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Wall Street clawed back some gains yesterday and finished back above 11000


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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