wasp

Bleedin' catastrophe to me! :o

long term view here.... Buying till Christmas mental stops on all with catastrophe stops @ -250 YM @ 11235 NQ @ 1746 DAX @ 6140 FTSE @ 5233

So for the next 4 months, there is no shorting of financial stocks, and possibly this will extend to other sectors too. Does it not make sense then, to just buy the dips till January at least, or, wait for a drop then buy as much as possible into the FTSE now and hold till the new year? As Yazoo said, the only way is up?

Damn thing is trying hard to bust this high..... wish it would get on with it!

That is just madness! How can you only buy if there are no sellers?

Does the ban on stocks mean an outright ban on shorting the FTSE too?

Nice little gap on the FTSE I see!

Extract from the speech by Callum McCarthy, Chairman of the Financial Services Authority to the Lord Mayor's City Banquet at the Mansion House this evening. "We have been much concerned – as have many – at the volatility and what I would describe as incoherence in the trading of equities, particularly for financial institutions. There is a danger in a trading system which allows financial institutions to be targeted and subject to extreme short selling pressures, because movements in equity prices can be translated into uncertainty in the minds of those who place deposits with those institutions with consequent financial stability issues. We have seen acute examples of this phenomenon in both London and New York this week. "The FSA has therefore decided to introduce a rule wtich will take effect from tomorrow, to require both the disclosure of short positions on a daily basis in respect of financial institutions; and a prohibition in any active increase in a net short position in a financial stock by whatever instrument. There will be an exception for market makers to enable them to meet client demand. "We intend this prohibition to run in the first instance for some 120 days, during which time we will review both its effectiveness and the general policy we wish to adopt in respect of short selling more generally. This is a measure which reflects the present turbulence in markets. It is designed to have a calming effect – something which the equity markets for financial firms badly need. I hope that practitioners will support both the ambition and the chosen means of achieving it." http://www.fsa.gov.uk/pubs/handbook/instrument2_2008_50.pdf http://www.fsa.gov.uk/pubs/handbook/list_instrument200850.pdf

TOLD YOU TO GO FX! WE'RE SORTED! ENOUGH VOLUME!?!?! :haha:

That would mean admitting they screwed up though. Told you to go FX! We're sorted!

So what does all this FSA/SEC regulations mean to you guys? ATM, the FSA has restricted the financials in the UK but will it really extend to all the indices?

I would have said it was the FSA resolve that made a huge difference and the bounce happened prior. Actually no, wouldn't effect the USA much would it.

Its the same thing again as on T2W. No one knew how big the move would be but the TA beat the FA too it again and showed everything!

Wow, cool chart..! As for the TA, looked a perfect long IMO

no probs smbtnt, I'll try and teach firewalker some basics in the meantime!

post it over in the discussion thread, help me teach FW how to trade :o

Hold on! I know it was the dax. Like the cable thread on T2W you have been posting on, watching multi GBP pairs help as would watching multi indices.

SMBTNT called it about 3 hours ago! What TF do you use SMB? Where the hell were you is the question???!

I remember the old days with DC and you and Jacinto etc on the live cable trading thread, and how these calls we all made irrelevant of the news, they just have to and do happen often enough and are predictable. Gutted for you that you didn't get in though.

**** me those indices are off! Hope everyone is long! (you can't be short mwah!)

Trade FX mate, its a relationship, not a company! Can't ban sale of one! Must be annoying for guys like you though... what with only just learning how to trade!!! :haha:

This is ONLY UK financial companies! You don't trade anything British FFS!

I'll see your :beer: and raise you a :cheers:for following it since and the week turning out nice again!

I cannot believe someone on T2W is worried they can't short cable :o:o:o

The Board of the Financial Services Authority (FSA) today (Thursday 18 September) agreed to introduce new provisions to the Code of Market Conduct to prohibit the active creation or increase of net short positions in publicly quoted financial companies from midnight tonight. In addition, the FSA will require from Tuesday 23 September daily disclosure of all net short positions in excess of 0.25 per cent of the ordinary share capital of the relevant companies held at market close on the previous working day. Disclosure of such positions held at close on Friday 19 September will also be required on Tuesday 23 September. The FSA stands ready to extend this approach to other sectors if it judges it to be necessary. These provisions will remain in force until 16 January 2009, although they will be reviewed after 30 days. A comprehensive review of the rules on short selling will be published in January. Hector Sants, chief executive of the FSA, said: "While we still regard short-selling as a legitimate investment technique in normal market conditions, the current extreme circumstances have given rise to disorderly markets. As a result, we have taken this decisive action, after careful consideration, to protect the fundamental integrity and quality of markets and to guard against further instability in the financial sector." The detailed changes to the Code of Market Conduct, and a schedule of the companies whose securities are covered by them, will be published before the market opens tomorrow (Friday 19 September). http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/102.shtml