Premarket Futures

FTSE +2

DAX +5

DOW +5

S&P +0.7

Nasdaq UNCH

1 Day 2 Day 5 Day - UK News	FTSE 250	FTSE Small Cap	FTSE TechMark
1 Day 2 Day 5 Day  Futures  US News	Nasdaq 100	S&P 500	S&P Futures
DAX / CAC    Euro News	Nikkei +19   Hang Seng -31 Asia News	10 Year Bond
UK/US charts have 1,2 or 5 day views. and now FT NEWS & Price link to UK, US & Asian markets. The Dax/CAC and Nikkei/Hang Seng are now switchable

News:	Sorry Your browser is not java capable
With light volumes due to the Veterans Day holiday and lack of economic news the U.S. markets drifted lower. Closing numbers Nasdaq - 10.89, Dow Jones down 18.74 and S&P down 0.54. Cable & Wireless reported an expected drop in first half revenue and said it made progress in its U.S. exit, shaving 200 million pounds off lease commitments. Second quarter revenue fell to 1.939 billion pounds, in line with forecasts between 1.873 billion and 1.993 billion pounds. Business Post posted a 13 percent rise in first-half profits and said trading since the end of the fiscal first half had been encouraging and in line with its expectations. profit rose to 8.0 million pounds from 7.1 million a year earlier. The firm raised its interim dividend by 6.25 percent to 5.95 pence per share. Luminar Britain's biggest nightclub operator posted a 20 percent fall in first-half profit and said it would hive off 63 clubs to focus on stronger branded venues amid tough trading conditions. It made a profit of 27 million pounds with analyst forecasts from 26.0-27.6 million pounds. Dairy Crest Group posted a 12 percent rise in half-year profits on Wednesday and said it expected its performance for the full year to show continuing good progress. Profits of 35.4 million pounds with in line with analyst forecasts, Corus announce a rights issue but not as bad as the market feared.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
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

Croc@SnappyTrader.com  WWW.SnappyTrader.com

Bloomberg TV

Futures

Pivot Calc

HTML Editor

11/11: Looking like an ending diagonal 5th wave of the decline, and it's complete or nearly complete at this level.
A near term rally tomorrow would be conistent with a wave 2 rally, and that means the first target is right around 9800.
As before, a new high for the rally invalidates this count.
If we rally early and decline late, a sell is a breach of 9700.
Otherwise the form of any rally needs to be examined to see if it's corrective or impulsive here in the near term.
A big drop tomorrow right from the open means something more bearish (obviously) is going on and this count will need to be modified a bit...


WED FTSE
PP

R2 4369
R1 4357
PP 4335
S1 4323
S2 4302

Close was above Tue pp after loosing 1.2pts in the auction! Ftse brk to the upside at 4350 on the 2 day chart with 4330 support to the downside!


Updated 11/11 for Wednesday's market.
Key DOW Levels for 11/12
UP Above 9,790
DN Below 9,700

Down Day
Dow trades slowly lower - down 19 points.

From prior commentary, "...The fact that the Dow has broken support at 9,770 indicates further weakness for tomorrow's trading, especially if the index breaks and holds below 9,700..."
The Dow traded sideways-to-down throughout the session today, making a slow decline to the Close, as seen in the 15 Minute Chart. The index continues to hold above the 9,700 level and lost just 19 points for the day.

Looking at the 15 Minute Chart shows that the Dow has formed a tight consolidation at the lows of today's slow retreat. Typically, consolidations at lows imply further weakness. Therefore, we will watch 9,720 for a downside break to indicate a further decline. Such a move will likely push the index lower toward the major lower trend line at around the 9,650 level, as seen in the Daily Chart.

Look for further weakness to brew below the 9,800 level in the near term. An upside push through 9,800 will lead to strength.

Short Term Dow

Short term, the Dow has formed a clear short term trend line across the highs of the current two-day downmove, seen in the 5 Minute Chart. Watch for further weakness below this level tomorrow morning. An upside break through the line at 9,740 will likely make for an upside push at the Open.

Medium Term Dow

In the medium term, we are still Short the Dow from 9,770 and will move stops down to 9,760 for tomorrow's market. We will stay Short below 9,700 and will look to enter Longs above 9,790, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each traded lower today, followed by the formation of tight ranges at the lows. Watch for breaks from the consolidations for direction tomorrow. *

Summary

The Dow slowly sold off today, losing just 19 points by the session's Close. The index continues to make its way toward the major lower trend line from the Daily Chart. Watch for further weakness toward this target unless an upside break through 9,800 is seen.

Morning ...

Morning everybody and thanks Croc & TP.

Morning all

Pleased to see AVZ again up this morning. (in fact so is everything else!) Looks like will be able to part company today!

Really liked the look at TGM (as suggested by Juzzle) so picked a few up this morning. This is a long term buy.

Morning all,

FTSE at R1 and wondering whether to go for
Monday's high towards at R2.

Glad to see AVZ has had a bounce and given you options
again little woman.

