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

Bloomberg forecasting FSTE to open up 34 points, surpirised by this after the fall in Japan and Hong Kong, but could be volume supporting indexes. My target for this morning is 5750 -118, at some point about 2% down, I will try and get a short position this morning.

am begining to feel more bullish about gold again, there seems to be good support building at 884, have gone long again with 30 point stop, hope to see 950 in next month.

Staying out on ftse for today, will wait for market to digest rate decision tommorrow. Too much on and can't watch it.

no short position yet, will let FTSE settle down first, it's slightly positve now after negative open. Decisions, Decisions.

Carried my open position on Wall st through to today, interesting Nichole Elliott charting DOW head and shoulders and predicting 10500 for Q3/Q4... Shorters dream...

Positions now closed, looking tight in early hours, tempted to short FTSE.

I shorted before the open and its not playing ball. the potential IR cut is probably lending some support. US futures holding up although well off highs

The only thing holding European markets up must be interest rate decisions tomorrow, once these are out of the way there will be only one direction. We are in a recession now, so will be looking to open a longer term short after rate cuts.

Sorry to sound so pessimistic chaps.

Shorting wall st at 12315

Just read a lengthy article, and have to agree somewhat, it pointed out that a (full blown) recession in america is virtually impossible while interest rates are 3% or lower, so although they may well technically be in a recession now, it will be short lived and the prospect of cheap loans once again will be irresistable come the summer, so the real problem lies at the end of the year when the FED will be forced to raise interest rates aggressively to curb spiralling inflation and the full on recession will be later in 2009/10, i feel sorry for any americans who dont figure this out and get into much more debt later this year, because any growth in Q3/4 will quickly be snuffed out...

Keep reading that a quarter point rate cut is a done deal tomorrow, but if the minutes showed last meeting 8 -1 against, i would think its anything but a done deal... I wonder if the Dow finishes up +150 or so tonight but we dont get the cut tomorrow, how it will affect the FTSE, we are lagging behind this afternoon and am currently contemplating going long for a gamble...

I think markets have factored a 0.25 cut in already, if you look at the fed cut last week, they are are not in the the thinking now, a very limited effect. A long on the ftse now would as say be a gamble.

Good thread this. A couple worth watching for trades are MNR and SCHE. Both don't half shift either way and both available in good size to trade. Both should bounce tomorrow with a rate cut. MNR has been a beauty for me bouncing between 130-150p of late. They're both that oversold that a badly timed trade is eventually rewarded.

Agree, bought SCHE this morning first thing @170.5p been up to 183p and back down, could recover into the 400's...

Been shorting Wall St all day now.

So at what figure would you say 12200 support is broken? obviously it could tease below by 20/30 points but come back above, but what about 12150? surely that is the point where there is no return and then we could test new lows???

Big Ted, your looking at very short term with those numbers, I look for a longer term figure, 12781 I thought the DOW would head towards before falling, it came close Friday or Monday, now I'm expecting a fall to 10500 max, its sure to stall on the way and tomorrow could be one of these days. I'll most likely leave tomorrow and see what happens and then short again Friday. I'm not really sure there is any support is at 12200, We've pretty well cruised 300 points with little downside resistence, expecting 12000 to be a different matter. Phycological (thats not spelt right, it's late.) barrier 12000 I believe will be the next support line.... Having said this any consistancy between 12100 and 12300 would cause me to rethink.... All this of course in my humble opion..

More or less on support right now at 12100, next trendline support is at 11700, breaks down through there, you can make up a number ;)

Missed a rollercoaster by the looks of things. Reversing my gold short was bloody lucky timing today, for those not in it, get in soon. It's following a great trend line, good support at 888, stop set at around 862 could hit 940-50 in next week or two. Unless there is another blood bath and traders have to cover positions, I'd be surprised (and pi$%ed off to see it drop to below 855 again).

The way my supposedly good stocks keep disappointing am seriously considering sticking to indices, commodities and currency trading. Fundamentals and TA seem easier to follow.

The 60 Minute Chart shows the Dow has had two bearish days in a row after breaking through the bottom of the tightly-coiled triangle yesterday morning. The index is now holding at 12,200 where it could get another bounce back toward the 12,500 level, or fail and drop back toward the 11,700 lows. As we mentioned before, a bounce at around the 12,200 level will likely spark a redefinition of the triangle moving forward. However, a clean break through 12,200 may pave the way back toward another test of the lows at 11,700.

Everything i'm reading points to 12200 being important support level, we appear to be testing it this morning and not bouncing far off it each time... I cant really see any rally (certainly of any substance) in the next few days, sentiment seems to be very negative, and the rate cuts in U.S. are yesterdays news. As posted above 12150 seems to be the green light, so will wait and see. I have no position at present, just my long portfolio of which i have trimmed recently. So well done to those who have had a short running last few days, everything is screaming at me to open one now, but i do have a lot to learn and will see if my thoughts are proved correct this afternoon...