07:35am  ~  Unusually early start for me today, I am off in a minute to a clay pigeon shoot but will be back at lunchtime and will then be spending the afternoon here in the study catching up on emails and doing some chart watching.

The markets were given a small boost late on Friday after comments from the U.S. Fed chief Janet Yellen gave a speech on forward policy. She stated that any rate rise will be entirely dependent on economic progress and will be gradual instead of sudden knee-jerk reactions to world events and significantly she also noted that raising rates too quickly is potentially more dangerous than leaving them at the historic lows as they are now. All this was good news for active traders and both U.S. indices ended slightly up and European markets are expected to largely follow suit this morning especially after encouraging economic data released for the Eurozone on Friday although the Greek situation is back in the news as anti-austerity prime minister Alexis Tsipras returns home to sort out new budget plans after a weekend of meetings with his Euro Paymasters.

The worries over crude oil supplies in the Middle East because of Saudi Arabia’s involvement in the Yemeni problems have receded slightly as Saudi Army spokesman Asseri has reasserted that his country will not be going in with ground troops but continuing with air strikes against rebels – and this statement eased the perceived pressure on production so we saw the drop in values continue after a small retrace at the beginning of last week.  The U.S. WTI Crude price is now at $48:03 and looks to heading back down towards the $43 support level where it’s been a few times in the past couple of months

Market Close Friday 27th March 2015:   Dow Jones 30  +34.43 @ 17,712.66  S&P 500  +4.87 @ 2,061.02  NASDAQ  +17.60 @ 4,332.86  FTSE 100  -40.31 @ 6,855.82  UK AIM  +0.69 @ 716.60  DAX 30  +24.65 @ 11,868.33  CAC 40  +27.71 @ 5,034.06  IBEX  -26.40 @ 11,427.40   Nikkei 225 (Today)  +139.77 @ 19,425.40 Hang Seng (currently)  +412.06 @ 24,898.26

13:35pm  ~  Just got back so going to get on with email and also do some chart watching.

14:00pm  ~  Possible ‘long’ trade on my Dax 30 chart with one of the trendFX set-ups.

14:10pm  ~  The Dax price has risen sufficiently to allow me an entry into a ‘long’ position, my stop loss is 23 pips and it’s a strategy 1 pattern.

16:30pm  ~  Still in my Dax position, it’s at +24 pips so far.

17:45pm  ~  The Dax price is hovering around the big number of 12,100 so I have come out of my trade as I have also had some friends arrive for the evening. My profit is +54 pips.

20:05am  ~  Just organised a day out with friends tomorrow so no trading or early morning market update for Tuesday as we are off at 7am.

08:15am UK time  ~  After rushing around yesterday I am going to have a quiet day at home today so I will report back here if I have any trades.

Markets were mainly bearish again yesterday as the situation in Yemen becomes more serious with Saudi Arabia joining in on air attack and Pakistan issuing threats of retaliation as well – both U.S. indices ended the day down around 0.25% and are now firmly off the highs of February.  There does seem to be a difference in opinions regarding the strength of the U.S. economy by FOMC members with some wanting an immediate rate rise (James Bullard, St.Louis Fed Chairman) and others advising caution over a knee jerk reaction to a few months of good economic news – and this indecision is helping traders engage in some profit-taking at the moment.  Over here in Europe, the Greek situation is bumbling along with reports that the majority of ordinary people in Greece are taking money out of the banking system as quick as it’s going in as they are now losing confidence with the economy and the new anti-austerity government.

Crude oil is still climbing after reaching a support area last week and yesterday there was a spike up as traders took in news of the Saudis launching air attacks in Yemen, one of the world’s largest oil refining areas. Any disruption here will have an impact on supplies and if there is less crude being refined the price should stabilise and begin to rise although we have seen these types of spikes before following regional conflicts so don;t rush into long positions quite yet.  Gold, as expected, is enjoying some popularity as traders look for other homes for their money and managed to hit the resistance area at $1220 yesterday before retreating back to end the day at $1204.40 although during the overnight Asian session has seen further profit taking and is now sitting at $1199.

