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I’m sitting here watching the clock with one eye and watching the FTSE with the other – just like everyone else involved in any way with the London Stock Market today. Observers have been cautiously optimistic watching the FTSE get closer to the almost incomprehensible height of 7,000. But, lest we forget, in about five minutes from right now (before this story is done), the index will set an all time high at closing, besting the mark set on 30 December 1999 of 6930.20.
A new intraday mark has been set!
With the FTSE now at 6953.68 with just three minutes left in the trading day, the index has already surpassed its record intraday mark of 6950.00 with a new high of 6954.63. As I wrote that sentence, I watched the index fall below the 6950.00 mark and rise again to 6951.05 as I am writing this sentence. Will the FTSE finish the day above 6950.00? This is excitement at its best!
A new end of day mark has been set!
And there you have it. The market has closed with the FTSE at a record 6953.12, an increase of 0.59% on the day for a record close. The index picked up 40.96 points today, so even a repeat performance tomorrow will not push it over the 7,000 mark. But tomorrow is another day and it is already 40.96 points closer that it was this morning.
I’m chuckling as I see the usual 52-week high posted. This is way bigger than a 52-week high. This is an all-time high, closing 23.12 points above the 30 December 1999 mark.
Here’s where I burst your bubble.
All the results I see are what you see – delayed by at least 15 minutes. So, we are going to have to be patient for just a few.
Okay, the wait is over. The closing number disappointed only slightly as the FTSE failed to remain above 6950.00, but only by 0.37, so I submit that there is reason to break open the champagne!
Is 7000 possible?
It most certainly is. Now I am not a forecasting guru – either for stocks or the weather – but I have got to believe that the more positive trend analyzers would agree that it is not only possible, but that it is also probable. Even in an up-and-down week, the overall gain has been 44 point over the past five days and 150 points over the past month, including a low of 6742.30 on 02 February. If a gain of 247 points is attainable in a matter of 22 calendar days, reaching 7000 is certainly possible.
Only time will tell, but I’m guessing we will see 7000 by the end of the week. If we do, I am working with my people to give everyone the weekend off.
