David Fuller's view This is a delayed contract report because when I mentioned the position last Monday, I was expecting it to be rolled forward this week. Instead, my statement indicates that it occurred last Wednesday. Accordingly, my expiring September Nikkei long was sold at 14460 on 11th October, against my purchase at 14287.5 on 1st August. A December contract long was opened simultaneously last Wednesday at 14516. These prices include all spread-bet dealing costs.

With hindsight, I bought the Nikkei (weekly & daily) too soon on 1st August. However, it recovered this month, providing further evidence that the current trading range which commenced with a big downward dynamic on 23rd May is a medium-term reaction and consolidation phase within the overall upward trend which commenced in mid-November 2012. A break beneath last month's lows would be required to challenge this view