08:10am CET (07:10 UK)  ~  I am here in the study for a few hour this morning before a trip out to Soller for lunch and sightseeing. Before all that a cycle ride with neighbour Franz.

Asian markets followed the lead from U.S. equities last night and have headed lower overnight mainly due to IMF forecasts of lower growth for various world economies together with growing geo-political risk and the Ebola risk which seems to have been underestimated.  The International Monetary Fund has cut its overall outlook for the third time this year and is blaming weakness in certain EU countries together with gloomy economic forecasts from the likes of Japan and Brazil.  Here in Europe, German data out yesterday showed that its Industrial Output fell more than 4% in August when compared with the July figure – this resulted in the Dax 30 falling over 1% during Tuesday’s session ending at 9086.  In the U.S. the S&P 500 index fell to a two month low after the IMF, amongst other warnings, suggested that U.S. equities were just to expensive in their eyes – the Dow Jones also dropped, ending over 1.5% down by the close of the session.

News this morning has emerged that Russia’s Central Bank is selling some of its U.S. Dollar holding to try to prop up its own currency. The figure of 16.8 billion Rubles worth of Dollars is being bounced around as the effect of global sanctions starts to bite. Gold is extending its bullish move upwards with a host of good/bad news to keep investors in a buying m,ood – equity markets falling together with increased demand in India plus Chinese markets back after a long holiday break meant the price rose $1.20 to $1208.40 yesterday, although this morning it is sitting on a moving average resistance line that has held steady since the middle of August.

Market Close Tuesday 7th Oct. 2014:  Dow Jones 30  -272.52 @ 16,719.39  S&P 500  -29.72 @ 1,935.10  NASDAQ  -57.68 @3,958.59  FTSE 100  -68.07 @ 6,495.58  DAX 30  -123.30 @ 9,086.21  CAC 40  -77.38@ 4,209.14  IBEX -215.00 @10,430.70

11:00am  CET  ~  Been watching my charts for an hour or so now and the only opportunity that I can see at the moment is a possible UTB pattern on my WTI Crude chart. If the price goes up past 87.75 I will get into a ‘long’ position.

11:15am  ~  In a ‘long’ trade on my WTI chart, the stop loss is 23 pips.  Unusually the pattern has shown up on both the 15 minute and 1 hour chart.

11:55am  ~  Finally going to be dragged out of the house by the Blonde so as my WTI trade is still hovering around +3 pips I have organised an order to close the trade at a target of +30 pips and stop loss still at -23 pips. Let you know later how it gets on.

21:45pm  ~  Just got back home so no trading to report tonight, my earlier trade managed to get to its 30 pip target.

Daily Target  +20 pips

Pips Achieved  +30pips