08:00am  ~  I’ve got meetings here at home for most of the day so I shall also be chart watching from time to time as well.

As you can see from the figures below there’s a sea of red numbers from Monday’s trading session and also the overnight Asian session – and this has been caused mainly by the falling crude oil price. Energy companies are amongst the most valuable in the world and their share prices are plummeting  day by day and in time will probably lead to some kind of consolidation in the sector – there is already talk of British oil company BP being taking over. Yesterday the boss of Kuwait’s national oil company predicted that the price of crude is going to stay below $65 a barrel for the next six months due to global oversupply and to prove the point the markets responded by falling over $2 to $63.

Equity markets in the U.S. seem to have hit a ceiling, the S&P500 has tried and failed a few times over the last few weeks to get over the 2080 level although the narrower Dow Jones Industrial Average’s chart does look in better shape for a continuation of the year-end rally, the 18,000 level could well be reached before hedge funds and pension funds start booking profits at the end of the year.

Gold is currently in a sideways move on the daily chart and seems unable to stray very far from the $1200 level although the weekly and monthly charts gives clues that a move upwards maybe on the cards going into next year.

Market Close Monday 8th December 2014:   Dow Jones 30  -106.31 @ 17,852.58  S&P 500  -15.06 @ 2,060.31  NASDAQ  -33.24 @ 4,278.34  FTSE 100  -70.69 @ 6,672.15  UK AIM  -0.78 @ 713.35  DAX 30  -72.13 @ 10,014.99  CAC 40  -44.00 @ 4,375.48  IBEX  -95.50 @ 10,805.20   Nikkei 225 (Today)  -122.26 @ 17,813.38  Hang Seng (currently)  -572.52  @ 23,475.13

08:15am  ~  There’s a UTB pattern on my U.S. WTI Crude Oil chart for a ‘long’ trade so I’m just waiting for the price to come down so I can get in at a decent price, the trigger level was 62:75 and it’s currently at 62:83.

08:30am  ~  I’m in a ‘long’ position on my WTI chart, I got in at $62:74 plus a 5 pip spread. Stop loss has come out at 35 pips.

09:45am  ~  The Crude oil market is staging a bounce this morning due to news out that U.S. shale producers are cutting back on investment due to the low oil price so my ‘long’ WTI trade is still doing ok, it’s currently standing at +40 pips – the next point it should reach is $63:80.  Less investment will mean lower production which in turn means a higher price per barrel.

11:40am ~  The WTI price has stalled for the time being after reaching just over $64 and retreating down so I’ve now come out of my position as I’m very happy with the result – the trade score was +95 pips.

12:10pm  ~  There’s another UTB pattern setting up on the WTI chart – this time it’s a ‘short’ opportunity and if the price goes below $63.73 it will trigger a trade. 12:30pm  ~  I am now in that ‘short’ position on my WTI Crude chart – the stop loss is 22 pips.

13:40pm  ~  Another UTB ‘short’ trade has been triggered on Brent Oil but taking it would really just be duplicating the trade I’m already in, the two charts move largely in tandem.

14:40pm  ~  I have a meeting with builders up the road in 5 minutes so I have closed off my 2nd WTI trade, the U.S. markets are just getting going so can be unpredictable and you really need to keep an eye on any open positions at this time of day.  Happy with the result though +106 pips

18:50pm  ~  Having a rare quiet night in and I can see a possible “Trade With A Day Job” trade setting up on the S&P 500.

19:10pm  ~  In a ‘long’ trade on the S&P with a 22 pip stop loss.

20:00pm  ~  My earlier trade was stopped out but I am now in another ‘long’ position on the same chart using an “extra” strategy. Stop loss this time 24 pips.

21:05pm  ~  A full trading session tonight as I was at home relaxing and I’ve ended up with a +60 pips profit on this 2nd trade giving me +38 pips for the TWADJ and +239 for the day.