EMISSIONS: "*EU SELLS SPOT CARBON PERMITS AT 78.54 EUROS/TON ON EEX"-bbg

The trend condition in WTI futures is unchanged - a bear cycle remains intact and recent gains are considered corrective. The pullback from the Sep 2 high highlights a possible reversal and the end of a corrective phase between Aug 13 - Sep 2. Initial resistance to watch is $65.43, the Sep 2 high. Key short-term resistance has been defined at $68.43, the Jul 30 high. A stronger resumption of weakness would open $57.50, the May 30 low. Gold is in a clear bull cycle and shallow short-term pullbacks remain corrective. A fresh all-time high once again, yesterday and today, confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3783.2, a Fibonacci projection. Initial firm support lies at $3594.0, the 20-day EMA. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend.

• WTI Crude down $0.13 or -0.21% at $61.99
• Natural Gas down $0.01 or -0.32% at $2.797
• Gold spot up $28.35 or +0.76% at $3774.08
• Copper down $0.6 or -0.13% at $462.7
• Silver up $0.06 or +0.14% at $44.109
• Platinum up $21.72 or +1.53% at $1438.84

Eurostoxx 50 futures are trading closer to their recent highs. The contract recently traded through resistance around the 20-day EMA - a bullish development - and the subsequent rally reinforces a bullish theme. The move signals potential for a climb towards 5525.00, the Aug 22 high and a bull trigger. On the downside, key support has been defined at 5302.00, the Sep 2 low. Clearance of this level is required to reinstate a bearish theme. A bull cycle in S&P E-Minis remains intact and the contract traded to a fresh cycle high yesterday. Price has breached the 6700.00 handle and this signals scope for an extension towards 6787.63, a Fibonacci projection point. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Initial support to watch lies at 6616.34, the 20-day EMA.

• In China the SHANGHAI closed lower by 6.743 pts or -0.18% at 3821.833 and the HANG SENG ended 185.02 pts lower or -0.7% at 26159.12.
• Across Europe, Germany's DAX trades higher by 160.08 pts or +0.68% at 23677.84, FTSE 100 higher by 31.77 pts or +0.34% at 9257.46, CAC 40 up 69.54 pts or +0.89% at 7898.55 and Euro Stoxx 50 up 35.25 pts or +0.65% at 5475.62.
• Dow Jones mini up 29 pts or +0.06% at 46753, S&P 500 mini down 1.25 pts or -0.02% at 6752.5, NASDAQ mini up 7.75 pts or +0.03% at 25016.75.

• Note that the BOE website now states that text will be published for the Pill fireside chat at 11:30BST (NOT at 10:00BST as was originally expected). Text will be released here.
• It is unclear whether there will be headlines through the event or not. Note that Pill spoke yesterday on monetary policy frameworks including the Bernanke review etc but said nothing pressing on monetary policy. He is considered the most hawkish internal MPC member so his comments should only be market moving today if he marks a dovish shift or if he said that he didn't think Bank Rate needed to be lowered at all - he has consistently said Bank Rate's path is lower, but the timing is the question.