Morning Call by Greg Secker

Yesterday’s close of the FTSE was 64 points lower than the previous day at 4,182 having dropped under pressure from the losses on Wall Street. The index attempted a bounce back from early losses but continued to fall from noon to an hour out from the finish when the bargain hunters leapt in to swipe some cut price shares. Today look to the 4,400 and 4,100 levels which, if broken and held are likely to give the greatest confirmation of decisive direction. With no British market moving news today look to the plethora of European news out just prior to the off in London and then American Trade Balance figures out at 1.30 pm along with lower level employment news breaks to give cause for price action around those times. Yesterday the Dow Jones fell by another 411 points, with weakness from the outset until the close, leaving the index to finish at 8,282. As mentioned the release of Trade Balance figures coupled with further global economy unrest and indecision watch the 8,150 level 8,700 on the upside for the next major potential move. Oil and Gold fell too with oil reaching a 21 month low of $55.73 and Gold dropping over $22 to $710.70. That’s it for now good trading and I will speak with you tomorrow.