Morning Call by Greg Secker

Yesterday the FTSE closed 108 points lower at 4,530, having shown early weakness at the open followed by choppy trading ‘til the session’s end. Today the Bank of England interest rate decision is due out at 12 noon closely followed at 12.45 pm by that of the European Central Bank, both of which are widely expected to yield a half percent cut. Yesterday in America the Dow Jones trailed down from the open to end the session 486 points lower at 9,139 on the back of the Obama win. Today watch for further weakness bolstering the market’s negative reaction to Obama’s confirmation as the 44th President and with low to medium market news reports out, look to the break of 9,000 for indication of direction as the index positions itself ahead of the Non-Farm Payroll figures released on Friday. Gold suffered badly yesterday with a drop of $16.50 to $740.80 and Oil also fell to $65.47. Good trading and I will speak with you tomorrow.