Trading Diary & Market Update ~ Wednesday 26th March 2014

10:25am  ~  Feeling better today after almost a week of this strange virus – going to do some emails today and watch some charts later on as well hopefully.

Looking at the charts, I can see the S&P500 has resumed its upward journey – assisted no doubt by encouraging consumer confidence data in the US yesterday which came  in at a 6 year high giving bulls an excuse to get back into the market. U.S. new home sales data that showed a drop to the lowest level in 5 months did not seem to suppress enthusiasm, so it would seem that we will need really bad news to get the markets turning bearish – maybe President Putin could oblige ?

The WTI crude prices lost 23 cents to just over $99 yesterday but rebounded slightly in overnight trading largely due to expectations the US oil stockpiles are still higher than normal. The US Department of Energy will release its inventories data later today and further high numbers are expected, so short positions maybe in order ?

16:40pm  ~  I’ve not had much chance today to do any chart watching due to a variety of visitors but I now have a spare hour or so to sit down here in the kitchen to see if there’s any “evening” trade set-ups on this laptop.  I have two very old friends here watching – I’ve not seen them for over ten years but they popped in unexpectedly  a short while ago.

16:55pm  ~  There looks like a potential position coming up……

17:15pm  ~ I am in a short trade on the S&P500.

17:45pm  ~  A very quick drop on the S&P has left me with a speedy +98 pip profit.

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