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

LONDON, May 6 (Reuters) - Sterling rose to its highest against the dollar in nearly five years on Tuesday, buoyed by a survey showing Britain's services sector expanded faster than expected in April. The dollar .DXY struggled as U.S. yields US2YT=RR remained subdued with investors focused on benign inflationary conditions in the United States that are likely to keep the Federal Reserve from tightening policy in the near term. In contrast, expectations that the Bank of England may have to tighten policy early next year are relatively strong. Sterling overnight interbank average rates - the very short-term interest rates which form the basis of lending costs to the wider economy - are pricing in the chance of the first rate hike in early 2015. GBPOIS=ICAP Sterling rose 0.75 percent to $1.6996 GBP=D4 , with bulls now targeting $1.70, a level last seen in August 2009. Sterling, on a trade-weighted basis, rose to its highest since late 2008 =GBP of 86.9. The gains came amid higher-than-usual volumes on the Reuters Matching system. The Markit/CIPS services purchasing managers' index (PMI) rose to 58.7 in April from 57.6 in March, far above the 50 threshold for growth. A Reuters poll had forecast an unchanged reading. ECONGB The data followed a strong showing in the manufacturing sector too, all of which pointed to a firm start to the second quarter. Some economists are expecting the UK economy to grow at more than 1 percent, quarter-on-quarter. ECONGB In the first quarter, British growth was 0.8 percent, picking up from 0.7 percent in the fourth quarter of 2013. That put it on course for a 3.1 percent expansion year-on-year. "Sterling/dollar for now looks on course to test $1.70 with data surprising on the upside," FXPro economist Simon Smith said. "But above $1.70, it could get a bit tough, with a lot depending on next week's inflation report from the BoE. If it is a hawkish report, we could see more gains." INFLATION REPORT The quarterly inflation report is due next week as the BoE moves towards a broader assessment of slack in the labour market and the economy as part of its forward guidance policy for markets. It starts a two-day policy meeting on Wednesday. It could also address the issue of rising house prices in the inflation report. BoE deputy governor John Cunliffe said recently that it would be dangerous to ignore the momentum of rising house prices. ID:nL6N0NN372 Many economists argue that Britain's upturn is largely a matter of rising house prices in a small number of cities, fuelling the same sort of bubble that prefaced the financial crisis of 2007-8. As a result, many are now speculating that some sort of prudential steps maybe in store, potentially delaying a rise in rates that markets have priced in. Any delay in tightening monetary policy could prompt sterling to give up some of its hefty gains. "From a technical level, we are recommending to investors that they short the pound at $1.69-$1.70 and take profits to a drop to $1.66," Societe Generale currency strategist Alvin Tan said. The euro EURGBP=D4 was down 0.3 percent at 82 pence, not far from its two-month trough of 81.955 pence struck late last month. The shared currency has struggled against the pound given a widening gap between euro zone government bond yields EU10YT=RR and UK gilts GB10YT=RR . While the BoE is expected to tighten policy, the European Central Bank is grappling with the threat of disinflation in the euro zone. The ECB meets on Thursday in Brussels, though it is widely expected to stand pat on rates.

dow
banked nice profits on 2 from 3 short positions

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

and now clear of all

i can't believe yellen will come up with anything that will frighten the markets, so another yo-yo session ahead

dow
small long at 16450

Small long DOW @16,359.9

Fed Chair Janet Yellen gives testimony to Joint Economic Committee

you were brighter than me skinny, but i'll just sit tight :-)

Just closed +40 - if she says "Geo political" or "normalisation" one more time.......

i've actually done rather well with dow over the last couple of days .... would that it was always thus

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

also out at +54 and shall now contemplate as to whether it's worth the risk to short as i shan't be glued to the screen

also interested to see TSLA's results after the bell - i currently have a small long there, but it's currently out of the money

primarily on the basis that as dow is no longer improving, it is much more likely to fall back, i now have a small short at 16502

A hanging man yesterday - although after Tuesdays's fall, its not strictly in an uptrend??

TSLA
glad my holding is :-( small .... what a walloping

Electric cars ,just don't cut the mustard yet.

The wires are a trip hazard to pedestrians.

Short FTSE @6,829.5

Boring day. Still think the Ftse will hit 6870 today/tomorrow so the wait is on. Cable not doing anything either.

Everything i'm in is boring zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

Lol. How'd that happen? I'm hoping for a typical May, sell sell sell and go away. What a shit day too. I think Dow will test 16600 this afternoon then fall away 50 -70 pts.

i'm still short dow from yesterday evening .... it's about 20 points out of the money, but neither here nor there

I've added Tesla chart and website to this thread

Tempted to short the DOW 16610 right now and looking like it could push higher again... Hmmmm