08:20am   I was intending to do some chart watching here at home today but I am getting married on Saturday and there are some pressing errands mounting up so I am finishing my trading for the week now.  I will send out an email to all customers in the next few days outlining my timetable for July with regard to trading/honeymoons etc.

Market Update:

U.S. equity markets closed down on Tuesday evening after tech stocks dragged the indices down – Google’s widely reported fine from the European Commission put a negative slant on trading plus there was also bearish sentiment after it was reported that the Senate will probably hold off on voting on a bill to replace Obamacare until after Independence Day holiday in early July.  This negative outlook spread to the overnight Asian trading session where most bourses closed lower although the Australian ASX-200 did finish marginally up as Energy and financial stocks looked optimistic.

After comments yesterday by European Central Bank President Mario Draghi regarding future direction of monetary policy the Euro rallied – traders liked the fact that he is looking at tapering his financial stimulus package towards the end of 2017. This points at a positive outlook by the ECB for the European economy which gives hope to investors that the region may well be coming out of it’s long recession.  The gradual rise in Crude Oil prices has slowed this morning as concerns over the continuing U.S. glut come to the forefront once again. It’s expected the Crude Oil Inventories will show a rise in stock when the figures are released in 7-hours time so watch out for a volatile reaction on the WTI and Brent charts.  The U.S. benchmark WTI Crud eis currently sitting at $43:95, down from a high of $44:41 yesterday afternoon.

As expected, Gold has been falling over the past couple of weeks as money has flowed into equity markets instead but there seems to be a small resistance level forming on U.S. and European indices so there has been some buying of the yellow metal in the past day or so. It is currently at $1251:80 after rising from the $1240 support level on Monday.