Morning Call by Greg Secker

The Dow Jones finished the day a massive 778 points down with its biggest point drop ever at the news that the House of Representatives rejected the $700 billion plan to rescue their financial system. Resting at 10,365, the index will start the day today with possibility of further slides indicated. Later with US Consumer Confidence reports, out at 3 pm British Summer Time, amongst other reports out from 2 pm, unlikely to give reason for a rally, watch to the 10,200 level, which if broken and sustained could signal the next sharp fall. Yesterday at home, with heavy losses from the open, the FTSE, unsurprisingly with America’s collapse, never really recovered and finished itself down 269 points at 4,818 – a level not seen since April 2005. Today with further unsettling news breaks and upheaval from across the pond, and our own GDP figures out at 9.30 am BST, indications leave little room for other than further downside movement, especially if the 4,700 level is breached and held. Gold is currently at $913.4 oil at $96.15. Good luck in your trading and I shall speak with you tomorrow.