Morning Call by Greg Secker

The FTSE closed up 21 points at 4,388 after another choppy day of trading but has held above the 50 ema for the second day. Today with no scheduled major market news look to component news, a lead from the Dow and of course end of week position profit taking to provide directional impetus. Yesterday in America the Dow Jones ended the day down 196 points at 8,565, over further fears on the economy and that the automotive rescue plan looked increasingly threatened as opposition mounted. Today with a good number of news breaks out from 1.30 pm including Producer Price Index and Retail Sales figures, look to these and, as with the FTSE, end of week position profit taking to provide direction. Broadly, commodities increased, led by Oil currently at $47.98 up $4.46 and Gold up $17.80 at $826.60. That’s it for now, good trading, have a fabulous weekend and I will speak with you on Monday.