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Long at 7424.80

index:ukx

#1

Long at 7424.80. Back to tentative trading of UKX after a month’s break due to volatile changes in trading range.

Reasons: recent support just below 7400, resistance near 7530. With Brexit unlikely to progress much, Sterling likely to weaken again & with start of a new month tomorrow occasionally adding a fillip to stocks, target here will be closer to 7500.

However, trade not without added risk at these fairly bullish levels. But at least UKX dividends should cover most holding costs. Would only add if it fell by some way from these levels. - Cheers.


#2

Long at 7326.40. Premeditated 2nd add after-hours on the premise that Sterling seems more likely to fall back again later & boost UKX’s dollar-earning global stocks within acceptable timeframe. But I could be wrong on timeline. If so, UKX dividends, rising at this time of year, will largely cover holding costs.

PS: PM’s brutal sacking of her inexperienced Defence Secretary today won’t have helped sentiment behind UK markets. - GLA.


#3

Closed 7352.80 for 26+ pts. Booked as an insurance against further volatility & selling. I also need to be out for much of today.

By the by, not unusual for heightened volatility after-hours on low volume to also offer better entries in indices for quicker gains. But it can also backfire. - GLA. Edit: typo.


#4

Long at 7347.30. Re-added 2nd long for reasons as before re Brexit & Sterling.

UKX weekly divis also steadily rising. Next week’s already nearly 10 pts. Week after 17+ pts. As you know, they tend to rise further the closer we get to ex dates as more divi announcements are made.


#5

Closed at 7378.30. Booked another quick 31 pts due to likely ongoing volatility.

Will leave my original UKX long to run whilst I leave my desk, no stops or limit sells set.


#6

Of note, UKX dividends currently stand at a significant 23.34 points for 16th May & 9 points for next week. These may rise further. Whether holding long or short, this could be significant as regards having funds added or deducted from accounts. Obviously I’ll be hoping for Sterling to fall back a bit further by then to boost UKX even more so.

I’d also happily forgo any more dividends if my original target of circa 7500 seen. Just to be sure. Considerable volatility likely to remain here for a long while yet.


#7

Long at 7275.40. Re-added 2nd long for same reasons as above. Pullback seems overdone, though such is the volatile sentiment-driven nature of this game, along with lower Bank Holiday volumes, it can always continue falling lower again before a bottom is reached.

I’m unlikely to add a 3rd long in this climate.


#8

Closed 7321 for a quick 45+ pts. Reasons: more sentiment-driven volatility anticipated.

Despite my initial mistimed entry (still open), booking over 100 pts profit in total since is good enough. Divis will more than cover holding costs of my remaining UKX long.


#9

Long at 7307.50. Re-added a 2nd position for reasons as before. I still anticipate Brexit’s impasse to weaken Sterling again & boost FTSE’s global dollar-earning stocks.

No more UKX adds likely until at least one position settled.


#10

Closed 7352.80 for 45+ points again. Dividends cumulatively added another 30+ points, including last week’s 23+ pts. Minus a few points holding costs, but those easily more than covered by dividends.

Reasons: more volatility across UKX expected. Original long in thread still open.


#11

Long at 7239.50. Re-added a 2nd UKX long, reasons as before.

Extremely trying markets due to uncontrollable political macro-factors. - GLA.


#12

Closed 7281.80. Booked another 42+ points before the Bank Holiday w/end & risk of political macro-factors again swaying markets.


#13

I’ve a short order placed at 7268. Assumption being that a breakout fails of the previous three hours and brings four hour bears back into play. Key figure there . Nice long from 239 btw

Edit:. Just went short 7300 after above it. Needs a bit of leeway though as it’s with moneyflow but not call yet.


#14

Long at 7276.30.

Again re-added another UKX long for similar reasons, ie. weak Sterling. Original long still open.


#15

Closed at 7301.80 for quick 25+ pts. Had targeted more, but next direction becoming less certain.


#16

Long at 7267.50. Re-added a 2nd UKX long for same reasons.

Hope to sit tight for more points this time, but target again at least over 7300.


#17

I’m going to try hold to 7000 short test. I wont take profit around here though. 7300 is breakeven so locked that down


#18

7100 il lock in 7150 alright.

Some volatility. 7000 or 7300 , one as likely as the other lol. But given recent news, it’s a great buy if you score. Id not have seen it coming


#19

Hi Armageddon,

Well done & best of luck with your targets. Whilst I’ll not be adding more to my two longs as further falls not inconceivable & we tend to have heightened volatility over summer months anyway due to lower volumes, I’m glad to bide my time.

Last time UKX saw similar levels was in March. Back then we also saw plenty support over 7100. Whether that’s tested & holds again isn’t something I have enough confidence in calling. So for me, having booked enough gains previously & with weekly UKX dividends generally easily covering holding costs (for eg. over 23 pts in divis two weeks ago), I’ll do nothing more for now. - Regards.


#20

Impoasible call anything until price is at it. But all targets feasible including yours . Until we both see something prior ro targets

Yes ukx is beautiful for covering future transaction costs and derisking other holdings. If i had time I’d go for much more in it. Is nicely paced

Well done on previous calls in ukx. A few hundred spots in the bank is always nice