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The FTSE 100 index is set to slide after a weak end to last week on Wall Street amid concerns over recent gains. In Asia, Japanese shares fell to two-week lows on Monday. Banks were among the hardest hit so watch out for HSBC & STAN

British Airways posted a 57 percent fall in second-quarter profit to105 million pounds which was better than market expectations of 72 million pounds. The company also said Chairman Colin Marshall would retire in July next year and would be succeeded by Martin Broughton, currently chairman of British American Tobacco.Astra Zeneca could rise from results of trials on its experimental anti-coagulant Exanta. Alvis The Ministry of Defence has contacted a handful of contractors about taking over a six-billion-pound programme to supply it with armoured vehicles, in what would be a blow to Alvis Nokia, is considering a takeover of UK firm Psion in a bid to dominate the cellphone software market Barclays bank has held exploratory talks with three banks in the United States for a possible acquisition of Pennsylvania-based Sovereign, New York-based North Fork Bancorporation, and GreenPoint Financial Corp.

 British Airways (I), 49m, DCC (I), Uniq (I),

Ferraris Group (I),Radstone Technology (I),

Renold (I), Carr's Milling Industries (F), Debenhams (AGM)BRC retail sales monitor uly-Sept. residential property report Sept. trade (09:30)

Computer Sciences Q2 MG Technologies Q3

Freenet D Q3 Infineon D Prel. FY KPN NL Q3

Croc@SnappyTrader.com  WWW.SnappyTrader.com

 British Airways (I), 49m

DCC (I), Ferraris Group (I), Uniq (I) Radstone Technology (I), Renold (I) Carr's Milling Industries (F)Debenhams (AGM)BRC retail sales monitor uly-Sept. residential property report Sept. trade (09:30)

Computer Sciences Q2 MG Technologies Q3

Freenet D Q3 Infineon D Prel. FY KPN NL Q3

Dicom Group (I), nCipher (I), Comino (I), EMAP (I) 92m Intechnology (I), International Power (I) Northern Foods (I), Oxford Instruments (I) VT Group (I), Galen Holdings (F), Reckitt Benckiser (Q2)Dicom Group (AGM), ICM Computer (AGM) Smiths Group (AGM), Kingfisher (Update)

P&O Trading statementcbi regional trends survey

JC Penney Q3

12:45 BTM retail chain index

Bayer D Q3, Beiersdorf D Q3 Banca Intesa I Q3, Celesio D Q3 Mediaset I Q3, T-Online D Q3 Wedeco D Q3

Business Post (I), Dairy Cr (I),

Luminar (I), Cable and Wireless (I) 85m Wincanton Logistics (I),

The Medical House (F)Domic and General (AGM)BoE inflation report (10:30) labour market report (09:30)

Medtronic Q2, Applied Materials Q2 Federated Department Stores Q3

13:30 Jobless claims 13:30 Export prices ex. ag. 13:30 Import prices ex. oil 13:30 Trade gap -$40.5B 13:30 Energy Dept. oil stocks 21:30 Money supply (M2)

Aareal Bank D Q3, Commerzbank D Q3 Elmos Semiconductor D Q3 Evotec D Q3 Heidelberger Druckmaschinen D Q2 Leoni D Q3. Deutsche Lufthansa D Q3 MAN D Q3, Mobilcom D Q3 Pernod-Ricard F H3 SGL Carbon D Q3, Wella D Q3

Ex Dividend: BAA 6.6, BP 3.857, Carphone Warehouse Group 0.4, Cobham 8.36, Havelock Europa 0.7 29, Headway 1.605, HIT Entertainment 0.322 Interior Services Group 5, JJB Sports 3, John Menzies 5.5, Kesa Electricals 2.5, Lambert Howarth Group 3.5, Man Group 11.4. Marks & Spencer Group 4.4 Mccarthy & Stone 9.8, Scottish Power 4.75, Shiloh 1.5, Sondex 0.6, Synergy Healthcare 1.1, Waterman Group 3 10

BT Group (I) 514m Marconi Corporation (I) Bank of Ireland (I), Invensys (I) Marconi Corporation (I), Yell (I) Touchstone Group (I), Yell Group (I) BOC Group (F), Capital Radio (F)Freeport (AGM)July-Sept. house building statistics (09:00)

