Global markets closed in an indecisive manner last week. In terms of the FTSE we saw heavy selling during the week and then an inside day (FTSE traded within the previous days range) produced off the back of expiry and a double bottom at 5645. This can indicate a change in sentiment but in terms of buying, caution is advised until we see an end of day close above 5769 (Friday's rally could have just been short covering). The same level advised on Friday. I will not be placing any longs until we see this unless we see extreme over sold conditions on the back off panic selling.
This mornings magnet stands.
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