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

Just noticed the FTSE blipped up in sympathy. I doubt even the most skilled trader could have predicted that!

Cynic,
Have you closed your DGO short?

I think the bid DGO worth more than the 455 bid and will move higher even if it fails.

no .... i'm happy to let it run for the time being

GOLD
dumped $35.00 this afternoon to $1172.00 no doubt influenced by US employment numbers.
gold bulls will say this is just some healthy(???) profit-taking before moving back over $1200 again

Went short of a basket full of mid cap gold miners after Harrycat had alerted me on the AQP thread of the strenghtening dollar. (well in profit already)

Cheers Harry, dont always see eye to eye with you but Ive got a lot of respect for you.

I owe you one.

cheers GF.

wish i bloody had!

=======

that said, gold has now recovered $10.00 from its lows
everything's all over the shop, as Dow was suddenly -41 at one point for no good reason at all, and is now +15 again as i write

wonder where it will close

Dow almost static but gold now down $58 @ $1150 ...... unbelievable!
sure glad i don't hold any physical gold positions as would most certainly have been long

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

gold looks to have finished at $1161 in NY.
whether that will lead to a recovery or further sell-off remains to be seen

Strange, we seemed to have been more impressed with the non-farm payroll figures than the americans. Perhaps they were more interested in following the misfortunes of Tiger than the misfortunes of the unemployed!

Dow initially rocketed and then fell out of bed (rather like Tiger!) and ultimately came-to and finished up +22, which is sort of OK.

not sure where Dow was when London closed, but from a quick look, it was at b/e

Bernanke: Economy faces 'formidable headwinds.' Expect unemployment to decline at a slower-than-desired pace.

on that basis, i'ld guess interest rates unlikely to increase any time soon = recovery for gold - i hope

conversely, it means that consumer spending in USA is likely to stay under pressure ..... however, that does not mean the US economy cannot expand quite quickly and significantly, for there will be plenty of industrial slack to take up before employment picks up

He is no Greenspan - that man moved the markets every time he breathed :-)

meanwhile, gold has recovered sharply from $1135 at worst to $1161 now and Dow is +50

Skinny, he certainly moved the $ pairs!!

what a horrid day, apparently triggered by some fairly weak economic numbers in UK ..... watch for 5120 on FTSE, a further 100 points down from here

Also very weak german output figures & re-rating of some major companies by Moodys in Dubai. Looks like some of the big boys are in trouble over there.
"Credit ratings agency Moodys downgraded six Dubai-linked issuers on Tuesday after concluding that no meaningful government support would be provided for top firms like DP World or Emaar Properties .
In recent statements the government has highlighted that it sees no legal obligation to support non-guaranteed debt of its GRIs (government-related issuers), said Philipp Lotter, senior vice president for Gulf corporates at Moodys in Dubai.
Taking into account the governments most recent position, Moodys no longer believes it appropriate to assume timely support.
The companies downgraded included some of Dubais biggest, such as DP World, Dubai Electricity and Water Authority, Emaar Properties, Jebel Ali Free Zone, Dubai Holding Commercial Operations Group, and DIFC Investments."

Gold now down a further $33.00 to $1125

interesting recovery on Dow, gold and oil, so likely to be a (very) good day or at least start in london

with gold falling below $1100 (-$40) and Dow -132, surely something of a nervy if not downright gory day in store for London tomorrow, albeit that it already took a good spanking today

Watch the oil price now!!!
Unconfirmed so far:
"At 1030 gmt Al-Arabiya TV ran a series of "urgent" screen captions:
"Reports of Iranian forces storming Al-Fakah Iraqi oil field". Another
caption said "Iraqi officials call on the government to react
urgently". A third caption read: "Al-Fakah Iraqi field was stormed and
Iranian flag was raised on it". BBC Monitoring is trying to verify the
reports. More to follow"

Harry,

Been watching OP all morning.. and not a lot happened, so what do you want me to do now -):