Well what a day on Friday with Lloyds losing over 40% of their value by the close of the day. I think we have further falls to see and I will be watching this one very closely.
My play on this one is to spreadbet short to a target of 45p where there is some recent support. I'll cover at 55p where there is some support as well albeit not as strong.
I then intend to see how much further this goes. I'll look to buy into a bounce at this level (45p share purchase) but my stops will be tight and I will watch this one closely.
Quite frankly my feelings are that Lloyds are not going to be nationalised but there will be a lot of hype around this and a continued sell off tomorrow (this could spill into Tues and Weds - depending on how fast a positive statement can be released to provide some reassurance and bring out the bottom pickers). I do think you have to be careful though as I still feel at this level despite the losses of HBOS that Lloyds is a bargain and we could see some buyers coming in as early as tomorrow afternoon.
My target on the upside for these shares is £1 again - although i will definetely cover at around the 60 mark (Friday's close) and then trail my stop cautiously upwards...
Another one to watch are STAN - due to release results in the next couple of weeks. I think they might surprise and give the market a bit of a lift. I have a large long term holding with these and i think we could see them break ut above the £10 pyschological barrier.
Let's see what tomorrow brings..!
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