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

Moody's downgrades credit ratings of six German banks

Ratings agency Moody's Investors Service has cut the credit ratings of six German banks and three in Austria.

The biggest bank affected was Commerzbank, Germany's second-biggest lender, which was cut from A3 to A2.

Moody's delayed a decision on the rating of Germany's biggest bank, Deutsche Bank.

"Today's rating actions are driven by the increased risk of further shocks emanating from the euro area debt crisis," Moody's said.

The six German banking groups affected were Commerzbank, DekaBank, DZ Bank, Landesbank Baden-Wuerttemberg, Landesbank Hessen-Thueringen and Norddeutsche Landesbank.

DOW set to open almost 100 points higher this afternoon. The 'post Jubilee feel good factor' is set to continue!

now showing a more modest +60

It appears I was right!

Crumbs...ftse has shot up.....did not expect that......

should one short ahead of US "beige book" due in 15 minutes? ..... probably, but i'm certainly not brave enough to take a large enough position to try to make a worthwhile turn

Cracking day today what with AMER, MAGP and BBY long may it continue.
2517

if Davai has got it right, then one-way trip from tomorrow

Possibly a bit higher yet and maybe during tomorrow morning, but i reckon that'll be your lot...

Another 100-150 yet

Time to take some profit tomorrow a.m. then, hopefully before everyone else gets the same idea!!!

Its certainly had a rocket under its arse tonight! Lends more weight to an imminent reversal

aka too far too fast ..... banked a little AAPL profit late this evening with this in mind

Hmmm.

Spain bond auction: Borrowing costs edge up

There was strong demand for Spanish bonds at an auction on Thursday, which was seen as a key test of the country's ability to raise funds, but it had to pay a higher interest rate.

The rate on the 10-year bonds was 6.044%, up from the 5.743% paid when bonds were last sold in April.

Spain sold 2.1bn euros ($2.6bn; £1.7bn) in medium and long-term bonds.

When I looked a few hours ago, DOW futures were -7. Now they are +64. Presumably the spanish bond sale has boosted confidence, temporarily? Perhaps took profit too soon this morning.

The Spanish bond auction I think could be categorised as "not as bad as it could have been". They are still having to pay a lot to borrow money, and it was a relatively small amount raised. The big move IMO has come from China's decision to cut their rates by 25bps.

Looks like the FTSE wants 5535, still have this down as a pullback, but surprised by its strength, higher than 5560 on the FTSE and it changes matters.

Oh crap! So that chart in #8302 is wrong??? Another strategy I was relying on, down the pan! ;o)