How am I doing?
This quarter the FTSE100 has staged a mini comeback. The index finishing 170 points or just over 2.5% higher. It began the period at 6,695 points and climbed to end the quarter at 6,866 points. Last quarter the index had fallen by 0.9%. But let’s not forget the FTSE100 had already reached 6,836 points by 20th January, so its fair to say the main London market is trading flat and sideways. The tension in Ukraine which dominated the news at the end of the first quarter has ceased to be news and the Middle East unrest and its knock on effect on the price of oil has taken over. But whoever is in power in Iraq will need to sell their oil to the world to survive. Once again it seems the US has no appetite for any further conflict.
The last three years have been marked by a strategy of “Sell in May and go away” This year I haven’t done that, although I have lightened equity exposure when 6800 points has been exceeded. In April I said
“We don’t have a crystal ball but we are within a few months of the time of year when traditionally markets tend to slow down. I hope they don’t this year as they have not really got going yet.” I’m glad I hung on and caught some more growth.