The DOW gapped lower at the open on Friday but recovered to close the session up 17 points as it builds out its consolidation below the 13500 level. The S&P also recovered from it opening losses to finish the session level. The NASDAQ gapped lower down to the 20 & 50 ema’s but rallied to close the day up 1 point. The FTSE, writes Greg Secker, 100 fell hard during the morning on Friday following the news from Northern Rock, at one stage was down 250 points, but put in a rally to the close to finish down 74 points. The FTSE, writes Greg Secker, 250 ended the session down 218 points. Futures – DOW is called down 30, FTSE is called down 15. Oil has pulled back from the highs and is trading at $78.70 a barrel and gold is trading at $711.

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