Market Close Thursday 26th March 2015:   Dow Jones 30  -40.31 @ 17,678.23  S&P 500  -4.90 @ 2,056.15  NASDAQ  -14.03 @ 4,315.26  FTSE 100  -95.64 @ 6,895.33  UK AIM  -0.49 @ 716.91  DAX 30  -21.64 @ 11,843.68  CAC 40  -14.64 @ 5,006.34  IBEX  -10.90 @ 11,453.80   Nikkei 225 (Today)  -185.49 @ 19,285.63  Hang Seng (currently)  -51.17 @ 24,445.91

08:45am  ~  Just got into a ‘short’ trendFX trade on my S&P 500 chart a few seconds ago – more details soon, just had a knock at the front door.

09:20am  ~  Right – the trade I’m in at the moment is a trendFX strategy 3 set-up with a 44 pip stop loss, currently doing ok.

09:30am  ~  Now in a ‘short’ UTB position on the German Dax 30 index with a 36 pip stop loss.

09:50am  ~  Possible UTB on the WTI Crude chart at the moment.

10:10am ~  The price has risen sufficiently to trigger the WTI trade – I have a 22 pip stop loss there but my Dax position is now closed as the price has started to retrace upwards quite quickly – it has managed +36 pips.

10:55am  ~  Now out of my S&P 500 trade as well, it has ended up at +51 pips.

12:05pm  ~  And I’ve just closed off my last position from this morning as I am now off for a cycle ride with a friend along the river path towards Heybridge Basin – my WTI Crude UTB trade has ended at +53 pips so giving me a total of +140 pips from 3 trades today.

17:50pm  ~  No trades to report this afternoon as I have been in and out but I am now declaring that there’s no more trading for the day – firstly because we’re out for the evening in an hour or so but quite apart from that,  there is the Fed Chief Janet Yellen’s speech later on which will cause the markets to be quiet for a while in the run-up and then they could erupt if she says the ‘wrong’ set of words regarding the forthcoming interest rate rise in the U.S.

07:10am  UK time ~  An early start for me today as I have a meeting and hospital visit to fit in this morning. If I have any trades to report throughout the day I will report the details here.

As you can see from the numbers below, world markets have been affected by a few bearish news items in the past 12 hours including worse than expected U.S. economic data, increased fighting in Yemen and news from the ECB regarding increased emergency funds for Greece. U.S. equities ended in negative territory last night after Durable Goods numbers came in negatively even though the Fed are insisting that the economy as a whole is in good shape for a rate rise in the coming months and is not being affected by the general global slowdown.  There’s news also that Saudi Arabia has joined in with the fighting in Yemen, one of its close neighbours and the U.S. are also supporting the Yemeni government against rebel IS fighters – this kind of news will impact on the markets as traders do not like any type of worldwide conflict.

Here in Europe yesterday the ECB announced the raising of emergency ceiling for Greeks to over €70billion to help them with the problem of running out of money by the middle of next month but to counter that business confidence in Germany rose more than the expected to 107.9 which in turn kept the Euro in a bullish mood.  Crude oil markets had a volatile but largely bullish ride yesterday with the U.S. inventories situation coming in with another build in stock of over 8 million barrels and this caused a small decline in WTI Crude but later on the Saudi Arabian situation in Yemen then spooked traders into thinking there maybe a slowdown in production for the region so the price continued upwards.

Market Close Wednesday 25th March 2015:   Dow Jones 30  -292.60 @ 17,718.54  S&P 500  -30.54 @ 2,061.05  NASDAQ  -101.70 @ 4,329.29  FTSE 100  -28.71 @ 6,990.97  UK AIM  -4.08 @ 717.52  DAX 30  -140.37 @ 11,865.32  CAC 40  -67.29 @ 5,020.99  IBEX  -114.60 @ 11,464.70   Nikkei 225 (Today)  -275.08 @ 19,471.12  Hang Seng (currently)  -33.52 @ 24,494.71

17:05pm  ~  Been out all day after a bit of a crisis but back home now so going to see if there are any ‘Trade With A Day Job’ opportunities on my S&P 500 chart.

