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.