FTSE 270409 MORNING BRIEF

Hello everyone,

Following on from Asia, it seems that the bullish sentiment that persevered over the weekend could be coming to an abrupt end as pessimism trading resumes.

European Futures pointed downwards as a result of the swine flu scare, today we expect a red day in the FTSE. Where financials may lead the way downwards following Asia.

I reemphasize my stand on the strong standing of Pharmaceuticals, which I believe were oversold upon results announcement, and has now been reemphasized by the swine flu out break.

Oil seems to have fallen back down upon reports of high inventories, I believe this may prompt a buy call for oil stocks somewhere within the week... but for now I would hold off that judgement

For calls today:-

Sell GSK (I expect profit taking tomorrow on this stock), I believe this position should be closed after midday at best price.
Buy on MKS @330 (subject to revision)
Buy NG @ 547 (move to defensives)