08:35am ~  I am around the house all day today, so I will report back later if I have any trading related stories.

Federal Reserve Chair Janet Yellen spooked the global markets last night during her first press conference after taking charge, by saying under pressure of insistent questioning that the Quantative Easing Programme  could end towards the end of the year and interest rates could rise 6 months after that. This means, like the Bank of England Governor, she’s abandoned a link between interest rates an the unemployment rate. That the pace of tightening was a bit of a surprise to the markets and equities tumbled with the Dow Jones losing 117 points to 16,211 after a roller coaster ride in the last part of the U.S. trading session.

WTI crude prices gained 55 cents to close at just over $99 a barrel on news that stockpiles at Cushing, Oklahoma the delivery point for the contract dropped again. The US Department of Energy said the overall inventories rose 5.85 million barrels to nearly 376 million barrels.

10:15am  ~  I’ve been watching my charts for an hour or so but nothing much happening so I am off with some friends for a cycle ride for a couple of hours  followed by some lunch.

19:40pm  ~  Just got back home after a meeting with builders. Due to the time difference between us and the U.S. at the moment, their trading session is going to end soon so no trading for me this evening.

08:25am  ~  I shall be back home at lunchtime after a nice few days up here in London, so there may be some trading later on.

There was a surprising rally in the markets yesterday after President Putin promised he was not going to split Ukraine, although there is little proof of his intentions as there is thousands of Russian troops sitting on Ukraine’s eastern border with guns loaded. The European markets are set to open flat as traders hunker down before the FOMC statement tonight, as nobody wants to be holding stock in the wrong direction in case the Fed Chairman drops a surprise on the markets. Expectations are for another $10 billion cut in tapering and it would seem that markets are quite comfortable with this but, like Bank of England Governor Mark Carney, Janet Yellen is also expected to abandon forward guidance and go for her type of ‘foggy’ guidance.  As the US unemployment rate is getting near the FOMC’s threshold of 6.5%, like Mark Carney and the MPC, she will be looking for a less restrictive monetary tightening line in the sand and a way of keeping rates low for as long as possible. As there was a ‘Putin Rally’ in equities yesterday there’s no real surprise that Gold eased back $11 to $1367 but only a drop below $1355 mark would change its short term outlook to the downside.

23:40pm  ~  I did not get back home here until just after 9pm after a few diversions on the way home, so there’s been no trading for me today, although looking at the charts this evening, I did not miss much – the markets were quite volatile after Janet Yellen’s comments earlier.

09:00am  ~  It’s a subdued start for me after a very late evening – there’s not going to be much trading for me today as we are off to a few museums later this morning.

Traders yesterday took developments in Ukraine where a referendum paved the way for Russia to annex Crimea as a sign that President Putin won’t feel the need to flex his military muscles any more in the short term and on that theory the Dow Jones rebounded 180 points to 16,243. This rally was supported by the US economic data showing a rise in industrial production which in turn fuelled optimism that the world’s biggest economy is slowly recovering from a severe winter. As is quite usual when the S&P500 goes up, Gold comes down – the yellow metal fell on profit taking and the aforementioned U.S. economic news, dropping $15 to $1367.

19:20pm  ~ Just got back to the hotel and we are of again quite soon so no trading for me tonight.

07:45am  ~  I am in the study early this morning as I want to get some admin/emails/Skype calls done before 11am as we’re off to London for a few days.

The European/U.S. markets are going to be on tenterhooks as they open for a new week following the Ukrainian vote yesterday. As everyone thought, there was overwhelming support from the Crimean people to leave the Ukraine and become a part of the Russian Federation. The result probably won’t be a surprise to markets as it was widely expected, hence only the muted moves down in the past few hours during the Asian trading session. Although the West widely condemned the decision to hold a referendum; and are now condemning the result, there has not really been much actual action taken against Russia during this whole episode and so many observers think nothing will actually happen to antagonise Russia other than an international ticking off.

Gold prices continued their strong rally at the end of the week, gaining just over $12 to $1383.1 due to escalating tensions between Russia and Ukraine with apparent end in sight. In addition to this, China’s economy seems to be stuttering which also sent investors into the safety of gold.