Tiffany Q3, Starbucks Q3 Dell Computer Q3, Kohl's Q3

13:30 Core PPI Oct - 0.1% 13:30 PPI Oct - 0.3% 0.2% 13:30 Retail Sales Oct - 0.1% 13:30 Retail Sales ex-auto Oct 0.3% 14:15 Capacity Utilization Oct - 74.9% 14:15 Industrial Production Oct 0.4% 14:45 Mich Sentiment

Altadis F Q3. BASF D Q3 Beru D H1. Draegerwerk D Q3 Deutsche Telekom D Q3, Fraport D Q3 Assicurazioni Generali I Q3 Jenoptik D Q3, Linde D Q3 Medion D Q3, RWE D Q3 Kali und Salz D Q3, Siemens D Q3 Telefonica E Q3

BSkyB (I) 110mBSkyB (AGM)International Biotech Trust (AGM)

Allianz D Q3, United Internet D Q3 IKB Deutsche Industriebank D Q3 ING NL Q3, Kontron D Q3 Koenig & Bauer D Q3, Salzgitter D Q3

Burtonwood Breweries (I) Majic Wine (I) Mice Group (I), Cambridge Antibody (F) Chrysalis Group (F), Diploma (F) Imperial Tobacco (F)

TripleArc (AGM)Oct. retail prices/HICP (09:30)

600 Group (I), Burberry (I) CML Microsystems (I) Cropper J (I), Detica (I) Glotel (I), GWR Group (I) Imagination Technologies (I) Intelek (I), Victoria (I) Whitehead Mann (I) Enodis (F), Wigmore Property (F)Profile Therapeutics (AGM)Brown speaks at CBI conf. CML Oct. lending survey (09:30) Oct. PSNCR (09:30) Oct. retail sales (09:30) RICS 3 months to Oct. house prices (00:30)

EMI (I), Glenmorangie 'A' (I) Land Securities (I) Northumbrian Water Group (I), Sainsbury (I) Vtech (I), Wyndeham (I)

Eleco (AGM), Govett Strategic Trust (AGM) Hays (AGM), Newcastle United (AGM) Texas Oil & Gas (AGM)Minutes of BoE MPC Nov. meeting (09:30)

Ex Dividend:

Babcock International (I), FKI (I) Great Portland ates (I) GUS (I), Leopold Joseph (I) Mothercare (I). National Grid Transco (I) Scapa Group (I), SSL International (I) Lastminute.com (F)Madisons Coffee (AGM) Mancher & London Trust (AGM) Primary Health (AGM)BBA mortgage lending survey, Oct (09:30) M4 lending; Oct (09:30) Oct. capital issuance (09:30)

Fuller Smith and Turner (I)  

We have an interesting week ahead in the UK with updates from BT,Cable & Wireless in the communications sector. There will be plenty of media interest with EMap, Capital Radio and BSKYB who will also no doubt have a stormy AGM on the Friday morning.MondayBritish Airways is set to produce a nasty drop in profits down from 245m to 49m when it releases interims. A combination of higher fuel costs, Iraq war, Sars crisis and the unofficial strike action by ground staff, is set to lead to the five-fold dive in profits despite cost cutting. With weak tourist figures being reported margins are likely to remain under pressure and the future outlook uncertain.

Uniq, (Unigate) said earlier in September that sales remained strong and that margins have continued to improve.Tuesday

Emap media group has already reported in its September trading statement with a 4% expansion in its UK magazine circulation income and a pick-up in advertising. Pre-tax profits are forecast to rise to 92m from 86m, but there are doubts that the company will report a strong outlook.P&O are expected to report a 20% rise in container traffic but this may offset by fewer channel passengers using its ferries with new competition on its cross channel routes. P&O Nedlloyd Anglo-Dutch container shipping business which it holds a 50% stake in report on the same day. in which it holds a 50% stake, reports its third-quarter results which should benefit from cost cutting and a busy pre-Christmas period.Northern Foods will reveal by just how much profits have fallen short of expectations following poor biscuit sales during the hot summer months.Wednesday

Cable & Wireless should release the timing and cost of its exit from the loss making US market along with its interim results.  These are expected to show a profit of 85m after a previous loss of 107m caused by hefty asset write-offs. Dividend payments are expected to resume in March.Dairy Crest have already said in September that results should be in line with expectationsThursday

