Clearly many market luminaries know more than I do about the positive sentiment prevailing in the FTSE 100. I have asked around why the FTSE is up 75 points at 6822 and I have yet to be given a logical answer.  Yes the PMI Markit construction figure posted this morning improved from 45 in July to 49+ in August but it was still below 50. Perhaps the Payroll number in the US is not special and a few spivs have acted on a hunch that rates won’t go up. However this rally makes no sense at all.

Tobaccos are up the gang leaders today +3.2% with Pharmas not that far behind +2.5%. Utilities have grabbed 1.p%. These sectors are. I suppose, defensive. So perhaps the truck has been backed up as a hedge against payroll data. Banks are better by an average of 1%.  Oils and miners have kept their equilibrium – +an average of 0.5%. Roll on 1.30pm!


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: