07:45am   Early start this morning as I want to get on with emails and some chart watching for a few hours before I am off after lunch to a clay pigeon shoot. Any trades I have will be detailed here as usual.

Market Update:

Overnight the Asian markets were bullish after below average U.S. economic data was released last night. The Federal Reserve’s ‘Beige Book’ highlighted a stalled economy and lack of growth which in turn gave Asian equity markets a boost as it was perceived that a U.S. rate rise would be put off until early next year at least. The Hang Seng performed best (+475 points) with the Nikkei 225 and Shanghai Composite both up over 1% on the previous session’s close. On the back of this optimism, European equities are also expected to be bullish this morning and already the German Dax 30 has opened around 30 points ahead.

Gold had another good session on Wednesday, it ended up over 1% at $1180 last night although it is having a rest early this morning and may be subject to some profit taking after a rise this week of over $30. On the Crude Oil market it is U.S. Inventories today and there is an expectation of a build of 2.2 million barrels over last week’s figure which is less than the 3.1 million barrels that was announced last Thursday. This week has seen a generally bearish trend for U.S. WTI Crude and the price is currently sitting on both the 20 and 50 day moving average and this afternoon’s figures may well give the price a quick boost.

Trading Diary:

09:05am   Not much happening on my group of favourite charts so I am off for a cycle ride for a few hours.

23:50pm  No trades to report today, I was out from midday so no chart watching from then on