BT Group profits are expected to rise to 514m from 496m as a result of cost-cutting and lower interest charges. The city expects a 30% increase in dividends which represents close to half of its earnings and its net debt to fall from 9bn to 8.6bn. The bad news is that there may be a lack of growth and revenues will probably be flat partly due to increasing pressure from competitionInvensys reports interims with the company expected to release figures expected to be in line with expectations. In the past twenty months the company has restructured its business into production and energy management and the city will be looking for cost savings and increased margins.Capital Radio previously said revenues had fallen some 3%a and indicated that it was still too early to tell whether the advertising sector will recover.BOC release final results in which the markets will be looking for signs that demand for its gases in the semiconductor sector is picking up. The all important U.S retail sales will be the all important report of the week

FridayBSkyB profits are forecast to more than double from 43.2m to 110m after reaching its target of attracting seven million satellite subscribers earlier this year. The AGM following the results is likely to be heated with concerns about corporate governance issues in relation to the appointment of James Murdoch. He is expected to pledge to maintain the group's plans to grow its Sky Plus subscriber base, cut debt and restore dividend payments.

Thoughts, Looking For Patterns ...

Elliot waves, Fibonacci etc you may use them you may not but the fact is patterns do happen on the markets. Of course if you search hard enough you can fit a pattern to anything but the one above is quite interesting. Over the last 3 years the markets have made a peak every 10 months before falling sharply. This has always happened when the divergence between the US markets and the UK markets is at its maximum.  After these 10 month highs it is the DOW that falls by the greatest percentage and a fall of approx 20% would give a new support of around 8000. However panic selling may lead to a short term freefall well below this 20% level within 6 months of the previous high point.

The FTSE is slightly less volatile than the DOW so this allows the divergence to narrow between the two markets before the cycle starts again. And guess what, we are at the very same 10 month point at the present time!

Last week I looked for a 100 point rise on the FTSE and was lucky enough to just about get it right. Next week I am looking for a fall as the FTSE & DOW are both at the resistance point in the current 12 month uptrend. This would mean that the UK could test the 4300 level at some point in the next few days.

If that very speculative longer term charting makes any sense the FTSE could start a fall back which would lead it to fall below 3500 before April 2004.

As always I look forward to your thoughts and comments on the week ahead! 

All the above comments are purely a personal opinion and no investment advice is intended.  Please do your own research.

Sunday News Headlines 9th November

Barclays Bank has held exploratory talks with three banks in the United States for a possible acquisition, the Independent newspaper has reported. Vodafone has placed orders for millions of next generation mobile phones for its 3G services with Japanese firms, in a snub to the world's top handset maker Nokia. The Strategic Rail Authority is taking over the running of the South Eastern franchise from Connex because of its failings. Air India, has approved a plan to buy a mix of 28 planes from Airbus and Boeing Co in a deal estimated to be worth 100 billion rupees (1.31 billion pounds). The UK will face a shortage of more than 450,000 homes within 10 years if the rate at which new houses are built does not increase,S&N still out in the cold over move into Russian beer market - Uninspiring results and a slide in the share price reveal the City's feelings about the brewer's venture. Dyson, makers of the bagless vacuum cleaner, said yesterday that a sharp increase in exports would more than double annual profits to 40 million in 2003, despite a continued decline in UK sales.

SUNDAY TIMES  UK bank in rival bid for Jarvis hotels

Smiths Group Defence group battles with staff over pension benefits BT to hike its dividend as millions of customers defect Canary Wharf boss sees buyout dream slip away Special Report: Man Utd and the trailer park king Sainsbury is rocked by exit of fashion guru Shareholders urge C&W to end US misery Italy and Germany vie to host new Ryanair hub SMG Hearts urged to delist to repay 5m Pilkington UK firms to stand by Russia Independent News and Media plans issue of 100m bond Dixon hunts backers for Regus Stars could find sting in tail of EMI deal

Former Baltimore boss faces fraud charges

Sharewatch: Securicor BT languishes in a no-growth zone Vital Statistics Marks & Spencer Group Judgment Day: Should you buy shares in Logica CMG? Amvescap shrugs off its US worries Interview: Andrew Davidson: Honeymoon is over for M&S boss Marks & Spencer Group Roger Holmes's working day Judgment Day: Anglo Irish Bank BP Russian flotation hit by row over ownership of shares Working space Marks & Spencer Group Manchester United Prufrock: United ... and a night of culture Tesco Agenda: William Lewis: How folded towels lead to more of the folding stuff Iomart Group Sharewatch: Net gain for stock

