Morning Call by Greg Secker

Yesterday the FTSE ended a meandering session just 2 points down from Friday’s close, at 4,277. Today, with the full impact of the Dow’s reactions to the weekend’s events coupled with Consumer Price Index and Retail Price Index reports even with light volumes, a rough day is likely. In America yesterday the Dow Jones closed down 65 points at 8,564 after a choppy day’s trading in light volume, which is expected to remain in the last full week of trading ahead of the Christmas break, as this often skews the market. With fears easing over the carmakers this has given way to fears over the increasing list of companies exposed to the Madoff fund. Madoff, a well respected, former Chairman of the Nasdaq Stock Market, was arrested on Thursday for an alleged $50 bn fraud involving banks and other businesses both sides of the Atlantic. With a plethora of news breaks today including America’s Consumer Price index and Housing Starts at 1.30 pm and the Federal Open Market Committee Rate Decision at 7.15 pm, widely expected to result in a cut, there will be plenty to react to throughout the day. Oil is currently at $44.50 and Gold is at $835.30. That’s it for now good trading and I will speak with you tomorrow.