17:25pm  ~  In a ‘long’ position with a 24 pip stop loss.

18:45pm  ~  Had to pop out for a while but now I’m back I noticed my trade was retracing from a nice high, so I am now out of the position with a +48 pip profit.

08:25am UK time  ~ A late start and quiet day at home for me today after a busy one yesterday, so I will report back here if I have any trades.

There was another case of good news is bad news for equities yesterday as U.S. markets ended down on the day as new home sales numbers were encouragingly higher prompting fears amongst traders that the impending rate rise may occur before the end of the year – and later this morning a speech by Fed member Charles Evans in London will be watched closely for more clues on the timing. The markets across the Atlantic eventually ended in negative territory after a brief surge at the start of Tuesday’s session on the encouraging housing numbers and both main indices are now well off their highs and also showing signs of being overbought on the daily timeframe. Here in Europe the effects of the ECB’s bond buying programme is starting to bear fruit although it does seem to be just Germany that is benefiting, with France and the smaller EU countries lagging behind and with recent Greek developments regarding their debts traders are on heightened alert for an exit from the Euro – the odds are shortening in the past few days with many traders talking of a 50:50 chance now.

Crude oil is still at the forefront of market news as the latest U.S. stock numbers are revealed just after lunchtime today and this week’s expected numbers suggest a build of nearly 5 million barrels so yet again storage capacity is nearly depleted which will mean that some of the stock will have to sold off at bargain prices to make way for new supplies – and that coincides with an overbought situation on the WTI Crude daily chart together with a nice reversal candle for a down move – watch today’s chart carefully for any ‘short’ trade opportunities.

Market Close Tuesday 24th March 2015:   Dow Jones 30  -11.61 @ 18,116.04  S&P 500  -3.68 @ 2,104.42  NASDAQ  -12.99 @ 4,444.54  FTSE 100  +75.35 @ 7,037.67  UK AIM  +0.28 @ 716.17  DAX 30  -143.53 @ 11,895.84  CAC 40  -32.97 @ 5,054.52  IBEX  +33.20 @ 11,452.80   Nikkei 225 (Today)  -40.91 @ 19,713.45  Hang Seng (currently)  -80.51 @ 24,414.00

9:20am  ~  One of my neighbours has just come over to get me out on a cycle ride so I’ll be back in an hour or so – nothing much happening on my charts so far this morning.

11:05am  ~  Back home after a nice 18 mile ride in the sunshine – and I can now see a possible ‘long’ trade on my Gold chart – more details if the price rises up towards $1193.60.

11:15am  ~  The Gold price has shot up nicely and triggered my trendFX position – I have a stop loss of 35 pips.

11:25am  ~  I missed an earlier entry on my German Dax chart for a ‘short’ trade but the price has just retraced back to it and given me a second chance to take the position.  It’s another trendFX strategy 3 set-up and I have a 21 pip stop loss.

13:25pm  ~  Just been stopped out of my Dax trade at -21 pips but still in my Gold trade for the time being.

15:10pm  ~  We’ve come through the U.S. trading session open and so far my Gold trade is still doing ok (+20 pips) so I will stay in a bit longer.

17:10pm ~  I am now also in a ‘short’  “Trade With A Day Job” position on my S&P 500 chart (The only instrument you can use for this set-up) and my stop loss on this occasion is 19 pips.

17:30pm  ~  The S&P has reversed temporarily so I am out of my TWADJ position with +22 pips – still in my Gold trade at the moment although it’s not been going far.

17:50pm  ~  Looking at my Gold chart, the price has been in a narrow and ever decreasing channel for the last 3 hours so I’ve taken the decision to come out of my ‘long’ position with a +37 pip profit.

07:55am UK time ~ No sure how much trading/chart watching I will manage today as I have a few meetings scheduled plus a hospital visit but I will report back here if I have any trades.

