Morning Call by Greg Secker

Not a great day for Guy Fawkes but the first day as President for Barack Obama! So as we all wake up to a new world, yesterday the FTSE closed up 196 points to end at 4,639 on the back of big positive moves on the Dow Jones. Today with a raft of economic indicators out at 9.30 am GMT topped by yearly industrial production figures, look around this time for directional movement. A break of the 50 ema at around the 4,660 level, if held, could signal the next upward sweep. Similarly a profit taking bounce off this level could see a breach of the 4,400 ahead of the Bank of England interest rate decision out tomorrow. In America the Dow Jones staged the biggest Election Day rally since 1984 finishing up 305 points at 9,625. With the final college vote counts finalising and taking the place of the remaining projection figures around 8 am GMT there will be plenty of time for the American markets to prepare their response. With a fair way to go before hitting the 50 ema a profit taking bounce could be a feature of today and with only low level scheduled market making news, the greatest potential catalyst for direction will be election result reaction. That’s it of today, have a great day’s trading and I will speak with you tomorrow.