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

An unexpected statement from the Bank of England's Monetary Policy Meeting on Thursday boosted stocks and weighed on the pound after the bank held policy steady. An equally dovish comment from the European Central Bank underpinned those gains. Chairing his first meeting, new Governor Mark Carney surprised analysts by including a statement with that decision, the contents of which analysts interpreted as a sign that near-term rate hikes were not on the cards. Adding to earlier gains, the FTSE 100 index soared 3% to 6,419.62, driven by resource and bank stocks. The index closed down over 1% on Wednesday, which was the biggest one-day percentage fall since June 24 amid geopolitical tensions. "In the United Kingdom, there have been further signs that a recovery is in train, although it remains weak by historical standards and a degree of slack is expected to persist for some time," the MPC said in the statement released on the Bank of England's website. The statement also floated the idea of using forward guidance at the next meeting in August. "The BoE doesn't usually release a statement alongside the rate decision but as this was Carney's first meeting in charge, they decided to make an exception," said Craig Erlam, market analyst with Alpari U.K. "The statement was definitely taken as dovish, sterling has still not recovered its earlier losses, while the FTSE is now 3% higher," he added in emailed remarks. "I would be very surprised now if we didn't see some forward guidance on interest rates at the next meeting in August." The British pound (GBPUSD) dropped 1.3% against the U.S. dollar to $1.50719, which some observers said was the biggest drop since February. Underpinning gains for London, ECB President Mario Draghi said euro-zone interest rates will remain low or go even lower for "an extended period of time" at a press conference. The central bank left key interest rates unchanged, but Draghi's comments rallied European markets and made a big dent in the euro versus the dollar (EURUSD). Heavyweight bank HSBC Holdings PLC (HBC) rose 4.5%, and Barclays PLC (BCS), which was hit by a Standard & Poor's Ratings downgrade the prior day, jumped 5%. Mining stocks did plenty of heavy lifting for the index, with BHP Billiton PLC (BHP) up 4%, Rio Tinto PLC (RIO) surging 4.5%, and Anglo American PLC rising 5%. Those gains came as metals prices eased somewhat in electronic trading. Data in the U.K. showed house prices rising to nearly a three-year high in June. Home builders such as Persimmon PLC rose over 4%, while away from the main index, Taylor Wimpey PLC soared over 6%. News of an interim president appointed in Egypt and signs that Portugal's government may survive the current crisis also sent investors back into perceived riskier assets on Thursday.

Tomorrow's newspaper headlines: "Shock as billions wiped on to share prices"

I'm running short again today, made a few points last night enough for a few fridge packs so happy with that.

a big whizz-bang day for me, as was friday in the end, but it seems i'm not allowed to mention it :-)

shorts burning again.

they've certainly taken a walloping in the last few sessions unless they were nimble and quick-witted ...... if so, they'ld have made a bundle in both directions

easily missed getting out at the top, but have just taken nice profits in both ftse and dow and gone very modestly short of both, if only on the basis that a breather is due

and got it wrong too by the looks of it at the moment ...... ah well, it would have been nice to have hung on for a much greater profit on my longs, but as i often say, no one ever went broke banking a profit and it could all easily have gone the other way - and still may of course

Think I'll play short today. 6465 looks like the initial target.

Good luck Shortie - I'm flat index wise atm.

Not much news wise until Benny speaks tomorrow evening.

Hic!

Cheers Skinny, just closed out for +12 pips profit, would have left it on but the sun is calling and its a shame to waste a nice day trading..

6,500 former resistance.

6465 or a break to the upside now??

I was short earlier (now closed) and just watching.

As I said, nothing much today until Bennie speaks and to a lesser extent the bond auction - could be an afternoon for the great outdoors!

Theres no direction at the moment although a trading range of 6535 to 6465 seams to be about right at the moment. Think I'll go test the Euro.

is that to see if you're pregnant?

Shortie yep thats what Ive got the range at aswel.

FTSE 15min chart, lets see if the break above the upper range is maintained or if it falls back into it. Trending is to the upside and a new range of 6535-6614 is a possibility today and more favourable than a fall back I think.

having got caught with my pants down and in danger of being buggered - ah happy memories of public schooldays! - with my shorts (sorry about the pun) in dow and ftse, i am perhaps rashly staying with those positions

meanwhile, i have just hopped back into HG+HC Index (NMX3720) at 10926 as it was "dumped" this morning, perhaps due to certain companies (RB?) going ex div