07:25am  ~  I’ve got a day here at the cottage catching up on emails and Skype calls with new traders. I shall be watching my charts as well for any potential trades. But first I’m off for a cycle ride along the beach promenade and north towards Kessingland for the next few hours.

The markets yesterday had mixed fortunes, the London FTSE100 had a down day with futures trading after hours giving it a brief boost due to U.S. markets. Across the water, the main two American indexes also suffered from the bears being in charge, although there was some bargain hunting after lunch which resulted in a small late rise in prices but not enough for them to finish ahead overall.

This continued fall in the U.S. equity markets was led by the financial sector as the optimism which supported this month’s rally so far looks to be ending. The economic data was also weaker than expected with manufacturing PMI coming in lower than forecast. A few statements from Fed Regional Presidents failed to impress the market and the Dow Jones ended the day 103 points down at 15,394. The S&P500 suffered a similar fall.

European markets are set to open lower this morning as the Fed’s stimulus tapering uncertainty continues to keep traders risk appetite in check. Yesterday’s dovish speakers gave a conflicting assessment of the future of Fed tapering than what Bullard did on Friday, leaving markets even more confused, and this is never good for the markets. The only thing that got traders nodding in agreement was when Dallas Fed President Richard Fisher said that doing nothing would hurt the Feds credibility. With little in the way of major economic data on the horizon and another 2 opportunities for Fed members to confuse the markets even further, markets are likely to continue drifting lower for the next few days.

On a brighter note, Gold rose on speculation that demand may strengthen before China’s ‘Golden Week’ holiday as lower prices would lure more buyers than is usual at this time of the year.  However Gold’s main direction will continue to come from cues on what the Fed may do with their stimulus package.

10:30am   ~  I got back here 30 minutes ago and now getting on with emails plus some chart watching. I got into a Gold ‘short’ position 20 minutes ago and at the moment it around break even, so I will report back later with its progress.

14:20pm  ~  I’m going to have a late lunch break now, my architect has arrived for a meeting so we’ll head down to The Crown for an hour.  I have just closed off my Gold trade with a profit of +76 pips and I will fill you in in with news on the evening trading session later.

21:40pm  ~  It’s now time to retire to the Lord Nelson for a late supper. I sat down here just after 6pm to watch for trades with my evening system but despite a couple of close shaves, there’s been no worthwhile opportunities tonight.

Daily Target Reached ?  YES  (+76 pips)   I traded the late morning session plus just over three hours this evening