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Traders Thread - Wednesday 3rd March (ITV)
Crocodile - 02 Mar 2004 21:41
| UK PreMarket Futures | FTSE -15 | DAX -15 | DOW +2 | S&P unch | Nasdaq -1 |
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The US indexes fell back erasing most of Monday's gains on some concern ahead of the jobs report on Friday. ITV said it was on track to achieve 100 million pounds of cost cuts, with the advertising market more stable. It said its advertising revenue was down two percent in calendar 2003 due to a lower viewing share. Friends Provident life assurer said annual profit fell 13 percent to 266 million pounds , in line with expectations, and said it was slightly cautious about first-half trade in Britain.The group proposed a 2.1 percent increase in total dividend per share to 7.4 pence. JD Wetherspoon reported a 9% rise in first-half profits to 27.8 million pounds and said its founder and executive chairman Tim Martin will step down to non-executive chairman in April. The results were in line with expectations. RMC concrete reported an eight percent fall in annual profit to 133 million pound that met forecasts and said prospects for its troubled German market remained uncertain Lastminute.com said it had made a recommended offer worth about 55 million pounds for rival Online Travel Corporation Biotrace International maker of environmental monitoring, quality control, research and the detection of airborne biological weapons reported a 64 percent jump in annual profits of 3.3 million pounds Sales rose 59 percent to 19.9 million pounds and recommended a 20% increase in the dividend payment to 1.15 pence per share. Yummy! Gallaher Group tobacco reported a 9.8 percent rise in 2003 profits ahead of forecasts to 501 million pounds. It added that current trading during the early months of 2004 had started well and was in line with expectations. Rathbone Brothers fund management and banking group said that annual profit rose 7.5 percent to 19.7 million pounds, ahead of expectations, as stock markets recovered and funds under management increased. Westbury housebuilder said its 2003 results would be in line with its expectations, delivering an 11th year of profit and dividend growth. |
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A&J Mucklow (I), Next (I), Quayle Munro (I), Wetherspoon (I), Biotrace (F), Devro (F), Flying Brands (F), Friends Provident (F), Gallaher (F), Glanbia (F), Harrier Group (F), ITV (F), Lorien (F), Marlborough Stirling (F), Oxford Biomedica (F), Rathbone Bros (F), RMC (F), SHLGroup (F), Stilo (F), Wetherspoon (F) (Tentative) Rolls-Royce (F), (Tentative) SMG (F) UK Feb service sector PMI (09:30) |
AutoZone (Q2), Costco (Q2), Toys R Us (Q4) 3.00pm ISM Services 7.00pm Fed's Beige Book |
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Ex Dividend,Pence, Yield %: Avesco 2p 3.89%, Carclo 0.4p 3.68%, Cassidy Brothers 0.75p 6.47%, Colefax Group 1.34p 4.07%, Courts 1.10P 2.04%, EMI Group 2p 3.20%, Intelek 0.12p 1.6%, MITIE Group 1.10p 1.86%, Park Group 0.33p 2.48%, Peel Holdings 4.80p 1.73%, Cussons 8.05p 2.60%, Scottish & Southern Energy 11.30p 5.26%, First Choice Holidays 3.40p 3.44%, Reckitt Benckiser 14.00p 2.01%, Imperial Chemical Industries 3.50p 2.71%, Parkdean Holidays 3.00p 2.12%, Terrace Hill Group 0.15p 0.98%, Crest Nicholson 7.50p 3.09%, Eurocopy EUP 1.13p 4.00 %, Domino Printing Sciences 3.09p 2.45%, Electronic Data Processing 1.66p 3.59%, London Scottish Bank 4.30p 4.84%, Sanctuary Group 0.40p 0.76%, |
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ThePlayboy
- 03 Mar 2004 07:10
- 4 of 5
Key DOW Levels for 3/3
UP Above 10,640
DN Below 10,550
Pull-Back
Dow reverses off 10,700, trends lower throughout session.
From prior commentary, "...Should the index fall below 10,650 tomorrow, we will likely see a move down toward the major lower trend line at around 10,550..."
The Dow got the break below 10,650 early in the session today, which sparked a solid push lower throughout most of the day, as seen in the 15 and 60 Minute Charts.
The index came within 20 points of hitting the lower boundary of the wide trading range at 10,550. We will continue to watch this level tomorrow, as a break here will likely fuel an even greater decline in the medium term. Looking at the Daily and 60 Minute Charts show that the lower trend line is a very clear fulcrum in the chart. A break of this line will lead to weakness.
However, the Dow has held above this trend line for over two months now, which is an indication of its strength. Look for the Dow to remain above 10,550, but also to hold below key resistance at 10,750. The index will likely stay within this range until a clear and solid break occurs.
Short Term Dow
Short term, the Dow has formed a tight range from 10,570 to 10,625, seen in the 5 Minute Chart. Watch for a break from this range for short term direction at the Open.
Medium Term Dow
In the medium term, we closed Longs this morning at 10,650, giving us a 10 point loss for the trade. We later entered the market Short at 10,642 and are still in the trade. We will hold stops at 10,640 for tomorrow's market and will stay Short below 10,550. We will enter Longs above 10,640, with 20 point stops.
NASDAQ & S&P
The NASDAQ and S&P each pulled back off the highs day's highs today, leaving the door open to a slide lower for the day. Each index is now testing clear lower trend lines, which could fuel another push lower tomorrow. *
Summary
The Dow trended lower throughout the session after breaking 10,650 early in the day, sparking an 87 point loss for the session. The index continues to trade within the wide trading range boundaries of 10,550 and 10,750. Look for further sideways movement within these boundaries until clear direction is established.
Crocodile - 03 Mar 2004 07:40 - 5 of 5
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