The market seems to be selling-off on the back of limited bad news imo, apart from the dollar that is.

If you can hold your nerve and apart from any short term requirements to offload poor performing stocks, I have a couple!!, my advice would be sit tight. This does not have the feel of the tech(mining!) bubble at all. Difference being there are a lot of good fundamentals, unlike in 2000 when there were a lot of over rated nothing companies.

On a marginally more sensible note, I see there ought to be strong support for FTSE at about 5460, and similarly for the DOW at 10795 ...... Hindsight says i should have been brave enough to go short when the last supports gave way, but of course I wasn't and didn't! ..... and nor do I think I have the courage to short DOW even now, 'cos I know that will trigger a very sharp recovery.

Update Got WELL stopped out of position 5691 long.
Got 5550 Limit buy this morn.Well in the money this afternoon +55ish.Stopped out - 20 on arrrival home.
That 5550 was crucial to me as it had previous good support and was resistance for some time
All bets off,200 no longer support, maybe :-)
The RSI Should indicate to any fool its oversold.But who would chance it?


Me! Quick long 5515

The chart readings don't work this time.

iain nice post i watched cnbc this afternoon it was around 4.10pm they had a t/a on called phil roberts who highlited the ftse of 5515 as a support level looking at the low for the day this was proved correct, what he said if this level does not hold another quick sell off will occur .

Thats why my bits are in my throat right now:-)
To be honest just wanted to update my misfortune.Too many post stuff without explanation or a follow up

Limit sell 5631 0n the 50% Fib line.Stop at 5500 no technical reason.Just fear

With DOW now recovering quite nicely (bought in a bit late and will prob close before close), FTSE should at least start firmly. With a it of lucvk, there will even be a meaningful bounce, though whether it will have any substance is questionable.

Lets hope things start to turn positive tomorrow,as it seems DOW is recovering,what impact this will have remains to be seen,very nervous couple of days,but hope for some good positive days ahead.

well DOW bounced a bit and then fell back though closed well above the worst for the day ..... Don't expect fireworks in London tomorrow, but with luck will be calmer and some of the quality stocks should see some recovery ... at least i hope so

WHATS YOUR PREDICTION OF MINING STOCKS SUCH AS BHP,KAZ,OR VED ETC, SOME HEAVY BEATINGS RECENTLY,CAN DO WITH A BIT OF RECOVERY,LETS HOPE.

Strewth ateeq .... if I was that clever I would not now be crying but rather leaping around having shorted everything! In truth, I really don't know, albeit that i said KAZ was overpriced some weeks back as copper was at ridiculous levels ... Wish I had followed my own advice but did not have the balls.

My gut feeling is that copper futures are still at silly levels, and any significant bounce in KAZ and similar is likely to be bear covering. Don't ask me whether you should buy in anticipation of making a quick profit on that.

I THINK YOU ARE RIGHT ITS DIFFICULT TO CALL THESE RIGHT AT THE MOMENT,WE SHALL ALL HAVE TO WAIT AND SEE,THANKS FOR THE INPUT ANY WAY.

I think the Dow is ending on the negative side...what a waste.

GIVEN UP.JUST PRAY FOR A BETTER DAY.TOMORROW

LAST 15 MINUTES CAN TURN THE DOW AROUND FINGERS CROSSED,EVEN FEW POINTS OF BLUE SOME TIMES MAKES A HUGE DIFFERENCE AT TIMES.

Fingers cross, I hope the amrecians helps us out for a bloody change. !!!!!

headline on CNN after the close "attempt to rally fails"

take care

I heard on the radio that the sell off is being made worse by the volume of CFD's. You'll have to forgive my ignorance here, as I've never used CFD's (guess I'm too old school). As I understand it (experts please correct me), CFD's allow you to punch upto 10 times above your weight. In other words you can buy stock and just pay 10% of the cost (the margin ?). Apparently people that are long and suffering big losses on one stock, are selling other stock to cover their margin, presumably instead of selling both at a loss. Which is fine I guess, if you pick the right stock to hold. What worries me though is if one person is holding stock A, and selling stock B, in the hope that A will eventually rise. It goes without saying that somebody else could be doing the reverse, e.g holding B and selling A. In which case each of these traders is making things worse for the other. At what point would people be forced to sell everything they hold? Probably need a CFD expert here, but presumably if losses get too big, then the position will be closed, causing further falls? Does my head in thinking about it, but sounds like a big house of cards ready for a huge collapse too me.........

Strawbs.

Strawbs ,its 10% on main market stocks and 20% or 25% on aim stocks ,this is a shorters paradise right now , which won't be helping those long .

I see. Can you buy any stock on CFDs? I thought it could be bad with people holding just what they could afford, but if they can hold 4 or 5 times as much, then some of these stocks could be several times overvalued, and are only at the price they're at because of this gearing effect...... Can't be good if the falls continue...

Strawbs.

In fact just over 50% of all stocks traded in any one day now is either CFDS or Spread Bets so you can see why corrections are much longer in duration than what used to be the norm pre 2000.

Add in margin calls and stop loss triggers phew.