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Premarket Futures | FTSE +8 | DAX +20 | DOW -6 | S&P -0.8 | Nasdaq -2 |
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U.S. stock rally continued as investors expressed optimism about corporate and economic growth after upbeat reports on employment and manufacturing, as well as a number of stock upgrades. Mind you this spike up through the resistance line on the uptrend often signals the end of the rally, as the buying becomes overheated. I am going to take out a small DOW short for a longer term target of a 250 points fall back to 10k or below and I will set a 75 point stop loss. Wilson Bowden housebuilder said it expected results for the year to meet market expectations with profits of 215 million pounds IMI engineering firm said its second-half sales would be around three percent higher with profits in a 136-140 million pounds range compared to 131.5 million pounds in 2002, which included a five million pounds pension credit. RMC the world's largest producer of ready-mixed concrete, said it expects its full year profit to be at the top of the range of market expectations due to disposals and cost cutting. The company said it expects to take a 15 million pound charge in 2003 for a cost reduction programme. It plans to write down 230 million pounds of assets most of which relating to its troubled business in Germany |
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