08:55am  I have awarded myself a days holiday so no chart watching today, not sure about tomorrow – I will report back later.

Market Update:

After markets rising on Monday they have reversed once again as traders exaggerate another minor concern, this time the tech sector was under pressure after Bank Of America Merrill Lynch cut their price target for Facebook again after the data scandal that’s engulfing the social network company.  Self driving cars are also in the news for all the wrong reasons and this is also having an effect on various tech companies. The Dow Jones closed down 2.84% at 24,202.60 (-669.40) so wiped out  large majority of Monday’s gains.

The overnight Asian trading session was equally as bearish for largely the same reasons despite some good news out of China where the North Korean leader was on an official state visit, the first since he took power in 2011. He has stated that he wants a nuclear-free Korean peninsula in meetings with the Chinese leader yesterday but this news did not lift markets and all the major indices in the region close din negative territory.

Oil markets fell yesterday after the American Petroleum Institute reported a rise of 5.3 million barrels in crude oil stocks last week and this sent the price of U.S. WTI Crude down by 77 cents to $64.65, below the significant $65.00 level and it is down another 20 cents this morning.  There is some good news however as there seems to be some historic support around $64.00 so watch this level for some trading opportunities.  Gold fell yesterday by $8.80 to $1344.80 on a weaken Dollar caused by the looming U.S./Chinese trade war but this seems to be dissipating slightly which has strengthened the Dollar slightly and so stabilised the Gold price.