rather than pick out individual stocks to trade, it can often be worthwhile to trade the indices themselves, especially in times of high volatility.

for those so inclined, i attach below charts for FTSE and FTSE 250, though one might equally be tempted to trade Dow or S&P, which is significantly broader in its coverage, or even NASDAQ

for ease of reading, i have attached 1 year and 3 month charts in each instance

having also taken profits on (another) ftse long earlier this morning, i too am now short, but considering banking that nice profit

=============

and done at 6418 :-)
what a nice start to the day; not usually that smart it has to be said

Out @6421

GBP Prelim GDP q/q 0.3% 0.1% -0.3%

GBP Index of Services 3m/3m 0.1% 0.0% -0.2%

Rock on George - Chancellor George Osborne - 'Today's figures are an encouraging sign the economy is healing' live

and long again at 6430 :-)

i really should try to do some "proper" work, but at the moment at least, this is much more fun!

Just wish I had more time to trade. Too busy with "proper" work!

IMF, ECB square off in Europe austerity debate

LONDON | Thu Apr 25, 2013 11:59am BST
(Reuters) - A heated debate about Europe's austerity drive flared back into life on Thursday with leading IMF and European Central Bank officials sharply at odds and Angela Merkel declaring that Germany required higher interest rates.

With the threat of the currency bloc's break-up receding, some euro zone officials are saying now is the time to throttle back on debt-cutting drives because calmer financial markets will not react badly.

USD Unemployment Claims 339K 352K 352K

U.S. Stock Futures Rise; S&P 500 May Extend Two-Week High

U.S. stock futures rose, signaling the Standard & Poor’s 500 Index will extend a near two-week high, as companies from Cliffs Natural Resources Inc. to 3M Co. reported earnings that topped estimates and jobless claims fell.

Cliffs Natural soared 8.3 percent and Akamai (AKAM) Technologies Inc. rose 18 percent. 3M slid 3.8 percent as profit trailed estimates and the company cut its full-year forecast amid a slowing global economy. Qualcomm Inc. lost 4.8 percent after the biggest seller of semiconductors for mobile phones forecast profit that may miss some analysts’ projections.

Futures on the S&P 500 expiring in June advanced 0.5 percent to 1,581.7 at 8:37 a.m. in New York after the gauge closed at the highest level since April 12 yesterday. Contracts on the Dow Jones Industrial Average added 54 points, or 0.4 percent, to 14,669 today.

if dow closes strong (again), then london is likely to follow north in the morning
strangely today, hg+hc index did very little except drift slightly south
therefore, if above comes to pass, then an early punt (top up for me) in hg+hc could well prove very profitable

BOJ stands pat, to face credibility test with new forecasts

TOKYO | Fri Apr 26, 2013 5:53am BST

(Reuters) - The Bank of Japan will probably project on Friday that it will meet its 2 percent inflation target in two years due to its massive stimulus plan, a forecast analysts say may be too optimistic and which could put its credibility on the line.

In a reminder of how ambitious and stiff the target is, data on Friday showed core consumer prices marked their fifth straight month of annual declines in March even as the yen's recent falls pushed up import costs.

Yen Rises as Bank of Japan Maintains Monetary Pledge; Gold Falls

The yen rose as the Bank of Japan maintained a pledge to double the nation’s monetary base in two years. Gold headed for its biggest weekly increase since October 2011 and Asian stocks pared gains as companies from Bank of China Ltd. (3988) to Japan Tobacco Inc. (2914) reported earnings.

The yen strengthened 0.4 percent to 98.81 per dollar as of 2:15 p.m. in Tokyo. New Zealand’s dollar advanced 0.4 percent. The MSCI Asia Pacific Index added 0.1 percent, paring a 0.4 percent advance. Standard & Poor’s 500 Index futures lost 0.2 percent. Spot gold increased 0.4 percent, while copper in London sank 0.7 percent.

German Import Prices m/m -0.1% 0.0% 0.3%

BOJ projects to meet CPI target by 2015/16, analysts have doubts

TOKYO | Fri Apr 26, 2013 8:21am BST
(Reuters) - The Bank of Japan forecast on Friday that inflation will rise to around 2 percent towards the latter half of the next three years due to its massive stimulus plan, a projection analysts say may be too optimistic.

