 Hi, good morning, and welcome to today's products and focus so you had Fed member Lockhart last night coming out with an absolute gaff apparently basically saying that we're definitely going to have a rate hike in April and then just an hour later he went well actually maybe I was kind of wrong about that. You saw the dollar immediately shut up and then dropped back down again and that's a very uncharacteristic gaff from Lockhart, he's usually quite steadfast in the face of the cameras but nevertheless a slight blip there. What we are kind of seeing is a lot of global equity market, well the US market is still managing to push up that little bit higher, very resilient at the moment, other European and Asian markets are just kind of treading water at the moment and what we actually saw was a city bank have come out with a statement basically saying that it is the worst quarter for earnings downgrades ever global earnings downgrades ever in their history that they've come across so that gives you an idea margins for companies are definitely getting squeezed and there isn't going to be any super earning cycle to propel these markets up that little bit higher. So that's going to give you a bit of an idea, there's not a lot of fresh money coming in to the market right now, a lot of the movements that we're seeing higher especially like in Crude Oil and some other global equity markets might be coming out of people actually closing out their short interest positions so as people that were short just going you know what it's time to get out, take some money off the table and that's what's causing these markets to slightly get these gains, maybe not the US market incidentally but when you look at gold and not gold but Crude, sorry, that's where you're maybe getting your bits of growth from and it's not that there's a huge massive turnaround in demand or any difference in storage or how much of a glut that we've got so simply people are closing out those short positions wondering what to do next and that's pretty much the theme that's kicking around right now, the volatility aspects of many markets are really kind of drifting that a little bit lower, there's not as many opportunities as there was if things are just slowly treading up, obviously it's better for traders to have a little bit more volatility and maybe we'll get it if we get some surprises in the macro data side as well. About question marks over the Chinese Yuan, rumours of secret manipulation by the Chinese government because the Yuan has actually been very uncharacteristically stable at the moment which is probably helping to calm things as well. That gives you an idea as to the common fundamentals, let's go ahead and have a look at things from a technical perspective so as ever let's start off with the US-13. So you can see how far we've come since we had the double bottom so extending past the potential target price of that, edging closer to potential resistance at 79, 79, slow stochastic massively overbought, all my oscillator on slightly ticking over and we've still got positive momentum on the MACD. 87% of seems to be market clients are currently short, they're just waiting for this thing to fall over but what might typically happen is it's going to grind on higher and higher and higher and it's not until you really get to 79, 79 that you're coming up close to a strong resistance but obviously one set of really dodgy macro data and this thing could tumble over because it is slightly overextended so I can kind of see why clients are taking a short view at the moment. So let me look at the UK-100, you get a bit of an idea how much this has kind of stalled, the tips of these candles are indicative of selling pressure, the UK-100 is just kind of dying right now, sputtering I should say not dying and it's just crossed, the slow stochastic has just crossed over the 80% level, all my oscillator is not doing anything, we do pretty much have a crossover on the MACD, 35% of seems to market clients are currently short, it's the middle of two ranges potentially provided a little bit of support for that 21 period SMA. Moving on to Japan, 2 to 5, also with a 55% long position, not really doing a huge amount as well, you can just see the outperformance on that US 30 relative to the other markets when you can see just how far these guys are away from their kind of recent highs last year, looks to be 17, 8, 96 is a strategic level, we're probably going to also lay around here for a little while, the other technicals aren't really doing a huge amount, we've almost got crossed over the MACD and the slow stochastic did cross over the 80% level but that was a few sessions ago. Looking at dollar yen, it's kind of slight rebound, I don't think dollar yen really gets that exciting until we break down below 110 and it just depends on what any Fed members really come out with some crazy statements again and then completely backtracked just now or later, so that will give you a little bit of an idea of what to expect, you would have hoped that if we broke out of this triangle formation we'd have gotten more of a breakout but it does appear that it's not going to do a huge amount extra at the moment, 64% of seems to market clients currently long, hoping for a bounce higher. Moving on to Crude Oil West Texas, 66% of seems to market clients currently short, we're getting quite close to $40 again, psychological round number, again it's a decent move but as we discussed earlier on, is it because of any massive changes of the fundamentals? Yeah, there's secret meetings in DOA, we're not really secret meetings, everybody knows about it but there are meetings in DOA between OPEC and non-OPEC members, there is talks of caps of production but caps of production at record all-time levels, that's something to be quite, something to consider, so is most of this a short squeeze, people closing out of short positions or is it actually people thinking that Crude Oil is going to be getting a little bit of a shot in the arm, that remains to be seen, so just be careful out there and then if we move on to gold, gold's just been a really tough one to read, with everything that's kind of coming out in the markets at the moment, you expect gold to really break out in one direction or the other, when we broke out of this symmetrical triangle formation, we did initially have that big spike up but now it's just flopping around, it's not really doing a huge amount but 78% of St. George clients are currently long, they are possibly anticipating a move up to 1307 but it's not materialized as of yet and then if we move on to Eurodollar and GBPUSD to close things off, Eurodollar failed to break through potential resistance, we had a negative day yesterday, negative day on the Friday, it's not doing a huge amount today, 65% of St. George clients are currently short and then finishing up GBPUSD, it's just running out a little bit, running out of Steam but we are at one spot 43.52, which could be a potential support level which could be interesting in the short term, that also coincide quite nicely with the 55 period SMA. We finish up with the market calendar as ever, what is coming today? Well, we do actually have an amount of the market serve PMI data for Germany, the Eurozone and of course we've got CPI for the UK and of course we've got the ZEW business report for Germany, very important and then you've got home sales and petroleum data on Wednesday, Thursday you've got retail sales, durable goods, employment claims and Japanese data and they're on Friday and we're obviously in the holiday in the UK but it's GDP coming out of the US as well. Well, that's it from me guys, very good luck with your trading and join me again tomorrow to find out what will happen next. Thank you very much and goodbye.