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The 104-point weekly fall has left the index mired about 8.33% below its May peak. As suggested last week, the FTSE now faces some tough grind as it claws its way back above this important band, and my recommendation to avoid the index until it does so remains valid.
In my view, a changing of the guard at the Bank of England's top table can't come quickly enough. It was inevitable that, following the global financial crisis, financial services regulation would swing much too far in the other direction (as it always does when politicians are involved). However, after five long years, I believe it is time to drop the politics of envy and allow the banking sector a clear path, free from ever-changing, politically-inspired regulation. Forever blaming the banks for past mistakes (rightly or wrongly) is not productive, and I believe the new American governor of the Bank is keenly aware of this need.
There is little to add to today's chart. In the meantime, we should continue to wait for a lower-risk opportunity before opening any new FTSE positions.
Recommendation: Neutral. Buy only on a break above 6556, or on a further fall to 6056, whichever occurs first. The target then becomes 6922.