07:25am   Another new week on the markets and I shall be mainly around the house today catching up on emails and doing some chart watching. Just sent out my daily ‘Trading-Guidance’ email that works in conjunction with my ‘Long-Term-Trading’ system.

Market Update:

Here in Europe the Greek situation is once again in the spotlight this week as another tranche of repayments is due at the end of the week. There has been 110 days of negotiations between the ruling anti-austerity Syriza party and the IMF and ECB with no real way forward yet and large cash movements out of the country over the past two months is hurting bank liquidity which in turn is causing panic in that sector.  It is now looking more certain that there will be a national referendum to see if the Greek people actually want to stay in the EU and with rumours across trading floors that the next loan repayment will not materialise, this maybe announced quicker than expected.

U.S. markets ended the week ahead and also near all time highs yet again and with lacklustre economic news on Friday, the bulls are once again hoping that the interest rate rise will be delayed towards the end of the year, so unless there is a good reversal candle on the S&P 500 or Dow Jones daily charts, there is the probability of further moves up past the current resistance level that I’ve highlighted in my daily ‘Trading-Guidance’ email today.

On the Crude Oil market, OPEC is still flexing it’s muscles in an attempt to maintain market share and will not be cutting production any time soon to keep the price up, it has done that before in the distant past in an attempt to prop up the value without success, so their strategy is now to carry on regardless and hope that other producers fall first. As the price has risen slightly, the lean U.S. shale producers are now coming back on track which is going to put further pressure on prices in the coming months.

Trading Diary:

16:00pm    I have not done much chart watching today as I’ve been double busy with Skype calls and over a 100 emails that came in over the weekend about the daily email service but I am just watching my S&P 500 chart to see if the price is going to rise sufficiently to trigger a ‘long’ trade.  It’s a possible trendFX strategy-3 set-up.

16:15pm   The S&P price has now gone above 21244 so I am in the above position — my stop loss is 40 pips.

22:40pm    Had some technical issues earlier which has meant that I’ve not been able to update this diary – but I did close my S&P trade off just before 9pm at +58 pips