Morning Call by Greg Secker

The US Stock market fell sharply on Monday on renewed concerns over the health of several financial firms. The DOW opened with a sharp decline from the 11,600 Level and never looked back as the index dropped steadily throughout the session ending the day with a loss of 242 points.
The FTSE was closed yesterday for the bank holiday but had a bumper session on Friday racing up over 135 points for the day to close above 5500 at the 50 EMA.
The DOW Futures are being called neutral and the FTSE daily future is being called down 6 points. Crude Oil is trading at 114 dollars a barrel and Gold is trading at 823 dollars a troy ounce.
Today’s Powerplay list delivered 2 longs and 181 shorts that met the basic Powerplay filter. From that list we can look at two opportunities:
MITIE (MTO) group has been in a downtrend since April after a strong rally to the 200 EMA during the latter half of July it has now fallen back below the Moving Averages and is setting up nicely off the 50 and 20 EMA.
The 2nd one is Greene King (GNK) which like and MITIE and (and in fact most stocks) has been in a solid downtrend all year. It rallied back towards the 200 EMA during the latter half of July and has now dropped below the averages and is setting up nicely off the 50 EMA
Remember these selections are for educational purposes only and do not constitute trade recommendations. That’s all for today, have a great day and good luck with your trading.