Morning Call by Greg Secker

Yesterday the Dow Jones fell steeply in the second half of trading in reaction to poor employment figures, and ended testing the 11200 resistance. Today is a premature end to the week due to America’s Birthday celebrations tomorrow and with the Non Farm Payroll and Manufacturing Payroll announcements due out at 1.30pm (BST) again a day early, the tentative upward bounce off the major number may well be reversed early this afternoon. The Nasdaq and S&P both dropped sharply also, nearly reaching overall lows and further weakness is likely following the current trend. The FTSE rallied yesterday from its open but then failed to keep the momentum and trailed downward to reach a low not seen since January spurred on by the Dow’s fall. Today’s upward movement following the opening may also reverse early this afternoon as the forecasts suggest a worsening position over last month’s announcements in the US coupled with the US market makers closing their positions early for the longer break, caution is the watchword. Oil is trading at $144.450 per barrel and Gold is trading at $947.200