07:25am   Back from my long weekend away so I shall be around the house for most of the day catching up on emails and doing some chart watching apart from a long cycle ride with friends after lunch.

Market Update:

Although Asian markets were generally upbeat overnight, traders are ignoring this and putting it down to central government intervention attempting to prop up share prices in China. U.S. equities had a negative session on Monday with energy shares being the main reason for the drop, the Dow Jones 30 index was down over 0.5% at the close although it had been lower intraday and European shares will more than likely open down this morning on the back of this.

Crude oil values dropped again yesterday with U.S. WTI Crude touching the $45 level at one stage, a price we have not seen since March and these further falls are caused mainly by Iran’s government announcing that they are going to increase their oil production by half a million barrels a day as soon as official sanctions are lifted. This is countered by U.S. refineries going into their maintenance period until October so production will be affected and that should have a positive effect on the WTI Crude value. Goldman Sachs issued a note yesterday to warn that Gold prices would probably go below $1000 per oz. in the near future as U.S. interest rates falls later this year and this helped the value fall $8:00 during Monday’s session.

Trading Diary:

13:40pm    I am off out shortly but I’ve seen a possible UTB trade on my S&P500 chart so I’ve set-up a buy order if the price rises to 2095.00.

13:55pm   Leaving for a long cycle ride with some friends and I’ve just seen that my trade has been triggered.  My target is set at 30 pips and my stop loss is 23 pips.

23:10pm    Just got in and I’m happy to report my earlier UTB trade ended at +30 pips.