In a reminder of the task ahead, data on Friday showed core consumer prices marked their fifth straight month of annual declines in March even as the yen's recent falls pushed up import

EUR M3 Money Supply y/y 2.6% 3.0% 3.1%

EUR Private Loans y/y -0.8% -0.8% -0.9%

USD Advance GDP q/q 2.5% 3.1% 0.4%

USD Advance GDP Price Index q/q 1.2% 1.3% 1.0%

USD Revised UoM Consumer Sentiment 76.4 73.3 72.3

USD Revised UoM Inflation Expectations 3.1% 3.0%

Thats me done with yen shorts for the day, Hilary are your indicators pointing up for a rally yet?

Android Licensing Pacts Ring Up Microsoft's Phone Revenue

By Steven D. Jones The Android operating system allows Google Inc. (GOOG) to make money with mobile search, but it is Microsoft Corp. (MSFT) that is profiting from the software because of licensing deals. Microsoft, through a controversial campaign over the past three years, has negotiated patent license deals with more than two dozen Android device makers, including the largest one, Samsung Electronics Co. (005930.SE, SSNHY). The Redmond, Wash., software company added a couple more contracts in the past two weeks, giving it royalty arrangements with six of the eight largest makers of Android devices. "Getting a piece of what competitors are doing is a nice thing" for Microsoft, said William Stofega, analyst at data tracker IDC. Exactly how much of a "nice thing" is difficult to determine because companies usually don't reveal such terms, but analysts' estimates put it at hundreds of millions of dollars every quarter. Search company Google envisioned Android as an "open operating system" it would distribute for free so device makers could churn out a steady supply of affordable mobile devices. The more devices, the more searches and the more money Google would make. While Google was looking ahead, it failed to look over its shoulder at Microsoft. Engineers at the software company recognized many of its own technologies among the features and functions Android would bring to market, such as those that allocate files between applications. Android makers have struck license deals for those patents "partly out of realization that you can't afford to have someone impose an injunction on you in the midst of a product introduction," Mr. Stofega said. Motorola Solutions Inc. (MSI) and Huawei Technologies Co. of China are the largest Android device makers who haven't yet struck a license deal with Microsoft. Critics--including Google--have accused Microsoft of conducting a patent shake down. "This is the same tactic we've seen time and again from Microsoft," Google spokesman Matt Kallman said in an emailed response to questions. "Instead of building great new products, Microsoft attacks the competition and tries to drive up the prices of Android devices for consumers." A Microsoft spokesman said "Windows Phone is growing rapidly, already breaking 10% market share in several countries. At the same time, our patent-licensing revenue has also grown as most major handset manufacturers, with the exception of Google and Huawei, recognize our approach is reasonable and have taken a license for our intellectual property." Companies guard details of the royalty rates they earn on patents, and judges frequently close courtrooms when witnesses discuss such numbers in patent lawsuits. A 2011 analysis by Goldman Sachs estimated Microsoft would earn $3 to $6 in royalty for every Android device sold, for a total of more than $400 million a quarter. However, an August 2012 analysis by stock-research firm Trefis estimated royalties could reach $12 to $13 on some Android devices. "License revenue is not going to turn the company into a winner, but it is clearly having an impact," Mr. Stofega said about Microsoft. Microsoft reports patent-licensing revenue with its entertainment and devices division, which includes sales of Windows Phone, Xbox and Skype. In the quarter ended in March, that division's revenue jumped 56%, to $2.5 billion. "I think the bulk of the increase came from licensing," said Cem Ozkaynak, co-founder of Trefis. Microsoft declined to comment beyond what it has disclosed in securities filings. For the first nine months of fiscal 2013, Windows Phone revenue has risen $948 million including patent licensing and increased sales of Windows Phone licenses to manufacturers, the company disclosed in an April filing. Microsoft's own Windows Phone operating system continues to struggle to capture market share, especially in the U.S. Here, Microsoft is a distant fourth with 3.2% of the market, behind Android, Apple Inc.'s (AAPL) iOS and Research in Motion Ltd.'s (BBRY, BB.T) Blackberry, according to comScore. Microsoft said last week that momentum for Windows Phone "continues to build." The number of Android royalty agreements also is increasing. This month, Microsoft has signed license deals with manufacturers Foxconn Technology Group and ZTE Corp. (ZTCOY, 000063.SZ, 0763.HK), joining companies like Samsung, which shipped 42% of the Android phones last year, according to IDC. As a result, Microsoft earns license revenue on nearly 80% of Android devices now sold.

Had to read this 3 times before I understood it....

Sounds like they've done a 'Michael Jackson'!

No, they're all still on the short side of the yen crosses atm, shortie. I doubt they'll point upwards now till next week. Sterling-yen looks like it has further to fall, although the euro and dollar-yen crosses are showing early signs of exhaustion. They could easily carry on down for another couple of days yet though.