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

Ricardo, my comment was tongue in cheek, hence the 'however............................'

I've mostly learnt not to short soemthing that obviously wants to go up and conversley not to catch falling knives. I have many bruises and cut fingers as evidence of previous folly!

But having siad all that, DOW looking a bit toppy right now. (12017)

and now 12156

Richard, read the FX thread in the Traders Hut, I use my thoughts as a contrarian indicator, whatever, I say the opposite will happen! Now 12141.

Cable dropped through an important level today 1.5865 which acted as resistance from early September until the third week of October and then as support until today. I suspect it may check any sterling rise in the future.

Next support line seems to be 1.5700 and there's not much reason to think it won't get there tomorrow.

PS Think contrarian! :-)

And Dow closed below 12100, so my short trade would have made a few bob, although out of the money for most of the session - :-)

PT - however...... - I posted somewhere recently (I think in reply to cynic) - that I personally seem to have not traded the recent volatility as well as I'd hope I should.

I've just closed a DOW short for +51 - more by luck than judgement AND probably my best trade of the day! - which speaks volumes (no pun intended).

Skinners, my best trade of the day has been a divi adjusment for being long on the FTSE!

And DOW scooting down after the close, jeez will these markets ever settle down?

Not at the moment.


Italian unity fails to stem market fears over eurozone
Louise Armitstead, 21:04, Tuesday 15 November 2011

Political co-operation in Rome failed to prevent Italian borrowing costs being pushed into the "bail-out zone" for the second time in a week, prompting warnings Europe (Chicago Options: ^REURUSD - news) is "heading for an almighty crash".

The UK unemployment total rose by 129,000 in the three months to September to 2.62 million

I take it Merv the Swerv's speech @10:30 has caused the fall in the last 10 minutes.

No worries skinny only another 3 and a half hours of pain before those crazy yanks join us :O)

Growth revised downwards to 1%

Italy's new PM Mario Monti says he has formed a new government and will himself be in charge of the economy

Mario Monti has unveiled a new, technocratic cabinet meant to steer Italy through its debt crisis after the fall of the Berlusconi government.

The prime minister-designate, a former EU competition commissioner, drew up his cabinet list after days of intense negotiations and consultations.

Mr Monti has sought to reassure markets that Italy will make sacrifices to overcome its debt crisis.

This is turning into a really choppy day, can't recall seeing so many candle wicks on the Indices or FX charts for a while - making life tres difficult :-(

Bloody "Crazy Yanks" going the wrong way at a rate of knots - off to the pub quiz and copious Youngs bitter :-)

Sorry Skinny. No such thing as Youngs anymore.
They sold their brewing interests to Wells some weeks ago.
Another ex-brewer heading for the Hotel and Food route.

Yes - John Young would turn in his grave.

Bye bye 5400?