08:40am  Late start for me and no trading today as I have the builders in again and I shall be giving them a hand through the day.

Market Update:

Main news again this morning is from Asia, the Chinese equity market has officially turned into a bear market as it has now lost 20% of its value since last year’s high. Overnight it lost 4% at its worst and settled 3.6% down as worries over the real situation of the economy emerges, with traders doubting economic figures being released by the Chinese government.

As I write I can see that U.S. WTI Crude is lining up for further falls and will soon be under the significant support level at $30, it is currently sitting at $30:13 with a few of the timeframes with my MMOSc indicator very much oversold. Unusually, UK Brent Crude is at the same level at the moment as WTI, it is usually upto a dollar higher.

With all the pessimism surrounding many markets this morning, the safe haven assets of Gold and the Japanese Yen are good places to put your money, after a strong fall in the Gold price yesterday afternoon it has almost regained all those losses overnight and is currently sitting at $1083:90.  Plenty of economic news out in the U.S. later today so looking forward to an interesting day’s trading.