06:45am   Early start today as we’re off for a long weekend break tonight but no trading for me – back in front of the charts on Tuesday morning.

Market Update:

Big news in the markets last night was New York Fed Chairman William Dudley’s comments that conditions were not quite right for a rate rise in September – or as he put it “less compelling” and this gave the Dow Jones index its biggest single daily rise for 4 years although the next few day’s moves will confirm this new optimism.  European markets are expected to open positively this morning as well, on the back of a broadly positive Asian session – the Chinese Shanghai Composite was up nearly 5% on government stimulus and also a bit of a push from the positive U.S. session.

On the oil market yesterday a decline in U.S. Crude Inventories failed to lift the price of WTI Crude much, it ended the session down although general optimism has lifted sentiment this morning and the price has risen above $40 in the last hour for the first time since Monday – maybe we have seen the bottom this week ?  Gold is mirroring the equity markets as usual and has also had a fairly volatile week with this month’s general bullishness being halted on Monday morning and since then we’ve had three consecutive losing days although the daily chart is now looking fairly oversold so we may see some bargain hunting into the weekend.