MyTravel, the heavily indebted travel company, has warned shareholders that at the moment it does not have sufficient working capital to fund its next 12 months of trading.  Yesterday the company denied industry reports that it was in crisis talks with the Civil Aviation Authority (CAA), the industry regulator

THE vacuum cleaner tycoon James Dyson has launched a stinging attack on successive governments for failing to protect British manufacturing

BSkyB When he has 4bn at stake, Rupert isn't a softy City comment: The real danger James poses to BSkyB is of a family feud

BSkyB Murdochs clash over News Corp resignation Vodafone hangs up on Nokia with Japanese 3G supply deal

BT Cost-cutting and lower interest charges are set to drive earnings in the second quarter with pre-tax profits expected to rise to 514 million from 496 million. But analysts fear top line growth is continuing to flag and will be visible in flat revenues from BT Retail and lower sales for BT Wholesale year-on-year

Wall Street has ended an ambivalent session lower, with investors concerned that stock prices are too high despite a better-than-expected employment report. Still, the three main gauges posted their second straight weekly gain.

OBSERVER After six years, Smith says 'buy Pearson' Diageo thinks again on 'pure malt' plan Carlton, Granada Green plots ITV revenge British Airways Airport plans in chaos as legal threats mount Anglo American in Soweto dock 'Red card' threat to Leeds United C&W losses top 1bn after US hit  

BSkyB Shareholder power meets its match in determined Murdoch BSkyB Investors chose wrong foe in bitter Murdoch BSkyB A 30-year-old hot shot in a pool of wrinklies BSkyB Daddy's boy gets to be his own man BSkyB A director at 30? The right father helps EMI Should Nicoli tune out?

BSkyB Murdochs face down City revolt

SUNDAY MAIL BSkyB investors want more say, Murdoch's board 'lacks bite' Credit alert as more go bust 'People are overly-dependent on debt'

Ryanair hit over subsidies fears Incentives for airline could be 'illegal'

Paribas has raised its target price on the shares of Abbey National 530p from 450p, keeping an 'underperform*' stance on the stock. Deutsche Bank has raised its rating on Boots to 'hold' from 'sell' and 650p from 550p. Commerzbank Securities has upgraded semiconductor equipment maker Aixtron to 'hold' from 'reduce' following third-quarter results.

INDEPENDENT  Barclays, Royal Bank hits bid trail in US and approaches RBS target Top clubs boot out insolvency penalties Leeds United, Man U Smoked out of Burma, BAT builds in Tehran

Cable and Wireless The Week Ahead: Investors focus on big picture

BSkyB The Thing Is: His lordship is left in the firing line British Airways The Week Ahead: Investors focus on big picture The Week Ahead: Investors focus on big picture at BSkyB  

SCOTLAND ON SUNDAY  BT swaps debt reduction for dividend rise Murdoch-bashing investors tamed by BSkyB's charm offensive Backpay fuels problems for British Airways Inveresk Research plans new Nasdaq share issue

Lord St John fading from view at BSkyB BAA claims environmental high ground in debate over airline tax Diageo hits back in whisky wars

SUNDAY EXPRESS S

INVESTORS CHRONICLE Tips: Buy David S Smith (SMDS) at 164p - SVB Holdings (SVB) at 56p - Vantis (VTS) at 105p - Avocet Mining (AVM) at 56p - Home Entertainment Corporation (HET) at 223p - Sell Celltech Group (CCH) at 448p. Updates: Buy Lloyds TSB (LLOY) - Buy Freeport (FPR) - Reliance Security (RSG) is good value. Company Results: Buy Kewill Systems (KWL) - Jennings Bros (JBC) - Fenner (FENR) - Sell Yates Group (YTE).

SHARES MAGAZINE  Plays of the Week: Buy Jubilee Platinum (JLP) at 21.75p - CMS Webview (CWV) at 4.75p - Clarkson (CKN) at 400p - Tissue Science Laboratories (TSL) at 85p.Updates: Hold Infast (INS) and Thus (THUS) - Buy Surfcontrol (SRF). Take profits at Kewill Systems (KWL).

Croc@SnappyTrader.com  WWW.SnappyTrader.com