The markets are extremely nervous and volatile this afternoon after the good non-farm payroll figures. A bad tick in the bond market just seconds before the release of the data has conspiracy theorists out in force, and when one adds this to rumours in the FX market of an imminent hike in the US terror status (now denied) the market makers will be pulling what little hair they have left out. I'm glad I don't have to do that job anymore, especially on a Friday such as this when it is not a question of how much money you can make but rather how little you can lose!
Regardless of the nervousness, equities are holding in well and we will continue to take the lead from semi-conductors. Any weekly close above 1046/50 will be good though ideally I would like to see one above 1055, whilst anything over 1062 will see the celestial banjos well and truly playing. A point to note for over the weekend; we have the Japanese election results. A comfortable win for Koizumi should lead to a push higher in the Nikkei, which should then push the US futures higher from Sunday Evening so short players should watch out for the weekend news and plan accordingly.
Some of you have been concerned about the lack of abuse directed towards the likes of Darren Winters over the last few days, but you need not worry I am still on the case. The working arrangements at Hindsight Towers have changed somewhat as I have been forced to send Potter to the Essex equivalent of the Priory. It has worked quite well as he has his computers and charting systems there and I no longer have to hear him chant " Hari Winters." The "Cult that is Winters" has been in full flow this week and it has been interesting to note that he has joined forces with The Red Hot Penny Share guide, thus forming a financial Axis of Evil. It was good of ADVFN to offer us this Partner Deal though they might be interested to know that the owners of the Penny Share Guide, Fleet Street Publications, in another of their tip-sheets have ADVFN shares as a big sell. This might be one of the few they get right especially as I gather that ADVFN and one of their advertisers, Selecta 7, are rumoured to be getting a good old kicking in Saturdays Guardian!
Harry
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