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

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.

Thank you Hilary, the support line of the upwards range got me a little spooked... A good week its been uncrystallised losses vastly reduced and cash position nicely increased...

FX CHAT: Yen strength could be a boon for Treasury bulls

A weak US growth outlook posts risk for the short-yen, long dollar trade which could tilt the markets in favor of Treasury bonds vs riskier trades. The dollar's surge toward Y100 has stalled and the yen Friday rallied broadly, which pushed investors to dial back on yen-based carry trades. Yen bears like Goldman's Jim O'Neill have cited improving US growth as one factor driving dollar-yen rally along with BOJ money printing. But if US data continue to soften, expectations will rise that the Fed may keep QE3 into 2014. The may jolt dollar bulls and could spark more rebound in the yen, a case that could spur more unwinding of yen carry trades. The 10-year note is 11/32 higher, yielding 1.672%. The dollar recently down over 1% at Y97.87.

There was a large 100.00 USD/JPY options barrier that got heavily defended a few days ago, shortie. I'm sure that punter will be a natural buyer now. :o)

Reversal or a breather, a breather I suspect...

EUR Retail PMI 44.2 43.7

nice start to the day for me with banked profit on hg+hc ..... now comfortably below exit point and might pop back in again shortly

nice start to the day for me with banked profit on hg+hc ..... now comfortably below exit point and might pop back in again shortly

Italian 10-y Bond Auction 3.94|1.4 4.66|1.3

USD Core PCE Price Index m/m 0.0% 0.1% 0.1%

USD Personal Spending m/m 0.2% 0.2% 0.7%

USD Personal Income m/m 0.2% 0.4% 1.1%

USD Pending Home Sales m/m 1.5% 1.1% -0.4%

dow is creeping through 14800, but keep a wary eye open as (if) it approaches 14900

.

discretion being the better part of valour, have shut dow long at 14808 for another nice profit .... that still leaves a ftse long running as well as (another) hg+hc

CMC showing the FTSE @ 6,945 and causing me a problem!