09:05am   Back in the UK after a 2-week holiday, I am at home today and planning on catching up on emails and hopefully do some chart watching as well from time to time.

Market Update:

There has been a bullish sentiment in the markets after the Christmas break but the Federal Open Market Committee’s latest meeting minutes that were released yesterday show a willingness to increase U.S. interest rates quicker than first thought and this has dampened buying enthusiasm slightly plus there is still concerns over the first few weeks of Trump’s presidency and what he will announce. U.S. equity markets rose well yesterday but failed to reach the highs of mid-December so we could see resistance at those levels.

The overnight Asian markets ended mixed with Japanese shares under pressure from profit taking after a 2% rise during Tuesday’s session but the Hang Seng index faired better and closed up 1.47%. European equity markets are opening slightly down on banking and insurance company concerns although in London the benchmark FTSE-1oo index did rise above the 7200 level a short while ago, a new all-time record – so expect some profit taking during the day.

Oil markets seem to have stabilised after a rocky ride in 2016 and I have sent out a chart earlier to subscribers showing a possible support area at $52:00 on the WTI Crude Oil chart. Hopes of a production cut by all the major producers is keeping prices up, this month’s stock announcements will confirm whether we have now seen the low for the oil price.

Trading Diary:

09:45am    There is not much to get excited about on my collection of favourite (six) charts so I am off to do some shopping quickly. Back in an hour or so.

12:10pm    Been watching my charts on and off for the last hour or so and nothing has popped up trade-wise so off for lunch with some fellow traders. Back in front of the screens later this afternoon.

14:20pm   Just got into a ‘long’ trade on my Gold 15-min chart, it is a Master-The-Trend Strategy-B pattern with a 20 pip stop loss.

15:30pm    The Gold price has risen quite well over the last 30 minutes so I am now out of my position with a +49 pip profit.  Happy with my score for the first day back so I am finishing my chart watching for today – and no trading tomorrow as it’s the first Friday of the month meaning the U.S. employment figures are released.