Morning Call by Greg Secker

Yesterday the FTSE closed up 372 points at 4,153 due to a variety of factors, but largely because of the Dow ‘s post session surge on Friday, followed by pre-release rumours regarding the pre-budget report, followed by the pre-market open of Monday’s Dow session which saw that index rise, and then continued an upward trail to gain 396 points and finish at 8,443. This movement was on the back of news that Citibank will get its $306 bn rescue shield which will prevent it from becoming the next Lehman Brothers and avoid sending the index into a two thousand point freefall and the American economy to unfathomed depths. Today look for profit taking on both sides of the Atlantic and further volatility around the American GDP figures, coupled with other consumption and manufacturing news out between 1.30pm and 3pm ending with the Consumer Confidence report. Oil is trading at $53.65 and Gold is at $813.30. That’s it for now, good trading and I will speak with you tomorrow.