Trading Diary & Market Update ~ Friday 28th November 2014
11:10am CET (10:10am UK time) ~ A late market update for me today but I was up at 5am to go out sea-fishing but I’ve only just got be here. I have no trades to report from yesterday as I spent a large part of it travelling over here to Majorca and today will probably be as chart-free also. I will report back tonight with any trades though.
Equity markets were quite quiet yesterday as the U.S. was on holiday but there was a bit of excitement in the Eurozone when economic sentiment climbed slightly against expectations – this is seen as a signal that traders/investors have growing confidence in Mario Draghi’s plans to stave off recession.
The main news in the markets however was the fact that Saudi Arabia does not really want to play ball with other OPEC members – the smaller countries of the oil producing club are keen for a production cut to help crude values rise, but I think the Saudis are playing the long game where they are forcing the price down so that it becomes uneconomic for many non-OPEC countries to drill for oil – a lot of companies have already said that once the value drops below $70 they will stop production. The U.S. WTI Crude ended yesterday $4.44 down to just over $69 and is currently trading slightly lower after bouncing off the $67.80 support level.
Market Close Thursday 27th November 2014: Dow Jones 30 Closed 17,827.75 S&P 500 Closed 2,072.83 NASDAQ Closed 4,317.99 FTSE 100 -5.75 @ 6,723.42 UK AIM +0.27 @ 728.72 DAX 30 +59.31 @ 9,974.87 CAC 40 +8.92 @ 4,382.34 IBEX +80.60 @ 10,727.60 Nikkei 225 (Today) +211.35 @ 17,459.85 Hang Seng (currently) -16.83 @ 23,987.45