DOW flat along with the NASDAQ and the S&P, could be good, could be bad. Good because it has followed on from yesterday's falls, bad because it hasn't bounced back.
1371 still the level to watch on the S&P. 12,037 on the DOW if they are breached things could get much worse.
In London it's the financials which are the hardest hit, due to consumer spending and subprime mortgages. UK and Spanish banks could suffer the most apparently as most of their income is fee-based and the mortgage sector expanded enormously in the past few years.
GlaxoSmithKline (GSK) was higher in early trades but is now down 9p after it announced FDA approval of a breast cancer drug. Sanford Bernstein reiterating its 'outperform' and Collins Stewart its 'buy'.
PartyGaming (PRTY) is up 17% on renewed talk the US could relax its gaming regulations. Just why they would do that I don't know, as they have successfully sabotaged all non-US Internet gambling, and I was expecting them to set up their own US companies before changing the laws back again, but perhaps I'm just an old cynic.
At the moment I'm on the sidelines - got out of III yesterday for a small loss.
My prediction/guess is for another fall in US markets later on in the day.
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