09:35am   This is my last day of trading ahead of a four-day trip away so at home for most of the day and any trades I have will be reported here. Already been out on a cycle ride this morning, so Market Update slightly later than usual.

Market Update:

As subscribers of my daily ‘Trading-Guidance’ service will be aware, the S&P500 looks to be turning bearish again – the index has been below its 200 day moving average since August but now the weekly chart seems to be at a bearish reversal point and if you would like the screenshot I’ve sent out this morning on the subject just email me. Yesterday’s U.S. markets ended down after another raft of top companies reported their latest earnings and energy stocks suffered most as Crude Oil prices fell following this week’s inventory numbers – there was another build over the last 7-days, this time up over 8 million barrels. Commodity traders concerns over the world economy is not helping the situation as demand is still falling with no light at the end of tunnel yet.

Today is the European Central Bank meeting to set the minimum lending rate for the next month and while nobody is expecting any movement, investors will be more interested in how much money-printing Mario Draghi will announce, his comments are due at lunchtime together with the latest U.S. employment situation.

Trading Diary:

11:15am  Just entered a ‘long’ position on my U.S. WTI Crude chart — it’s a trendFX strategy-3 set-up with a whopping 21 pip stop loss.

13:00pm   Off out to lunch at The Harbour Inn so I’ve set my profit at +21 pips and bought my stop loss upto -10 pips to give it a bit of room to manoeuvre as there’s a few economic announcements due out very soon.

15:40pm   Back from lunch and my WTI position reached its target earlier and was closed off. Nothing else on my charts at the moment, I will have another look in an hour or so.

16:55pm   Nothing on my charts, so that’s it for the day trading wise, back at my charts next Tuesday.