Betting on a Bounce

I have bought June FTSE at 5703 (index at 5743) in expectation of a bounce as we have now hit the previous low. I have rolled up my profit from my previous bet and used a 100 point margin. My initial target is the 20 day moving average which is currently at 5887 and falling, though it could go higher. The FTSE still seems range-bound with no strong driving news either way and we are currently at the bottom of the range so an up bet seems sensible. The Dow, however, is still creeping up and, with most talk still being of recovery in the US, it looks like it will continue to do so for now. The FTSE’s recent loss relative to the Dow could partly be explained by the gain in the pound against the dollar, but I am not entirely convinced by that.