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FTSE +11

DAX +15

DOW +20

S&P +2.9

Nasdaq -3.8

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Welcome to the first trading day of 2004! European exports may suffer if the Euro stays high against the dollar Equity markets in Asia ended mostly higher amid growing optimism about the economic prospects for the region WH Smith issues Profit Warning: It says it expects full-year profits to fall below market forecasts due to poor sales and margin pressure. News will be posted at approx 7:35am

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
09.30 Nov Final M4 Money Supply 09.30 Nov Net Consumer Credit 1.4bn exp. 09.30 BOE Publishes Q3 Mortgage Equity Figures 09.30 Nov Net Lending Secured on Dwellings 9.0bn exp. 09.30 Dec CIPS Manufacturing PMI	15.00 Dec Manufacturing ISM 60.0 exp.	09.00 Dec BME Manufacturing PMI

Croc@SnappyTrader.com  WWW.SnappyTrader.com

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Updated 12/31 for Friday's market.
Key DOW Levels for 1/2
UP Above 10,460
DN Below 10,400

Still in the Range
Dow forms clear range at highs, watch for upside continuation.

From prior commentary, "...The Dow continues to hold above the steep lower trend line, seen beneath the lows of the 15 and 60 Minute Charts. Look for continued strength above this line..."
The Dow continues to hold at the highs of the current upswing, as the index continues to honor the key lower trend line, seen beneath the lows of the 15 and 60 Minute Charts. The index held firmly above the 10,400 level, and has formed a clear trading range at the highs from 10,405 to 10,460, seen in the 15 Minute Chart.

The fact that the index continues to hold above 10,400 and has formed a bullish consolidation hints at further upside movement in the medium term, which is pretty amazing considering how far we have come. A solid upside break through the top of the range at 10,460 will make for another wave higher within the steep uptrend, especially if 10,400 remains in tact.

However, rectangle consolidations are powerful on both sides. A break below 10,400 will likely lead to a strong retracement and such a move should be shorted.

Short Term Dow

Short term, the Dow has formed a clear trend line beneath the lows of the late-day rally, seen in the 1 Minute Chart. A downside break at 10,450 will indicate weakness Friday morning. Otherwise, look for strength at the Open.

Medium Term Dow

In the medium term, we are still Long the Dow from 10,190 and will continue to hold stops at 10,400, locking in 210 points of profit for the trade to this point. We will want to stay Long above 10,460, and will look to enter Shorts below 10,400, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each sold off slightly throughout the session, but the late-day rally could inspire a move higher Friday. Each index has formed a consolidation at the high, which implies further strength. *

Summary

The Dow continues to hold at the highs of the current uptrend, and has formed a clear continuation pattern as well. An upside break through 10,460 will make for continued upside movement, while a break below 10,400 will mark weakness for Friday's market.



FTSE PP FOR FRIDAY

R2 4501
R1 4489
PP 4480
S1 4468
S2 4458

Flat auction close WED, close was above the pp! 2day ftse chart targeting 4500 with uptrend brk at 4460!

WISHING YOU ALL A HEALTHY AND WEALTHY NEW YEAR!

Thanks TP, morning all

Morning all. Thanks Croc. Nice to see you back TP hope you had a nice break. Tom H seems to be very bullish on the first half of 2004.

Druid2-yes thanks, hope you had a good rest aswell! Btw I,m not following any TH advice this year!

Morning all

Long VOD first thing.

After hitting R2 the ftse seems to be settling in at r1!

Morning Campers and how are we all today?
Be lucky out there!!
WHS looks an interesting idea after the falls this am - remembering of course that I tend to invest counter-clockwise or on the contrary side!

mornin all

Now opened a long term short on Woolworths
Covered SMWH for a few.

Yup looking at the trades there is a fair bit of buying
on SMWH going on and in fair volumes...it's tempting...
WLW I intend to review at 52p...that's the plan anyway until
it needs changing!
Need to retire for a cuppa to consider SMWH I think!!

What a morning. Managed to close VOD 1+ (quite large long, so nice start to the day. Small SMWH long 45 min (?) ago, sold 50% 2+ so far.

Earlier purchased some BLLM for the medium term portfolio (one of the companies it owns 36% is to start trading on Monday on the AIM)

FTSE now at R2 - will it go for it?

Need to do some work - so sold balance of SMWH 2.5+

Thats me done for now!

Sounds like you have had a good morning LW - good on you!
Will it hold over 4500 by the end of the day?
Hope so.....fingers crossed..
Going to give SMWH a miss for now.

ETL up 11% so far today.

Well done LW :-)

LW - Re:ETL - Doesn't hold water with me...
((Sorry!! Put it down to lingering Christmas cracker mentality!))

:-)

ETL has been very good to me last year for a quick profit! I purchased a few last week for the medium term, but I may not hold them that long!

No doubt you have been watching the slow march of LLOY
it's slowly getting more tempting to throw away the target
selling price and cash in early..

stockbunny, I bailed out of Lloyds before Christmas! I really not confident in the way the market is going and are making smaller, and smaller trades (and holding for less & less time)

Shorted both FTSE & DJ for very small amounts, already wishing I had the confidence to do bigger trades - C'est la vie

Managed to take 3+ from the dj short, now long. (again small)

Judging by today it is volatile, the index is up and down
like a yo-yo - I don't blame you LW, it's a game of constantly
reviewing the current game plan it seems...Small is good better
than zippo let's face it, a return is a return..

Getting quite annoyed. Both are now trading within the spread. Closed FTSE for a small profit, going to see what the DJ does for a while longer.

Well that is enough for me for today - hopefully the FTSE
can hold above 4500 - Good Luck those still 'in' for the
last hour on the FTSE and the next few hours on the DOW.

testex try saxo bank.
You can download the s/ware and will get live quotes,news daily strategy etc.
Also on the Tb -hilary has a site dedicated to forex which has just started now and is being updated all the time.If u get a chance have a look in (that is if u have subscribed for Tb -or ask Mam very nicely and am sure they will give u a trial as they are swell chaps)
rgds
zarif

Pleased to see ETL going up today but EZJ did not perform - for me anyway.

Testex, you may find this link useful: http://www.inlandrevenue.gov.uk/exrate/text.htm