07:35am  ~  Just off for a cycle ride across to Halesworth and back and then I shall be here in the study for the rest of the morning doing emails & Skype calls plus some chart watching as well.  After lunch I have a doubles tennis match.

The equity markets yesterday had one of those bad news is good news days after  U.S. economic data indicated that their GDP contracted 2.9% during the first quarter, higher than initially expected but the worst numbers since 2009.  The markets dropped pre-session on the announcement but as soon as traders had gathered their thoughts and realised the stalled economy would probably mean a continued loose monetary policy with low interest rates, the buyers came out as the session opened properly and as a result the Dow Jones 30 ended up 24 points at 16,853.  My daily S&P500 chart shows yesterday’s price action bouncing off a short term bullish trend line, so we may have a follow-on today heading towards the next resistance at 1966.

The weekly US crude oil stock levels released showed an increase of 1.7 million barrels against an estimate for 1.2 million barrels drop, but tempering that news was the fact that the government has agreed to more crude exports due to fracking unlocking supplies in shale formations meaning the WTI Crude price gained 61 cents ending the session at $106.78 a barrel.  Gold has rested for a few days now around a short term resistance level at $1325 and I have a couple of reversal candles on my daily chart, so we may see a bearish move if the price heads below $1305.  If there’s a move upwards in equity markets there maybe a mass exodus in this safe-haven commodity, triggering a move down to the next support around $1275.

11:55am  ~  Not had much chance to look at any charts this morning as I’ve been needed up the road at my building project and I’m now off for an early lunch before tennis this afternoon.  I’ll report back later if I get back in time to do any evening trading.