Morning Call by Greg Secker

Yesterday the FTSE ended 38 points higher at 4,403 but significantly down from the day's high of 4,524 on the back of the Miners, which surged after China approved its $586 billion government spending economy rescue plan. Today with our Trade Balance figures out at 9.30 am look to the break of the 4,350 level for downward directional movement or a flirtation with the 50 ema at around the 4,620 level for another bounce back to trend. In America after early strength the Dow Jones trailed down throughout the day from a high of 9,158 to close down 73 points at 8,870 as concerns over major stocks weakness overshadowed any positive impetuous that the Chinese plan may have had. Look to the Asia markets positivism for early directional movement above the 8,750 level and profit taking to render any upward movement null and void throughout the session. Oil is currently at $62.52 and Gold trades at $746.90. That’s it for now, good trading and I will speak with you tomorrow.