08:45am CET (07:45 UK time)  ~  No trading for me today as I have meetings all day here in Altea plus it’s Non Farm Payrolls day as well, so traditionally I do not bother with any chart-watching as the markets are quiet this morning and somewhat volatile after lunchtime.

Indices in the U.S. had a bearish start to their session yesterday due to disappointment with the ECB in Europe but the Dow Jones 30 hit an intraday all-time high later in the day as positive jobs numbers were released showing an increase of 231,000 jobs in November so there maybe positive reaction to today’s Non Farm Payrolls announcement. The S&P 500 also managed a new high during the latter part of Thursday’s session and on the daily charts both leading U.S. indices have formed reversal candles on the daily charts so we may find some profit-taking in the next few days. European equities, in contrast, took Mario Draghi’s reluctance to commit to further economic stimulus as bad news and finished broadly lower yesterday afternoon.

Crude oil was again in the news as Saudi Arabia led other OPEC members by cutting the Official Selling Price (OSP) it charges Asia and the U.S. for its oil which some commentators are perceiving as an aggressive move to capture market share away from the shale producers in America and rumours of private meetings at the OPEC meeting last week seem to back this up. It has been reported that some of the smaller shale companies in the U.S. are suffering due to the WTI Crude value now getting near to the $65 level and worldwide, energy producers are still struggling due to lower prices and falling demand in Europe and Asia.

Gold is still hovering around the $12oo level and has formed a very small support there on the 4hr chart so with equity markets slowing there maybe a strengthening at this level over the next week.

Market Close Thursday 4th November 2014:   Dow Jones 30  -12.52 @ 17,900.10  S&P 500  -2.41 @ 2,071.92  NASDAQ  -1.00 @ 4,311.93  FTSE 100  -37.26 @ 6,679.37  UK AIM  -1.27 @ 710.23  DAX 30  -120.44 @ 9,851.35  CAC 40  -67.97 @ 4,323.89  IBEX  -256.00 @ 10,619.90   Nikkei 225 (Today)  +33.24 @ 17,920.45  Hang Seng (currently)  +274.28  @ 24,106.84

All times below are Central European Time (UK +1hr)

08:05am CET (07:05 UK time)  ~  I shall be here at home this morning catching up on emails and doing some chart watching and then at lunchtime I am off to Altea on the Spanish mainland to sort out a house sale.

The U.S. markets were in a good mood again yesterday, the Dow Jones 30 index hit another all-time high at 17924 before closing slightly down at 17912 and the S&P 500 had a similarly bullish session due mainly to positive jobs numbers and good earnings results. Early figures ahead of Friday’s Non Farm Payrolls numbers show that over 200,000 jobs were added in November. Asian markets were up overnight on this news plus further signs that China will continue its economic stimulus programme. We have Bank Of England and ECB rate announcements later this morning and no surprises are expected although traders would like to see President Draghi announce some more stimulus to lift the Eurozone out of impending recession.

There was a brief respite in the falling crude oil price yesterday as U.S. crude stocks showed inventories were lower than expected and it’s value was only down 20 cents by the end of the session at $67:41 and overnight it’s risen slightly to $68:00 as I write this.

Market Close Wednesday 3rd November 2014:   Dow Jones 30  +33.07 @ 17,912.62  S&P 500  +7.78 @ 2,074.33  NASDAQ  +6.97 @ 4,312.93  FTSE 100  -25.47 @ 6,716.63  UK AIM  +0.55 @ 711.50  DAX 30  +37.71 @ 9,971.79  CAC 40  +3.56 @ 4,391.86  IBEX  +126.70 @ 10,875.90   Nikkei 225 (Today)  +166.78 @ 17,887.21  Hang Seng (currently)  +329.08  @ 23,757.70

All times below are Central European Time (UK +1hr)

11:55pm  ~  Nothing to report regarding trading opportunities – going to close my charts off now and get ready to fly to Alicante.

07:55am CET (06:55 UK time)  ~  Looks like my broadband is up and running again after overnight repairs here so I’m going to be catching up on emails this morning – plus some chart watching as well.

European equities should open positively this morning after U.S. equities managed another record close after positive construction numbers yesterday and lower crude prices has helped energy shares as well. The Dow Jones 30 ended at 17,879 last night but has still been unable to rise above the previous resistance of 17,895 so watch carefully at this level.  The wider S&P 500 is still catching up and is still a way off its resistance of 2075 – once that level is exceeded and become support we will probably see more higher highs as the year-end rally continues.

