Expect the FTSE to tank July 10th

I, Brian · #1 (**permalink**) 09-07-2008, 21:11

UK Banking stocks led the FTSE 100 today, but expect them to tank tomorrow.

I've been following these closely, and despite some impressive gains today, they've been on a downward curve of 3-4 days of falls, followed by a day or two of gains. Net trend is always downwards.

RBS, LLOY and BARC all saw strong 7%-18% gains today, but I'm expecting these to be gone over the next 48 hours.

And the Dow Jones just went bearsih, wiping out early gains. Am expecting the UK to follow suit tomorrow.

It'll be a day to sell, but keep an eye out that banks are slowly but surely bottoming out, ready for the picking.

2c.

IP2 · #2 (**permalink**) 10-07-2008, 01:39

Must confess, there are some bargains to be had, and I am watching closely! Not sure we have quite reached rock bottom yet, but we are getting close!

I, Brian · #3 (**permalink**) 13-07-2008, 10:16

Yep - banks took 48 hours to lose their gains.

Am expecting a small rally on Monday, but then further falls over Tues-Thurs before another possible weak rally by Friday.

Unless the collapse of Indymac spooks UK investors and just leaves them falling next week.

OldWelshGuy · #4 (**permalink**) 13-07-2008, 10:26

We are now in a serious case of financial meltdown. Speculators are killing the stock market at the moment, as they pick up a quick buck, but send dhockwaves into the market when they sell en-masse

I am genuinely concerned for the financial well being. I think we could see some of our top financial institutions going into the hands of the indians or the Chinese, and that could well be disasterous for the long term.

IP2 · #5 (**permalink**) 13-07-2008, 11:59

Quite staggering figures and consequences if the US Government has to step in and bail out Freddie Mac & Fanny Mae (which underwrite half the mortgages in America) as is being mooted.

It will increase US Government debt by £2.5 Trillion potentially throwing the dollar into freefall, which will obviously have major consequences around the globe... interesting times!

wilfredw · #6 (**permalink**) 14-07-2008, 09:08

Do you think that wars in Iraq and elsewhere may be responsible for our present difficulties? I always ask, where is the money for these wars coming from or are they off balance sheet expenditures?