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

dow
17560 continues to be a stumbling block
it's been challenged 2/3 times and again just now, but currently proving a bit too tough

however, there seems to be a bit of momentum today, and just possibly that level will be breached - northwards of course

.

closed ftse long at 6497 as 6500 is looking quite tough to hold

shall now watch and wait to see which way we go next
my feeling is south, but i'm not that brave

I got caught by the FED and expectation that the ECB will finally launch some kind of QE... Seeing as recent rallies have been sold into I expect this to be no differenet.

cynic - you have mentioned in the past, not so much recently have noticed that you have (in your words) a guru to guide you re-trading Dow and UKX, are you still being guided by him or her or trading of your own bat now? I steer clear nowadays of even trying to trade either. Respect to you and shortie.

unfortunately he moved to pastures new several months ago where some ridiculous fee is charged for access

Well good on you for not following him.

Think I'll take losses and move on, being underfunded not an option in positions and I refuse to pay money into my account..

Been a long time since I played with a short stack, oh well, should be fun..!

hard luck pal .... you're usually red hot on this sort of stuff

i've left a small dow long running from 17599.9, but am watching carefully and assuredly shall not let the profit drift away

Well as posted yesterday I had a cautious bet on, but recently I've made quite a few withdrawals from my account leaving me a bit low on funds. I'd rather be in a position to play any long game then wait for markets to drop.

now closed dow long at 17804.6
tempted to short, but just off to the gym for an hour, so shall see what has happened on my return

gentle dow short at 17872.1 on the basis of "enough, enough she cried"

Echoes of your fitness workout today Mr C?

i only trust myself to go there when it's quiet :-)

dow looking as though it might just be boiling over
briefly broke through 17900, but now falling back

.

George Soros has accused western leaders of dangerously miscalculating their strategy towards Russia and Ukraine, arguing that the crisis there posed a lethal risk to the Eurozone. In an interview he complained that European leaders were treating Ukraine as “just another country” in need of financial assistance rather than realising that the crisis on the EU’s eastern border posed a greater danger to Europe’s economy, and even the survival of the EU, than the Greek election. Mr Soros said sanctions on Moscow were having a far deeper effect than western leaders had ever imagined because of the collapse in oil prices and added that a Russian debt default would “not be surprising” – FT.

is soros just an interfering old fart, albeit an exceedingly or even excessively rich one?

Does he have a crown worth chasing?

But he does have a point.

Maybe what Putin is banking out on!

I think Soros is absolutely right to highlight the risk these sanctions are having on Russia and the increased risk of a Russian debt default.

Its not only sanctions but also oil prices that are hurting Russia and with no drop in Supply from Saudi or OPEC the risk of default only grows greater.

* OPEC sticks to decision of no output cut - sources
* Traders book tankers to store surplus oil
* China annual consumer inflation near five-year low

(Updates prices, changes dateline from previous SINGAPORE)
By Ron Bousso LONDON, Jan 9 (Reuters) - Oil prices headed for a seventh straight weekly loss on Friday, with key producers showing no sign of cutting output in the face of a global supply glut. Global oil benchmarks hit their lowest since 2009 this week and are down more than 50 percent from June levels, with Brent crude futures LCOc1 extending declines on Friday, dropping 50 cents a barrel to $50.46 by 0927 GMT.

U.S. crude futures for February delivery CLc1 were down 12 cents at $48.67 a barrel despite robust U.S. economic data that brightened the outlook for demand. Brent's premium to U.S. crude CL-LCO1=R fell near $1.80 a barrel, the narrowest since October as international seaborne oil markets appear to be under even more pressure than the U.S. domestic market. "It is another negative week and a reflection of the focus on negative arguments," said Hans Van Cleef, senior energy economist at Dutch bank ABN Amro.

Supply concerns remained as Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices even as demand slows globally. Meanwhile, annual consumer inflation in China remained near the lowest in five years, signalling persistent weakness in the world's largest energy consumer. "Without any changes to fundamentals, selling appears largely to be jittery investors looking for supply-demand equilibrium," ANZ analysts said in a note.

For the first time since 2009, a contract to buy crude oil or any sort of refined product costs less if it is for immediate delivery than for future shipment, giving traders more reason to buy now instead of later. If recent market history is any guide, Brent prices could mark time around $50 a barrel for another few days before resuming their decline. Supply is piling up with some of the world's largest oil traders hiring supertankers this week to store crude at sea.

BNP Paribas has cut 2015 price forecasts for Brent and West Texas Intermediate crude by more than $10 per barrel to $60 a barrel and $55 a barrel respectively. "Supply issues will dominate demand in terms of fundamental factors, with the market focusing on how the current supply surplus will ultimately resolve itself," BNP said.