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Wall Street  clawed back some gains yesterday  and finished back above 11000 up 56 points at 11405.28 Nasdaq and the S&P 500 also made modest gains . Asian Markets  have  followed suit with the Nikkei  and the Hangseng both above the gain line. Gold has rallied in overnight trading with the spot price currently at $590.30 per oz up $5.

The main focus of yestedays session was mergers & acquisitions in the Mining and Metals sectors  though this failed to stimulate the Mining heavy FTSE. Early calls for this morning  are for FTSE to be up 20 points , we note that the early call for the DAX was up 30 & that the Dax futures are at time of writing up 41 exceeding expectations.

Technically we are still watching  key resistance at 5719 & 5749.5 and it is these two levels that need to be taken out if we are to change our stance form bearish , support  comes in today at 5651.

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