08:25am  ~  While sitting here doing some emails I have also entered a ‘long’ position on my S&P500 chart with a stop loss of 34 pips using a trendFX set-up. I am not a great lover of trading first thing on a Monday morning but there seems to be quite a momentum in this move, not sure what’s driving it, nothing much on Bloomberg TV at the moment.

10:55am  ~  I am now out of my S&P500 position as we are off soon, I have managed a quick +52 pips profit.  There was also a Gold trade earlier this morning but I did not take it as I only had limited time to trade although looking at it now – it’s doing ok.

17:00pm  ~  I’m relaxing in the hotel at the moment so I’m going to watch my S&P500 chart for an hour or so before we go out.

17:25pm  ~  I am in the market with a ‘long trade’ with a 19 pip stop loss.

18:35pm  ~  Out of that position now as we’re off in 5 minutes – the trade gave me a 20 pip profit.

Daily Target Reached ?    YES (+72 pips)

08:15am  ~  It’s going to be a day away from the markets, I am playing tennis this morning and then helping a friend with boat repairs later in the day.

Traders staged some profit-taking yesterday as US equities plunged sharply on increased evidence the Chinese economy might face structural weaknesses rather than cyclical ones. In particular, the Dow Jones slumped 225 points to 16,123 with investors starting to unwind long positions ahead of a problematic weekend in which Crimea is  preparing to vote for separation from Ukraine. If that does occur (which seems likely) nobody wants to be caught holding too many long positions on Monday morning if indices tank on Sunday night when Asian markets open.

Gold benefited from this bearish slant pushing its price another $3.00 higher to $1370.7 and speculation that more corporate defaults in China are around the corner also supported the rise. If the disagreement between Russia and the West escalates next week, then the challenge of a $1400.00 level might well be on the cards.

07:55am  ~  What a beautiful summer morning !  Just been out for a walk along the beach and now it’s a few hours here in the study followed by a cycle ride with friends over to Halesworth.

The Dow Jones 30 & S&P500 ended slightly up yesterday with early losses pared back but it seems that traders are really unsure about what to do next because of Chinese growth worries together with rumours that President Putin has casually moved troops, tanks and fighter planes to Ukraine’s border in readiness for some sort of action. For the third session in a row, the WTI crude prices moved downwards, losing $1.29 to $98.13 a barrel as the US Department of Energy announced a 6 million barrels rise in inventories. This bigger than expected stock level reinforces the strong pace of oil production that’s racing ahead of economic growth and is considered a bearish feature for the short term.

As expected Gold rose to a fresh recent high again, gaining $18.00 to 1367.1 yesterday. It would seem that geopolitical tensions around the world which triggered talks of a renewed cold war were a breath of fresh air for gold traders and they intend to take advantage of this in the short term.

08:35am  ~  I have just got into a ‘short’ position on my Brent Oil chart, the stop loss is 29 pips

09:55am  ~  The Brent Oil price has come down quite well, but has hit some support at a previous low, so I am now out of the the position with a +32 pip profit.

14:25pm  ~  I’m back after lunch out at The Lord Nelson and nearly an hour into the U.S. trading session the S&P500 has started to drop quite well, so I’m just waiting for a possible trendFX set-up to materialise.

14:40pm  ~  I am in a ‘short’ position on my S&P500 chart and I have a 33 pip stop loss.

17:15pm  ~  I am still in my S&P short and now conversely I am also in a quick “Trade With A Day Job” long position.

17:35pm  ~  Still in the ‘short’ but I am out of the quick ‘long’ trade – with a small +27 pip profit. There are clues that the S&P500 still has a bit more to go with it’s bearish movement.

19:55pm  ~  I am now out of my earlier ‘short’ on the S&P with a wholesome +220 pips.  Back to The Lord Nelson for a cards evening

Daily Target Reached ?  YES  (+279 pips)

08:15am  ~  Up to the cottage in Suffolk later today but first a few hours here in the study catching up on emails and Skype calls – and some chart watching too.

Concerns during yesterday’s trading sessions over a slowdown in China and a failed attempt by the US and Russia to reach an agreement over the Crimean region, spurred a fresh sell off in the global equities. The Dow Jones dropped 75 points to 16,339 as investors were also spooked by the first ever corporate debt default in China, something that many traders thought would not occur, believing that the Chinese Central Bank would just not allow this type of scenario.