Crude oil was in the news again yesterday as the Iraqi government together with Kurdish officials have reached a temporary agreement to increase their oil production and exports. As expected, this had a negative effect of values and the U.S. WTI Crude price dropped $1:60 to end the Tuesday’s session at $67:60 a barrel and it looks as though it is heading back towards the support at $63:75.

Gold suffered from higher equity markets together with a stronger U.S. Dollar so it dropped below the important $1200 yesterday and if the year-end equity rally continues we have the probability that it will return towards the support at $1137, it’s currently at $1200:50 as I write this after the overnight Asian session.

Market Close Tuesday 2nd November 2014:   Dow Jones 30  +102.75 @ 17,879.55  S&P 500  +13.11 @ 2,066.55  NASDAQ  +18.15 @ 4,305.96  FTSE 100  +85.73 @ 6,742.10  UK AIM  -1.96 @ 710.95  DAX 30  -29.43 @ 9,934.08  CAC 40  +10.97 @ 4,388.30  IBEX  +76.40 @ 10,749.20   Nikkei 225 (Today)  +57.20 @ 17,720.43  Hang Seng (currently)  -157.55  @ 23,496.75

All times below are Central European Time (UK +1hr)

9:55am ~ Just back from a cycle ride around the bay and I can see a possible UTB setting up on my Gold chart

10:45am  ~  The Gold price has dropped enough to trigger a ‘short UTB trade, my stop loss is 28 pips.

13:25pm  ~  I am now out of my Gold position, the price has been bouncing around the 1200  ’large’ number, so I closed the trade off with a +51 pip profit.  Also time for lunch so I shall cycle into town

22:10pm  ~  We got in an hour ago so I did have a quick look at my S&P 500 chart but there’s been no ‘Trade With A Day Job‘ opportunities in the run-up to the close of the U.S. session.

08:30am CET (07:30 UK time) ~ Myself and some friends have found a small clay pigeon shoot not far from Escorca so we’re going up there this morning to try it out, so not sure how much trading I’ll be doing today. I’ll report back here with any news.

European markets are set to make up some of yesterday’s losses after a fairly positive overnight session. Australia’s Reserve Bank has decided to keep their record low interest rates on hold for another month in an attempt to counter the worries that falling commodity prices are having on their economy. U.S. markets ended Monday’s session down as both their main indices hit a resistance level last week so traders have taken this opportunity to take some profits – yesterday’s falls was led by Apple, which was due mainly to weak manufacturing data from China and disappointing Thanksgiving Day sales although U.S. ISM figures came in better than expected.

German manufacturing numbers were lower than expectations giving more weight to a general slowdown in the Eurozone and a general consensus that the ECB will now go with full-scale Quantative Easing – this stagnation is going to affect the UK in the fullness of time so there was a general bearish mood for the FTSE 100 as well yesterday.

The crude oil fall was temporarily halted yesterday as traders took advantage of low prices but the U.S. fracking programme is giving the Yanks plenty of cheap oil and with a general global slowdown, there is just too much Crude around so prices cannot continue to rise – WTI crude has fallen already this morning by around a dollar from yesterday’s high at $69:52.

Market Close Monday 1st November 2014:   Dow Jones 30  -51.44 @ 17,776.80  S&P 500  -14.12 @ 2,053.44  NASDAQ  -49.97 @ 4,287.81  FTSE 100  -66.25 @ 6,656.37  UK AIM  -12.75 @ 712.91  DAX 30  -17.34 @ 9,963.51  CAC 40  -12.85 @ 4,377.33  IBEX -97.90 @ 10,672.80   Nikkei 225 (Today)  +73.12 @ 17,663.22  Hang Seng (currently)  +343.93  @ 23,711.38

All times below are Central European Time (UK +1hr)

11:50am  ~  Back from Escora now so I’m going to watch my charts for a short while before lunch.

12:20pm  ~  There maybe a UTB pattern setting up on my S&P500 chart – more news soon.

12:45pm  ~  I am in a ‘long’ position on my S&P now with a 16 pip stop loss.

13:55pm  ~ Off now for a late lunch and as I’m not sure how volatile the U.S. open is going to be I’ve closed my position off at +31 pips.

18:05pm  ~  After we got back from lunch I had a relaxing cycle ride upto Formentor and I’m now going to watch my S&P 500 chart while I help cook supper for 14 guests that are coming over tonight.

18:50pm  ~  I am now in a ‘long’ position on the S&P with an 18 pip stop loss.

21:00pm  ~  I’m now out of my “Trade With A Day Job” position as friends are beginning to arrive.  Not sure of the exact result as my Metatrader platform has now frozen but it was a fair profit.

