Morning Call by Traders University

Britain’s FTSE 100 index closed 116.01 points down from the previous session to close at 3529. The index is seen opening 9 to 14 points lower on Friday ahead of the key US jobs data according to financial bookmakers. Bank of England Governor Mervyn King has also commented that the central bank’s 75 billion pounds ($106 billion) asset buying spree to boost the money supply and the economy will not create a huge inflationary surge. A top International Monetary Fund official has also commented that the world’s rich economies
are shrinking at such a rapid timescale not seen since the World War Two and the downturn may last into 2010.
The Dow closed with another drop yesterday. It opened the day with heavy selling pressure and reached new lows within the current overall downtrend. The Dow pushed below 6,700 and eventually closed the day below 6,600 with a loss of 281 points. The 60 Minute Chart shows the Dow is making lower lows within the five-week downtrending channel and is now approaching the bottom of the pattern at around 6,500.
Forex News: Today is Non-Farm Payroll at 1:30pm. This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts; Therefore we will not place any Income Generator trades today.
Also Unemployment rate is due to be released at 1:30pm, adding more volatility during that time.