09:10am   This is my last ‘Market Update’ for 2015 as I am off on a 2-week Christmas break in Norfolk later today.

I would like to take this opportunity to wish all readers a Very Merry Christmas and a Happy & Prosperous New Year. I shall be back here on Tuesday 5th January 2016.

Market Update:

After a fairly bullish week, U.S. equities were dragged down by falling energy sector and a sell-off in Goldman Sachs shares and the S&P500 ended the day over 1.5% down at 2041.89 and after the overnight Asian session the futures are sitting at 2028.10 as the index falls towards the near term support line at 2003.50. In contrast to the movement this week, overall this main U.S. index has not gained any points in 2015 as it started this year at 2057 and during August fell as low as 1834. With Janet Yellen and the Federal Reserve signalling that the hangover from the 2007/08 recession is now over after she raised the U.S. interest rate, we may see the S&P rise upto the 2200 level in the first few months of 2016 if the London traders I spoke to yesterday are correct.

There is not the same optimism for the Crude Oil market however with continued over production likely in the first quarter of the new year, the U.S. WTI Crude is currently sitting around its lowest level since 2009 and although many commodity traders are expecting a bounce off the $34.50 level as we end the month, there will probably be more bearish moves as we fall towards the expected support at $30. Once that level is reached, it is thought that OPEC will finally hold up the white flag and call a halt to the price war with America so that calm can be restored to the market and everyone can start making some money. Luckily the Scots voted against independence !