Asian markets overnight suffered from profit-taking and Monday’s lower U.S. markets together with news just after midnight showed Chinese manufacturing contracted in February – and this will no doubt impact on the European open in a short while after the London FTSE 100 hit another record hight before retreating slightly and across the Atlantic the S&P 500 and Dow Jones 30 indices were slightly down on lower than expected existing home sales numbers. Fresh concerns regarding Greece emerged yesterday as German Chancellor, Angela Merkel felt the need to have a ‘quiet’ word with new Greek Prime Minister Tsipras to try and get him back in line regarding his country’s debt commitments, although this was never going to be an easy ride as he was elected on the fact that he’s not really interested in paying down Greece’s massive debts to the EU and other creditors.  It has been suggested that his country will again run out of money by the middle of next month so this story will dominate market news for a while yet.

Crude oil markets are still on the rise after hitting new lows last week and a weaker Dollar plus various problems in Iran, a key producer, is helping keep prices higher although my daily chart is showing an overbought situation on U.S. WTI Crude so another move down towards $42 looks likely, especially when we see the latest U.S. stock situation tomorrow as storage space is fast running out.  Gold is also enjoying a resurgence as U.S. interest rates look to be staying at their record lows until the end of the year now so investors are needing somewhere else to park their money plus there looks to be renewed buying in China, one the world’s largest consumers of the precious metal.

Market Close Monday 23rd March 2015:   Dow Jones 30  -11.61 @ 18,116.04  S&P 500  -3.68 @ 2,104.42  NASDAQ  -12.99 @ 4,444.54  FTSE 100  +75.35 @ 7,037.67  UK AIM  +0.28 @ 716.17  DAX 30  -143.53 @ 11,895.84  CAC 40  -32.97 @ 5,054.52  IBEX  +33.20 @ 11,452.80   Nikkei 225 (Today)  -40.91 @ 19,713.45  Hang Seng (currently)  -80.51 @ 24,414.00

09:10am  ~  Just had a quick look at my selection of favourite charts and the only excitement is a possible trendFX trade setting up on my Brent Crude and WTI charts. I was going for a cycle ride but I’ll hang on a while.

09:20am  ~  I am now in a Brent Crude ‘long’ position with a 31 pip stop loss – a trade on my WTI Crude triggered as well but I would just be ‘doubling-up’ as both charts move broadly in the same direction.

11:10am  ~  The upward momentum on my Brent chart has stalled for a while so I am now out of my position with a +49 pip profit. Off for a quick cycle ride before lunch.

17:30pm  ~  Been out at meetings etc. this afternoon but back home now so going to watch my S&P 500 chart and do some ‘Trade With A Day Job’ trading.

18:05pm  ~  In a ‘short’ trade on the S&P using the ‘standard’ TWADJ set-up. My stop loss is 19 pips.

18:55pm  ~  Just came out of my evening trade – it has managed +27 pips, so a total of +76 pips for the day.

08:25am UK time  ~  A late start plus quiet day at home for me catching up on emails and doing some chart watching – and I also have 4 Skype calls with people who want to get started with part-time trading.

Overnight Asian markets have been generally bullish after Friday’s performance on Wall Street – the Japanese Nikkei index is this morning sitting at a new 15 year high after advancing nearly 1% during Monday’s early morning session. Last week saw both main U.S. indices climbing back towards their recent record levels spurred on mainly by the Fed’s apparent commitment to hold off the rate rise that was pencilled in for this coming June but watch out for the resistance levels on both the Dow Jones and S&P that look to be reached this week, the 2120 level on the S&P 500 is not far off – currently sitting at 2104 as the European session is getting going this morning.

Gold has made a good recovery off it’s $1140 support level and had mainly positive sessions last week although it is currently showing an overbought position on my daily chart, ther eis possible resistance at $1190 which is only $9 away so watch out for short trading opportunities in the next few days but with the Fed’s policy on interest rates there will be a fair number of investors looking for higher yielding products such as precious metals, so the short term outlook for Gold should be fairly good. Crude oil is back on its march downwards with storage in the U.S. fast running out as production as far outstripping supply so the recent support level at $44 looks a racing certainty in the next week unless the crude oil inventories number comes in lower than expected on a few days time. U.S. WTI Crude is currently sitting at $45:39 and looking quite overbought on the daily chart.

