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FTSE-100 is being panicked by Scottish referendum poll

Mon, 8th Sep 2014 Leave a comment

Chart of FTSE-100 at 5th September 2014The UK market has been spooked by a Scottish independence referendum poll which puts the Yes campaign ahead for the first time this weekend and there has been steady selling this morning. Could this be the catalyst that takes us back to 6,000 as I have predicted? There is so much uncertainty over potential independence negotiations that this could be the start of a protracted bout of selling which continues until the vote result is announced, or, given how little regard has been paid to the issue so far, it could just be a one-day bout of the jitters. I had started to wonder whether the last dip was the end of the decline after my peak signal, as the rather gentle approach to the retest of recent highs looked like consolidation of the 6,800 level prior to a breakthrough of the all-time high and then 7,000. Also, the idea of an autumn correction seems to have gone mainstream now, so, given the market’s propensity for disappointing the majority, maybe it won’t happen, but perhaps I should hold my nerve.

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