Trading Diary & Market Update ~ Thursday 8th May 2014
07:20am ~ Another early start for me today, I shall be out all morning playing around at North Weald Aerodrome then back here at home after lunch.
The markets here in Europe will open flat this morning while traders wait for news from the ECB and Bank Of England with regard to interest rates together with mark Carney’s thoughts on his asset buying programme. Traders in the U.S. are not immune as Fed Chairman Janet Yellen is being questioned regarding the economic outlook for her country, she will start giving evidence right on the markets open at 2:30pm UK time so there will probably be a volatile start at the NYSE. Equity markets as a whole clawed back some of Tuesday’s losses yesterday but there still seems to be a ceiling to their upward movement, the troubles in the Ukraine are weighing heavily on investors optimism – although Yellen’s comments yesterday regarding the fact that the US must concentrate on growth in the face of lingering issues such as inflation and employment gave the Dow Jones a 94 point boost.
Gold traders took the positives from Yellen’s speech yesterday when she spoke of “sufficient underlying strength” and this gave reason for them to push gold prices down $18 to around $1290 as the demand for safe haven assets looks less popular in the short term.
15:05pm ~ I’ve just got home and will be back in front of my charts at 5 o’clock to watch for “Trade With A Day Job” set-ups.
17:20pm ~ There maybe a trade coming up in a few minutes – if the S&P moves down a few pips.
17:45pm ~ Well, I’ve been in the aforementioned trade for a while now and at last the price is beginning to start moving south as I presumed.
18:55pm ~ There’s no stopping the movement on the S&P500 at the moment, so I am still in my position.
19:50pm ~ We are off out for the evening very soon so I am now out of the market. The S&P500 has retreated back to the session opening level after a very volatile start, which is good news for me as I’ve bagged a +132 pip profit.