07:15am  ~  An earlier than normal start for me today as I have some errands to do plus emails and Skype calls here in the study before I am off to visit a friend (James) in Gran Canaria this afternoon for a week or so. While I am out there the plan is to finish my book on long-term trading with James’s assistance.

Occasionally fundamental and technical traders will agree and this has occurred on the S&P500 index - the  price has come up against a resistance level around 1850 giving technical traders an excuse to go short and the fundamentalists are firmly bearish after FOMC meeting details show that a couple of Fed members are in favour of a rate hike in the U.S. in the near future. Additionally, it was also noted that the Fed is committed to further cuts in the monetary stimulus in an orderly fashion which pushed the Dow Jones 90 points down to 16,040. The cold winter was blamed for the weak employment numbers with yesterday’s overall drop in equities also supported by disappointing housing data.

U.S. WTI Oil values climbed again on falling temperatures across the Atlantic and the forecast still looks grim for the near future. There was a rise of 27 cents to $102.87 a barrel and now energy investors are waiting the release of the weekly oil inventories today, a day later than usual due to Presidents Day holiday on Monday.

10:25am  ~  Just noticed a possible short UTB trade on my Gold chart as I quickly glanced at a laptop a moment ago – I shall keep an eye on that.

12:20pm  ~  Not only am I in the previously mentioned Gold position, I am now in another UTB trade on my S&P500 chart.

12:55pm  ~  I am now out of the Gold position, the price has come down to a previous low so I am happy to come out with a +40 pip profit.

13:25pm  ~  Off out for lunch now at Prezzo in town and then to the airport so I’ve closed the S&P500 trade as well now. It’s given me +18 pips.

Daily Target Reached ?  YES  (+58 pips)