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

I have minimal exposure to the FTSE averaging 6732.5 so again will let it run.

Small short @6,756.0

Shortie, for next week, it might be worth a look at KCOM - ex next Wednesday @3.25p and down today (yield @5.3%).

Cheers Skinny, will see how my exposure is by then.... I'm still carrying Johnson Matthey from last week, looking for the bottom to top up with... In hindsight not the cleverest of hedges I now know..

Who hasn't done that!

I hold KCOM but took a SB today in anticipation of being short FTSE next week.

worth reading the whole of this article, so for once have not paraphrased .....


The Iraq crisis and its oil market impact


As the week-long militant offensive in Iraq continues, there have been numerous developments across both the Iraqi and global oil sector.

PRICES/SUPPLY

Brent futures are trading close to a nine-month high at $113/b, finding support from the ongoing fighting in Iraq

OPEC Secretary General Abdalla el-Badri said the oil market had been spooked by the ongoing violence, but stressed that Iraq's oil production had not been affected. He said that if the situation were to change in the coming months, OPEC would look again at what action it could take

The International Energy Agency said that Iraq's oil production should not be affected by the violence provided it does not spread further south. But it said the political hurdles faced by Baghdad remain "huge."

Exports continue from Basra in southern Iraq; oil minister Abdul-Karim al-Luaibi said June exports would likely average 2.6 million b/d.

Crude from the Kurdistan region is continuing to flow to Turkey at a rate of some 120,000 b/d, according to Turkish energy minister Taner Yildiz.

Genel Energy said it and its partners have boosted production from the Taq Taq and Tawke fields in Kurdistan as the increasing instability in therest of Iraq has boosted demand for refined products.

Resumption of exports of Iraqi crude via the Iraq-Turkey pipeline now seen as very unlikely in short-term.

Traders do not expect resumption of exports of Kirkuk oil until August at the very earliest

COMPANY SECURITY

BP and ExxonMobil have evacuated foreign workers from Basra out of the country.

Japan Petroleum Exploration Company, or Japex, is to evacuate staff from the Gharraf field.

Lukoil and Shell say there has been no drawdown of staff at their projects.

PetroChina said that while there were no plans to evacuate workers, but that it has prepared "contingency plans."

China's CNOOC has also reportedly prepared contingency plans.

South Korea's Daewoo Engineering and Construction has asked for a declaration of force majeure on its work at the troubled Akkas gas field in western Iraq.

South Korea's Kogas said its gas projects in Iraq could be delayed and that it was preparing for legal measures.

Producers in Kurdistan said operations continued as normal.

POLITICS

The prime minister of Kurdistan is in Tehran for talks with Iranian officials amid efforts to thwart the Sunni insurgent offensive north of Baghdad.

Arab foreign ministers are set to meet this week in Saudi Arabia to discuss what the Arab League on Monday called the "critical situation" in Iraq.

Kurdish forces have already taken control of the disputed Iraqi oil hub of Kirkuk to protect it against jihadists that have seized large chunks of the country.

The US is preparing to launch direct talks with Iran on how the longtime foes can halt a radical Sunni insurgency that has seized a swathe of Iraq.

Saudi Arabia has called for the quick formation of a national consensus government in Iraq, blaming Baghdad's "sectarian" policies against Sunni Arabs for the unrest now sweeping the country.

I've just taken a long position in GKP, no doubt the kurds now have the upper hand in negotiations and oil exports... Will the rest of the world get involved, I wouldn't have thought so until agreements have been signed... This is the way things get done when there's oil being pumped but not being exported due to red tape. Eyes are now on Iraqs government to cut through the oil exports red tape before govenment officials lose more than their jobs.

Closed GBP/EUR @ 1.24819 @+207

No comments on luck!

Does that pay 20.7 times your stake? I ask as thats what I get no CI

Its so much a point so @£10 a point, that netted £207 etc.

Watching MAB for a test of 380 - the latest acquisition doesn't seem to be too well liked.

KCOM yesterday is going well - up by 2/3rds of the dividend.

Iran vows to defend Iraq Shi'ite sites; insurgents battle for refinery

(Reuters) - Sunni rebels battled their way into the biggest oil refinery in Iraq on Wednesday, and the president of neighbouring Iran raised the prospect of intervening in a sectarian war that threatens to sweep across Middle East frontiers.

Hmmmm

Short FTSE @6,826.3.

Any news on what the Dow's going to open up at today chaps, up or down?

Yes.






Currently offered @16,916.6 - 16,920.4

Cheers Skinny.

17000 looking like its a real possibility right now...

Whats this weeks FTSE divi Skinny, I think I've already covered it and more on todays trading.. :-)