Market Action:
I don’t like today’s action which looks very dojo-like on the S&P and Dow which both broke to new highs only to come back into their consolidations – not the decisive type of breakout that I like to see. The Nasdaq didn’t break out to a new high, and we’ll have to see how the OVI is reacting tomorrow. There’s something I don’t like about the way the markets are grinding away with gaps up and down. So far the OVI hasn’t turned negative, but I’m waiting for it!
Now for a Word on Stop Limits for Spread Betters and CFD Traders
For those of you who trade via a spread betting platform (mainly in the UK) one of the limitations with such platforms is that they don’t cater for stop limit orders. That presents a challenge for us when we want to place a trade overnight, because the danger is being caught out by an opening gap (traditional brokerage account holders don’t have that issue).
Having canvassed all the spreadbetting companies I now have very encouraging news that will involve us creating our own white-labelled spreadbetting platform that will have the capability for stop limit orders.
I’ll post more about this as we get it, but it should be very good news indeed as it solves a challenge for UK investors.
In the meantime, if you’re a Forex fan, take a look here if you want to attend a very interesting webinar.
All the best
Guy