one of 3 things:
1. FTSE is very restricted to its upside the last 2 weeks. As we follow FTSE we are also being restricted by that fact..
FTSE futures is only up 2 points from its close at 5.30pm
2. Pound strengthening since we closed at 5pm
3. Thugs are very scared of taking this market higher, very very scared. They will be bashed up very badly if this market goes higher. Someone mentioned that they stand to loose R80 billion if this market breaks 46000 as there are a hell of a lot call options waiting for that upside n that area!!!
Regarding the R80 billion.
Open call interest of ~17 000 contracts between 45 800 and 46 000. Total expose (at R10/contract) is ~R7.8Billion.
Assuming a 300 point spike, this comes to a potential loss of "only" R51 Million.
Still, enough open interest at those levels to cause panic. The 17 000 is more than half the daily volume.