Morning Call by Greg Secker

The Dow opened with early weakness and then spent the day choppily, regaining the early lost ground to finish with a gain of just 13 points at 11,429. Today with yesterday’s movement continuing in the consolidation pattern (as seen on the 1 hour chart) roughly between 11,500 and 11,300 since the 18th, a breakout from this could spark a decent directional move although there is no major news again for the US markets ahead of the weekend. The FTSE closed down just over a point at 5,370 Today we have our Gross Domestic Product figures announced at 9.30 British Summer Time along with a host of lesser quarterly figures which if worse than expected could signal the breakout from below the 5,300 coupled with potential profit taking position closing ahead of the long weekend. Oil is trading at $121.31 and Gold at $839.30. Great Trading and have a fabulous weekend!