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

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)

Sorry Harry! Projections are all well and good, but perhaps its a tad different for me, i don't trade shares only FX pairs or Indicies. The first thing i look for to give an indicator of trend change is a reflex point to be broken, otherwise its go with the trend. I really did think the Fib level in the chart #8302 was good (for a couple of reasons), but that's the markets for you!
Even the drop this afternoon hasn't taken out any tipping points, (yet!)

I will say that the drop and retrace on the Euro this afternoon does look very much like a 5-3, so we may indeed be about to turn... If so, LL's will soon follow!

short Dow @ 12,538

out @ 12,475

a touch early....

All looks too much to me like nothing more than ABC pullbacks right now...

Don't mind me, Davai. I'm just annoyed at myself for selling out of MRW too early this morning. Never mind, a small profit + Divi, but think there is probably more upside which I shall miss out on. It's more bearable if it's someone else's fault! ;o)

A small pull back from here on the Dow, 100 or so, then more upside early next week.

Exclusive - Spain to request EU bank aid on Saturday-sources

(Reuters) - Spain is expected to request European aid for its ailing banks at the weekend to forestall worsening market turmoil, becoming the fourth and biggest country to seek assistance since the euro zone's debt crisis began, EU and German sources said.

soft or hard aid?

Give the Chinese first refusal.. or would it be their second?