Monday 1st December – Daily Stock Market review

FTSE 100

Today’s trade level = 4185 down
Today’s profit/loss = 115 points

The FTSE opened lower and carried on falling right to the end of trade. Gloomy news about factory output and a fall in mortgage approvals caused profit taking from last weeks impressive rally. The FTSE closed down at 4065. My trade level was triggered at 4185 this morning, and I closed my position just before the close of trade for a nice profit of 115 points. The FTSE closed at a level where it bounced off from twice last week, hence why I sold, and we may see a bounce over the next couple of days. If the FTSE falls, we could see it hitting the lows of 3800 it hit two weeks ago. My trade level for tomorrow is 4210 up with 65 point stops.

London Brent Oil

Today’s trade level = $53.39 down
Today’s profit/loss = 0 points

Oil opened hugely lower this morning, way below our trade level of $53.39, so unfortunately this trade was not triggered. OPEC held an informal meeting over the weekend, but did not announce any production cuts. The markets responded to this news with a huge fall today, closing about 12% down at $48.06. My trade level for tomorrow is $52.25 up with 120 point stops.

Dow Jones

Today’s trade level = 8602
Today’s profit/loss = 450

The Dow followed Asian and European markets and fell today, especially in the last couple of hours of trading, closing down over 7% at 8149. The large fall was due to confirmation of recession in the US. My trade level of 8602 was triggered at the beginning of the session, and the market just kept falling. I closed my position just before the close of trade for a profit of 450 points. After such a large fall we may see a bounce of some sort tomorrow. My trade level for tomorrow is 8557, but I doubt this will be triggered as the market is so far away from this level.