P closed up + 1.25 at 1065.22
The NASDAQ closed down - 2.25 at 1774.64

So all eyes turn tomorrow to the rate decision by FOMC Monetary Policy. A 0.25% is what the Market expects but will there be any surprises and what will the guidance be for September or will oil continue to take centre stage?

Good Hunting
Interested of Oxon

Knock Knock, I am a refugee form the advfn day traders thread , can I come in your place?? That thread has been killed....

Hi joshy, everyone is having a lay in today, followed by breakfast in bed.

I seem to be minding the shop.

Of course you can!

Everyone is welcome here.

Good morning everyone.

Morning.

Bad start to the day. Couldn't get news and GNI was down until 8am. I hate it when that happens.

Welcome joshy.

Joshy

Just in case you think you have arrived at a defective site, Moneyam changed the batteries over the weekend, and now one or two things are a bit quirky, like streaming and news and so oin. Normally everything is peachy here.
Please be patient and all will be well again.

Ok fine will be patient...thanks

Ok fine will be patient...thanks

Ooops dont know how that happend?? Anyway getting hammered on my nymex shorts at the moment hope it turns soon??

Morning folks, another advfn refugee here.
Could anyone tell me which service package offers the following basics on moneyam, please:
trader/investor bb
live us indices streaming chart
interactive chart allowing line drawing + indicators.

stockwatch telling me I am need of a sub upgrade. Strange it is/was free.

I think you could find this thread a bit busier as DTT thread on the other site been ruined by the idiots that have nothing better to do in the school holidays

Morning all,

Flying visit before back to the flooring.
Managed an overnight scalp on GSK, so that's my money
made for this morning.

0.25% is already a Fed done deal. They won't have changed
their minds over the weekend. :-)

What matters is the wording that goes with it. That should
decide if we go lower before a bounce or bounce from here
and close a few gaps.

Bit quiet on this thread yesterday. I hope the negative charts
I posted didn't turn everyone to the Mogadon. :-)
They are just a guide to the possible future, not a guarenteed
prediction. As I keep saying, the area to the right of any chart
is still blank, virgin white. Do you own thing.

Melnibone.

jezinho

Follow this link

http://www.moneyam.com/sub.php

lots of action with BARC this morning......anyone seen any news .

all speculation, could fall as much easily

morning all,

long ARM CS BLND DAX S&P US & UK OIL/GAS SECTOR INDEX

weather here in hertfordshire not good p****** down :-)

will not be trading much till the us opens...

Mega...

Morning all,

decided to take a lunch break and find out whats happening.

lw - it's the afternoon. ;-)))

That's normally my trick :>} (ps AL - thanks eventually got email!)

amberjane - good, as I forgot to resend. Doh!

Direct is often better than message via AM. Although I don't have a problem with it, some with net-based email addresses often do.

BTW - speculative in the extreme as you said! ;-)

Hi all - I'm another refugee from ADVFN. I mainly trade EUR/USD and USD/CHF as a pair. Any other fx traders here?

snowflake

There's a very good FX trading thread on the Traders' Room.

Al

Big Al, thanks. Will look into it.

long S&P 64.4 & 68.5 s/l on

Now having an ice-cream break! - keep losing track of time, sorry everyone, but a belated good afternoon!

1070 on the S&P gone

Here's text of Fed's statement:

For immediate release

The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 1-1/2 percent.

The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. In recent months, output growth has moderated and the pace of improvement in labor market conditions has slowed. This softness likely owes importantly to the substantial rise in energy prices. The economy nevertheless appears poised to resume a stronger pace of expansion going forward. Inflation has been somewhat elevated this year, though a portion of the rise in prices seems to reflect transitory factors.

The Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters are roughly equal. With underlying inflation still expected to be relatively low, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability.

Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. Minehan; Mark W. Olson; Sandra Pianalto; and William Poole.

In a related action, the Board of Governors unanimously approved a 25 basis point increase in the discount rate to 2-1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.

In recent months, output growth has moderated and the pace of improvement in labor market conditions has slowed. This softness likely owes importantly to the substantial rise in energy prices.

That's the bit that has stopped today's light volume rally.
Are we in a small soft patch or walking into quicksand?
The US markets priced in Nirvana with ref to profits/job growth earlier
this year. If we aren't going to get it, then what are we doing pricing
it in at these levels?

Melnibone.
(Still Bearish, but still looking for an oversold bounce.)