09:05am CET (8:05 UK time)  ~  I have been away sailing for the past 36 hours but back home an hour ago now so I shall be spending the rest of the morning here in my study catching up on emails and also doing some chart watching.

The U.S. markets had more uncharted highs during last week and even here in Europe the German Dax 30 is now at the record July levels . In the UK the London FTSE 100 had an intra-week high of 6767 and is now pushing towards the highs of September. This index spent most of the summer trying to push up above the resistance point of 6900 and ultimately failed so a move above this number in December would be a big confidence boost for Cameron’s Government and their economic policy.

Indices aside, the main market story last week was Crude Oil values – OPEC and more specifically Saudi Arabia, are keen to keep the value on the slide to try to hurt the U.S. frackers as they are encroaching on Saudi’d Golden Egg. Commentators are predicting a slide below $60 a barrel in the next few weeks and a support level closer to $50, after Monday’s overnight Asian session U.S. Crude is currently at $64:46. The actual cost to get crude out of the ground for most countries is between $40-$42 so there is still a way to go before companies halt oil production.

Market Close Friday 28th November 2014:   Dow Jones 30  +0.49 @ 17,828.24  S&P 500  -5.27 @ 2,067.56  NASDAQ  +19.80 @ 4,337.78  FTSE 100  -0.80 @ 6,722.62  UK AIM  -3.06 @ 725.66  DAX 30  +5.98 @ 9,980.85  CAC 40  +7.84 @ 4,390.18  IBEX +43.10 @ 10,770.70   Nikkei 225 (Today)  +130.25@ 17,590.10  Hang Seng (currently)  -592.41  @ 23,395.04

All times are Central European Time (CET) one hour ahead of UK GMT

10:15am ~ Just been scrolling through my collection of favourite charts and the only slight bit of excitement is on the Gold chart – there maybe a ‘long’ opportunity coming up.

10:45am  ~  If the Gold price rises over 11671 it will trigger a trendFX strategy 3 trade.

10:55am  ~  I am now in a ‘long’ position on my Gold chart with a 52 pip stop loss – slightly higher than normal but this market has above average movements this morning so the profit potential is greater.

11:45am  ~  The Gold price seems to have peaked momentarily so I have come out of my position with a quick +107 pip profit. Going for a quick cycle ride to clear the cobwebs…

12:45pm  ~  There’s a possible ‘long’ trade setting up on my Brent Crude chart – it is very close to triggering if the prices rises a few pips — it’s another trendFX strategy 3 set-up.

13:10pm  ~  I am in my second trade of the day (the above Brent opportunity)

14:15pm  ~  Now looking at another trendFX opportunity – this time on U.S. Crude (WTI)

15:00pm  ~  I did get in the WTI trade a while ago and both Crude positions are doing ok.

17:25pm  ~  I’ve just come out of my Brent Crude position as it’s achieved just over 200 pips – and it’s mirroring the WTI position anyway.

17:45pm  ~  There is a small slowdown in the bullish movement on the WTI Crude chart so I have come out of my trade – it has managed +210 pips. This brings my total for all 3 of the day’s trades to +522 pips, all were strategy 3 set-ups from the trendFX system manual.

11:10am CET (10:10am UK time)  ~  A late market update for me today but I was up at 5am to go out sea-fishing but I’ve only just got be here. I have no trades to report from yesterday as I spent a large part of it travelling over here to Majorca and today will probably be as chart-free also. I will report back tonight with any trades though.

Equity markets were quite quiet yesterday as the U.S. was on holiday but there was a bit of excitement in the Eurozone when economic sentiment climbed slightly against expectations – this is seen as a signal that traders/investors have growing confidence in Mario Draghi’s plans to stave off recession.

The main news in the markets however was the fact that Saudi Arabia does not really want to play ball with other OPEC members – the smaller countries of the oil producing club are keen for a production cut to help crude values rise, but I think the Saudis are playing the long game where they are forcing the price down so that it becomes uneconomic for many non-OPEC countries to drill for oil –  a lot of companies have already said that once the value drops below $70 they will stop production. The U.S. WTI Crude ended yesterday $4.44 down to just over $69 and is currently trading slightly lower after bouncing off the $67.80 support level.

