UK stock market opens today after the long weekend. For those who may fancy opening a LONG position on the main index, the FTSE 100, it's worth bearing in mind that the index is only about 50 points away from its high of many years. So for my money I would only DAY TRADE it as things are at the moment. While we are on this subject, I would say in my experience the FTSE 100 is one of the better indices to trade and I personally think it is far easier to read the direction of this instrument than for instance the DAX30 or the Dow where "day trading" is concerned.

The Dow managed another day of gains yesterday, it finished 20 points in the black - the Nikkei225 lost half a centuary overnight, with the Australian ASX200 finished in the red by a deficit of 20 points - as a result the out of hours US markets have been marked down slightly - the FTSE100 of UK and the Dax30 of Germany are mostly expected to start trading unchanged from yesterday's closings.

40 minutes into the US trading and the DOW is showing a healthy gain of 100 points - the oil has fallen below 65 and it is partly to blame for the gain - FTSE surprisingly is not following the DOW on this occasion - in fact traders seem to be shorting it slightly - I guess that is because they expect the DOW to lose its gain any minute as has been the case recently - but care has to be taken into account as at this particular time there's no reason why the US market should not hold on to its gain - UNLESS the Crude takes another leap upwards, the bulls should be in charge even if it's only for a few hours!!