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

now what????
Dow initially charged back to about 12850, but once the Consumer Confidence figures came out, the whole gain was virtually wiped out and Dow is now hovering just below 12800.

it seems to me that unless the markets can regain their bottle during the rest of the trading day, we may not see 12850 again for quite a while

Dunno Richard, playing with FX at the moment, will put some lines a chart though, fwiw.

attention turning to the S&P where 1400 a crucial number

plenty of gamblers! left it seems

a couple of key US data announcements made today ......

Consumer Confidence Index fell to 87.3 from a revised 95.2 in October. The reading marked the lowest level since October 2005 when its was 85.2. Analysts had expected 91.5.


Home prices have fallen steadily since July 2006, but plunged even more steeply in the third quarter, according to a report released Tuesday by S&P Case/Shiller. According to the group's index, which covers 20 local markets, third-quarter home prices dropped 1.7 percent from the second quarter.

Shot through 850 with some determination, having a good go at 900, if it can get through there I suppose 13000 is on the cards.

confess i called it all wrong, so bit the bullet and reversed ...... bloody fool that I am!

Looks like 13000 is a distinct poss now.

Just for information try using a RSI support / resistance line on the 10 min or 15 min chart, seems to work a treat :)

Sorry to hear it Cynic - but gives you a good excuse (if you need one!) to open one of those lovely bottles of wine you told us about! :)

Failed to make 13000 by 8pts. Had my finger on the short trigger but failed to take the trade, too many distractions I think. Anyway, managed to convince myself in the end for +66 to round off a rather good day. A good start to my first full week of what is supposed to be full time trading whilst taking three months off work. Golf tomorrow so will be taking a break of sorts.

.

PT: that sounds like a good start to a new job - having a day off on Day 3!

Toya :)

That's the beauty of trading, the markets will still be open when I get back from an afternoon in the fresh air!

It's altogether the beauty of working for oneself, which is something I've managed to do most of my working life! Enjoy yourself :)

Boring day so far, all flat bar TAN, nicely in green at the moment, or blue whichever takes your fancy...

not at all comfortable with the markets at the moment.
all the news from USA is bad.
markets are staying firm only on the premise that Fed will continue to cut interest rates quite hard.
however, sooner or later, the markets will take on board that not only are the rates being cut solely to try to stave off recession (good news), but the medium/long term effect is to stoke inflation (bad news)

Trade what you see Richard, not what you think the market should be doing! And with that pearl of wisdom, I'm off to the golf course :)

Thought you'd be out golfing Cynic - would help to clear your head :)

hi Toya ..... may be meeting up with my anaesthetist pal later ..... depoends how the Caesar he is doing this morning works out!

peter ..... not sure what i see at the moment .... markets are clearly very undecided themselves what to make of it all, though the dictum of not trying to piss againast the wind holds true

Are things so bad that you feel driven to see the anaesthetist?? - Hope not!

knew you would like that!