09:00am   Slightly later update than usual today as I have had a number of early morning Skype calls with new traders in Asia, the first one was at 5am ! No trading for me today as I am back to the hospital again.

Market Update:

There will probably be no great advances in equity markets today as concerns of China and Greece dominate trader’s thoughts at the end of another trading week. The Chinese government have been keen in the past to announce market moving statements over the weekend so reducing positions at the moment is not a bad idea. Looking at the U.S. S&P 500 chart this morning shows me that it’s poised to make a sharp move either up or down quite soon – I’m just about to send customers a chart to illustrate my thoughts.

U.S. WTI Crude hit its support level during intra day trading yesterday on further worries of over supply and a weakening demand in China as their economy contracts, it touched the $42 level briefly before rising slightly but this morning it is back below that support.  Brent Crude also has a bearish bias although it has not reached its support level at $48 yet, currently at $49:02 as I write this.  Gold prices suffered from some profit taking yesterday as investors decided to bank some of their gains – the value has been climbing steadily for the past week or so from the $1080 support line and is now at $1116:80.