Melnibone

Thanks Melnibone - It'll be a relief to take my profit, as I was worried I'd read this one completely wrong.

That was an odd rapid spike down just then.

This market is very nervous. I'm getting the impression
that people want to take profit and just need a catalyst
for an excuse.

Melnibone

Just saw PRM bid jump from 1.58 to 1.65! This is one I've being buy @ 1.6 and selling @ 1.7 on & off since the end of Oct.

Bid is now 1.7+ and this is why:

Proteome Sciences Awarded Grant of US Patent For Diagnosis of Three Major
Cancers

Proteome Sciences plc ('Proteome Sciences'), is pleased to announce that it has
today been granted US Patent No. 6,645,465 entitled 'Annexin Proteins and
Autoantibodies as Serum Markers for Cancer'.

Lets see how far this will go today before I take profit!

Looks like it's having second thoughts! bid dropping!

FTSE struggling to hold the PP.

Off to do some shopping, will wait for direction
from the US markets.


Melnibone

LONDON (AFX) - Corus Group PLC confirmed that it is to raise 307 mln stg through placing and open offer of 1.3 bln new shares on a five-for-twelve basis at 23.5 pence each, and added it is 'cautiously positive' on the market outlook for 2004.

CS. was one of my old favorites, up 6.5p on the above news. But currently not holding any as thought they were too expensive. What ever happened to the people who said this companys shares (mostly analysists)were only worth 15p on a few months ago.

Banks are struggled again but going from the 1yr chart - they are overall doing OK.

TGM slipped back down a bit - profit taking. Must admit if I'd bought a few weeks ago - I'd be profit taking too! (A person can only hold out so long unless the div income is over 10%!) TGM announced that although they were not going to pay a div with the interims, they would with the finals - and they are quite a profitable little company!

CYH is finally improving a bit. It seems a lot of people bought this thinking the share price was going to take off and are disappointed it hasn't yet. One day they will realise that we don't live in a perfect world and thing are never that black or white!

Looks like I'm the only one here at the moment!

PRM is now way over my orginal planned sell price - it keeps slipping back slightly, only to go back up even further. Perhaps people just aren't patient enough!

ACM are going to announce thier 3rd 1/4 results on 25 Nov. The shares have taken a battering (took other news badly) after hitting thier highs when the 2nd 1/4 results came out. We were prewarned that this 1/4 would be static but I wonder if there are any nasty or good surprises on the horizon?

I'm having a good day. The DXNS I picked up yesterday is currently giving me a 2% clear profit.

The price has just dropped back a 0.5, but I was expecting that as there seemed to be a bit of a battle on between the MM over the Bid & Offer prices and the offer won so the price dropped - but it looks like a second assault - so I think I'll wait & see if I can increase the profit before I cash in.

Hi, only just managed to get back online.

Downloaded a Windows security update which froze
my laptop up on the reboot.

Ended up having to take the battery out to reset
everything.

Tried to sign in to CMC and it took 3 attempts
and a twenty minute wait.

Guess its not my day.:-(

Melnibone

Took my 12% clear profit from PRN (Bought Monday) and bought PSN with some of the proceeds(sold Monday after taking a 3% clear profit to buy PRN!) as it has dropped more than 3% and it's an old favourite.

DXNS profit now 3%, and it doesn't seem to be able to break r1. But it keeps trying. Tempted to cash in - mmmmmmmmmmmmmmmmm

Tempted to cash in - mmmmmmmmmmmmmmmmm

Until you convert it to cash, a paper profit is a paper profit.

Hope that helps. ;-)

Melnibone

I cashed in - but it looks like I should have waited as it almost broke r1. I think it'll do it before market close...

A profit is a profit.

You'll only catch the bottom and the top if
you are lucky.

Be happy that you got the trend right and took
a chunk.

Melnibone

Picked up some SHEL at the days low.

Well, at least I hope it's the low. ;-)

Melnibone

Took profit on SHEL.

It was the low. ;-)

Nice little scalp to end the day.

Melnibone

That's good.

The trading seems a bit subdued for the close - no last minute flurries........

I won't be able to do much tommorrow, except for first thing in the morning. I put a couple of "dream limit sells" in place in case!

Good luck with your limits.

FTSE starting to get near possible shorting territory.

Tell you what, I'll try and organise a blow-off bounce
for your sells before I open my short. ;-)


Melnibone

lol Thanks

In case anyone hasn't noticed, VOD is at it's 129p
resistance level.
Unless it's going to do a breakout there's a danger that
it will lead the FTSE down.

Depends on what it reports.
I think that's next week, but not sure, haven't checked yet.

Melnibone

My notes say they report 18 Nov.

Corus:
I bought at 8 p -----------------and made a good profit BUT they went up---

I sold at 14 because a Standard and Poor report TERRIFIED me--They climbed to35

Just read you post ajren - ironically over the years the shares I have made the most amount (20% plus) & shortest time (in less than a week), have been the companies which the "professional" wouldn't touch! Many I agree I would not consider as a long term purchase, but as I'm after a quick profit with about 50% of the money I have to play with - who cares!