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The Dow closed above 10,000 for the first time in more than 18 months as part of a broad market rally. It closed up 86.30 to10008 with the S&P up 12.16 and the Nasdaq composite up 37.67.Bradford & Bingley mortgage bank said it was on track to meet analysts' forecasts for full-year profit and said credit quality was good, The bank said in a separate statement it would buy up to 1.4 billion pounds of mortgages from GMAC-RFC. John Laing said it was in consortia appointed preferred bidders for two British PFI healthcare projects with a joint capital value of 1.35 billion pounds Anite First half net loss narrows.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Anite Group (I), British Energy (I), McKay Securities (I) Bradford & Bingley Trading Statement Travis Perkins Presentation to Analysts	Adobe Systems (Q3), Piedmont Natural (Q3) 13.30 Nov Producer Price Index m/m 0.1% exp. 13.30 Oct Trade Balance -$41.6bn exp. 14.50 Dec Pre Michigan Sentiment 96.0 exp. 19.00 Nov Monthly Budget Statement -$38.0bn exp.	11.00 3rd Quarter Current Account 16.4bn exp

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morning all. Big day on the Dow yesterday, now lets see what the FTSE can do, premarket looks like +24

Updated 12/11 for Friday's market.
Key DOW Levels for 12/12
UP Current Trend
DN Below 9,900

Above 10,000
Dow pushes higher, ends day above 10,000.

From prior commentary, "...If the index can continue to hold above 9,880, look for the Dow to make another push toward 10,000. An upside break through 9,940 will spark such a move..."
The Dow got the upside break through 9,940 early in the session today, which sparked a solid upmove throughout the session, seen in the 15 Minute Chart. The Dow broke through 10,000 and was able to hold above the level by day's end, marking the first such instance in 18 months.

The index continues to push higher within the wide, upward-sloping range, seen in the 60 Minute Chart. Look for the index to continue higher within the range for tomorrow's market, especially if the Dow can continue to hold above the lower trend line that formed beneath today's lows, seen in the 15 Minute Chart.

A downside break of this line at 9,990 will likely spark another move lower within the sloping range, pushing the index back down toward 9,900

Short Term Dow

Short term, the Dow has formed a clear trend line beneath the lows of the 5 Minute Chart. A downside break of the line at 9,990 will make for weakness tomorrow morning. Otherwise, look for further strength above the line in the short term.

Medium Term Dow

In the medium term, we entered the market Long at 9,971 and are still in the position. We will move stops up to 9,985 for tomorrow's market. We will wait to enter Shorts until 9,900 is crossed to the downside, using 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each pushed solidly higher throughout the day's session today, making for strong gains. Look for continued strength toward key resistance. *

Summary

The Dow pushed higher throughout the session today, enabling the index to close above 10,000 for the first time in 18 months. Look for the index to continue trending higher within the sloping range, unless the lower trend line is broken at 9,990 tomorrow.


FRI FTSE PP

R2 4363
R1 4347
PP 4332
S1 4316
S2 4300

Thu close was below the pp after gaining 3.9 pts in the acution! 2 day ftse chart just rangebound 4315/40, pos test of 4280/300 on cont weakness if no brk to the upside back to 4360!

Morning all

Morning all

Morning all. Thanks Croc & TP. Am I right in thinking that the last time DOW went through 10000 it then flew to 11000 within a month ?

mornin all

Morning all,

I see we got the opposite of what I wanted.

I dislike these gap open highers.
I won't chase them. The market hit R2 and bounced back,
so maybe there's a lot of traders of the same disposition.

Just going to watch for a bit to see if I can figure out
what's going on. If the FTSE really wanted to jump higher
it would have used the DOW close above 10,000 as an excuse.
Instead it's retracing back already.

I don't think there's a lot of appetite for risk this near
the year end.

Melnibone.

Morning all

Just trying out Moneyams free "Terminal" offer. Taken a while to set it up, like having access to all the different bits of info, on one screen - but really need a biger screen - infact a couple of screens would be even better - but I don't think thats going to happen!

S2 has held twice, now we're testing S1.

Glad I decided not to chase the open.
I've even got out of my BT.A's.

Don't trust this at all. I know it was posted this week
that there is an 87% chance of a Christmas rally,
but that other 13% has to come from somewhere.;-)

It's like flipping a coin and saying that because it
came up Heads 87 times in the last 100 flips that it
will come up Heads again.
In reality it has a 50/50 chance, same as it always has.

Because of the history, everyone was expecting a dive
in September or October. It didn't happen.

Ftse doesn't look that strong to me and the 30 strong DOW
is too easily manipulated.

Time to go into chicken mode and protect this years gains.

Melnibone.

I came to the conclusion that the market didn't dive in sept/oct because things are so bad out there as we fear. I heard someone make an interesting comment during a discussion about the chancellors recent speech.

Something to the effect of, that Companies have reduced borrowing and been strengthing balance sheets, but individuals had increased borrowing which is what has been keeping the economy going - which together is not a bad thing.

The rest of europe seem to be doing well today

Thought this was interesting (I know I'm sad!):

NEW YORK (AFX) - Funds investing primarily in U.S. stocks took in $4.3 billion in new money during the week ending Dec. 10, estimates Trim Tabs director of research Carl Wittnebert, after taking in $1.6 billion the week before. International equity funds had inflows of $500 million, vs. inflows of $100 million the prior week. Bonds funds took in $800 million, down from inflows of $1.2 billion.

