07:20am    Just sent off my Monday morning ‘Trading-Guidance’ email to subscribers and for the rest of the day I shall be around the house getting ready for our usual 3-week July holiday in Cornwall and this means no more trading for me for the rest of the month.

The next Market Update and Trading Diary will be when I return from holiday on Tuesday 28th July although I shall still be sending out my daily ‘Trading-Guidance’ emails to subscribers during my break away.

Market Update:

The big news in the markets this morning is that the Greek population have voted a resounding ‘No’ to the bailout conditions/offer from the ECB and IMF creditors over the weekend. Further developments this morning include the partly surprising resignation of the Greek Finance Minister Yanis Varoufakis who I found out last night from a Greek trader friend studied at Essex University in Colchester in the 1980′s.  He said he is leaving the anti-austerity Syriza government with immediate effect to help with the negotiations this week with his countries creditors and as a final parting shot at the EU he stated a few hours ago “..and I shall wear the creditors’ loathing with pride…”

At the moment, it’s anyone’s guess where the markets are going to end up tonight but the initial bullish move in safe haven Gold last night after the referendum result has more or less dissipated as I write this and the 4-hr chart is in a generally bearish mood with my MMOSc oscillator coming off an extreme overbought reading and now heading with great speed to it’s near term support level at $1163.  Crude Oil markets are bracing themselves for an imminent deal on sanctions in Iran and if this does occur in the next few weeks there is an expectation increase in production from this OPEC member. This sentiment is driving prices down and the U.S. WTI Crude is now well into a change of direction as it heads towards a new support level at $54:00 (see my daily ‘Trading-Guidance’ emails for further info)