The market is having an up day for a change – up 79 – it was up 82 at its high. The SFE futures predicted a 38 point gain in the market this morning. The Dow Jones index closed up 152. Up 160 at best. Down 56 at worst. Finished on its highs in a late rally (which the UK missed). Dow now 19.6% down from its highs.

It was a fantastic night for financials – sector up 5.7% after speeches by Bernanke, Treasury Secretary Paulson and JP Morgan's CEO gave the market some confidence about the credit problems. Anyone would think the credit crisis was over. Sector hit a 5 year low yesterday. The oil price fell over again – down 5.33 to $136.04. Down $9 in two days. Said to be little more than "technical selling" – not great fundamental reasons.

Iran's President said they'd prefer to avoid war with Israel and the US. Resources down - BHP and RIO down 6.12% and 5.66% in the UK – but the UK market closed when the Dow Jones was down – it missed the late rally. BHP and RIO close in the US was not as bad. Good results from Alcoa - Alcoa opened the 2nd Q results season after hours. Results are better than expected. The NASDAQ also had a good session finishing up 2.28%.

Both BHP and RIO down in ADR form, 1.44% and 2.04% respectively. They fell further in the UK but when the UK closed Wall St was down – the rally happened late in the session.

Metals all down overnight – Copper down 2.56%, Zinc down 3.71% and Aluminium 5.1%. Nickel down 1.56%. Oil price down $5.32 to $136.06

Gold down $5.50 to $923.30 on the back profit taking by traders. Oil price now down $9.27 in the past two sessions. Bonds unchanged with the 10 year yield stable at 3.88%.