Bearish outlook on markets

Dow ends the day down 120 points we therefore remain bearish and fail to see any reason to change this stance.

Bernanke still fails to inspire markets to the upside in the US with inflation and interest rate rises still in focus.

Far East markets are all easier on continued worries about Iran and the fact oil is still above $72.

The FTSE is indicated to open around 25 to 30 points lower.

Our levels of resistance (mainly 5719) have stood firm in the last few sessions.

Our downside targets for the FTSE are 5597 then 5468 which is the 13th June low

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