David Fuller's view I took this short-term profit because the Nikkei (weekly & daily) surged and is suddenly stronger than TSE2 (weekly & daily) and TPNBNK (weekly & daily), which usually lead. Also, all currently show short-term overbought conditions, as do indices in many other countries, so I favour lightening leveraged long trades in shares. Consequently, I sold my June Nikkei at 10197.5 this morning, against my purchase at 10002.5 on 9th March, including spread-bet dealing costs.

Temporary overextensions relative to MAs should result in little more than mean reversion correction phases. The more serious risk for this cyclical bull market, as Fullermoney has often mentioned, is a potential spike in crude oil prices due to efforts to deter Iran's nuclear programme.