08:00am   Chart watching, Skype calls and emails for me this morning ahead of a relaxing afternoon out on the water. Any trades I have will be reported below.

Market Update:

Equity markets around the world are looking fairly bearish this morning after a disappointing end to the U.S. trading session yesterday and falls across Asia overnight. Both the Dow Jones Industrial Average and the wider S&P-500 closed down last night as  crude oil values slipped once again and general pessimism for growth prospects dampened any enthusiasm for buying during trader’s traditional summer holiday break when volumes are lower than normal.

The overnight Asian session closed mainly down as investors reacted to the strength of the Yen together with disappointment over the Japanese monetary stimulus plans and this sentiment is holding back European markets this morning.  U.S. Crude Oil fell below the significant $40 level yesterday for the first time since April on oversupply worries and falling demand and already this morning the price is going back down to the $39 level after significant selling during the overnight Asian session.

With equity markets pulling back this week, Gold is surging ahead and looks to be heading for the July high of $1375, this morning it is sitting at $1363:10 after some consolidation in the past few hours.

Trading Diary:

09:05am   I have a break in my Skype call schedule and there’s not much to see on my collection of favourite charts so I am off for a cycle ride.

12:25pm   Just got into a ‘short’ UTB position on my WTI Crude Oil chart, my stop loss is 14 pips.

12:45pm   There was a quick turnaround in the WTI Crude price resulting in my trade being stopped out a short while ago.