Market Close Thursday 27th November 2014:   Dow Jones 30  Closed 17,827.75  S&P 500  Closed 2,072.83  NASDAQ  Closed  4,317.99  FTSE 100  -5.75 @ 6,723.42  UK AIM  +0.27 @ 728.72  DAX 30  +59.31 @ 9,974.87  CAC 40  +8.92 @ 4,382.34  IBEX +80.60 @ 10,727.60   Nikkei 225 (Today)  +211.35 @ 17,459.85  Hang Seng (currently)  -16.83  @ 23,987.45

07:20am UK time ~ I have a couple of hours here in the study this morning catching up on emails and Skype calls then I’m throwing in the towel at lunchtime and returning to Majorca to experience some sun and get away from this rain.

The markets would normally be quiet as we go into the weekend as the world’s largest economy is away for the Thanksgiving holiday but we have the OPEC meeting in Vienna kicking off properly this morning and deciding on future oil production for the next six months plus the ECB President Mario Draghi speaking (hopefully) about some increased money-printing for the region just before lunchtime.  The 13 main oil-producing countries of the world are getting together to agree on production level until mid-2015 and as they account for around 40% of total output, they do have influence on how much crude is available across industrialised economies and so can dictate future prices.  Many of the smaller countries are keen for a cut in output to protect the value but Saudi Arabia wants to weather this current drop in prices to their detriment as their oil minister said yesterday that falling oil prices will stabilize on their own – expect some volatility in Crude charts today.

U.S. equities are again at record highs after economic news out yesterday shows it is outperforming European and eastern economies by a good margin – the Dow Jones 30 index finished 13 points ahead at an all-time high of 17,827 with the S&P500 following suit. As expected, with trader’s eyes on equities, Gold suffered small losses yesterday although it is bouncing back during the early-morning Asian session which was generally bearish overall.

Market Close Wednesday 26th November 2014:   Dow Jones 30  +12.81 @ 17,827.75  S&P 500  +5.80 @ 2,072.83  NASDAQ  +29.76 @ 4,317.99  FTSE 100  -1.97 @ 6,729.17  UK AIM  -1.39 @ 728.45  DAX 30  +54.35 @ 9,915.56  CAC 40  -8.89 @ 4,373.42  IBEX -52.60 @ 10,647.00   Nikkei 225 (Today)  -135.08 @ 17,248.50  Hang Seng (currently)  -116.30  @ 23,995.68

07:10am UK time  ~ An early start for me today, I am off with a group of friends for a cycle ride down towards Aldeburgh on the coastal path.  It’ll be emails and Skype calls when I’m back later this morning with a bit of chart watching.

Crude Oil values are in the spotlight at the moment and Russian oil company Rosneft has cut its production by 25,000 barrels a day in an attempt to boost the value but this is less than 1% of its total production so as expected it did nothing to the price – in fact the important West Texas Intermediate futures contract dropped 2.2% by the end of the session to $74.09. The UK Brent Oil also fell in tandem, it finished at $78.33 down $1.35 and is now heading back to the $77:00 support level.  The dozen members of the oil cartel OPEC are meeting in Vienna tomorrow and ahead of this important get together there were talks between Saudi Arabia and some of the smaller members yesterday as its poorer members Venezuela and Ecuador are pushing for output cuts as tumbling prices done untolled damage to their precious revenues.

Overnight, Asian markets ended fairly optimistically as good news from the U.S. yesterday has lifted sentiment. U.S. GDP data came in higher than expected although consumer confidence did disappoint but maybe that bad news will keep the Fed’s interest rate policy on hold for the moment ? Ahead of the Thanksgiving holiday tomorrow, the markets are mainly going to take their cues from the OPEC meeting, so don’t expect too much movement today. Gold prices initially fell yesterday on positive U.S. equities but a stronger Dollar ended that fall and the yellow metal ended the day up $2:90 at $1201:00

Market Close Tuesday 25th November 2014:   Dow Jones 30  -2.96 @ 17,814.94  S&P 500  -2.38 @ 2,067.03  NASDAQ  +3.91 @ 4,288.23  FTSE 100  +1.35 @ 6,731.14  UK AIM  +2.35 @ 729.84  DAX 30  +75.67 @ 9,861.21  CAC 40  +13.87 @ 4,382.31  IBEX +57.10 @ 10,699.60   Nikkei 225 (Today)  -24.04 @ 17,383.58  Hang Seng (currently)  +56.50  @ 23,900.41

23:45pm  ~  I ended up being out for much of the day due to a friend needing assistance with his boat – so no trading to report.

07:45am UK time  ~  Nice lazy day for me at home today so I’ll report back if I take any positions on my favourite charts

European Central Bank member and Chairman of Germany’s Bundesbank Jens Weidmann has poured cold water on Mario Draghi’s proposed Eurozone economic stimulus in his speech yesterday by suggesting that any further ECB money-printing measures maybe illegal and in the long-run does not help with sustainable growth prospects, which many traders are aware of anyway. On the back of these comments the Euro rose against the U.S. Dollar temporarily halting a bearish trend that’s been in force for a while now and technical traders will be pleased to see that it has once again reversed at the 1.2360 support level, first seen at the beginning of the month.

