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

cynic - talking of HN - did you see the olympic special of Absolutely Fab last week?



USD Challenger Job Cuts y/y -44.5% previous -9.4%

yes - i thought it was hilarious though Bubbles part was pretty superfluous

Yes I agree about Bubbles - it was very funny.

ECB pronouncement was a typical non-event by the looks of it

If you mean the press conference, it starts @1:30pm.

ECB keeps rates at 0.75% as further measures awaited

The European Central Bank (ECB) has kept the main eurozone interest rate at a record low of 0.75%.

But all eyes will be on what is said at a news conference, to be held shortly, in which it could announce measures to bring down Spain's cost of borrowing.

thanks skinny .... was only aware of the 1245 bit

USD Unemployment Claims 365K consensus 375K previous 357K

Hmmm - busy saying nothing! 13k and 5,700 both breached atm.

The ECB has left interest rates unchanged. The euro is up against the dollar to around $1.23, from $1.2260 before the announcement. Stocks are up slightly, as they had been much of the morning. Spanish and Italian bond yields are little changed.
After Mario Draghi's pronouncement last week that the ECB was ready to do whatever it takes to save the euro, everyone's been watching to see what that means. So far, it doesn't mean traditional monetary-policy operations. The ECB had earlier cut its main rate to 0.75% and the deposit rate--what it pays banks for their excess liquidity at the central bank--to 0%. Some had expected a further rate cut at this meeting, but the broader view among analysts was that the ECB wouldn't touch them quite yet.
But this is a two-game contest. The rate action is only the first. Up next, at 2:30 p.m. Frankfurt time, is the ECB's press conference, at which we'll hear what else Mario Draghi has up his sleeves.
There are many possibilities. They fall broadly under the umbrella of the ECB's buying Spanish or Italian bonds to provide demand an d stabilize rising yields. As always, the devil is in the details with the ECB. Here's what to watch for.
The ECB's existing bond-buying program, first used after the Greek bailout in May 2010, has been dormant for months. Mr. Draghi could signal that it will be restarted. If he does, does he also imply that the problems with the original program--that it was too timid and too opaque--will be fixed this time?
Does Mr. Draghi suggest that the ECB will begin buying bonds, no matter what? Or will he demand some prior action from Spain or the euro zone? Last summer, the ECB moved to intervene in the Italian market based on promises from then-Prime Minister Silvio Berlusconi, many of which were not fulfilled. There was strong pushback from the ECB's hard-line members after that experience. Will Mr. Draghi demand that concrete measures come first?
Will the ECB act alone? Many at the ECB appear to want the euro-zone bailout fund, the EFSF, to also buy bonds. Will Mr. Draghi make this a requirement? If so, will Spain accede and ask the EFSF to begin?
The press conference is coming up.
Well from the 4 hour chat we’ve seen a rally in EUR from the 22nd July, 20DMA crossed the 50DMA on the 27th July and has crossed the 100DMA today setting up a bullish tone that favours a deal is to be announced regarding either the ECB, EFSF or both. Historically the ECB’s announcements have always fallen short of market expectation so we could well see a fall back later this afternoon. All the same GBP/EUR 1.28 stalled and we’re now trading at 1.266 with indicators suggesting further EUR strengthening.

the gap left in the chart of next, could mean a quick retrace to fill.,.

Market not liking Draghi's comments! I think that was 100 point fall in about 5 minutes...

Long FTSE @5680. Tin hat on.

Need more than a tin hat skinny

all very tiresome

Crazy - I've had my short hat on all week!

I'm hoping when "they" digest the nothingness said and the procrastination, there may be a bounce.

ECB drawing up plans for bond purchases - Draghi

FRANKFURT | Thu Aug 2, 2012 1:45pm BST

(Reuters) - The European Central Bank will draw up a mechanism in the coming weeks to make outright purchases to stabilise stressed euro zone borrowing costs, ECB President Mario Draghi said on Thursday.

The BBC take :-

ECB pledges further euro support

European Central Bank (ECB) president Mario Draghi has said that he will come up with more measures to support the euro "over the coming weeks".

"The euro is irreversible," he said, adding that the high yields on some eurozone government bonds were unacceptable.

He said the ECB may intervene in the bond markets to support struggling nations.

Wow - I went short for a while but then went long from 12953 - clearly still had a lot further to fall!

Nothing really has changed, has it? Surely the market will come back up for air...

no, but the market has been pretty strong of late, so a quick plop is not entirely out of order