Futures @ 7:30am 17th Oct

FTSE +12

DAX  Unch

DOW -8

S&P -1

Nasdaq  -4

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In the U.S. despite analysts saying the economy grew at the strongest pace in four years in the third quarter stocks closed mixed. The Nasdaq and S&P 500 reaching new multimonth highs while the Dow edged lower due to weakness in Caterpillar and IBM after the release of their quarterly earnings. The U.S. University of Michigan consumer sentiment index due at 2:45 p.m. will be important to gauge the strength of the U.S. recovery.HSBC said it would move 4,000 UK call centre and back-office processing jobs mainly to India and Malaysia but also to China over the next 2-1/2 years.Chelsfield The FT reported that the property firm could update on the progress of its chairman's proposed 300 pence per share buy-out today.Jarvis The Guardian reported that the engineering and services firm would announce a 300 million pound contract to build rooms for the University of Lancaster. BAY Northwest Airlines and Continental posted quarterly profits that beat Wall Street analysts' average estimates, but the carriers warned of tough times ahead.International Power said it had secured a new three-year unsecured $450 million revolving debt facility to refinance a larger, existing facility due to expire next year. Harvey Nash reduce losses and increase sales as the sector rebounds.

Calendar: United Kingdom	United States  (GMT)	Europe & World (GMT)
Harvey Nash (I)	Caterpillar (Q3), Nortel (Q3), Sybase (Q3) 13.30 Sep Housing Starts 1830k exp. 14.50 Oct Preliminary Michigan Sentiment 88.0 exp.	Akzo Nobel (Q3), 11.00 Aug Industrial Production m/m 11.00 Aug Trade Balance

David@FTSEDOW.com     www.FTSEDOW.com

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FRI FTSE PP

R2 4390.5
R1 4365.1
PP 4345.7
S1 4320.3
S2 4300.9

Close was just above Thu s1 level after gaining "7.6pts" in the auction! Close is below the last 5 days uptrend but still maintains the longer term uptrend! Getting signs of a longer term sell sig on ftse but no joy on the Dow as yet, looking to 9750 to hold the uptrend with a close sub 9700 good for the bears! Personally exp these levels to hold as the Us moves into Ops Expiry tomorrow!

Updated 10/16 for Friday's market.
Key DOW Levels for 10/17
UP Above 9,830
DN Below 9,725

Volatile Session
Dow increases volatility, continues uptrend.

From prior commentary, "...The Dow pulled back precisely to the lower trend line today and rallied off it to the Close, further defining this 'line in the sand' or 'fulcrum' level...the index will likely continue to trend slowly higher until the key trend line is crossed..."
The Dow opened the session lower this morning and slightly readjusted the major lower trend, as the index traded throughout the session in volatile fashion. It made several passes back and forth within a tight range today, but is essentially trending slowly higher above the major lower trend line in the overall uptrend, seen in both the 15 and 60 Minute Charts.

However, the trend appears to be stalling a bit, given that the Dow has moved generally sideways above the 9,725 support level the past four sessions, seen in the 15 Minute Chart. A downside break at this level, which would also cause of a break of the major lower trend line, would likely spark the major decline that we've been looking for after the long rally.

As we mentioned yesterday, however, it is best not to anticipate the move. Wait for a break of the lower line, because the index could continue to linger above the trend line before the deciding break is seen. Conversely, we have another fulcrum at 9,830. An upside break through that level would indicate further uptrending behavior.

Short Term Dow

Short term, the Dow has formed a tight range at the highs of the 1 Minute Chart from 9,780 to 9,795. Watch for a break from this range to gauge direction at the Open tomorrow morning.

Medium Term Dow

In the medium term, we stopped out of our Long position this morning at 9,750, giving us 369 points out of the rally. We also entered the market Short this morning at 9,734, but stopped out for a 10 point loss. We are now out of the market and will watch 9,725 down, and 9,830 up tomorrow; using 10 point stops.

NASDAQ & S&P

The NASDAQ and S&P each continue to honor their respective lower trend lines. Look for further upside movement until this line is solidly crossed. *

Summary

The Dow widened the lower trend line of the major uptrend today and continues to trade higher within the overall uptrend. The index has moved sideways the past four sessions, which suggests that the uptrend may be coming to an end. Watch the lower trend line at 9,725 for a downside break.

The scandal-hit New York Stock Exchange (NYSE) has said it is to fine five of the specialist firms who trade stocks on the exchange floor for improper trading practices that hurt customers.
The NYSE said on Thursday it would seek "substantial fines" and that the floor-trading firms would have to repay investor losses.

It said it was investigating allegations that the floor-traders had traded stocks on their own behalf before fulfilling customer orders, a practice that could mean customers missing out.

The NYSE did not say how much the fines would be, though press reports have suggested they could total $150m, while investor losses may have amounted to $100m.

Morning all. tks Croc & PB for daily info.

Monring from a very sleepy Croc.

zariff re DOW I dont think 10k today, bit to early yet but I believe it will happen.
D.

Morning all -

Not going to hear much from me today as I shall be spending the afternoon on various trains making my way up to Leeds today. I'm going to miss what's going on today which I hope won't be too much or I'm going to have to invest in some more technolgy (which I'm avoiding) to keep in touch before long!

Eh Gad!! Alterian are actually rising slightly today plus GB Group modestly up also?? It's a good job I'm sober or I would doubt what my eyes are telling me!

:-)
By the way the header is new with extra FTSE charts and you can now switch between DAX / CAC as well.
All charts wiill zoom if you click on them
D.

Havent seen the markets this quiet for a long time, guess they are waiting for US data.

AMD sales up 80+% in the last quarter already up 10%

Ah yes noticed that just now, more charts than before, Croc. you do us all proud Thank you!!

Croc.

is there anyway to to keep this thread or at least the charts 'current'/updating real time?

i find i'm spend a lot of time hopping around....

thanks.

t.

oh, i see, the link is current (going by the clock display).

disregard the above.

sorry.

Croc:
Brilliant update _ you must pop in to the tea room and have what u like on the house!!!!
bravo

Zarif

Watch Sagetowards the auction they are reporting on Monday