Morning Call by Greg Secker

Yesterday the Dow Jones opened up more than 100 points then immediately began to fall. Trading in the afternoon around the 11,050 and closing the day at 11,051, overall the index ended down 45 points in a relatively muted session. Today with more potential fuel for the Bears in the guise of the PPI for June (Producer Price Index) and Retail Sales reports out at 1.30pm (British Summer Time) the threatened breakout at the lower reaches of the recently formed channel looks increasingly likely should the news be worse than expected. The NASDAQ and S&P continue in their current patterns and continue to fail to provide any solid support. The FTSE closed up 38 points at 5,300 in a less volatile day than Friday but still nodding towards further falls. Today with the Consumer Price Index and Retail Price Index reports out at 9.30 (BST) if the news is worse than expected and with the potential of reflected reaction from the US further selling off to maintain current weakness is set to continue. Gold is trading is at $972.300 and Oil at $145.000