09:25am   In and out the house today doing errands etc so probably no trading for me – I will back to the charts on Tuesday morning.

Market Update:

The U.S. markets had a storming session yesterday, shrugging off the week’s worries and posting some impressive gains – the Dow Jones 30 was up over 200 points by the close and the tech-heavy Nasdaq was up near yearly highs once more after having a generally depressed June. Traders and investors are now looking at a possible Fed rate rise towards the end of the year but whenever it does come it’ll be quite gradual according the Janet Yellen so this has brought buying confidence into the markets once again.

Here in Europe the Greek situation is trundling on without much hope of a satisfactory conclusion although many commentators have now given up worrying about the possible contagion that could be caused from an exit from the Euro and ultimately the EU. The northern countries of Europe are economically stable so the fall-out would be quite limited and it will be nice to look forward to some cheap Greek holidays as well. The ECB and IMF are digging their heels in over negotiations as there are also anti-austerity parties in Spain, Portugal and Italy waiting in the wings to see how they can play their hand in the coming years.

Gold had another good session as fears of a rate rise receded, it rose over $16 yesterday to finish just above the $1200 level although the weekly chart is still showing a bearish trend.