08:40am  ~  A relaxed start to the day for me after a very late night playing cards with neighbours. I shall be here in the study this morning as I’ve two Skype calls plus a busy inbox to deal with – I will report back if I have any trades.  This afternoon I am off for a surprise long weekend away apparently.

The markets took a dive yesterday with U.S. stocks leading the bearish movement with Apple and Blackberry falling 3.3% and 4.8% respectively and that triggered some wider profit taking amongst technology shares mainly – the Nasdaq is now at its lowest level for over a month and the wider S&P 500 index is now firmly below the important 2000 level, it is currently sitting at 1967 after overnight futures trading with the next support level around 1950.  There does not seem to be much appetite for any move upwards, reports show most retail traders are short on indices and have been for a while now – and who knows what’s going to happen over the weekend to give the markets some direction on Monday ?  Airstrikes in Iraq and now Syria by leading NATO nations against IS should quieten the geo-political risk worries from the market although UK cabinet members have gone on record this week that this situation may go on for years.

There was some concerted profit taking in the WTI Crude market yesterday after the sharp rise the day before and the drop in equities plus a strong U.S. Dollar kept buyers out of the market – the daily chart formed a good reversal candle so the recent support at $90:35 looks like a reasonable target at the moment. On the bright side, Gold had a good session yesterday and buyers were encouraged into the market by falling equity markets plus an increased demand from the upcoming Hindu Diwali Festival where the precious metal is a popular gift during the 5-day celebrations.

Market Close Thursday 25th Sept. 2014:  Dow Jones 30  -264.26 @ 16,945.80  S&P 500  -32.31 @ 1,965.99  NASDAQ  -86.49 @4,007.82  FTSE 100  -66.56 @ 6,639.71  DAX 30  -151.96 @ 9,510.01  CAC 40  -58.44 @ 4,355.28

09:00am  ~  There looks like a UTB trade setting up on my S&P500 chart – more news soon.

10:15am  ~  Right – update on this position I’m currently in. I got into the market ‘long’ an hour ago at 9:15 and it’s doing ok at the moment,  currently sitting at +5 pips with a stop loss of 20 pips.

11:45pm  ~  I’m off  soon and as I am happy with the trade I closed it off a few minutes ago at +29 pips. Just sending a chart screenshot to students who have this system.

Back late on Monday evening.

Daily Target  +20 pips

Pips Achieved  +29 pips