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Traders Thread & Thoughts - Tuesday 26th August (RB.)
Crocodile - 24 Aug 2003 14:48
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S&P &Futures (Click for latest)
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Pre Market Futures (7:30) | |
| FTSE | -10 | ||
| TechMark | -3 | ||
| DAX | -5 | ||
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Hang Seng -89
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Nikkei +55
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DOW | +0.5 |
| S&P | +0.3 | ||
| Nasdaq | -1 | ||
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News Headlines: US: Stocks ended lower Monday despite cheer from better home sales, Volume was light and the profit taking was partly triggered after reports that bombings in India's financial capital, Mumbai, formerly known as Bombay, killed at least 46 people and injured more than 100. UK: The euro's strength this year has allowed the French economy to sneak past Britain's in relative size for the first time in four years. Official data out on Friday showed the British economy was worth 270.97 billion pounds in the second quarter of the year. But figures out earlier this week showed the French economy was worth 386.13 billion euros in the second quarter. Taking the average exchange rate of 70.2 pence to the euro, that equates to 271.10 billion pounds. The euro has gained nearly 10 percent against the pound this year.
Reckitt Benckiser the world's biggest household goods firm, said it would start buying back shares and hiking its dividend, as it posted higher second-quarter profit and raised its full-year targets. The maker of Finish/Calgonit dishwasher products, which has been tipped to buy SSL International said it made a net profit of 117 million pounds in the three months in line with the market forecast Bunzl, food packaging manufacturers reported a one percent fall in first-half profits at the top end of forecasts, and said it was confident about the future. Pre-tax profits fell to 100.8 million pounds for the half year to end-June from a restated 102.1 million last year. Analysts' forecasts ranged between 98.2 and 100.5 million pounds. Persimmon Britain's largest housebuilder said profits in the first half of the year surged 29 percent to 151.7 million pounds The firm "performed very strongly in the first half,. with sound market conditions broader geographic spread and good landbank gives us great confidence that we can continue to achieve excellent growth," the firm said The average house price increased from 135,000 to 155,000 over the last 12 months. Canary Wharf: The Canadian chairman of the British property group is planning to enter a takeover battle for the company, the Sunday Telegraph reported, without citing sources. GUS The retail and financial information firm is in negotiations to buy part or all of PowerHouseRBOS: The bank is reconsidering a 4.5 billion pound for the United States' Sovereign Bancorp
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Crocodile - 24 Aug 2003 14:48 - 3 of 12
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Sunday News 24th August City stockbroker Collins Stewart faces devastating allegations this weekend of insider dealing and pumping up share prices. Daily Mail Sainsbury, says it is no longer seeking regulatory approval to buy 171 Somerfield stores, should they come up for sale Canary Wharf Group Canadian chairman Paul Reichmann was thought to have told the board he would submit a bid if other offers came under a certain level, expected to be around 310 pence per share. GUS The Sunday Telegraph said it was in talks with Deloitte & Touche, the receiver seeking a buyer for 130 PowerHouse stricken electrical retail chain.stores. Royal Bank of Scotland is reconsidering a 4.5 billion pound bid for the United States' Sovereign Bancorp, according to a Reuters report. Pizza Express has put a slice of its struggling restaurants up for sale |
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| Creditors forced MyTravel finance chief to take off National Grid Transco Power rationing threatens UK industry BT Group 6m deal for Dublin telecoms provider Corus to curb UK spending Reichmann plots a buyout of Canary Wharf Edinburgh Fund Managers EFM is worth 28m, claims Artemis chief Carlton,Granada Elstein: Im not planning a coup at ITV Secret offer for Eldridge Pope revealed |
A Share in the Boardroom: IFX Group Sharewatch: Hilton Group Sharewatch: Generating power Aggreko Share of the Week: British Airways Sharewatch: Avis Europe Enodis Directors' Deals: Kitchen equipment boss cooks up a dea Anglo Irish employees reap 54,000 windfall Royal Bank of Scotland accused of offering dangerous leverage |
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| Shares in oil minnow Aminex have doubled in the past year to 24 3/4p because of the potential of its drilling programme in Tanzania. The stock is still a highly speculative buy, with Aminex likely to need partners to assist with funding. | ||||||||