This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com.

Well this is an exciting day. Sitting here doing my christmas cards and watching the market ????? Well a few things are doing rather well but overall, pretty boring..........

Almost as much fun as watching paint dry!

PTI doing rather well - not sure why as todays news should not make the price go up (down maybe but not up) Maybe I'm missing something.

LONDON (AFX) - UK new residential property completions in the year to March 2003 stood at 183,993 units, up from 175,663 in the previous one year period, according to figures released by the Office of the Deputy Prime Minister.

In England, 137,981 units were completed in the year to March 2003, up from 130,050 in the previous one year period.

In Wales, the corresponding figure was at 7,915, down from 8,273 units in the year to March 2002, while in Scotland 23,946 units were completed in the year to March 2003, up from 23,853 units in the previous one year period.

NEW YORK (AFX) - The 'Diamonds' , a tracking stock for the Dow industrials , edged up 3 cents to $100.41 in pre-open trading. The Dow rose 86 points to 10,008 Thursday, the first close above the 10,000 level since May 2002. Among Dow components seeing activity ahead of the opening bell, Microsoft edged up 9 cents to $26.70, Wal-Mart added a dime to $52.91, Intel advanced 15 cents to $31.06 and Home Depot was 22 cents better at $34.75.

It looks like the gap between the UK & the US matkets is getting bigger

Phew! Going down at last.
Was Beginning to wonder if I had called this wrong.

Consumer confidence giving the excuse for profit taking.
Reading down at 89.6.

Melnibone.

NEW YORK (AFX) - U.S. stock futures were looking flat to slightly positive early Friday, searching for direction following a strong rally that lifted the Dow to its first close above 10,000 since late May of 2002.

Investors were mulled an unexpected decline in producer prices that adds to the perception that inflation is being held at bay as the economy recovers. This news follows Thursday's release of the minutes of the October meeting of the Federal Reserve's open market committee that revealed the central bankers expect inflation to remain tame for the foreseeable future.

However, the trade deficit came in wider than economists were expecting.

PIC is up 10% but the spread is nearly 10% too! Looks like the MM cannot agree on the price, they wont lower the offer price or raise the bid price. Pretty bad for this time of day, by now the spread is normally nowhere near this bad!

Pick a few up yesterday sub 50p and would like to cash in a bit near the offer than it is at the moment!

OXB up 7.5%

Maybe its time has come?

Anyone know why?

I have a watch list which is supposed to be for pharmaceuticals (& other medical) shares. Today all the companies not in the FTSE100 are doing well - with the ones with the lowest share prices doing the best. It makes me wonder if money is being switched out of GSK & AZN into the small companies?

Thanks

MONDAY FTSE PP

R2 4385
R1 4366
PP 4348
S1 4329
S2 4311

Fri close on R2 after gaining2.8pts in the auction!

WEEKLY FTSE PP

R2 4451
R1 4399
PP 4356
S1 4304
S2 4261

Close was below the weekly pp!

For next week still in the trading range, uptrend still intact at 4430 with 4280 the next level! Uptrend seems to be targeting 4450 which is weekly R2 if the 83%(not my fig) chance of the Xmas rally begins! 2 day ftse chart in an uptrend off Thu low, brk of uptrend at 4335, continuation of trend targeting 4380 with a clear brk of Fri res at 4365 imho!

Have a good weekend all!

thanks PB

- I'm off (except to enter GD shares comp over the weekend) until market open Monday - everyone have a good weekend - don't forget to relax.

Updated 12/12 for Monday's market.
Key DOW Levels for 12/15
UP Above 10,075
DN Below 9,900

Continued Uptrend
Dow continues steady push higher, ends day with 34 point gain.

From prior commentary, "...The index continues to push higher within the wide, upward-sloping range...Look for the index to continue higher within the range for tomorrow's market..."
The Dow opened the session lower this morning, but got a v-bottom reversal off the lows that sparked a steady rise the remainder of the session, seen in the 15 Minute Chart. The Dow closed above the 10,000 mark for the second straight session and continues to close in on the upper boundary of the wide, upward-sloping trading range, seen in the 60 Minute Chart.

Look for the Dow to continue higher toward the upper boundary of the range until either a break or bounce of the upper line is seen. That is where the decision will be made; An upside break through the upper boundary of the range at 10,075 will likely spark an even greater advance, while a downside reversal off the upper line will mark the beginning of a likely decline back toward the lower boundary of the range. A downside break through 10,000 will likely fuel such a move.

Short Term Dow

Short term, the Dow has formed a clear trend line beneath the lows of the 1 Minute Chart. A downside break of the line at 10,040 will make for weakness tomorrow morning. Otherwise, look for further strength above the line in the short term.

Medium Term Dow

In the medium term, we entered the market Long at 9,971 and are still in the position. We will move stops up to 10,000 for tomorrow's market to lock in some profit on a pullback. We will stay Long above 10,075, but will wait for Shorts until 9,900 is crossed to the downside, using 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P trended slowly higher off the day's lows, ending the session at the day's highs. Look for further strength Monday, as each index has formed consolidations at the highs. *

Summary

The Dow moved higher off the day's lows, pushing and holding back above the 10,000. The index will likely continue trending higher toward the upper boundary of the wide, sloping range. A break or bounce at the upper boundary will be key.