Morning Call by Greg Secker

Closing with a 50 point gain on Friday, the Dow traded in a progressively sideways movement whilst testing the 11,500 level. For major direction indication this is the key level to monitor at this time. The beginning of the week will see further oscillation unless firm direction can be established; indications are that this is unlikely with continued weakness throughout the markets. The FTSE closed up 90 points on Friday at 5,376 and with three days in the reverse direction of the downward trend, the cautionary notes above can be applied here also. With resistance at around the 5,500 level, should the Dow bounce back at 11,500 then the down trend resumption would be in play for both. Oil is at $130.640 and gold at $963.700