Crude Oil was once again on the slide during yesterday’s session as traders doubt that Thursday’s OPEC meeting is going to result in the Arabs cutting production – West Texas Intermediate Crude slipped just over a Dollar to £75:47 per barrel at the close and Gold traders are now beginning to curb their buying enthusiasm as the yellow metal’s price once again hovers around the $1200 resistance level. With good corporate results and a strong U.S. Dollar it does seem as though the Gold price will start to slip again, especially as the year-end equity rally seems to be in full pace.

Market Close Monday 24th November 2014:   Dow Jones 30  +7.84 @ 17,817.90  S&P 500  +5.91 @ 2,069.41  NASDAQ  +32.99 @ 4,284.32  FTSE 100  -20.97 @ 6,729.79  UK AIM  +3.64 @ 727.49  DAX 30  +52.99 @ 9,785.54  CAC 40  +21.21 @ 4,368.44  IBEX +121.70 @ 10,642.50   Nikkei 225 (Today)  +50.11 @ 17,407.62  Hang Seng (currently)  -53.17  @ 23,839.97

08:50am  ~  Just had a quick look at my charts and there’s not much developing so I am off out for a cycle ride up the coastal path.

11:05am  ~  Back now so going to do some emailing and occasional chart watching

12:55am  ~  There’s the possibility of a UTB pattern setting up on my Brent Oil trade for a ‘short’ trade.

13:25pm  ~  I am now in a UTB trade with a 15 pip stop loss.  The U.S. market is opening soon so care must be taken.

13:55pm  ~  Out of the market with a quick +30 pip profit, volatility is increasing on the chart.  Time for some lunch

15:30pm  ~ Off to help a friend with some boat repairs at the harbour.

08:00am UK time ~ Back in a very frosty Suffolk this morning and I have a couple of meetings here during the day but I will be watching some charts now and then when I get a chance.

The markets have been encouraged by the interest rate drop announcement by the People’s Bank of China together ECB President Mario Draghi’s reiteration that he is getting closer to an outright sovereign bond purchasing programme to help stave off deflation. At the end of last week most indices ended ahead with the year-end rally that I talked of a few weeks ago still intact even though it is mainly caused by central bank intervention. Having said that, the Dow Jones and S&P indices were encouraged by positive economic data together with better-than-expected corporate earnings which time and time again is coming in above expectations – this is keeping the U.S. markets in a bullish mood and creating a two-speed world economy.  Although European markets are now optimistic after Draghi’s comments, it is inevitable that the Euro is going to suffer from any money-printing exercise, and it has now revisited the two year low against the U.S. Dollar that we last saw in August 2012.

There is still plenty of speculation as to how far the value of crude oil is going to drop but there was a brief respite in the fall of U.S. WTI Crude on Friday after the PBoC rate reduction announcement boosted prices temporarily as China is the world’s biggest consumer of crude products.  The main driver of crude values this week is going to be OPEC’s meeting on Thursday so traders can see what production levels are going to be in the new year. Gold also got a boost from the Chinese news as a cut of bank rate anywhere tends to drive investors back into safe haven assets and my daily Gold chart does show a possibility of further rises to the $1208 resistance level.

Market Close Friday 21st November 2014:   Dow Jones 30  +91.06 @ 17,810.06  S&P 500  +10.75 @ 2,063.50  NASDAQ  +9.23 @ 4,251.32  FTSE 100  +71.86 @ 6,750.76  UK AIM  +6.27 @ 723.85  DAX 30  +248.58 @ 9,732.55  CAC 40  +113.02 @ 4,347.23  IBEX +311.60 @ 10,520.80   Nikkei 225 (Today)  +56.65 @ 17,357.51  Hang Seng (currently)  +449.26  @ 23,886.38

11:10am  ~  Not much happening on my charts in the last hour while I’ve been glancing at them – so I am off for a cycle ride along the beach path and then lunch at the Lord Nelson.

17:00pm  ~ Been busy this afternoon with meetings with architects so not had the opportunity to see any charts but I’m going to sit down now and watch the S&P 500 chart to see if there are any “Trade With A Day Job” set-ups in the next few hours.

18:05pm  ~  There is very low volume on the S&P tonight making trading tricky — so I’m curtailing my trading activities and walking upto the Lord Nelson for a while…