FTSE 100 probably would have preferred more

The quarter point cut from the Bank of England yesterday did push the FTSE 100 to a new all time high. The index rose to set a new record at 8,767.50. However, it could not hold all that gain into the close. Perhaps it might have done so had the BOE delivered a half point cut? Well, we shall never know. Nevertheless, the FTSE still set a record close yesterday, at 8,727.28. At the same time the futures did drop back earlier today and once again we look to the move higher in UK yields this morning. Look, the 0.25% rate cut from the BOE is all well and good, but as far as corporate UK is concerned, it needs more. The fall back in the FTSE 250 yesterday afternoon probably more accurately reflects that need. Anyway, where to next for the FTSE 100 today? Well, as with the DAX, we are into uncharted territory now, so finding a new topside target is not easy. The index has already hit a topside trend line level and when live trading resumes, we see it that holds the topside, or not. That is in place at 8,740. The index is just now priced to effectively reopen around 8,720