Morning Call by Greg Secker

The Dow opened Friday with early weakness through the 11,650 level and proceeded to drop throughout the session. The index closed the day with a loss of 171 points and could be headed back toward the 11,400 level. The Dow has essentially been rejected at the 11,700 level for the second time in three weeks, which is not encouraging. If this level cannot be crossed, we could see another drop back toward the 11,400 level. Continue to watch for range-type movement between 11,300 and 11,700 until a breakout from this range is seen. The FTSE rose 35 points to 5,636 making an advance of 4.2 percent in August, but is still down 12.7 percent for the year to date. Oil is trading at $115.84 and Gold at $836.70