Traders Update from the Live Trading Floor in London….The Dow opened Friday with early strength but quickly reversed from the highs, however the index still closed the day with a gain of 44 points at 11659, and continues to move within the channel seeming to have increasing difficulty with the 50 moving average after Monday’s foray onto higher ground. Volumes are reaching a low ebb as August peters out, so today with no major market news, direction is likely to be choppy with slight overall upward movement ahead of news releases out later in the week. The NASDAQ and S&P each traded sideways throughout the day offering no lead or support to the DOW and continue within their respective ranges. However, these ranges, if broken could indicate early direction Monday. The FTSE, writes Greg Secker, closed down 42 points at 5454 similarly squeezed between the channel bottom and the 50 ema, so, just as with the above market, direction is likely to look to components for impetus.  Oil is at $113.77, the same level it was in April and gold is trading at $792.10. Have a good day’s trading a great day and I will speak with you tomorrow

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