09:05am   Already been out for a cycle ride this morning and the rest of the day I shall be mainly around the house so any trades I have will be reported here.

Market Update:

Main news in the markets at the moment was last night’s U.S. Federal Reserve announcement that they are leaving their minimum lending rate at its present level for another month although comments suggested that the world economy is not really that bad so a rise in December may well be on the cards.  This caused an initial sell-off in equities but once traders had gathered their thoughts, the markets then rose and the Dow Jones 30 ended yesterday’s session 198 points up at 17,780 with the wider S&P index of 500 leading companies was also up just over 1%.

General worries over a contracting Chinese economy caused equities in Asian to end the overnight session mixed at best although traders are slowly coming round to the reality that U.S. interest rates will rise early in 2016 and a world with extremely low rates is not good as it indicates that business is struggling – a rate of even 1% is a luxury compared with the 1990′s average of well over 5% in most of the G7 nations. Although the Fed has hinted that a rise could happen in December, nobody really believes that would occur during the best spending period of the year and probable rise in January/February to 0.5% is not going to make much difference in the real world.

Trading Diary:

10:25am    Now in a ‘short’position on my Gold 1hr. chart – it’s a UTB set-up with a 30 pip stop loss.

14:20pm  Going off the The Harbour Inn for a late lunch with some fellow traders so I’ve closed off my Gold position as I am happy with the +67 pip score.