07:50am   There is a bank holiday in the U.S. today (Martin Luther King Day) so markets could be quieter than usual so I shall not be too bothered about watching any charts today. Back trading tomorrow though.

Market Update:

Apart from the U.S. bank holiday, the main news today is the fall in Crude Oil values as sanctions against Iran were lifted yesterday. UK Brent Crude has fallen heavily this morning and is now looking as though it will hit the $28 level at some time today. Unusually U.S. WTI Crude is actually sitting at a higher level this morning ($28:65 vs $28:15) which I cannot remember ever seeing since I’ve been trading the commodity. Although WTI Crude futures price is currently $28:65 this morning, there is evidence that it is physically being sold in the U.S. for $25:00 per barrel over the last week just to alleviate the large glut in storage as the U.S. has almost run out of storage space.

Asian markets ended mixed but mainly positive on news that the People’s Bank Of China has stepped in to limit capital outflows to try to stop further speculation in the Yuan which would further devalue the currency.  With no big moves overnight in Asian and the U.S. bank holiday there is little chance of big moves in European and U.S. equity markets today but with low volume sometimes comes volatility so watch out if you’re trading today.