Market Close Friday 20th March 2015:   Dow Jones 30  +168.62 @ 18,127.65  S&P 500  +18.83 @ 2,108.10  NASDAQ  +31.71 @ 4,458.54  FTSE 100  +60.19 @ 7,022.51  UK AIM  +0.63 @ 715.89  DAX 30  +139.97 @ 12,039.37  CAC 40  +50.31 @ 5,087.49  IBEX  +328.60 @ 11,419.60   Nikkei 225 (Today)  +194.14 @ 19,754.36  Hang Seng (currently)  +94.61 @ 24,469.85

09:15am  ~  I’ve had a couple of Skype calls but there’s now a break until the next one so I’m going off on a cycle ride for an hour or so – nothing much happening on my charts either at the moment.

10:50am  ~  Back now and there’s a few potential opportunities on a couple of charts – more soon.

11:00am  ~  Possible ‘long’ trade on my FTSE 100 chart – a trendFX set-up.

11:15am  ~  The FTSE trade has triggered and I am also waiting for a possible UTB trade on my Gold chart.

11:35am  ~  I am also in the Gold UTB trade now. My stop losses are both quite reasonable:  FTSE trade 14 pips and Gold 15 pips.

13:10pm  ~  Still in both positions – they are doing ok so far.

14:25pm  ~  The Gold price has hit a recent resistance level and as I’m happy with the score I have closed off my position at +59 pips.

15:15pm  ~  Now out of my FTSE position as well (+30 pips). Time for a late lunch..

22:05pm  ~  No more trading to report, I’ve been in and out of the house all evening.

08:40am UK time  ~  I shall be at home for most of the day although I will be out on my bike at some stage as I missed my ride yesterday. Any trades I have will be reported here.

Greece was back in the news as Euro Group countries and the ECB are urging the new Greek government to find a way forward as it’s running out of money fast and does not look like it can pay this month’s bills. Germany’s benchmark index, the Dax 30, was down at the end of yesterday’s trading session and has now had three days of loses after it came off record highs on Monday although my daily chart is showing signs of further bullish movement if it moves above the 12,000 level today or Monday. Across the Atlantic the S&P 500 index also had a negative session yesterday and the daily chart is looking decisively overbought so a move down to the next support level at 2040 maybe on the cards within the next week.

Moving over to the Gold chart – you can see that it bounced off its support at $1142 a few days ago and has made some progress upwards as the low U.S. interest rates seem to be on hold for the next few months meaning traders a moving over towards alternative investments although it is showing some signs of being overbought this morning and is hovering around another S/R level at $1170.

Crude oil values are again under pressure as U.S. stockpiles are at record levels and  the Kuwaiti oil minister Ali al-Omair stated yesterday that OPEC members have no choice but to keep pumping oil out of the ground to maintain their share of the overall market so they’re going to have to discount their prices to be able to sell the stock they’ve built up so there should be a move down towards $41.50 within the next week or so – currently sitting at $43.93

Market Close Thursday 19th March 2015:   Dow Jones 30  -117.16 @ 17,959.03  S&P 500  -10.23 @ 2,089.27  NASDAQ  +4.32 @ 4,426.82  FTSE 100  +17.12 @ 6,962.32  UK AIM  -0.26 @ 715.26  DAX 30  -23.37 @ 11,899.40  CAC 40  +3.76 @ 5,037.18  IBEX  +41.00 @ 11,091.00   Nikkei 225 (Today)  +83.66 @ 19,560.22  Hang Seng (currently)  -62.62 @ 24,406.27

09:15am  ~  Not much to see on my charts so I am off for a cycle ride for a few hours.

11:25am  ~  Just got back and the only possible opportunity I can see at the moment on my Metatrader charts is a developing UTB  ’long’ trade on the FTSE 100.

11:40am  ~  I am now in the FTSE trade with a 10 pip stop loss.

12:30pm  ~  The U.S. trading session is going to get going now so although I’m keeping my position open I have brought the stop loss upto break even so a potentially winning trade does not turn into a loser – it’s at +5 pips at the moment.

14:25pm  ~  Although it’s possibly doubling-up I have also got into a ‘long’ S&P 500 trade using the trendFX strategy one set-up – my stop loss on this one is 28 pips.

