Morning Call by Greg Secker

The FTSE finished yesterday’s activity down by 18 points hiding the 100 point drop from the early high on the break of the news releases and the painful struggle to drag itself up from that and subsequent lows to a close of 4,152. Over recent days the index has started to form a double bottom, a powerful indicator of a trend reversal and one which if completed and sustained could indicate the start of the long looked for upward climb out of current depths into a Bull market. Therefore the magic number to watch for to be broken and sustained to indicate prolonged upward directional movement is the 4,650 level. If achieved, with the 50 ema then blasted through, strong confirmation of that trend reversal will have been delivered, at least in the midterm and even possible before Barack takes up residence at 1600 Pennsylvania Avenue. In America the Dow Jones yesterday finished at 8,726 with a gain of 247 points. Today as there is no news out either side of the Atlantic and with the Thanksgiving shutdown the FTSE will have all day to range about on its own without stateside interference! Oil is at $53.27 and Gold is at $814.30. That’s it for now good trading and I will speak with you tomorrow.