The traditional Christmas rally looks to be truly underway. The FTSE 100 has recouped over half its November losses and we could see this December repeat what is historically a very bullish month for equity markets. Capital Spreads quotes a price of 5,770-5,771 for the FTSE 100 index.
Crude oil continues to remain well supported on the back of rising equity markets and improved risk appetite. $90 remains a key resistance level, however, as it is a 50 per cent retracement of the declines from the all time highs at $147 to the 2009 lows at $32. A break above $90 could well signal further gains towards $100. CMC Markets offers a spread on US crude of $87.882-$87.922.
The drinks manufacturer Britvic reported full year results for 2010 marginally below expectations. The sharp market reaction reflected a lower than expected dividend increase, however, rather than weak fundamentals, and the stock may now be underpriced. Capital Spreads quote a price on Britvic of 447.3p-448.9p.