Morning Call by Greg Secker

Friday’s close on the FTSE found the index down 108 points at 4,280 after a massive opening fall on reaction to the Dow failing to rebound although the last half of the session made some attempt. Today with no scheduled news out save the Rightmove report showing a slowing in the decline of house prices look to component news and a lead from the Dow for direction. In America the Dow Jones showed resilience on Friday, rebounding from an early drop of 200 points as the Senate killed off the $14 bn Auto bailout package, to end up 64 points at 8,629, after the government said it would assist the big three carmakers. Many analysts believe Wall Street is growing more confident that the government’s steps to stimulate the economy, including its $700 billion bank bailout program, will work. Today with little scheduled news out look to component news for directional impetus. Oil is at $47.04 and Gold is at $831.50. That’s it for now, good trading and I will speak with you tomorrow.