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

Had a small short @5,602 Hmmmm.

if you were short at 5602, then suggest you close now at marginally better than b/e .... you can always re-open if it looks right later

I'll hold for now - an interesting day to come methinks :-)

Euro area agrees bond support for Italy, Spain

BRUSSELS | Fri Jun 29, 2012 6:53am BST

(Reuters) - Euro zone leaders agreed on Friday to take emergency action to bring down Italy's and Spain's spiralling borrowing costs and to create a single supervisory body for euro zone banks by the end of this year, a first step towards a European banking union.

Responding to pleas from Spanish and Italian leaders, a midnight summit of the 17-nation currency area agreed that euro area rescue funds could be used to stabilise bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms.

After hours of argument, they also agreed that the bloc's future permanent bailout fund, the European Stability Mechanism, would be able to lend directly to recapitalise banks without increasing a country's budget deficit, and without preferential seniority status.

"The process was tough, the outcome was good," Italian Prime Minister Mario Monti told reporters, adding that Italy did not intend "at this time" to apply for the emergency support.

Out for +20 (for now).

Squawk Squawk skinners :O)

Still in, if it breaks 5550 we could see near 5500.

Thinking of going long on EUR/USD / EUR/GBP, if the banks can gain EU finaincing without dragging down their sovereigns then credit ratings, growth etc should all improve within the EU. Any thoughts anyone?

Chris - do you mean cluck, cluck? And what are you trying to say? :-)

I was a bit slow skinny, short was the right trade. (squawk squawk was supposed to be a vulture swooping in sound, just my warped sense of humour, well done!) :O)

I was a bit slow skinny, short was the right trade. (squawk squawk was supposed to be a vulture swooping in sound, just my warped sense of humour, well done!) :O)

Ooops that parrots back :O)

Oh - I thought you meant chicken for getting out to soon (which it was and always will be)! :-))

UK banks can tap cash buffers to help economy - BoE


LONDON | Fri Jun 29, 2012 10:34am BST

(Reuters) - British banks should feel free to tap into their hefty cash piles to keep lending flowing into the recession-hit economy as the economic outlook darkens, the Bank of England said on Friday.

Britain's economy is suffering its second recession in four years, and the Bank and government are keen to keep credit flowing to support business investment.

an interesting end to the week with US long holiday imminent (wednesday july 4th)

GBP Manufacturing PMI 48.6 consensus 46.6 previous 45.9

USD ISM Manufacturing Prices 37.0 consensus 45.8 previous 47.5

Seeing the FTSE break through 5625 at quarter to three I was just thinking about going long................phew!

Plateman - its coming back - it looks like the yanks want it higher.

Yes I see that Skinny, but I think I'll call it a day now, had a nice touch from the open this morning, don't really want to give it back. :>)

GBP Construction PMI 48.2 consensus 53.1 previous 54.4

GBP Net Lending to Individuals m/m 1.3B consensus 1.1B previous 1.4B

GBP M4 Money Supply m/m -0.1% consensus 1.4% previous 1.1%

GBP Mortgage Approvals 51K consensus 51K previous 52K