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The FTSE had a negative session on Friday and fell in order to retest the 5850 level. This area should offer support however, and as such we think that supportive candles in the near-term will be buying opportunities. The European stock exchanges on the whole did very poorly on Friday, but without a doubt London is one of the most steady and reliable as far as performances been over the last several months.
We like financials, but only after the Europeans get some type of solution put together. At the end of the meeting this week, there seem to be a bit of disappointment in the little bit that they did accomplish. However, we have seen this movie before and understand that sooner or later we will see another "possible grand bargain" that will placate the market for a little while longer. With this in mind, we think it's only a matter time before British banks do better.