11:35am  ~  A very late Market Update today unfortunately, I was helping a friend out last night moving a boat up here to Southwold harbour and I did not get back indoors until 4am this morning.  Off for a cycle ride in a minute then Clay Pigeon shooting this afternoon.

The U.S. markets were temporarily spooked yesterday by Fed member Bullard hinting an earlier than expected rate rise – this sent the S&P500 down 160 pips in early trading although it recovered just about all those losses by the end and the Dow Jones 30 also shrugged off initial panic to form a reversal Doji on the daily chart which also looks like it’s sitting on top of a short term trend line.

Further signs that Iraqi crude oil output is not affected by the troubles helped WTI Crude yesterday and there are reports that exports are actually going to rise next month, which will take the pressure off the bullish trend. With this news and rising U.S. crude stockpiles in the US the WTI prices fell yesterday, ending $1.09 down at $105.62 a barrel.  Gold traders took Bullard’s interest rate rise comments to heart and as usually happens, demand for alternative investments fell meaning the yellow metal finished at $1317.5 down a dollar on the day.