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

So your Markus Huber agrees then that we're likely to see a change in trend. Once the change in trend has been identified then maybe hop on the band wagon and go short. Alot sits with the weekend, could go either way and all eyes are on Spain for the elections.

Yes, I agree Shortie. I'm not going to do anything very much for now, having made a nice lot earlier in the week.

FTSE100 resistance @ 5915, any ideas for first support?

October PMIs suggest euro zone downturn deepening

LONDON | Wed Oct 24, 2012 9:55am BST

(Reuters) - Euro zone businesses in October suffered their worst month since the bloc emerged from its last recession more than three years ago, forcing them to cut more jobs to reduce costs, surveys showed on Wednesday.

The downturn that began in smaller periphery countries is now gripping Germany and France, dragging the euro zone as a whole deeper into the quagmire.

Markit's Composite Purchasing Managers' Index (PMI), which polls around 5,000 businesses across the 17-nation bloc and is viewed as a reliable growth indicator, fell to 45.8 this month from a September reading of 46.1.

It is the lowest reading since June 2009 and confounded consensus expectations in a Reuters poll for a rise to 46.4. The index has now been below the 50 mark that separates growth from contraction since February.

"It's very disappointing, it's a depressing scenario as things are getting worse," said Chris Williamson, chief economist at data collator Markit.

Shortie: in answer to your Q: probably around where we are now. Which is why I believe that if it breaks convincingly below it (5800), we'll be seeing a downturn - I may be wrong of course...

The focus for the DOW this afternoon will be on 'earnings from Boeing Co. and new-home-sales data'. If they're good, then perhpas Cynic will have a better day today?

it's AAPL where i really have too big a position .... keeping my fingers x-ed for tomorrow

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5675 is the danger point i was given, but that was 10 days ago and it may have moved a bit

AAPL no comment ;-)

promise i'll cuddle to comfort if i'm right :-)

Cuddle whom Cynic - do you have a big teddy bear?

USD Flash Manufacturing PMI 51.3 consensus 51.6 previous 51.1

RB results going down well - currently up 2 quid.

Draghi defends ECB bond-buy plan before German MPs

BERLIN | Wed Oct 24, 2012 1:33pm BST

Oct 24 (Reuters) - The European Central Bank's new bond-purchase programme will not lead to inflation or compromise the bank's independence, ECB President Mario Draghi told German lawmakers on Wednesday in a detailed defence of his signature policy plan.

In prepared remarks for delivery at the beginning of his meeting with the lawmakers, Draghi addressed point by point their concerns about the programme - dubbed Outright Monetary Transactions (OMT).

"OMTs will not lead to disguised financing of governments ... OMTs will not compromise the independence of the ECB," he said in a statement for delivery to the lawmakers.

Just closed here from late August.

USD New Home Sales 389K consensus 386K previous 373K

Apple IPad Mini Leaves Rivals Room to Undercut Price

thanks for that article skinny ..... it looks interesting but i haven't the time to read it all for the moment ..... the pricing was clearly a trade-off between profit margins and trying to bag the bottom of the market - there never is one ...... how well the numbers will be received tomorrow is another matter, but it has already been telegraphed that sales of i-pads for Q4 will only be about 16m vs 18m forecast earlier, so that is assuredly already in the price

I think Steve Jobs was right, the iPad is a premium product and a smaller screen won't do it justice. Apple won't be taking any market share with this offering, but will probally see existing customers upgrade old iPads to the mini version rather than pay for the full size model. Not something I'd purchase, but then you never know after a play in store.

Somebody should open a store "Toys for Adults".

They already have done!