Morning Call by Greg Secker

As the August doldrums ended, September has had a very muted start from the blocks with the American markets closed for Labour day but with the promise of heightened volatility due to Gustav and Hannah – no not new names for American mortgage bail out companies but the seventh and eighth efforts from the Atlantic Hurricane Season. The resulting havoc could well lead to seesawing oil prices with concerns over the storms’ paths, adding pressure to many of the stocks making up the Dow Jones. Watch for much indecision today without major market news but in spite of all this if the 11,700 level can be breached and held, then a decisive upward thrust, ultimately to the 200 ema, could be seen. The FTSE squandered its day of trading within a very narrow channel and ended down 33 points at 5602. Today if Wall Street gets into bullish gear then the 5,800 mark could well be in sight, as a good upward surge in both indices would pre-empt negativity ahead of the Non Farm Payroll on Friday and the hurricanes render bleak the outlook prior to the weekend. Oil is trading at $111.22 and Gold is at $823.50. Good trading and speak with you tomorrow.