At least the ‘noise' is early in the week - Accendo Markets - FTSE 100 Index Focus

Mike van Dulken, Head of Research at Accendo Markets, commented to clients this morning;

We’re getting another batch of positive noises from Washington regarding a deal to re-open government, sort out a short-term budget and delay the debt ceiling. For once, at least it is early in the week, rather than a tease into the weekend that amounts to nothing. Enough time to get something done before Oct 17 when the government can’t borrow more?

The break above 6500 is good to see and opens up the possibility of upside to mid-September highs of 6665 and possibly even August high of 6705. Hopefully 6500 now reverts to support for any subsequent pull-back, should the US ‘progress’ amount to less than billed.

Interesting how comfortable markets have got with can–kicking, confident of a solution materializing, eventually. I guess it’s one upshot of the now 5yr Eurozone debt crisis, that markets don’t need anything truly concrete to rally on. Hope is enough. That’s not to say they take disappointment lightly though. Equally happy to punish.

Full document, with graphs and observations http://www.accendomarkets.com/another-level/ftse-100-index-focus-15-oct-hp

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