Gold
	S&P &Futures (Click for latest)	Pre Market Futures (7:30)
		FTSE	-14
		TechMark	-3
		DAX	+10
Hang Seng -17	Nikkei +117	DOW	-30
		S&P	-2.6
		Nasdaq	-7

 

News Headlines:    US: The Dow managed another 14-month high after surging in the last few minutes of trading. Shares of Hewlett-Packard fell 10 percent in after-hours trade after the computer and printer maker reported quarterly profit short of Wall Street's average forecast. Europe: Zurich Financial Services CEO said on Wednesday he was confident Europe's third largest insurer could meet its target of improving profit by $1 billion in the full year 2003. UK: A rapid deterioration in the public finances, sluggish economic growth and a controversial planned change in the Bank of England's inflation target are adding up to an enormous headache for Gordon Brown The FTSE 100 is set to open about 10 points lower after the three-day US rally stalled on Tuesday after weak economic data, and as 11 FTSE stocks start trading ex-dividend will take around 11 points off the market.GlaxoSmithKline Plc and Bayer AG BAYG.DE won U.S. approval after the market had closed on Tuesday to sell impotence drug Levitra, the first rival to the popular Viagra in the world's most profitable drug market.Sage: Intuit Inc. reported a fiscal fourth quarter loss that was narrower than a year ago on higher sales. But it also forecast a loss for the first quarter wider than analysts' expectations.InterContinental Hotels Group Plc IHG.L filed with U.S. regulators after the market had closed on Tuesday to sell over time up to $750 million worth of debt securities.RMC The world's largest ready-mixed concrete producer's 55 percent-owned Australian company Adelaide Brighton Ltd ABC.AX reported a 10.9 percent rise in first-half profit.Rolls Royce: Brazilian aircraft manufacturer Embraer EMBR4.SA ERJ.N said after the market had closed on Tuesday it hoped to receive a potentially "significant" order for jets from the Star Alliance, the world's largest airline partnership, this year. Calendar All GMT United Kingdom (F)inals (I)nterim United States (Click Flag) Europe & World Wed 20th         Ex Dividend Domnick Hunter (I) 09.30 Bank of England MPC Minutes 09.30 June Preliminary M4 y/y 8.1% exp. 09.30 July PSNCR -5.05bn exp. 09.30 July CML, BBA & BSA Mortgage Lending Figures   07.00 June German construction Orders (BBK) m/m 11.00 June Trade Balance Ex dividends in pence: Abbey National (8.33), Anglo American (US$0.15), AstraZeneca (US$0.255), BWD Securities (6), Bespak (12.1), Carnival (US$0.105), Compass Group (2.7), Countrywide Assured (2.15), Dixons Group (5.145), HSBC Holdings (US$0.24), Hanson (5), Homestyle Group (7.25), Imperial Chemical Industries (2.75), Liberty International (11.75), Millennium & Copthorne (4.2), Morgan Sindall (4.75), Parkdean Holidays (2), Porvair (2.4), Prudential (5.3), Somerfield (1.25), Stanley Leisure (6.1), Viridian Group (23.38) Good Trading!   David@FTSEDOW.com    www.FTSEDOW.com            Pivot Calculator

Morning!
wed ftse pp

r2 4301.9
r1 4276.3
pp 4261.3
s1 4235.7
s2 4220.7

Close was below tue s1 level! DJ above its pp at our close!


Updated 8/19 for Wednesday's market.
Key DOW Levels for 8/20
UP Above 9,450
DN Below 9,350

Expanding Range
Dow holds above resistance, forms expanding range at highs.

From prior commentary, "...The break through resistance also marked the upside break from the large consolidation from the Daily Chart. The break implies further upside movement in the medium term. But first, the Dow must hold above resistance..."
The Dow pushed slightly higher today, as the index tested, and reversed off, the clear lower trend line that has formed beneath the lows of the two-week upmove, seen in the 15 and 60 Minute Charts. Also, the index was able to hold above the major 9,360 resistance level, seen in the Daily Charts, which is what we were hoping for.

The fact that the index continues to trend higher within the boundaries of a clear channel is indicative of further upside movement. The index was able to hold above resistance today. So, we should expect a continuation to the upside in the medium term.

However, we also see an expanding range forming, and we know that expanding triangles are bearish patterns. This is just something to be aware of, because we want to Short the lower boundary as a high probability play, if it occurs. The 9,350 level will also be key for this pattern, as a downside break from it will fuel the descent.

Short Term Dow

Short term, the Dow ended the day with a solid rally to the Close, seen in the 5 Minute Chart. The late-day strength will likely spill over to tomorrow's Open. A break through 9,450 will confirm such a move.

Medium Term Dow

In the medium term, we entered the market Short today at 9,375, but stopped out after the V-Bottom formed. We were just a few points shy of our Breakeven trigger level at 9,350 when the reversal occured. We are out of the market and will watch 9,450 up, and 9,350 down, with 10 point stops.

NASDAQ & S&P

The NASDAQ led today's upside push, as the index ended the day at the highs of the session. The S&P, like the Dow and NASDAQ, rallied sharply to the Close. Watch the lower trend lines tomorrow. *

Summary

The Dow pulled back slightly today, but was able to stay above the key 9,360 resistance level. Moreover, the index continues to trend higher above the clear lower trend line, which implies further upside movement. A downside break of the lower line at 9,350 will indicate a retracement.

Morning all, news posted

Morning all. Thanks Croc & PB.

Two traders favourites this month still going strong. NPG,TGM. TGM recently floated so beware.

Morning all,

quite a few of the shares I sold recently have dropped quite a bit - don't think they have reached bottom yet, so will wait a bit before buying again!

Went long on HBOS & BT.A earlier