Play for Thursday, June 11th

Yesterday evening the FTSE reached as low as the 4390s, and by US close had gone back up to the 4420s.

A hour from open we are quoted in the 4440s. Intraday momentum is tilting on negative for now and we could have two scenarios in play:

• Looking for weakness just below the 4450s to 4460s.
• Buying on strength in the 4410s to 4420s.

My bias would be to look for a shift in momentum and a long entry, but I'll be openminded.

That said, I will continue to be cautious in terms of risk: yesterday we failed to stay above 4500 for the 4th time, yet we are building higher lows.