The Dow spent the day headed further below the channel, down 130 points at 11,348 As the Housing Starts news was very slightly better than predicted, the effect was muted, however the concerns that caused Monday’s decline still weakened the overall market. With no news out state side, early weakness may set the day’s direction as the reactionary buy back has yet to make itself felt. With only 650 points to go, three weak days may mean that our bank holiday break could herald the tipping point, when combined losses could see the key 10,700 level reached before the projected September up turn. Yesterday – notes Greg Secker – the FTSE closed down 129 points at 5,320. Today, ahead of Retail Sales figures on Thursday and our GDP out on Friday, we have the Bank of England minutes released at 9.30 British Summer Time, where the markets will be looking for the merest hint of either continued negativity or a glimpse of positivity to react to. Just as with the Dow – further falls could see the 5,100 level reached potentially triggering a fall away below the 5,000 level. Oil is trading at $115.00 and Gold at $819.30. Good trading and I will speak to you tomorrow.
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