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Traders Thread - Friday 5th March (JDW)
Crocodile - 04 Mar 2004 21:19
| UK PreMarket Futures | FTSE -2 | DAX -5 | DOW 5- | S&P -0.2 | Nasdaq -0.5 |
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US tech stocks rallied as investors geared up for Intel's mid-quarter update after the close. The DOW ended little changed ahead of February jobs report tomorrow. Intel said after the US markets closed that first-quarter sales would come in lower than originally expected, which could lead to worries that business spending on technology may not be picking up as quickly as Wall Street had hoped. Marshalls maker of concrete block paving reported a 2% rise to 50.4 million pounds in annual profit that broadly met forecasts and said trading conditions remained good. EasyJet reported a 17.4% rise in February passenger traffic to 1.86 million boosted by its new routes at a 89% seat load factor Greggs high-street baker reported a 10.4% rise in annual profit to 40.5 million pounds and said sales are up 3.1% in the first nine weeks of the current year. London Clubs casino operator said on it was raising 49 million pounds in a rights issue at 70 pence per share enabling it settle all outstanding debt (to remain solvent) and expand ahead of government plans to deregulate Britain's gambling industry. Mowlem reported annual profits of 45.2 million pounds up 37%, its eighth successive year of growth beating analysts forecast of 39 million pounds. They said the sale of two investments in UK government projects had contributed to the exceptional gains. Axis-Shield diagnostics firm reported annual results up 7.2% to 50.3 million pounds in line with market forecasts and said it expected to substantially reduce losses in 2004. They also announced an agreement with the Chinese health ministry to trial its diabetes detection kit in a country with an estimated 40 million diabetes patients |
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J D Wetherspoon (I), Financial Objects (F), Greggs (F), Marshalls (F), Whitbread (F) Netcentric Systems (AGM) UK Jan Motor Vehicle Production (09:30) |
1.30pm Average Workweek 1.30pm Hourly Earnings 1.30pm Nonfarm Payrolls 1.30pm Unemployment Rate |
Carrefour (F), Suez Lyonnaise (F) Essilor International (F) Havas Advertising (F) Pinault-Printemps (F) |
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ThePlayboy
- 05 Mar 2004 07:13
- 2 of 12
Key DOW Levels for 3/5
UP Above 10,600
DN Below 10,550
Consolidating
Dow trades sideways, holds within tight consolidation.
From prior commentary, "...The Dow opened the session weak this morning and traded down precisely to the major 10,550 level...As we mentioned yesterday, this is a very clear level in the charts, which, if broken, could lead to a sharp drop in the market..."
The Dow continues to hold above the major 10,550 level, as the index basically traded sideways the entire session, forming a tightly-wound triangle consolidation, seen in the 15 Minute Chart.
The consolidation has formed at the lows of the recent decline, thereby implying further weakness to come. However, the index must break below 10,550 if a significant move lower is to be seen in the medium term.
Conversely, an upside break through the top of the consolidation at 10,600 could spark another move higher toward resistance at 10,700. Watch the consolidation boundaries closely, as a break either way could lead to solid direction.
Short Term Dow
Short term, the Dow has formed a tight consolidation at the lows of the 1 Minute Chart from 10,579 to 10,590. A downside break is implied, but watch for a break either way for short term direction at the Open.
Medium Term Dow
In the medium term, we are still Short the Dow from 10,642 and will move stops down to 10,600 for tomorrow's market. We will stay Short below 10,550, and will look to enter Longs above 10,600, with 20 point stops.
NASDAQ & S&P
The NASDAQ and S&P each trended higher today, against the grain of the Dow. Look for further upside movement above the clear lower trend lines. *
Summary
The Dow traded flat for the second straight session today, edging lower by 5 points. The index looks to be gearing up for a potentially solid move, but we must wait for a break from the consolidation first. Watch 10,570 down and 10,600 up for the break tomorrow.
ThePlayboy
- 05 Mar 2004 07:13
- 3 of 12
FRI FTSE PP
NON FARMS DAY
R2 4587
R1 4573
PP 4549
S1 4535
S2 4511
Thu close was above R2 after gaining 4pts in the auction! At last a decent pattern to trade on the 2 day chart for Fri! Targeting R1 with a brk of the uptrend at 4550, pp very significant for Fri by looking at the above chart! Dow still holding 550, but will NF if good brk Dj above 620 to tgt 700? or bad to 500? Ftse strong atm with a mind of its own!
Crocodile - 05 Mar 2004 07:36 - 4 of 12
zarif
- 05 Mar 2004 07:53
- 5 of 12
zarif
little woman
- 05 Mar 2004 08:43
- 6 of 12
FTSE100 chart for yesterday looks really interesting - must have been an really good day to trade.
ThePlayboy
- 05 Mar 2004 08:48
- 7 of 12
little woman
- 05 Mar 2004 09:06
- 8 of 12
I've not actually opened the spreadbetting account yet - and I must admit I'm have second thoughts.... I'm going to wait a bit I think (especially until I know I'm going to be arround a bit more!)
So I'm still back to trading the old fashioned way! Must start to do some more details research again - check out the old fundamentals rather than the charts (which I don't really understand anyway!)
chartist2004
- 05 Mar 2004 09:15
- 9 of 12
You must be init to win it ...
ps CMC have taken me out many times, you are not alone..
little woman
- 05 Mar 2004 09:46
- 10 of 12
I've got 2 ordinary broker (no advise) accounts I can deal through the internet. Bit more expensive, and I have to stump up 100%, stamp duty etc - and of course no shorting! But life is a lot simpler and less fustrating!
Melnibone - 05 Mar 2004 10:08 - 11 of 12
Just a quick visit, shopping with Mrs. Melnibone today. :-(
The credit card's run off and hid somewhere already. ;-)
My SKP are already nicely in profit, so I'll forget about
them and have a look at what the S@P is doing post jobs
data later on today.
I don't like to pre-empt the big data, nor the reaction to it.
Sometimes it can react the opposite to what you think depending
upon who has the profit, Bears or Bulls, and there is still
games being played on the Euro/Dollar as Euro Bulls are
getting shaken out and parted from their money.
When they've lost theirs, it'll be time for Mr Forex Market
to lick its lips and feast its greedy eyes on the Dollar Bulls.
Oh what fun this trading game is. :-)
Maybe catch you later.
Melnibone.
little woman
- 05 Mar 2004 18:04
- 12 of 12
Must admit my interest changes all the time when it comes to individual shares, so ones I'm interesting in now, are often different to the ones I'm interesting in tommorrow!
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