There's still more value in the FTSE 100 index, according to trader Richard Perry from Central Markets.  He's looking to sell on any strength towards 6200. It finished higher for a second straight session on Wednesday. However, Richard says the index is currently unwinding an oversold position and that momentum indicators remain in bearish configuration. That suggests a technical rally is playing out.

As a result, Richard is planning to place a stop above the intraday reaction high of 6243. Many analysts suggest the market remains nervous and that trade could be rather choppy over the summer.