07:55am   I’m at home for most of today and unusually I will be watching my charts this morning while catching up on emails even though it’s Non Farm Payrolls Day.

Market Update:

The main news in the markets yesterday while I was away from my charts was the fact that Mario Draghi and the European Central Bank did not go as far as expected in extending his asset purchase programme and he also left the key interest rate on hold at 0.05%when many commentators were calling for a fall to show greater intent in trying to get the European economy kick-started again. The main equity markets fell yesterday with the German Dax-30 losing its greatest amount this year and the London FTSE100 falls rivaling last Decembers when it dropped 198 points on the 12th of the month.

Today’s focus will be on the U.S. jobs numbers and traders are expecting a figure of around 200,00 new jobs which if achieved gives the Fed a concrete reason to raise interest rates later this month although I believe the number will be closer to 190,000 after speaking to traders in New York last night. Gold seems to have found a temporary support around the £1050 level which it bounced off yesterday again and rose slightly, up to $1062 where it closed last night, although it’s slightly down again this morning – currently $1059.90.  OPEC meetings in Vienna today will see a large majority of members pressing Saudi Arabia to cut production in an attempt to stabilise the price so watch for reactions on the WTI Crude and Brent Oil charts.

Trading Diary:

08:50am    Not much happening on my charts (as I would expect) so I am off on a cycle ride for an hour or so.

12:30pm    Charts have been quiet as I thought so no trades to report.   Out to lunch now and then round of golf this afternoon – back to the markets on Monday.