At present I’m re-evaluating my trading position. We have had heavy selling and I think a bounce is imminent. This does not in any way change my long term bearish view and I expect new lows but not yet.

I’m now looking to buy FTSE 100 on a short term at the November lows. I think this will provide good support. This will be quick in and out. On gold I’m thinking of going short at $1030 should we reach that. I think the recent jump in gold is valid but once equities get a shot in the arm gold will lose its lustre.

Entry: 3600 – 3800 FTSE (June Contracts)
Exit: 4000
Stop (Mental): 3500
Point Size: 10 Euro ( 2.5 x 4)
Estimated Return: 2000