As expected, the WTI crude prices shot down to the $100.00 support level but then finished another $1.58 lower at $99.40 on estimates the US oil stockpiles increased last week. Conversely, Brent crude rallied on fears of escalating tensions between Ukraine, Russia and the West.  Amid this turmoil, Gold proved to be a handy ‘safe-haven’ asset and rose almost $10 to finish close to $1350 last night, and in overnight trading stretched itself further to just over $1360 – a new recent high.

08:55am  ~  The markets are still getting going during this first part of the European trading session, but there does look as though there’s a possible ‘short’ opportunity on my S&P500 chart.

09:10am  ~  I am in the S&P500 with a ‘short’ trade, the stop loss is 29 pips.

11:20am  ~  My trade is still doing ok so I’m not going off to Southwold quite yet, I’ll see how the position pans out.

13:25pm  ~  The U.S. trading session is just about to open, so I am now out of my S&P500 position as there can be some volatility in the market, plus ‘head-office’ really wants to get going up to the cottage now. I have come out with a 62 pip profit.

19:00pm  ~  I am a bit late getting to the charts tonight for my “Trade With A day Job” system – we have been on a friends boat for most of the afternoon that’s stuck in the harbour after an accident. I’m going to switch on the MT4 charts on now and see if there’s any opportunities for a trade.

19:40pm  ~  There’s not much of the U.S. trading session left but I am now in a ‘long’ trade on the S&P500.

20:05pm  ~  I’m done with my trading for the evening, right on the U.S. session close  -  I have managed a small 25 pip profit. Usually the Yanks finish their session at 21:00hrs UK time but as their clocks went forward an hour on Sunday they are out of kilter with us until the end of this month when we go onto British Summertime.

Daily Target Reached ?  YES  (+87 pips)

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08:55am  ~  Back to some normality today, since getting back from France on Sunday I spent most of yesterday in meetings with builders and planners but today I shall be here in the study this morning catching up on emails and Skype calls plus some chart watching.

The markets yesterday should have tanked with all the bad news that’s around, troubles in Ukraine and Chinese exports that are down below levels that point to continued economic growth, but that seemed to be shrugged off and although there were no great rises, the expected fall in equities just did not materialise even though the bears tried their hardest for most of yesterday’s European and U.S. trading session.

The driver behind yesterday’s sharp fall in crude oil prices was undoubtedly the fall in Chinese exports strengthening fears that the world’s second largest economy might be in for a hard time in the next few months.  As a result the WTI crude prices lost $1.72 to $100.98 a barrel and is now looking as though the support level at $100 is a favoured destination. Due to safe haven demand, gold prices remained well supported, yesterday gaining $1.5 to $1339.7, and now looks on course for the next resistance level at $1352.

11:20am  ~  There’s not much happening on the charts this morning, so I am off out for a cycle ride shortly, and after lunch there is some clay-pigeon shooting at a friend’s farm.

23:45pm  ~  I did sit down here in the kitchen at 5pm this evening to watch my “Trade With A Day Job” chart for a few hours before we went out for the evening but there were no trade opportunities.

Daily Target Reached ?  NO

07:45am (GMT)  ~  I have a few hours here in the study before I am off to France until Sunday, so I’ll shall be catching up on some emailing plus two Skype calls as well.

The markets yesterday staged a comeback after two days of extreme geopolitical turmoil and warmongering, which saw traders and investors sell risk assets only to buy back those same assets the next day, which means we are roughly where we were at Fridays close. Rather than a slow ride to the end of the week, now have more chart gyrations as there is now three days of economic news and central bank meetings culminating in the U.S. employment figures.  The Dow Jones rose 227 points to 16390.5 by the close of yesterday’s session, more than previous day’s slump and the wider S&P500 put on 28 points to just over 1873.

The WTI crude prices gave back most of Monday’s gains, posting a fall of $1.44 to $103.37 on the back of speculation that a conflict between Russia and Ukraine will do little to disrupt oil supplies, that’s if it happens at all.  Gold prices eased back by $16.00 to reach $1334.5 with the attention now the ECB and Bank of England interest rate meetings and nonfarm payrolls report in the US.

10:05am  ~   I’ off shortly so I will update this diary next on Monday/Tuesday.  My new trading manual on ‘Long-Term Trading’ is out next week so email me for more details.