07:40am  No trading for me today but back to normal tomorrow.

Market Update:

Friday’s U.S. job’s data was significant as it was the last before the Federal Reserve makes it’s mind up on interest rates on September 17th and the numbers where not that great meaning that most traders now believe the first rate hike since the global financial crisis in 2008 will now happen in December although many believe it’s going to be 2016 now. There was an expectation of 215,000 jobs created in August but that number was missed by a considerable amount with the final number just over 173,000 and with the global slowdown well under way now due to Chinese economy concerns there is virtually no worries that a U.S. interest rate rise will happen soon, Today’s markets will be quieter than normal as there;s no significant economic news releases and the U.S. and Canada have a Bank Holiday because of Labor Day celebrations – day that celebrates all that workers do for the economy and started in the late 19th Century.

Crude oil is on the slide once again after last week’s U.S. stock report showed a slight gain together with a lacklustre jobs report on Friday put traders in a pessimistic mood which has meant that the U.S. WTI Crude daily chart looks as though it’s now heading back to last week’s $43 level (currently $45:69 this morning)  The weekly Gold chart also looks bearish although there’s no real firm direction at the moment, $1070 is a medium term target on the downside but there’s going to be quite a lot of volatile moves before it gets down to that support level.