Morning Call by Traders University

The FTSE closed up 62 points at 4,292 with British Airways being a major success story as the shares closed up 13p at 141p, despite revealing a pre-tax loss of £70m as a 50% increase in fuel costs hit the bottom line.
On Friday the Dow rallied 218 points and broke through the 8,100 level. The index opened Friday with early strength fuelled by an upside break through the five-week upper trend line at 8,100. This break led to steady strength throughout the day and an eventual 218 point gain. The daily chart shows the Dow has bounced from the bottom of the large triangle after testing lows at 7,850. The index is now approaching a major level at 8,400. Watch 8,400 closely, as this level will act as a major line of resistance. On Friday, Wall Street looked past another bleak jobs report and awaited word from Washington about an economic stimulus plan and changes to the government’s financial rescue programme. The advance helped propel the indexes to their first winning week after four straight weeks of losses, and put the Nasdaq composite in positive territory for the year to date. US Treasury Secretary Timothy Geithner delayed the announcement of the Obama administration’s financial-recovery plan as officials debated proposals aimed at addressing the toxic debt clogging banks’ balance sheets.
Forex: Today at 7am, German Trade Balance is expected at 10.0B. 1:15pm CAD high news also with Housing Starts expected at 165K. Japan’s current account surplus plunged 92.1% from a year earlier in December, logging its tenth straight month of declines, the Ministry of Finance said Monday. The surplus in the current account, the broadest measure of Japan’s trade with the rest of the world, stood at Y125.4 billion before seasonal adjustment during December, the data showed.