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U.S stocks failed to find direction with some weaker than expected earnings and economic news, the continued high price of oil and Friday's monthly options expiration. Wolverhampton & Dudley Breweries reported a 5.3% inline rise in half-year profits of 31.7m and added that current trading was in line with expectations. Cadbury Schweppes said it was cautiously optimistic about the outcome for its full year and expected to deliver results within its target ranges, However its costs have risen faster than inflation. Hilton Group said that profits for the first four months of the year had doubled, as the hotel sector continues to recover from last year's slump. Tomkins engineering posted higher profits of 69 million pounds above expectations, and said key markets improved in the period as its three-year restructuring plan showed results.

	Calendar:  United Kingdom		United States (GMT)		Europe & World (GMT)
AttentiV Systems (I), Castings (I), Wolverhampton & Dudley (I) Hilton Group (AGM), Lloyds TSB (AGM), Rotork (AGM) April prov M4/M4 lending (08:30), April PSNCR (08:30), BBA April net sterling lending (08:30), BSA / CML April mortgage lending (08:30)

Data Download	FTSE Intraday	Calendar	US Zone	HTML Edit	Currency Calc	Dividends	Director Dealings	Broker Upgrades / Tips
David@SnappyTrader.com   www.SnappyTrader.com			Pre Market Futures	FTSE +1	DAX+10	DOW+25	S&P+2.9	Nasdaq+7

FRIDAYS FTSE PP

R2 4493
R1 4461
PP 4440
S1 4408
S2 4387

Ftse closed below s1 on Thu and only lost .1 in the auction, cont downtrend below 35 cash imho unless dow can get a close above 9980, preferable 10k, but dull and rangebound atm! equity option expiry today!

Updated 5/20 for Friday's market.
Key DOW Levels for 5/21
UP Above 10,100
DN Below 9,900

Sideways Day
Dow holds at lows, forms tight consolidation.

From prior commentary, "...Look for the index to reach the lower boundary of the range at around 9,880 tomorrow, though we will likely see further volatility within the overall range, which spans from 9,880 to 10,100..."
The Dow traded sideways the entire session, ending the day lower by less than one point, as seen in the 15 Minute Chart. The index formed a tight consolidation at the lows from 9,900 to 9,970, which we will watch closely tomorrow. A downside break from the consolidation will likely spark a near term move lower toward 9,800, while an upside break will test recent highs.

However, looking at the 60 Minute Chart shows that a downside break through 9,900 will likely spark an even further decline, potentially toward the 9,500 level. Therefore, 9,800 will be a key level to watch, as a break below it will indicate that such a move is likely. Otherwise, look for the index to continue to slosh around within the sloping range boundaries of 9,900 and 10,100. Remember, a break from this range will likely spark a swift and powerful move. Watch it closely.

Short Term Dow

Short term, the Dow has formed a tight consolidation at the lows of the 5 Minute Chart from 9,900 to 9,970. Watch for a break from this range for direction tomorrow morning.

Medium Term Dow

In the medium term, we are still out of the market, since none of our entry levels were triggered. We will watch 9,900 down, and 10,100 up tomorrow; using 20 point stops.

NASDAQ & S&P

The S&P and NASDAQ each traded strictly sideways today, forming tight ranges at the lows. Watch the consolidations closely for breaks tomorrow, as such will likely lead to movement. *

Summary

The Dow traded sideways throughout the day, forming a clear range at the lows. Watch this range closely, as a break from it will likely indicate whether further movement within the wider range is likely. Watch 9,900 down, and 10,100 up for medium term direction tomorrow.

15

60

daily

morning croc et al.
Nice sunny morning start up in Ellesmere-port.
Hope the Rays of Sun bring some light on the Ftse as it played in a 20pt range yesterday.

rgds
zarif

morning,TOMK out with terrible set of results,good short.

Morning all

morning croc and all.

morning campers,

long arm cs ctm mks tsco wlw dax nas s&p...

thanks croc for the thread,hope your keeping well!!!!

Mega...

Morning all

morning all

First time on the site.are you all full time traders?


Orky

just looked at % gainers and losers for today and its very confusing.

Morning all

thanks croc, nice to see TP again

bosley,

There would appear to be an error somewhere with this - we are investigating.

Ian

to see you nice, hope your having a good week Fundamentalist, not too good for me this week!

orky, you'll find the full time traders over in the traders room

Please everyone correct me if I'm wrong, but we are mostly investors who like to trade from time to time. (Some more than others!)

TP

This week has bucked my recent trend and been very good to me, mainly due to the large rises in SKP earlier in the week. See the rumours are back that ROK Property are looking to take over Galliford Try again, can only be good for the GFRD price short term.

LW. "Some more than others" - guess thats you then, arent you nearly 'full time' with all this day trading youre doing now? Own up, how many trades this month? Notice u said been in & out of shel and cyh a few times?
Regards, Amber

ps. got my first divi this morning, Bovis. Normally I'm either not in a share long enough or the company doesnt have divis??? Nice suprise shame its only small investment.

ahhhhhhhhh, but I have days when I don't do any trading at all (although lately they are fewer) - & the trading only provides the little extras in life, so I have to work occassionally to pay the bills.