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Traders Thread & Thoughts - Tuesday 26th August (RB.)
Crocodile - 24 Aug 2003 14:48
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S&P &Futures (Click for latest)
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Pre Market Futures (7:30) | |
| FTSE | -10 | ||
| TechMark | -3 | ||
| DAX | -5 | ||
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Hang Seng -89
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Nikkei +55
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DOW | +0.5 |
| S&P | +0.3 | ||
| Nasdaq | -1 | ||
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News Headlines: US: Stocks ended lower Monday despite cheer from better home sales, Volume was light and the profit taking was partly triggered after reports that bombings in India's financial capital, Mumbai, formerly known as Bombay, killed at least 46 people and injured more than 100. UK: The euro's strength this year has allowed the French economy to sneak past Britain's in relative size for the first time in four years. Official data out on Friday showed the British economy was worth 270.97 billion pounds in the second quarter of the year. But figures out earlier this week showed the French economy was worth 386.13 billion euros in the second quarter. Taking the average exchange rate of 70.2 pence to the euro, that equates to 271.10 billion pounds. The euro has gained nearly 10 percent against the pound this year.
Reckitt Benckiser the world's biggest household goods firm, said it would start buying back shares and hiking its dividend, as it posted higher second-quarter profit and raised its full-year targets. The maker of Finish/Calgonit dishwasher products, which has been tipped to buy SSL International said it made a net profit of 117 million pounds in the three months in line with the market forecast Bunzl, food packaging manufacturers reported a one percent fall in first-half profits at the top end of forecasts, and said it was confident about the future. Pre-tax profits fell to 100.8 million pounds for the half year to end-June from a restated 102.1 million last year. Analysts' forecasts ranged between 98.2 and 100.5 million pounds. Persimmon Britain's largest housebuilder said profits in the first half of the year surged 29 percent to 151.7 million pounds The firm "performed very strongly in the first half,. with sound market conditions broader geographic spread and good landbank gives us great confidence that we can continue to achieve excellent growth," the firm said The average house price increased from 135,000 to 155,000 over the last 12 months. Canary Wharf: The Canadian chairman of the British property group is planning to enter a takeover battle for the company, the Sunday Telegraph reported, without citing sources. GUS The retail and financial information firm is in negotiations to buy part or all of PowerHouseRBOS: The bank is reconsidering a 4.5 billion pound for the United States' Sovereign Bancorp
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Crocodile - 24 Aug 2003 17:44 - 5 of 12
little woman
- 24 Aug 2003 19:21
- 6 of 12
Hope every one has been enjoying the break (and have not had to catch a train or drive anywhere!) - great article in the Telegraph where someone cycled from paddington to reading, and easiely beat the person trying to catch a train! What a great way to travel. (Just need access to showers, & the opportunity to change clothing on arrival, and of course somewhere safe to leave the bike so it doesn't get nicked, and we'd all be doing it!!!)
Spent the day in the garden followed by making some mango & papaya icecream, & white choc mousse as my treats for the week! Better buckle down and do some research tommorrow (what a nice way to spend a bank holiday!) as I'm not going to have the time during the week!
Crocodile - 25 Aug 2003 11:18 - 7 of 12
Crocodile - 25 Aug 2003 21:52 - 8 of 12
Juzzle
- 25 Aug 2003 23:40
- 9 of 12
ThePlayboy
- 26 Aug 2003 07:18
- 10 of 12
R2 4281
R1 4253.4
PP 4237.7
S1 4216.1
S2 4194.4
Close below Fri pp after loosing 2.8pts in the auction
WEEKLY FTSE PP
R2 4326.6
R1 4276.2
PP 4236.6
S1 4186.2
S2 4146.6
Updated 8/25 for Tuesday's market.
Key DOW Levels for 8/26
UP Above 9,375
DN Below 9,320
Consolidating
Dow continues lower, consolidates at lows.
From prior commentary, "...The Dow finally broke the lower boundary of the steep channel, seen in the 60 Minute Chart, and is likely to continue lower in the medium term..."
The Dow opened the session weak today and pushed lower throughout much of the morning. The Dow then went on to consolidate the remainder of the session after bottoming out early in the session, as seen in the 15 Minute Chart. The consolidation spans from 9,280 to 9,325, which we will watch closely tomorrow.
The 15 and 60 Minute Charts each make a case for a continued downside move in the medium term. The fact that the index has formed a consolidation at the lows after breaking a key trend line is bearish and indicates futher weakness.
Moreover, looking at the Weekly Chart, you see that the index is beginning to reverse down off the major upper trend line of the wide, downward-sloping channel. The is a confirming indication of a further medium term weakness.
However, an upside break from the consolidation could spark a short term push higher before a downside continuation is seen.
Short Term Dow
Short term, the Dow has formed a tight consolidation at the lows of the 5 Minute Chart from 9,280 to 9,320. Watch this range for a break to indicate direction tomorrow morning.
Medium Term Dow
In the medium term, we are still Short the Dow from 9,387 and will move stops down to 9,330 to lock in some of the profit. Stay Short below 9,280, and look for Longs above 9,375, with 10 point stops.
NASDAQ & S&P
The NASDAQ and S&P each consolidated throughout the session today. Consolidations at lows imply weakness, but the late-day upmove could cause a break either way. Watch the consolidation boundaries tomorrow. *
Summary
The Dow moved lower from the outset, but ended the day within the boundaries of a tight consolidation that has formed at the lows of the current downmove, seen in the 15 Minute Chart. The consolidation hints at a likely continuation lower in the medium term, but watch both boundaries tomorrow. We are still Short from 9,387, with stops at 9,330.
Crocodile - 26 Aug 2003 07:40 - 11 of 12
Druid2
- 26 Aug 2003 08:28
- 12 of 12
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