09:05am   I am planning a restful day at home which will include some chart watching from time to time so any trades I find will be reported below.

Market Update:

Traders in the U.S. are shifting focus into riskier assets as concerns over Hurricane Irma and North Korea subside and this resulted in a record close for the S&P-500 last night. The index closed at 2488.11 which was equal to a record high reached on 8th August and we could see a small bearish reaction soon as profit takers come into the market and the narrower Dow Jones 30 index jumped 259 points also on the back of this optimism.

The overnight Asian trading session benefited from this bullish sentiment and almost all the region’s indices closed in positive territory and this morning’s European session has also seen some concerted buying in the first hour or so. Traders are buoyed by new UN resolutions designed to reign in North Korea’s nuclear ambitions and expected missile tests did not materialise at the weekend which helps market optimism so we could see further highs this week.  These rises in equity markets has understandably affected the Gold price and it has come off the high at $1357 and is now trading around the $1325 level although there does seem to be some bargain hunters around buying this morning in the past hour or so.

Crude oil is continuing its roller coaster ride and U.S. WTI Crude Oil is trading between the $50:25 and $45:50 levels and at the moment the Daily chart is suggesting a small move up from today’s $47:75 level.  There is still some uncertainty on how much effect on price that the hurricanes are going to have on refining capacity so that price could be volatile for the next few days.

Trading Diary:

09:25am   Just taken a ‘short’ position on my Brent Crude Oil chart, it’s a Master-The-Trend Strategy-B set-up and my stop loss is 18 pips.

11:00am   Just glanced at my charts and seen that my Brent position has been stopped out at -18 pips.

11:20am   Off for a cycle ride then lunch, back this afternoon for some more chart watching.

16:05pm    Nothing to report this afternoon, I am switching off my screens and will be back here tomorrow morning.