Morning Call by Traders University

Yesterday the FTSE 100 closed down just 4 points at 4,230 and forming a High-Test bar. Yesterday the Dow Jones fell 16.10 points (or 0.2%) to 8,322.91. The Standard & Poor’s 500 index rose 2.06 (0.2%), to 895.10, and the Nasdaq fell 1.27 points (0.1 percent) to 1,764.92. The market is nervous and watching closely at all US Govt debt auctions looking for signs that the market appetite for US Government debt is waning. Another $104 billion is expected to be auctioned this week. Also watch out for the Feds interest rate decision (expected to remain unchanged), but more importantly, the Feds economic assessment that accompanies the rate decision. Questions about future inflation also still loom. Big day today in the forex market - the FOMC Statement is made. What will Bernanke hint about future interest rates? Apart from tensions towards the statement, the market will move on other important figures. At 11am GBP high news with CBI realized sales followed by Inflation report hearings at 2:30pm and BOE Gov King speaks at 3:45pm. Then at 3pm USD New home sales and at 7:15pm FOMC statement and federal funds rate. If you are in live position at that time, be wary of high volatility.