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A big rally propels the Dow up over 120, and the Nasdaq up nearly 2 percent, as investors bet on strong 2004 The Euro rose to a new all-time high of $1.2712 in late Asian trading on Tuesday as the dollar showed no sign of ending its long-running decline Next said its Pre Sales Christmas business was better than anticipated the New Year Sales were excellent with lower discounts required. Profits for the year would exceed expectations up 13%. It said it expects pre-tax profits of at least 340 million pounds for the full year which ends in January. The current consensus among analysts is 325 million pounds. Next said like-for-like sales at the store's 304 shops that have traded for at least 12 months were up 2.8 percent year and the best analysts had expected 2.0 percent at best Celltech Britain's biggest biotechnology firm said it had started the first of two final Phase III clinical trials to study its experimental CDP870 medicine as a treatment for Crohn's disease. Topps Tiles wall and floor tile retailer said it was confident of hitting its annual targets after like-for-like sales grew more than 16 percent in the first 14 weeks of its financial year. Majestic Wine: Say sales are ahead of expectations. British Airways: Update later on this morning News will be posted at approx 7:35am

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
British Airways Dec Traffic Figures 12:00am Next Trading Statement Carr's Milling Industries (AGM) Topps Tiles (AGM) 09.30 Dec CIPS Services PMI 09.30 Dec Preliminary M0 Money Supply y/y 7.7% exp. 11.00 Dec CBI Distributive Trades	15.00 Dec Non-manufacturing ISM 60.6 exp. 15.00 Nov Factory Orders 1.4% exp.	09.00 BME Services PMI

Croc@SnappyTrader.com  WWW.SnappyTrader.com

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TUE FTSE PP

R2 4528
R1 4521
PP 4508
S1 4500
S2 4487

Close was above Mon pp after gaining 8.9pts in the auction! 2 day ftse chart brk of uptrend at 4505 and a brk of wedge to the upside on a brk through 4515!
(Bullish pattern)

Updated 1/5 for Tuesday's market.
Key DOW Levels for 1/6
UP Current Trend
DN Below 10,400

Solid Upmove
Dow opens session strong, keeps momentum throughout session.

From prior commentary, "...Look for the index to begin trending lower in the medium term, especially if the Dow continues to hold beneath 10,450. Otherwise, an upside break through 10,450 will likely mark another move higher toward recent highs..."
The Dow opened the session with a bang this morning, as the index broke through 10,450 and raced to early gains, seen in the 15 Minute Chart. After trading quietly sideways, the Dow got an upside break from an intraday consolidation and continued to climb to the Close, ultimately gaining 134 for the day.

Once again, the Dow has managed to stay within the steep uptrend, as illustrated by the clear channel formed in the 60 Minute Chart. Look for a consolidation to form at the highs tomorrow, as markets typically form continuation patterns while digesting the prior rally. Such a pattern would imply continued upside movement within the steep channel.

Looking at the 15 and 60 Minute Charts you see that the index may be forming a bearish expanding triangle at the highs of the current uptrend. We could see the Dow push higher to the upper boundary of the range before retracing back down within the triangle. A break below 10,480 would indicate such weakness.

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 10,535 will likely spark weakness for tomorrow's Open.

Medium Term Dow

In the medium term, we entered the market Long today at 10,502 and are still in the position. We will continue to hold stops at the entry and will look to enter Shorts below 10,400, with 20 point stops.

NASDAQ & S&P

The NASDAQ gapped and rallied today, while the S&P did likewise. Each index pushed higher throughout the session, closing the day at session highs. Look for a continuation pattern to form to indicate further strength. *

Summary

The Dow trended solidly higher throughout the session today, gaining over 100 points for the first time this year. Look for a continuation pattern to form at the highs to indicate that strength is still present. Otherwise, a break below 10,480 could spark weakness.

Morning all, Next statement looks very good

Morning all. Thanks Croc & TP.

Morning all, closed bal of VOD this morning 2.5+ so I'm happy

Morning all,

Yesterday's daily e-mail from Citywire contained the
usual Monday tech analysis of the FTSE.

What they were basically saying was when you get a breakout
of the trend channel, same as we've just had over Christmas,
then it often comes back to test the top of the trend channel
again. (Same as I've been saying for a while now.)

They've got the top of the trend channel at 4450. So they are saying
stay long above 4450 up to 4650.
Close longs if it breaks back down through into the trend channel.

For your interest only, no predictions intended.

Melnibone.

GSK still dropping nicely, who says basic TA doesn't help
you time your entry and exit points? ;-)

If the FTSE does drop to 4450 and holds, then this will roughly
equate to the 1250 support level I'm looking at in GSK.

Then we have to decide whether to buy or not.
Will the FTSE hold 4450?
Will the 1250 neckline on GSK hold?

Decisions, decisions. Lol.
Don't yer just lurve this trading game.
Gotta be one of the best games in the world.

Melnibone.

GSK bid price has gone down to 1259.
Taking a chance and bought half of what I want for
a position trade.

What you need to remember in stocks that that are priced
over 10 is position sizing and percentages.

I tend to move the decimal point one place to the left
to help gain perspective.

Deciding on whether to buy GSK at 1250p or 1260p is no
different in deciding to buy VOD at 125p or 126p.

If it reaches 1250 and holds I'll double up.
If the neckline fails, I'll either activate a stop loss,
according to general market sentiment, or double at an even
lower price if it appears to make a swing low and turns.

Melnibone.

Picked a few GSK for the medium term & Div. (Next ex Div in Feb) GSK pay 4 times a year, and I keep promising to buy some for the long term, but never manage to hold them!

I know the feeling little woman.

I sometimes think that I get so involved in the daytrading aspect
that I lose sight of the bigger picture.
I have to keep forcibly reminding myself that other
time frames do exist.

Thanks for the ex divi info.

If the US election year scenario holds true, and if the
trend continues, then after the 4650 fib level I can't
see any serious resistance to the FTSE until we hit the
old 5000/5300 trading range.
What would that mean to the GSK share price?

With a company like GSK, if you call the market wrong,
at least you are buying a quality company that pays
a dividend. That's got to be better than a blue sky
tech share that's all hope with zero earnings history.
People have short memorys, anyone remember the 95% club?
Lot of folk went broke that joined that one.


'If' is a little word, but it tends to punch above its weight.
Where's Mystic Meg when you need her. :-)

Melnibone.

Just went long PSN

Looks like both the FTSE & DJ have now decided to go up instead of sideways!

There is the possibility that instead of rectifying an
over bought condition by going down, that the Indices
are working it off by going sideways.

It's done this before and caught many Bears out in the process.
The strength in this market is keeping me very wary of going
short at the moment, even though everything is crying out
for a swing low.

It may go higher and then swing low just back to these levels.
I just don't know the answer, nor I suspect does anyone else.

Melnibone.

Keeping my eyes on AZN.

It's trying to make a swing low towards the 2550/2600 area
and still seems to be in an uptrend channel.

Edit. Forgot to add, that if it does, then there is a possibility
of a change in trend due to a lower swing high.
Needs careful evaluation.

Melnibone.