07:50 CET (6:50 UK)  ~  Up early this morning to blue skies and 23 degrees and looking forward to some chart watching, emailing and Skype calls here at home today plus a cycle ride with a group of neighbours up to Cap de Formentor this afternoon.

Markets fell by more than expected yesterday after disappointing retail sales numbers out of the U.S. at lunchtime. The initial speed of the fall seemed to spook traders and a wave of concerted selling took over until later in the evening when bargain hunters came in with the view that it all had been a tad overdone. Nevertheless, the percentage drop hit over 2% at one stage with U.S. indices before rising slightly towards the end of the session but the gains for the past 8 months have all been wiped out now on the Dow Jones Industrial Average.  The Ebola epidemic is also weighing heavily in the U.S. as no real solution to this potential world health threat has been found and there does not seem to be anybody wanting to take a lead and this sentiment is spreading across other markets, the Asian session was also subdued overnight.

Crude oil is also in the news at the moment as the slide in values is continuing, WTI Crude fell $1.22 yesterday reaching a new 2-year low at $81.10 and traders seem to be expecting a floor price of around $75.00.  Weaker demand coupled with continued over supply is partly to blame although OPEC’s cut in their prices has further aggravated the situation. In The UK, Brent Crude is also at a new recent low, the price is currently sitting at $82:65 as I write this, a level not seen since the end of 2010.  Oil traders in London are talking of a move to $80 in the near future as weak global demand carries on unabated. As you would expect, with turmoil in the equity markets yesterday, Gold benefited to a moderate degree, it ended the day $8 up at $1241 and is now at a point on the daily chart where the bearish trend seems to be ending, the next week or so will clear this conundrum up.

Market Close Wednesday 15th Oct. 2014:  Dow Jones 30  -173.45 @ 16,141.74  S&P 500  -15.21 @ 1,862.29  NASDAQ  -24.48 @ 3,785.97  FTSE 100  -181.04 @ 6,211.64  DAX 30  -216.86 @ 8,571.95  CAC 40  -148.53 @ 3,939.72  IBEX -366.40 @ 9,838.50

09:05am  ~  Just come inside to have a quick look at some charts – and nothing much happening at the moment so will look again in an hour or so.

10:35am  ~  it looks as thought there maybe a UTB pattern setting up on my FTSE 100 and Dax 30 charts, I’ll have another look in 20 minutes.

11:00am  ~  I am concentrating on the FTSE 100 and if the price drops below 6215 I shall get into a ‘short’ position.  If the FTSE moves down the Dax will probably do the same so not much point in taking a trade in the German index as well, I will only be duplicating the trade.

11:10am  ~  Now in the UTB ‘short’ with a 31 pip stop loss, the price is coming down quite briskly at the moment.

11:35am  ~  The markets are still going south, my FTSE position is currently at +50 pips.

12:30pm  ~  The price is taking a breather at the moment and my position is at +112 so far.

12:45pm  ~  We’re off for a quick lunch so I’ve closed my trade as I am happy with the +142 pip profit.

Daily Target  +20 pips

Pips Achieved  +142 pips