08:25am   I had planned on being in front of my screens this morning but I’ve been invited out for the day so no trading for me today and as it’s Non Farm Payrolls tomorrow I will not be watching any charts until next week – probably Tuesday 6th.

Market Update:

European markets ended Wednesday’s trading session mainly down after an unexpected fall in EU inflation data plus ongoing political uncertainty in Italy, Greece and the UK and this negative sentiment carried on into the U.S. session where the two major indices closed in negative territory after concerns over inflation hampered the financial sector. The S&P-500 index hit a high of 2418 last week but has not been able to replicate that performance so far this week although a good jobs report tomorrow may help lift optimism and take traders minds off a potential rate rise later this month.

The overnight Asian trading session ended mixed at best with Japanese and Australian indices closing up but Chinese equities having a tougher time although the Hang Seng did manage to see some bullish action upto the close.  European markets are fairly positive this morning and have shrugged off yesterday’s concerns although we could see lower than usual volumes ahead of the Non Farm Payroll numbers tomorrow.

Crude oil had another negative session yesterday on continued over supply concerns and specifically on reports from Libya that their previous oilfield issues have been resolved.  There has been a slight recovery in the price this morning as U.S. stocks are expected to show a larger than expected draw in weekly figures today.

Trading Diary:

No trading today, back in front of my screens next Tuesday