Morning Call by Traders University

Yesterday the FTSE 100 closed down 111 to close at 4,234. Stock indexes fell by more than 2 percent yesterday, sending the after the World Bank estimated the global economy will shrink 2.9 percent in 2009. It had previously predicted a 1.7 percent contraction. Hopes of recovery receded. The Dow fell 200.72 (2.4%) to 8,339.01, its lowest finish since May 27. It was the biggest drop for the blue chips. The Standard & Poor’s 500 index fell 28.19 (3.1%) to 893.04, also leaving the index with its biggest slide since April 20 and erasing its advance for the year. Forex news: Economic indicators gear up today with many European PMI figures but the American Existing Home Sales is the high news for the day at 3pm. After a strong start for the dollar, tension rises towards Wednesday’s FOMC Statement. The escalation in Iran also supports the greenback.

Trader's University Daily Update

The DOW pushed higher at the open but ran into some resistance at the 12,300 level where it turned and fell to the close to end the session down 46 points. The S&P closed down 11 points, NASDAQ fell 11 points, and all of the indices have left us with a high test reversal bar for Wednesday. The FTSE 100 jumped at the open but could not hold on to all of the gains falling back to close the session up 86 points. Futures – DOW is called down 120 points, FTSE is called down 100 points. Oil is still push to new highs and is currently trading at $109.57 a barrel, gold is trading at $987.10.

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