15:15pm  ~  There’s been a large spike in the FTSE price and it starting to become volatile so I have come out of my position with a +49 pip profit.  I shall send out a chart screenshot to students in a minute.

15:35pm ~  I am now also out of my S&P 500 position as well, it had reached a good high at 21091 which gave me a +56 pip profit, very happy with that outcome.

08:10am UK time ~  Back in Essex this morning and looking forward to some chart watching during the day, I will update this diary if I have any trades.

The main news in the markets yesterday was the U.S. Fed chief  Janet Yellen’s speech last night after two days of FOMC meetings. As widely expected, she has now dropped the word ‘patience’ from her forward guidance for interest rate levels but has mentioned that this does not mean ‘non-patience’ and they are in a hurry to raise them from the record low that’s been in situ since 2009. This gave traders an excuse to get into a buying mood and both main U.S. indices finished well up on the day although the flip side to the Fed’s policy is they are now fed up with supporting other economies as domestic manufacturers suffer with a strong Dollar, so expect a weakening there – some evidence became obvious yesterday as the Euro jumped over 270 pips yesterday to finish well up at 1.0867 although this rise has been tempered slightly overnight during the Asian session and is now sitting at 1.0655 currently.

Here in Europe the signs of a weakening Dollar and stronger Euro was picked up by the Germans as a bad sign for their manufacturing sector and the Dax ended the day almost 0.5% down on the day at 11,922 and has now dropped further on today’s opening. Although the U.S. Crude Oil stock situation was larger than expected after yesterday’s weekly stockpile numbers announcement, Janet Yellen’s guidance on interest rates which hit the dollar and resulted in WTI Crude prices rising sharply instead of dropping once again..

Market Close Wednesday 18th March 2015:   Dow Jones 30  -128.34 @ 17,849.08  S&P 500  -6.91 @ 2,074.28  NASDAQ  +5.16 @ 4,375.62  FTSE 100  +33.51 @ 6,837.61  UK AIM  -0.26 @ 715.61  DAX 30  -186.87 @ 11,980.85  CAC 40  -32.23 @ 5,028.93  IBEX  -86.60 @ 11,028.10   Nikkei 225 (Today)  +107.48 @ 19,544.48  Hang Seng (currently)  +256.30 @ 24,157.79

09:55am  ~  I was just going out the door and spotted a ‘short’ UTB on my FTSE 100 chart so I am in that position now. The stop loss is 28 pips even though I am working off a one hour chart.

10:10am  ~ I shall be out for a few hours so I have set the target for the trade at +30 pips.

15:05pm  ~  Just got back from hospital and seen that my FTSE trade was closed off at +30 pips.

08:05am CET (07:05am UK time)  ~  I am having to get back to the UK in a hurry today so will just be watching charts and catching up on emails for a few hours this morning before I head off to Palma airport at lunchtime.

Markets may well be in a state of limbo today ahead of the U.S. Federal Open Market Committee (FOMC) early this evening (local time) as traders wait for any forward guidance or subtle hints regarding the timing of an interest rate rise. Commentators are worried about an early hike causing a contraction in the economy and halting the recovery stemming from the 2008/2009 recession. Recent disappointing economic news out of the U.S. recently including low housing start data may encourage policy-makers to put back the rise until the end of the year instead of the rumoured June/July expectation.  The leading Dow Jones index suffered initial falls during yesterday’s session on the aforementioned disappointing housing starts numbers and although bargain hunters came out later in the day, it was not enough to push the index above the 17900 support/resistance level and overnight prices shares have just drifted sideways as traders wait for this evening’s speech.

As you will see from the numbers below, the Japanese Nikkei 225 had an excellent session and actually ended at its highest level since early 2000 on expectations of higher shareholder returns from an improving economy as ‘Abe-Economics’ start to work.

Crude oil suffered another bearish day as prices came under pressure from renewed rumours that the U.S. stockpile situation is getting larger by the day – the numbers are out early afternoon so do not expect much action before then.

