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

I reckon the Dow (and hence FTSE) could continue to go up until sometime on Tuesday: Geithner is coming over to Europe for some key meetings on Monday, and the FOMC Statement is published Wednesday evening. After that, I reckon we could see a pull-back as the market will have been over-excited.

Cynic: where do you get your "14545 is the target" from? Recent highs of the Dow were around 13280

I feel the fizz has gone out of the market late afternoon, and am now short at FTSE 5690 but with tight stops! Ready to reverse if there's any hint of concrete action after all the politicking.

I closed my DOW this morning @13,050 and re-opened this afternoon @13,115.

hic!

I'm short UKX 5697, to much sun on hols, hic as well skinny:O)

Stop to 5687 to lock in + 10, I'm not that confident.

I'm going to let mine run to 5620 - reckon it'll fizzle out overnight. Though I could well be wrong... Had thought we might get some sort of a woolly politician's statement following Geithner's jet-setting today, but I guess they've retreated to a sumptuous dinner and will leave us to fret.

Very quiet day on the indices, working off their 'over boughtness' leaving room for further rises without getting too hot.

I'd probably prefer to be long than short right now, but not with much confidence, hence no position.

Phew - managed to close my little short with a tiny profit before bedtime, having heard something on the news about Germany wishing to support the Euro following discussions with the US.

Could be quite volatile over the next 2-3 days. Think I'll work only with guaranteed stops!

It's going up for now, simples. Le trend is your friend, why fight the most basic principle in trading, investing?

ECB on course to act strongly or disappoint mightily


FRANKFURT | Tue Jul 31, 2012 3:09am BST

(Reuters) - European Central Bank President Mario Draghi must back up his pledge to do what it takes to protect the euro when the bank's policymakers meet on Thursday or else face deep disappointment from investors hungry for - and expecting - immediate action.

That's exactly right Skinny - could move massively either way. But I reckon we must believe that sense will prevail, and Draghi and co will find a way forward. So: find a nice low point over the next 24 hours from which to go long!

German Unemployment Change 7K consensus 9K previous 7K

Italian Monthly Unemployment Rate 10.8% consensus 10.2% previous 10.1%

good morning Mistress ....... the target figure is via my guru who is usually pretty hot in these things ...... he runs GANN theory, which is far too complex and sophisticated for my syphilitic brain, but that will be from where the number(s) emanate

EUR Unemployment Rate 11.2% consensus 11.2% previous 11.1%

Well that number looks sky-high cynic! We'll all be millionnaires if the DOW reaches that

Unemployment was expected to remain much the same. Not sure if much will happen now till tomorrow evening or, certainly, Thursday afternoon

Cynic always make out things are bigger than they really are.,.

He's probably already a millionnaire.......... this is just to keep him in fine wine for the foreseeable future! ;o)

You're right guys - and he's already swimming in his fine wines by all accounts too :)

Chicago PMI 53.7 consensus 52.6 previous 52.9