| CI Traders plots bid for Eldridge Pope GUS in negotiations to acquire stricken PowerHouse chain Corus puts surplus land up for sale to raise funds for rescue package Reichmann plots 1.8bn offer for Canary Wharf |
BAE's spoiler The Granada/Carlton soap is a long way off its denouement Market miscellany: Vocali Shareholders stage revolt at Lavendon |
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| Dixons shares have rallied from 99 1/4p in February to 139 3/4p but the owner of Currys and PC World may have further to go. Trading should have been solid in recent months with the collapse of rival PowerHouse likely to help market share. Offsetting property developer Hammerson's exposure to the City office market is an excellent retail portfolio, including the Oracle shopping and leisure centre in Reading. With interim profits of 80 million expected this week, shares are a buy at 536p. Infast, the former fastener manufacturer which has been reinvented as a services management company, has been buoyed by a series of contracts, increased turnover and lower debts. Shares have rallied but are still a buy at 41 1/4p. Biotech ML Laboratories has attracted interest because its individual businesses are thought to be worth less than its market price. The company has products in the market and in late-stage development and is a buy at 29p. Demand for Medical Solutions' SurePath technology could increase because of a move towards a new type of testing for Britain's cervical screening programme. MS, which should move back into profit this year, is a buy at 35p. | ||||||||
| Observer | BHP Billiton, UK Coal Drax deal threatens 10,000 jobs Canary Wharf Will the Canary go for a song Allied Domecq, Break-ups and a lack of magic | Carlton, Granada Merger giants move on ITV sales Psion Symbian symbolism | ||||||
| Sunday Mail: | Edinburgh Fund Managers deal near HSBC staff scramble to leave Scottish and Newcastle fervour sends bids up to 2.5bn Ryanair Holdings Poland opens skies to low-cost fliers | Jarvis chiefs 'to escape crime charges' New Look unveils new look Collins Stewart Tullett Broker hit by insider dealing claim | ||||||
| Independent | Carlton Granada's Allen is under pressure to go BP faces legal action over merger with Russians British Energy rescue in jeopardy |
British Airways 'I've had a lot of luck ... all of it bad' Rexam Unfashionable with youth, perhaps, but packaging is what turns this Swede on British Airways is on a roll with Swiss |
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| Construction group Morgan Sindall has just lifted half-year profits by 50%, helped by its work on low-cost affordable housing. The stock closed at 356 1/2p on Friday with Arbuthnot Securities holding a short term target of 400p. | ||||||||
| Edinburgh Fund Managers Britannic may halt sweet revenge for ISIS Edinburgh Fund Managers Insight plots swoop on EFM funds team What will Reckitt Benckiser do to sweep up spare cash? Blackpool Tower boss among bidders for S&N pubs US power blackout comes too late to boost Aggreko's interims | Scottish and Southern Energy Sparks may fly as deadline looms for electricity bondholders Royal Bank of Scotland ready to bank 30m on Harvard school Iomart Group 100,000 profit for Iomar director as shares soar Ex Celtic chief in the money | |||||||
| Sunday Express | Infrastructure engineer Peterhouse's move out of construction into rail services should benefit from Network Rail's investment to upgrade and replace the network. The firm's ability to respond makes it a buy at 298 1/2p. Edinburgh Oil & Gas only has a 5% stake in the North Sea Buzzard field but hopes that new development there should be in place by next month has boosted the share price, which is rated as a buy at 128 1/2p. The reduction of net debt following the sale of Vodafone's Japanese wireline business should increase the likelihood of cash returns to shareholders. The stock, which has revived since interims in November, is a buy at 118 1/4p. | |||||||
| Buy BSkyB at 698p - CD Bramall at 550p - London Clubs International at 55p - Murgitroyd at 125p - James R Knowles at 31p - Huveaux at 41p.Tip Updates: Buy P&O, Sell Invensys,egis fairly priced. First Quantum and Country & Metropolitan good value. Company Results: Buy Balfour Beatty and Aquarius Platinum . Sell Celltech Group (CCH.L). | ||||||||
| The Plays of the Week: Buy Eckoh Technlogies at 13.3p - Ringprop at 317.5p - GX Networks at 5.25p - Stadium Group at 52.5p.Tip Updates:Take profits at Fibernet . Buy/Hold Intec Telecom. Buy SuperscapeCompany profiles: Arko Holdings - Volvere - Courts - Datamonitor - Ferraris Hot Stocks: UK Coal - Heywood Williams - Chapelthorpe - Carpetright - House of Fraser ) - BATs - Northern Foods - Tate & Lyle - Tibbett & Britten - TDG - CA Coutts - Wincanton - HSBC - Primary Health Properties | ||||||||
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Toogood
- 24 Aug 2003 15:59
- 4 of 12
I'll look in again next week.
