US indices made new all-time highs yesterday on Fed dovishness and the expectation of an interest cut. This did not include the small caps (US Russell index) which are lagging the main markets as in the UK.
Today saw GBP gain strongly against a weaker dollar as yesterday’s double bottom reversal plays out. A stronger pound will trim the FTSE 100 big caps but boost internal UK companies so the FTSE 100 dropped 0.2% today while the FTSE 250 rallied 0.25%.
AIM continues its move north with the All-Share up 0.23%.
The TechMARK recovered 0.25% today after 4 days of selling: it has reclaimed the 21EMA which suggests the uptrend remains intact if dented
Oil up again today by 0.35%: with tensions in the Persian Gulf, storms in the Gulf of Mexico, lower inventories than expected in the US - the short to medium term prospects for oilers looks bullish. O&G services was the standout performer again today up 2.9%