Premarket Futures

FTSE +3

DAX +1

DOW -2

S&P +1.4

Nasdaq +1.5

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The rise in British house prices slowed this month to1.2 percent in November, below the two percent recorded in October, reducing the annual rate of increase to 15.2 from 16.1 percent. Japanese data cast doubt on the economic recovery with lower production figures, increasing unemployment & a fall in spending. Telecom Plus (TEP) posted a 96 percent rise in first-half profits to 4.9 million pounds and said it was confident about the future as it added more customers. The firm, which supplies utility services such as gas, telephone and Internet access, said its customers had increased in the six months to September 30 by 26,000 to 160,000. The firm raised its interim dividend to 4.5 pence per share from 2.5p. Anite say conditions still tough but figures will be in line with expectations.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
	1:30 Average Workweek 1:30 Hourly Earnings 1:30 Nonfarm Payrolls 1:30 Unemployment Rate 15:00 Factory Orders 20:00 Consumer Credit

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Updated 11/26 for Friday's market.
Key DOW Levels for 11/28
UP Above 9,800
DN Below 9,715

Expanding Range
Dow forms expanding range. Watch boundaries.

From prior commentary, "...the Dow has formed an upward-sloping consolidation at the highs, which could be bearish. A downside break from the pattern at 9,730 could spark another push down within the wide trading range, seen in the 60 Minute Chart. Moreover, we could see a slight pull-back due to the Holiday-shortened week..."
The Dow broke the lower boundary of its pennant consolidation seen in the 15 minute chart this morning, and traded lower to support at 9,715. It then reversed off that level and traded higher to the Close, forming an expanding range.

The index continues to hold its ground at the highs in a trading range, which could lead to a continuation move higher. An upside break through 9,800 could push the index higher to its next major resistance level at 9,900. The index has not been able to rise above this level. Any break through it will be a strong indication of further upside movement.

In general, we are seeing expanding ranges on all three indexes. Expanding ranges are typically unstable patterns. Since the Dow is hovering below its major 9,900 resistance level, a downside break through the lower boundary is likely. In addition, the index has formed a tight pennant consolidation in the 15 minute chart off support.
A break through the lower boundary at 9,775 will likely spark a move lower to support at 9,715. This is the most likely scenario if the index is to make a move on Friday. Currently, our expectation is to see a sideways market due to the shortened trading day and holiday weekend.

Short Term Dow

Short term, the Dow has formed a trend line across the lows of the up move off support seen in the 5 minute chart at 9,776.5. Watch for a break through this level to indicate a short term move lower.

Medium Term Dow

In the medium term, we closed our Longs at 9,730 for 33 points profit. We entered Short at the same level but were stopped out. Therefore, we are currently out of the market and will watch 9,800 up and 9,715 down, with 20 point stops.

NASDAQ & S&P

The S&P mirrored the Dow today and broke the lower boundary of its downside pennant consolidation, but traded higher to the close, forming an expanding range. The NASDAQ gapped and dropped this morning, but pulled up off its lows to close in positive territory. Watch the range boundaries tomorrow. *

Summary

The Dow broke the lower boundary of its downside pennant consolidation this morning and traded lower to support. It then reversed off that level to form an expanding range at the highs. We are currently out of the market and will watch 9,800 up, and 9,715 down on Friday.

FRIDAY FTSE PP

R2 4407
R1 4384
PP 4367
S1 4344
S2 4328

Ftse close was below Thu pp after gaining 2.8pts in the auction. 2 day chart looking to brk out of downtrend at 4365 to open up 4380/90 zone, if Thu lows are breached sup at 4330 (s2)!

Morning all

Morning folks.

Morning all,

These volumes are a joke. I've got FTSE 100 shares on my
monitor with zero trades.

It just goes to show how the UK market is the US markets
poodle.

May get a pick-up from comatose to tortoise speed this PM
but I wouldn't put money on it.

I've heard a few traders say not to short the market on the
last Friday of the month due that's when some laggard funds
put the last of this months money in the market.
Don't know if there is any truth in this, but it's worth bearing
in mind.

Melnibone

Morning all

Nice start for PSN & ETL

mornin all

After the last couple of days of doing really well VRD has dropped this morning on some really bad news, about not being the prefered bidder for something in NI.

However on doing some additional research, it's not as bad it sounds, as it does not mean they are going to lose any buinsess and they are expanding in the Republic of Ireland, which is where they think the future is.

Its sooooooo quiet this morning.
Little Woman, will come back to you regarding that EmailD,

Thanks croc

- I'm actually managing to catch up with some o/s work.

VRD is really being hammered today! Not to worry, it's not as if I wanted to sell!

Off to renew my car tax now..........

Just got in after also going shopping, to find I have not missed anything!

Snap, little woman.

Just got back from Wickes with all the wood and stuff
for my DIY project this weekend.

Has anything actually moved more than a smidgin?
Might as well catch the last hour and see if any
opportunities appear.

Melnibone

I see the Bears are having to fight to keep MKS below
the 269/270p support area.

If you look at the chart above, the heavier volume is
on the up moves.

Melnibone

MKS and LLOY seem to be hemmed in at certain levels currently, but
you are quite right Melnibone it appears to be a struggle keeping
them there - one good push and either could 'deliver' (!)

Ref MKS, from what I read around various boards there
seems to be a short interest.

Conversely, this could be could for the stock. If the
Bears can't frighten holders into selling out then their
fur will get burnt as they squeeze the price higher when
buying back aided by the Bulls buying into a rising stock.

Time will tell who wins the battle.

Melnibone

Well, that's rounded the day off nicely.

Just had a nice little scalp when LGEN went
down to 100p.

Must have held the position for all of 15mins. Lol.
I lurrrve this margined trading. :-)

Melnibone

EZJ tipped in today's Investors Chronicle page 33. Wish my ETL would go up a bit- were ok but slipped back a bit.

I see that the FTSE turned back down when the
S@P failed to move on through 1060 and the DOW
failed to move on through 9800.

We really need the US markets to make a move
on 1070/9900 respectively for FTSE stocks to
advance.

Maybe next week.

Melnibone

I found margin trading too difficult. I kept missing the price I saw(or they wouldn't let me have it) and if I put a limit order in place they didn't action it. So I'm doing it the old fashion way, but with the lowest dealing costs out there!

Sold my short term ETL for a 5% profit, before it slipped back. If it slips back enough will buy back. Still have a long term holding....

Tax question please. How does the Inland Revenue treat capital gains on 'short term' trades when longer term holdings in the same stock remain held? I ask this question because I forsee the likelyhood of me being in that situation. Thanks in anticipation.

IR work on last in - first out for Capital gains (and don't forget for bed & breakfasting, there is a 30 days rule too!)

Thanks again LW. last in first out makes it a lot simpler than I thought it would have been. IR are not generally known for making things simple, makes a pleasant change.