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US telecoms rocket after the confirmation that Cingular will buy AT&T Wireless Standard Life mutual insurer hit by tough new funding rules said it had surplus assets in excess of four billion pounds and was cautiously optimistic for 2004. They said its surplus under the new requirements was more than twice the risk capital margin and said UK sales in the first few months of its new financial year had continued at expected levels. Cadbury Schweppes posted a 33% fall in profit last year to $699 million on costs but said it was on course to hit its financial targets for 2004. Associated British Ports posted an estimate-beating five percent rise in year profits and the contract book looks strong for the future. They posted profits of 145.5 million pounds compared with pre-tax profits of 139.1 million pounds in 2002 exceeding analysts forecasts. Kingfisher owner of market leaders B&Q in Britain and Castorama in France reported stronger-than-expected fourth quarter sales and said year profits would be at the top end of expectations. Eurotunnel to take on part of Channel rail link

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
ABP Associated British Ports Holdings (F) CBRY Cadbury Schweppes (F) STAN Standard Chartered (F), BLT BHP Billiton Temple Bar Investment Trust (F), Bradford & Bingley (F) CRC Group, Microgen Kingfisher Trading statement (Q4)	ADCT ADC Telecommunications Inorated Q1 AMAT Applied Materials Inc Q1 JNY Jones Apparel Group Inc Jones Apparel Group Inorated Q4 INTU Intuit Inc Intuit Inorated Q21.30pm  Building Permits, Housing Starts
Ex Dividend: BP PLC 3.674 Compass Group PLC 5.7 Compel Group Plc 0.5 Diagonal PLC 1.2 Fiske Plc 2 Gartmore Fledgling Trust PLC 1.5 GlaxoSmithKline PLC 14 Inter Link Foods PLC 1.85 1Viridian Group Plc 9.46 Astrazeneca Rate 29.4p

Croc@SnappyTrader.com  WWW.SnappyTrader.com

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Updated 2/17 for Wednesday's market.
Key DOW Levels for 2/18
UP Above 10,750
DN Below 10,700

Rally
Dow rallies at Open, trends higher to the Close.

From prior commentary, "...Should the index break below 10,600 tomorrow, look for a continuation toward the lower boundary of the range...Otherwise, an upside break though 10,660 could fuel another push toward resistance..."
The Dow rallied out of the gate this morning, pushing sharply higher by 80 points in the first several minutes, as seen in the 15 Minute Chart. Strength lasted throughout the session, as the index continued trending slowly higher to the Close, ending the day higher by 87 points.

Looking at the 15 and 60 Minute Charts shows that the Dow is holding beneath the clear 10,750 resistance level. An upside break through this level will likely spark a solid continuation to the upside tomorrow. However, we may see sideways movement at the highs until a break either way is seen. Such is usually the case after a big move.

A break below 10,700 will likely cause another move down toward recent lows at around 10,600.

Short Term Dow

Short term, the Dow has formed a clear trend line beneath the lows of the slow uptrend, seen in the 1 Minute Chart. A downside break of the line at 10,705 will likely make for weakness tomorrow morning.

Medium Term Dow

In the medium term, we entered the market Long today at 10,710 and are still in the position. We will continue to hold stops at the entry and will stay Long above 10,750. We will look for Shorts below 10,700, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each opened the session strong followed by a slow and steady rise to the Close. Each index is nearing resistance; watch for a break or bounce here. *

Summary

The Dow rallied sharply at the outset and followed through to the Close. Look for a continuation pattern to form tomorrow, as such a pattern will indicate further strength. Watch for strength above 10,750, and weakness below 10,700.

Morning all

WEDS FTSE PP

R2 4509
R1 4485
PP 4441
S1 4418
S2 4374

Tue close was above above r2 after loosing 2.1pts in the auction, 2 day ftse chart more about a clear brk of 50/65 for direction, all about the dow and its reaction to 10700 tonight imho!

Morning all,

Off for the day so will see what you've all been up to tonight when I get a chance to catch up.

Welcome back LW

Have been away for a few days, and now can't find thread on Bristol meeting in April. Has it been cancelled?

Oops! just found it in traders' room, I'll have to get some better glasses !

Thanks croc, - need my fix!

bit quiet in here today.