Gold
	S&P &Futures (Click for latest)	Pre Market Futures (7:30)
		FTSE	+48
		TechMark	+4
		DAX	+29
Hang Seng +120	Nikkei +122	DOW	+39
		S&P	+5.3
		Nasdaq	+7

 

News Headlines:    Big gains overnight on Far East stocks and strong US futures ensure a strong opening for the FTSE & European stocks: Munich Re deliver much worse loss than expected for the first quarter after a 1 Billion Euro write-down: Oil prices may decline 15% in the second half as Iraq oil returns to the market:  Many UK companies announced they bought back large quantities of shares for cancellation on Friday: German retail sales rise for the first month in 3:  Data shows that semiconductor sales could possibly on the rise: Courts: AZN: Bought 250,000 shares Friday evening for cancellation.   Calendar All GMT United Kingdom (F)inals (I)nterim United States (Click Flag) Europe & World Mon 2nd June Reports / Data Christian Salvesen (F) 19m exp.Acal (F), Courts (F), Dawson Holdings (I), Ryanair (F) 09.30 May M0 Money Supply y/y 1.9% exp. 09.30 Apr Net Consumer Credit 1.7bn exp. 09.30 May CIPS Manufacturing PMI 48.8 exp. 15.00 May Manufacturing ISM 47.0 exp. 15.00 Apr Construction Spending 0.1% exp. Munich Re (Q1) 08.55 German May Manufacturing PMI 46.8 exp. 09.00 May Manufacturing PMI 48.2 exp. 11.00 May Economic Confidence 98.0 exp. 11.00 May Flash CPI y/y 1.9% exp. Good Trading!   David@FTSEDOW.com    www.FTSEDOW.com            Pivot Calculator

If you read it please say 'hello' and post your thoughts ..

Hello. Have to agree that we are likely to see some further upside this week though it could be limited and I'm not convinced it will hit 4200.

From the 12/03 to the 8 day Fib of 21/03 ( peaked on 20/03 ) gave a projected Fib 1.618 level of 4077 ( reached on the 29/03 ) as it was a continuation. If it continues up this week the next levels are 4129 & 4212. I suspect due the the overbought levels we are seeing that upside will be limited or has started to turn early ? The last circled point on the chart is the 1.618 Fib continuation level. It seems likley that we will meander up for a few more days till the end of the week and possibly be over 4100.

On the chart we have two Fib dates which tested the upper Bolly and two which have touched it but are not Fib dates but it does look like it is starting to wane.

If it does pull back I have the first few retrace points at 3995, 3966 & 3943.

Hello Croc.

I agree with following the trend but I think that the FTSE trend
will only continue if the S@P breaks above this 960/965 area and
turns it into support.
If it does then your initial target of 4200 for the FTSE looks
good.

If it breaks down then the fall could be quite dramatic. Bulls will
be seeing their only decent gains for a while melting away and will
take profits.
Bears are hurting and will jump on the back of any sign of weakness
and increase the selling pressure.

I feel that the key is the S@P, not the FTSE holding above 4000.

Melnibone

Good posting Kevin,
Melnibone I am a long term Bear but I trade what I see. I do agree that when the fall comes it could be very sharp!

Morning all...

JD Weathersoon & BP also buy back large quantities of shares on Friday.

Morning,

Your comments are interesting, as I was wondering how long the current trend was going to hold. It seems to be on a upward trend, but the signs show it is struggling. I have been investing for short term gains, and holding quite a lot of cash waiting for a sharp drop. Perhaps I won't have to wait as long as I thought I would!!!!

Well I didnt quite see 4129 been hit on the head so early in the week. It looks like 4212 is not so far away now. Hardly any sign of weakness today.

Lots of after hours selling going on