Modest Bull Market ahead in 2010

2010 will be a modest bull market, according to pro.manchester members. pro.manchester members predicted the FTSE would close at just over 5700, at the end of 2010 meaning this year would be a modest bull market with upwards trends. The most optimistic forecast was for an end of year target of 6,250.

Mike Lenhoff, the chief strategist and head of research at Brewin Dolphin, asked pro.manchester members to forecast market direction for the year ahead at a lunch held at The Midland Hotel.

The respected forecaster believes the FTSE 100 will be in the 5000 to 5500 range at the end of the year. He said: “There is a recovery underway but it is proceeding more slowly here than elsewhere.

“It does look like the collective effort is working. The money markets are working. There has been some return to normalcy. 2010 will be a year of consolidation

“The markets have moved rapidly and are now discounting so much of the recovery they will find it hard to keep rising.”

John Ashcroft Chief Executive said, “2010 will be a year of recovery with upward momentum in the markets but strong resistance at the 6,000 level will contain the rally to a 5,950 close” That’s my guess. The rally has regained 50% of the bear drive, analysts would argue this is a critical point “from here the markets will move either up or down”, as an economist, I have to add “on the other hand they may just move sideways!”

The pro.manchester member with the winning prediction will be presented with a jeroboam of champagne at the annual pro.manchester markets lunch in January 2011.

Visit www.pro-manchester.co.uk/events for further details about upcoming pro.manchester dates.