Simon T
Crocodile - 24 Aug 2003 17:44 - 5 of 12
little woman
- 24 Aug 2003 19:21
- 6 of 12
Hope every one has been enjoying the break (and have not had to catch a train or drive anywhere!) - great article in the Telegraph where someone cycled from paddington to reading, and easiely beat the person trying to catch a train! What a great way to travel. (Just need access to showers, & the opportunity to change clothing on arrival, and of course somewhere safe to leave the bike so it doesn't get nicked, and we'd all be doing it!!!)
Spent the day in the garden followed by making some mango & papaya icecream, & white choc mousse as my treats for the week! Better buckle down and do some research tommorrow (what a nice way to spend a bank holiday!) as I'm not going to have the time during the week!
Crocodile - 25 Aug 2003 11:18 - 7 of 12
Crocodile - 25 Aug 2003 21:52 - 8 of 12
Juzzle
- 25 Aug 2003 23:40
- 9 of 12
ThePlayboy
- 26 Aug 2003 07:18
- 10 of 12
R2 4281
R1 4253.4
PP 4237.7
S1 4216.1
S2 4194.4
Close below Fri pp after loosing 2.8pts in the auction
WEEKLY FTSE PP
R2 4326.6
R1 4276.2
PP 4236.6
S1 4186.2
S2 4146.6
Updated 8/25 for Tuesday's market.
Key DOW Levels for 8/26
UP Above 9,375
DN Below 9,320
Consolidating
Dow continues lower, consolidates at lows.
From prior commentary, "...The Dow finally broke the lower boundary of the steep channel, seen in the 60 Minute Chart, and is likely to continue lower in the medium term..."
The Dow opened the session weak today and pushed lower throughout much of the morning. The Dow then went on to consolidate the remainder of the session after bottoming out early in the session, as seen in the 15 Minute Chart. The consolidation spans from 9,280 to 9,325, which we will watch closely tomorrow.
The 15 and 60 Minute Charts each make a case for a continued downside move in the medium term. The fact that the index has formed a consolidation at the lows after breaking a key trend line is bearish and indicates futher weakness.
Moreover, looking at the Weekly Chart, you see that the index is beginning to reverse down off the major upper trend line of the wide, downward-sloping channel. The is a confirming indication of a further medium term weakness.
However, an upside break from the consolidation could spark a short term push higher before a downside continuation is seen.
Short Term Dow
Short term, the Dow has formed a tight consolidation at the lows of the 5 Minute Chart from 9,280 to 9,320. Watch this range for a break to indicate direction tomorrow morning.
Medium Term Dow
In the medium term, we are still Short the Dow from 9,387 and will move stops down to 9,330 to lock in some of the profit. Stay Short below 9,280, and look for Longs above 9,375, with 10 point stops.
NASDAQ & S&P
The NASDAQ and S&P each consolidated throughout the session today. Consolidations at lows imply weakness, but the late-day upmove could cause a break either way. Watch the consolidation boundaries tomorrow. *
Summary
The Dow moved lower from the outset, but ended the day within the boundaries of a tight consolidation that has formed at the lows of the current downmove, seen in the 15 Minute Chart. The consolidation hints at a likely continuation lower in the medium term, but watch both boundaries tomorrow. We are still Short from 9,387, with stops at 9,330.
Crocodile - 26 Aug 2003 07:40 - 11 of 12
Druid2
- 26 Aug 2003 08:28
- 12 of 12
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