08:50am   Nice lazy day at home for a change today including some chart watching – so if I have any trades I will report them here through the day.

Market Update:

Commodity values are the main news in the markets today as Iron Ore and Crude Oil fall to multi-year lows, we have not seen Brent Crude at the $39 level since February 2009. With demand slowing as China, the world’s second largest economy needs less raw materials it would be sensible to presume that production would fall but this is not the case and these producers are keeping output levels constant but just fighting for more market share in an ever smaller market – and the result is this over supply situation and falling prices we are in now.

After a generally pessimistic Asian session overnight, European equity markets have opened down this morning with the London FTSE100 index falling over 50 points and the German Dax-30 following suit. There is no significant economic news out today so markets are going to take clues from energy and mining stocks for the second day in a row.  The Gold price was treading water yesterday after large falls on Monday but the daily chart is hinting towards more falls as it uses the 20 day moving average as a resistance level.

Trading Diary:

09:45am   Charts are all over the place this morning so not much in the way of opportunities yet so I am off for a cycle ride and then into town for some errands.

13:00pm   Nothing to report as far as trading is concerned, I am off out to lunch now and then an unexpected invitation to play a round of golf this afternoon so no more chart watching for me today.