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Traders Thread - Thursday 28th August (CWG)
Crocodile - 28 Aug 2003 02:35
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S&P &Futures (Click for latest)
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Pre Market Futures (7:30) | |
| FTSE | +2 | ||
| TechMark | +1 | ||
| DAX | +5 | ||
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Hang Seng +42
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Nikkei -83
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DOW | -9 |
| S&P | -1.4 | ||
| Nasdaq | -2 | ||
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News Headlines: US Stocks ended mixed Wednesday, with the Nasdaq managing a small late-day rally to close modestly higher while the Dow finished just in negative territory: Trading was light ahead of the Labour Day holiday weekend. YELL telephone directory publisher, said it was well on track to meet full-year expectations as it reported double-digit first-quarter earnings growth. Profit was 80 million pounds in the three months to end-June, up 17.3 percent Hilton Group posted a smaller-than-feared fall in first-half profit and said it saw a steady recovery at its hotels while business at its Ladbrokes betting shops continued to boom. The 6 month profit fell 15 percent to 110.5 million pounds against the consensus forecast of 103 million pounds. They were cautiously optimistic on a recovery in the hotel business Tomkins engineering reported lower first-half profits that broadly met forecasts and said its outlook for the current year was likely to remain in line with current expectations. Profit fell to 136 million pounds from 159 million a year earlier with analysts forecast profits of 137 million pounds. Rexam maker of drinks cans posted a nine percent rise in first-half profits and said it had seen an encouraging start to the second half of the year. Profit rose to 127 million pounds compared to analysts' forecasts of around 125 million pounds. Rentokil said its first-half underlying profit rose 7.4 percent from a year ago, beating analysts expectations. Profit in the six months to the end of June was 200.5 million pounds, ahead of analysts' consensus forecast of 195 million pounds. Rentokil said it expected strong growth in earnings per share for 2003 in line with market expectations. AMEC posted lower first-half profits amid weaker industrial markets but said it expected the second half to show a marked improvement. Profits were 35.7 million pounds, analysts expected the firm to post profits of 35-38.5 million pounds. Marconi reported a decline in first-quarter margins but said that careful cost control helped maintain cash flow. Margin fell to 22.6 percent from 24.5 percent the previous quarter, though the figure compared with 18.2 percent one year before."We remain on track to meet our year-end operational targets, and we have been operating cash positive now for three straight quarters," Chief Executive Mike Parton said. Its adjusted operating loss rose to 43 million pounds from 28 million in the fourth quarter. Marconi said the performance was hindered by lower sales, which were confirmed at 367 million pounds, down from 429 million the quarter before. WH Smith said on Thursdayits second half underlying high street sales in the UK will be flat and profit margins will be down, harming full year expectations. The company blamed the competitive environment and recent hot weather for denting sales and cutting profits. It continues to review the future of its loss-making U.S travel retail businesses
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ThePlayboy
- 28 Aug 2003 07:14
- 2 of 7
R2 4236.2
R1 4221.3
PP 4199.3
S1 4184.4
S2 4162.4
Close was above Wed pp but still below the weekly pp, Dj at our close was above its PP and quite hard to call after inital 3.30 bounce! Still looking for up moves into the month end, selling the rallies has become easy however with these lows volumes days so really opportunities for both bull/bear imho!
ThePlayboy
- 28 Aug 2003 07:14
- 3 of 7
Key DOW Levels for 8/28
UP Above 9,350
DN Below 9,300
Consolidating
Dow trades sideways, forms tight consolidation at highs.
From prior commentary, "...The Daily Chart shows that the index may be forming a higher low above 9,235, which implies that we could see another move higher within the current major uptrend..."
The Dow looks poised to continue higher tomorrow since the index basically traded sideways throughout the session, forming a tight consolidation at the highs of the 15 Minute Chart. The consolidation, which spans from 9,300 to 9,350, is likely to break to the upside, since these patterns are continuation patterns.
An upside break at 9,350 will likely continue to make the case for a higher low in the Daily Chart. Such a pattern would lead to another solid push higher in the medium term,
However, the Dow is still at a crossroads in the charts. A downside break from the consolidation at 9,300 could spark a sharp decline and the subsequent formation of a lower high in the 60 Minute Chart, which would hint at weakness in the medium term. Watch the consolidation boundaries again tomorrow.
Short Term Dow
Short term, the Dow has formed a tight consolidation at the highs of the 5 Minute Chart. Watch for a break from this range for direction tomorrow morning: 9,320 down, and 9,350 up.
Medium Term Dow
In the medium term, we entered the market Short today at 9,319, but were stopped out for 10 on the support bounce. We are now out of the market and will once again watch the consolidation boundaries; 9,350 for Longs, and 9,300 for Shorts.
NASDAQ & S&P
The NASDAQ continued its uptrend today, while the S&P consolidated at the highs. Watch for a likely higher low to form in the NASDAQ, and continue to watch the consolidation boundaries in the S&P. *
Summary
The Dow held on to yesterday afternoon's gains today and has now formed a tight consolidation at the highs of the 15 Minute Chart. The consolidation implies a likely upside break tomorrow, but watch both the upper and lower boundaries closely: 9,350 up, and 9,300 down.
Crocodile - 28 Aug 2003 07:44 - 4 of 7
little woman
- 28 Aug 2003 08:58
- 5 of 7
morning croc - 02.35, afraid I was asleep by then! It was great to meet you last night. Supposed have already be in Horsham and I haven't even left home yet so can't stop!
Crocodile - 28 Aug 2003 14:02 - 6 of 7
Druid2
- 28 Aug 2003 16:09
- 7 of 7
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