SUPERMARKET J Sainsbury had a bumper summer with the share price plotting a course towards the 400p mark. The trading statement, due mid-week, has potential to bring buyers back in. For as long as talk of a double dip recession is kept at bay retailers may be in for a good Christmas. But be warned, there is no consensus on the share price. Many think it is overpriced – an update could give some meaningful direction. The current IG Index price is 387.5p-388.5p.
Traders continue to sell the FTSE 100, which has repeatedly failed to break through resistance. Since we are in October, historically a month of falls, a dip is expected. Capital Spreads quotes 5,581.0-5,582.0 for the FTSE 100.
The euro continues to push higher at the expense of the dollar and New York Fed president William Dudley’s dovish comments will not have made this any better. CMC Markets offers $1.3763-$1.37645 on euro-dollar.
Spread betters were dipping their toe back in the water with Barclays on Friday as the price fell to the 300p level. For several months 295p-300p has been a support/resistance level and it is also a 50 per cent retracement of the 253p-348p move seen during the summer. It is now below the major moving averages and other technical indicators are pointing to a dip. Spread Co offers a spread on Barclays of 298.6p–299.2p.