Morning Call by Greg Secker

The Dow Jones reversed the previous day’s gains to finish 280 points down at 11,230, having lost 345 points from the session highs around the 50 ema resistance level. Today at noon British Summer Time the Mortgage Applications report is released and with such focus on Freddie Mac and Fannie Mae over the past three days coupled with news out yesterday that pending home sales were down 3.2% for July means that this news could cause another day of large moves, particularly with the current negative emphasis on commodities. Yesterday the FTSE finished down 30 points at 5,415 after the day’s high of 5,524. Today with the 50 ema continuing to afford strong resistance and our Trade Balance reports out today at 9.30 BST it is likely that most of today’s movement will continue beneath this level. Oil is at $103.75 and Gold is at $776.20. Great trading and I will speak with you tomorrow.