Daily Murmur 28/10/10

by Gary Glover

The FTSE (UK's major stock index) has broken last weeks swing low.  This is only significant because of the recent strength of the move as we previously had 5 consecutive weeks of no swing low being broken and a new high being made each week.  
Like the Dow Jones it has  approached the previous high and this is 6 months from the previous peak, which is a popular gann timing window for a possible resistance in time.  So there is strong resistance in price and time at the current levels. 
Some real caution is warranted here.


Disclaimer

Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.