UK PreMarket Futures

FTSE +10

DAX +10

DOW +29

S&P +2.5

Nasdaq +2.5

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U.S. stock markets suffered heavy losses with the DOW heading quickly South towards 10,000 on renewed concerns about global terrorism and the state of the American economy. The U.S is expected to keep interest unchanged at the FOMC meeting. UK house prices have accelerated to near the years high Celltech biotechnology reported earnings up three percent per share to 16p which met market expectations and said it expected to find a new partner for its biggest drug hope in the second quarter of 2004. Computacenter beat forecasts with a 18.3 percent rise to 65.2 million pounds and signalled optimism market conditions were improving. John Menzies airport services and newspaper distribution firm said annual operating profit rose 15 percent to 25.2 million pounds and both its divisions had entered 2004 positively. 18p DividendBenfield reinsurance broker said that full-year trading profit rose 30 percent in line with market expectations to 88.5 million pounds,, as it increased profit in the United States. Mersey Docks and Harbour were in line with a one percent rise in 2003 profits to 55.2 million pounds and said it expected earnings growth this year.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Interior Services (I),Abbot Group (F), Benfield Group (F), BPP Holdings (F), Celltech (F), Computacenter (F), Delta (F), Gowrings (F), Highway Insurance (F), Interior Services (F), iTouch (F), John Menzies (F), Mersey Docks (F), PSD Group (F), Spectris (F), Spring Group (F), Staffware (F), Weir Group (F), Wyevale Garden Centres (F),Workspace Group (EGM. Feb CPI, RICS Feb Housing Market Survey (00:30)	General Mills Inc, KB Home Lehman Brothers 13:30 Building Permits 13:30 Housing Starts 19:15 FOMC Meeting	SGL Carbon, Mobilcom Oberthur, Card Systems AGF Assurances

Croc@SnappyTrader.com  WWW.SnappyTrader.com

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TUESDAYS PP

R2 4491
R1 4452
PP 4432
S1 4394
S2 4374

Ftse closed under Mon pp and fell heavily in the auction, 4470 clear res, dow nr to testing 10100, then 10k, pos strength above 10200, if weakness cont pos test of Fri low, remember ops expiry on Fri!





Updated 3/15 for Tuesday's market.
Key DOW Levels for 3/16
UP Above 10,200
DN Below 10,050

Downtrending
Dow trends lower, ends day near session lows.

From prior commentary, "...we could see the index form a wide range at the lows before another move lower occurs. A downside break through 10,100 would spark further weakness..."
The Dow pushed lower early in the session and later broke an intraday consolidation to the downside, as seen in the 15 Minute Chart. The index lost 137 points for the session and continues to hold beneath the clear upper trend line that has formed across the highs of the recent 6-day downmove.

Again, we will likely see further downside movement beneath this line. An upside break through 10,200 will likely spark a move higher tomorrow. However, the Dow must hold above this level if further strength is to be seen. Otherwise, we could see the formation of a trading range.

A downside push below 10,100 will fuel further weakness tomorrow.

Short Term Dow

Short term, the Dow continues to trade lower beneath the steep upper trend line, seen in the 5 Minute Chart. An upside break of this line at 10,160 will likely make for strength tomorrow morning.

Medium Term Dow

In the medium term, we are still Short the Dow from 10,550 and will move stops down to 10,200, locking in 350 points of profit. We will stay Short below 10,050 and will wait to enter Longs until 10,200 is crossed to the upside; using 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each opened the session lower this morning, followed by continued weakness to the Close. Look for similar behavior tomorrow unless the clear downtrend is broken to the upside. *

Summary

The Dow continued lower today, as the index resumed its downmove below the clear upper trend line. Look for continued weakness unless the upper trend line is crossed at 10,200 tomorrow. A break here will stall the current downmove and possible spark a solid upside reversal.

Thanks TP,
Morning all

Strong US futures and the FTSE on a 3 day support gives a positive UK start.

morning corc, looking to long this morn with pos dj turn thru 160 but trading the sigs unlike late yest, 3 winners, 1 flat and 2 loosers to end the day yest!

Morning all

TP, not any easy market to call.
No positions now, early buy on WMPY in the auction and FTSE short.

Will go short FTSE if it turns negative

Morning all,

Can't see why we'll go higher yet without testing recent
lows. Trends are still down towards support on the FTSE,
P@F supports already crumbling in the US and EUSTOX50.

Still looking for short scalps until situation resolved enough
to put on position trades.

Melnibone.

my first stop loss (profit) just kicked in - more money to spend when the market settles down!

Well that worked :-)

Covered FTSE short 4400

hard work agree croc atm, 3 winners 1 looser so far, but cutting early!

Some of the big blue chip divi payers that I follow
are starting to look mighty tempting.

I can feel my resolve crumbling away.

Quick, someone slap me round the face with a wet kipper
before its too late. ;-)

Melnibone.

Just of well I'm off out soon until late - this is like watching paint dry!

The following message was sent by: Shxxxxxxx (You didnt provide me with a return EMail ???)

dear, sir i have been approached by mci technologies www.mcit.biz/uk/mo, regarding there star trader investment software. the cost of the software is 6800 pounds stirling plus 25 pounds per month service charge.they claim ican make 30000 pounds per annum from an initail investment of 5000 pounds.as you are an experienced trader i would be grateful for your thoughts on this matter thankyou.

Croc:
U should know better.- there is no such thing as free lunch,dinner ....

I posted regarding this bunch about a month ago.
Iasked around and from whati gather this Startrader has left a lot of peolple with a bad feeling in their stomach in Australia and has re-surfaced here.
Avoid at all cost as -- they say "you dont need to know anything about the market" and with 1000 can turn it into 36000 in a year. If thats so good why are they selling by email and phone.

rgds
zarif

zarif its not for me!!!!
:-)

Croc _ i know that it was just "tongue in Cheek" humour.

happy trading -I see u had a lightning short on the Dow.-checked on TB.

rgds
zarif

So what do we (collectively) think?
Flat FTSE until after the budget tomorrow...
Minor down or up Thursday..
And all hell breaketh loose on Friday Am!
These are the thoughts of the bunny based partly on
events due and partly on instinct!!

stockbunny
Trading what i see at the moment, havent got a clue!

Snap! I don't think anyone knows at the moment.
Just taking scalps between support and resistance.

Melnibone.