Morning Call by Traders University

The FTSE closed up nearly 110 points yesterday as it raced up to hug onto the 50 day exponential moving average. The index closed at 3953, as markets across the globe soared in reaction to the U.S saying they will spend up to 1 trillion dollars on toxic assets. The financial and mining sectors were 2 of the best performers for the day. The S&P 500 and the Dow posted their biggest one-day percentage gains since late October after Wall Street finally got what it was asking for: relief for the battered banking sector and more data suggesting the housing market could be on the mend with the Dow rising nearly 500 points. U.S existing home sales came in at 4.72m, higher than the forecasted figure of 4.45m. In the foreign exchange another week has started with markets trading in positive territory. Asia ended the session profitably and Europe also ended up for the day! Market participants are in a euphoric mood due to President Obama’s new plan to buy up to a trillion dollars of bank’s distressed assets. Crucial week for this week’s dollar direction. High news today will be GBP CPI at 9:30am and Inflation report at 9:45am. In the US at 2pm Fed Chairman Bernanke Testifies.