Market Close Tuesday 17th March 2015:   Dow Jones 30  -128.34 @ 17,849.08  S&P 500  -6.91 @ 2,074.28  NASDAQ  +5.16 @ 4,375.62  FTSE 100  +33.51 @ 6,837.61  UK AIM  -0.26 @ 715.61  DAX 30  -186.87 @ 11,980.85  CAC 40  -32.23 @ 5,028.93  IBEX  -86.60 @ 11,028.10   Nikkei 225 (Today)  +107.48 @ 19,544.48  Hang Seng (currently)  +256.30 @ 24,157.79

All times below are CET (UK time +1hr)

09:00am  ~  Just waiting for the price to rise slightly on the FTSE 100 chart so it triggers a ‘long’ trade using a trendFX pattern.

09:10am  ~  In the FTSE trade with a 14 pip stop loss.

10:25am  ~  I have a few things to sort out so I’ve just taken a quick profit from the market  -  I’ve just closed the trade off with a score of +33 pips.

12:40pm  ~   Signing off now, back here tomorrow.

08:00am CET (07:00 UK time)  ~  Back home and planning a lazy day with some emailing and charts watching and then off for a cycle ride with neighbours after lunch.

After a few days away from the markets I can see that U.S. equities had a positive session yesterday after disappointing industrial production numbers together with a fall in manufacturing output last week would have suggested to the Fed that an interest rate rise in the summer should be put on hold although there was a technical reason for the S&P 500 rally as well, it reversed at the 2041 support level late on Friday’s session and the momentum continued throughout Monday.

Tomorrow we have a Federal Reserve press conference so traders will be closely following the speech to see what clues are given out concerning a June rate rise – often the clues are extremely subtle and commentators are looking for just a few words difference such as dropping the word ‘patience’ from the rhetoric suggesting that a decision has already been made as long as economic indicators in the U.S. continue their steady rise. Over here in Europe, the European Central Bank President, Mario Draghi has said that a gradual economic recovery is underway as he talks up his money-printing exercise even though there is still rumblings of trouble in Greece. His thoughts did affect the Euro slightly, it did rebound slightly against the Dollar and ended the session 90 pips up at 1.0565.

U.S. Crude Oil continued its fall and yesterday hit a level last seen in March 2009 and is currently sitting at the $43 support level as OPEC has cut it forward demand numbers and Gold is still trading in a narrow range with hopes of an increase in value being kept in check with the looming prospect of higher U.S. interest rates.

Market Close Monday 16th March 2015:   Dow Jones 30  +228.11 @ 17,977.42  S&P 500  +27.79 @ 2,081.19  NASDAQ  +55.57 @ 4,370.47  FTSE 100  +43.01 @ 6,804.08  UK AIM  -1.96 @ 715.87  DAX 30  +266.11 @ 12,167.72  CAC 40  +50.70 @ 5,061.16  IBEX  +80.90 @ 11,114.70   Nikkei 225 (Today)  +190.94 @ 19,437.00  Hang Seng (currently)  -45.32 @ 23,904.23

All times below are CET (UK time +1hr)

10:55am  ~   The only excitement I can see on my charts at the moment is a possible ‘short’ UTB trade on my FTSE100 chart.

11:05am  ~  I am in the above position with a 12 pip stop loss.

12:40pm  ~  Out of the FTSE position with a +33 pip profit.

13:35pm  ~  Off for a quick lunch now and then away cycling until later this afternoon.

16:30pm  ~  Back now and just waiting for the Brent Crude price to rise above $52.85 so triggering a ‘long’ UTB trade.

16:40pm  ~  I am now in the trade described above, the stop loss is 29 pips.

18:50pm  ~  Just poised ready to get into a ‘Trade With A Day Job’ long trade (S&P 500)

18:55pm  ~  In the S&P position with a 16 pip stop loss. Target for all TWADJ trades is 20 pips.

19:05pm  ~  Very quick TWADJ trade – I am now out with a +20 pip profit but still in my Brent UTB position.

20:00pm  ~  Happy with my Brent trade so I am out now with a +66 pip profit. Nice to be back in front of my charts after 5 days away from them and a total for the day = 119 pips