Premarket Futures

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US tech Stocks under pressure, blue chips mixed despite mostly upbeat earnings reports Corus Russian metals entrepreneur Alisher Usmanov has raised his stake in the Anglo-Dutch steel firm to around 9 percent, amid speculation he might want a seat on the company's board Cable & Wireless to sell its US unit 155 million dollar cash ASK Central pizza and pasta chain said it had received a 220 pence a share offer proposal from TDR Capital, a private equity group that owns the rival PizzaExpress restaraunt chain. Wolverhampton & Dudley Breweries the UK's biggest regional brewer said the solid trading it saw at the start of its financial year continued over Christmas, with profit margins remaining firm and sales at its managed pubs rising 3.1 percent in the 16 weeks to January 17. Ultraframe conservatory maker said sales at continuing operations had fallen by eight percent in the first quarter of its financial year, and declines would likely continue. Pendragon Britain's largest car dealer said it was buying rival CD Bramall Plc CDB.L for an agreed 230.3 million pounds in a deal iworth 600 pence per CD Bramall share. They also said its 2003 profit before tax, exceptional items and goodwill should be at least 37 million pounds.

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Burdene Investments (F), Wolverhampton & Dudley AGM & Trading Update, BOC (AGM), Enterprise Inns (ETI) Stock Split Ex Date. Terms are 2 shares for 1 share held. 09.30 4th Quarter GDP q/q 0.7% exp. 09.30 Dec Retail Sales m/m 0.3% exp. 09.30 Dec Car Production 3m/3m		00.01 EMU Nov German Construction Orders (BBK) y/y

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Updated 1/22 for Friday's market.
Key DOW Levels for 1/23
UP Above 10,660
DN Below 10,600

Consolidating
Dow trades sideways, forms consolidation above major resistance.

From prior commentary, "...Looking at the 15 and 60 Minute Charts show that the Dow now rests above the key 10,600 resistance level and may also be forming a higher low above resistance, which is typically a continuation pattern..."
The Dow opened the session slightly higher this morning, but quickly pulled back and traded sideways the entire session, as seen in the 15 Minute Chart. The sideways movement led to the formation of a very clear consolidation at the highs, which has formed above the key 10,600 resistance level, also seen in the 60 Minute Chart.

The formation of the consolidation at the highs is a positive sign, and implies a continuation higher in the medium term. An upside break through the top of the range at 10,660 will likely spark such a move.

A downside break from the consolidation, however, is still possible and would likely result in a break back below key resistance at 10,600. A downside break here would spark another short term pull-back within the overall uptrend.

Short Term Dow

Short term, we will watch the tightly-wound consolidation that has formed at the highs of the 5 Minute Chart for direction at the Open. Watch 10,645 up, and 10,610 down tomorrow morning.

Medium Term Dow

In the medium term, we are still Long the Dow from 10,560 and will move stops up to 10,600 for tomorrow's market. We will want to stay Long above 10,660, and will look for Shorts below 10,600; using 20 point stops.

NASDAQ & S&P

The NASDAQ popped and dropped today, but stayed within the clear trading range, which we will watch closely tomorrow. The S&P, on the other hand, pulled back slightly, but was able to form a bullish consolidation at the highs. Watch the consolidation boundaries tomorrow. *

Summary

The Dow traded sideways the entire session today, ending up with less than a one point loss. The index has now formed a tight consolidation at the highs above resistance, which points to further strength in the market. An upside break through 10,660 will spark a continuation, while a break below resistance at 10,600 will make for weakness.

Morning all.

8:02 am 23/01/2004
*ABBEY NATIONAL DOWNGRADED TO 'SELL' FROM 'REDUCE' BY HSBC

Morning all

Not trading today as I have things to do and am going away for the weekend.

E*Trade probs with Dresdner bank link, had to phone to make sure orders were cancelled

Morning all,
LW have a good weekend :-)
Must have a chat sometime ...

E*Trade working again

Morning all,

Not doing much in the way of trading today.

Mrs. Melnibone has got a day off and has a list of stuff
to do. :-((

Just as well really, can't log in to D4F again.

May see you later. Have a good one little woman.

Melnibone.

melnibone from my analysis this morn on prev post the 4460 tgt has been hit, went long at 42 again on futs!

Misys did go up :-)

Nice one TP,

I've got a couple of longs I'm happy to hold to cover any upside.
Going to be away from trading a fair bit today so do not want to
increase long exposure in case US decides to drop and take FTSE
back again.

Not going to buck the main trend with index shorts, so will leave
the longs running and maybe look for a few scalps later on this afternoon.

Going to have to log off now. Managed to get logged in to D4F to prove
I haven't got any problems my end, so happy I can trade again when
I need to.

Melnibone.

Hi all

i know you actively trade GSK - any opinions on todays activity - opened at 1207, dropped to 1180, now back to 1203

many thanks in advance

GSK back down to 1194 again

GSK back down to 1194 again

Afternoon all,

GSK 1240/1250 sounds good to me Testex.

What I'd really like to see is a test of 4380/4400 on the FTSE
and GSK drop to and hold 1150p.

IF firm support was shown at this area on the FTSE, confidence
to push higher would be found and enable people left at 4400 prior
to the Christmas rally to rejoin and increase buying pressure.

60 Day EMA is coming in around 4410 at the moment, so this is a
real possibility.

Melnibone.

So you feel Melnibone that the FTSE's current slide down a
greasy pole today will be positive ultimately, I just hope
that process wouldn't take too long! Not overly impressed
with these levels - never was a fan of too much red!!

Yes stockbunny.

Retracement is healthy.

People who were left behind can climb aboard.

Profits can be banked and promote a feel-good factor.

If you get a retracement that stops at support, people
aren't constantly worrying about a drop and look forward
to the upside instead.

Overbought conditions are rectified and TA Gurus start
telling everyone that everything is oversold and it's
time to buy.:-)

Melnibone.

True..It's just frustrating as this time I am not in a position to
buy - I tend to buy on a dropping market - so I've kind of got the
urge but no ammo!! (lol) Didn't see a drop coming either and not having a great day so all in all not the best of days!!
Be lucky out there!!

It'll come good again.

When the Indices are making new highs folk
look at the blue sky above and get vertigo,
wondering where the next one will be.

When they drop to support and the view reverses back
up again, there's no need to wonder, you can look
up and see the next resistance level.
It draws stuff like a magnet.

Or if you like, think of all those bits of white fluff that
always seem to get drawn to your little black dress.

At least that's what I think all you ladies have at least
one of in your wardrobes. That's what I seem to gather from
all those interminable Winny @ Trinny programs that Mrs. Melnibone
encourages me watch in a hopeful effort to try and update
my fashion sence from my usual faded tatty sweaters and
ancient jeans. ;-)

Melnibone.

Well, that's my SHEL's nicely in profit.

Nice bounce on the US markets wouldn't come amiss now.
If they drag 'em up far enough I might take the profit
today instead of holding over the weekend.

Melnibone.