Mark Austin FTSE Service Update - 21 Feb 2011

Good morning

The FTSE closed last week on a positive note. After an initial sell off in the morning session, buyers came in late afternoon and prices closed higher than the previous week. When a market is tiring and sellers are becoming dominant traders are unwilling to hold positions over the weekend. This is not the case at present and calls for higher prices. The stop for all bulls remains a close below 5980. Until we see price action close below this level we can expect higher prices in the short term.

With US markets closed for Presidents day expect a very quite session this afternoon.