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S&P -3.4

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UK & European shares down on the US terror alert and news that Permalat could owe 7 billion dollars Oil prices may fall as Iraq oil starts to flow: Dollar falls against Yen on terror alert Canary Wharf faces a crucial shareholder vote today that could block a recommended 1.56-billion-pound takeover and clear the way for its founder to seek control National Express Group: Britain's rail regulator said it had picked the British bus and train operator as preferred bidder for the new Greater Anglia Franchise. It will run for seven years from April, with specified performance targets and an additional three years if they are met. Mentmore Plc said it had received a bid approach, and there was no assurance the deal would go through. Old Mutual said it was lending its South African banking group Nedcor two billion rand ($288 million) to shore up the unit's balance sheet.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Peel Holdings (I), Canary Wharf (EGM), Cheerful Scout (Trading Update) Old Mutual (Update) 00.01 Dec Rightmove House Price Index 09.30 Q3Total Business Investment q/q		07.00 Nov German Import Price Index y/y 1.1% 08.00 Dec German CPI y/y 1.1%

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capt M
Well I doubt if the Red Blob theory will get anywhere. In retrospect m just wondering what I was drinking last night and how much! More likely to have been a reflection from my nose at the time ;-)
D.

MONDAY FTSE PP

R2 4449
R1 4430
PP 4410
S1 4392
S2 4371

Fri close was above the pp but lost 7.5pts in the auction! 2 day ftse chart targeting 4445 if US stays positive after Ops exp, if not uptrend brk at 4410 back to 4390!




Updated 12/19 for Monday's market.
Key DOW Levels for 12/22
UP Above 10,300
DN Below 10,225

Consolidating
Dow trades sideways, forms clear consolidation at highs.

From prior commentary, "...Look for either a consolidation or a higher low to form at the highs to indicate that further upside is likely. Typically, the market consolidates after such a big move in order to digest the current market activity..."
The Dow traded sideways the entire session today, forming a range at the highs from 10,225 to 10,300, seen in the 15 Minute Charts. The sideways movement ended with a 30 point gain for the index, seen in the 15 Minute Chart.

The fact that the Dow is forming a consolidation at the highs hints at further upside movement in the medium term. An upside break from the range at 10,300 will make for a continued upside push in the medium term. Otherwise, a downside break from the consolidation at 10,225 will indicate weakness and a likely retracement for Monday's market.

However, look for the Dow to continue sideways within the range boundaries before any such break is seen, as further development of the consolidation will likely occur.

Short Term Dow

Short term, the Dow has formed a clear short term support level at 10,264, seen in the 1 Minute Chart. Look for strength above this level for Monday's Open. Otherwise, a downside break here will introduce weakness Monday morning.

Medium Term Dow

In the medium term, we are still Long the Dow from 10,190 and will move stops up to 10,225 for Monday's market. We will want to stay Long above 10,300, and will look to enter Shorts below 10,225, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each traded sideways today, losing slightly for the session. We will watch the tight ranges that continue to form at the highs for Monday's market. A break from the ranges will indicate direction Monday. *

Summary

The Dow gained slightly for the session today, forming a tight consolidation at the highs of the current upmove. Look for a likely break from the consolidation for Monday's market. An upside break is most likely, but watch both boundaries for a move.

Morning all, Thanks TP

Good Morning All and thanks Croc & TP. Will it be a low volumes, big moves time before Xmas ?

Moring all

I wonder what the Christmas bonuses are going to be like this year!

light vols ftse gapped up 9pts!

mornin all

Morning all,

Just seems to be dithering around the PP.

Looking for scalps again, no position trades until
I see where the new year is heading. In my opinion,
these Christmas week moves are not really indicative
of market direction and sentiment and nothing of much
importance should be read into them.

Not sure if I'll be doing my usual long MKS scalp if
it hits 268/269p again. After those weekend press reports
of its declining sales it would take a leap of faith.

Melnibone.

Don't think much of the spreads - suppose not enough volume

Anyone else having problems with CMC? I only seem to be able to place market orders - no limits, etc. And the prices are not very good either!

textex - sometimes 10, sometimes 20.

Good afternoon people!
Amid the seriously working which appears to still be carrying
on in here, I would like to remind you Christmas cake, mince
pies and other seasonal fayre is available in the tea rooms.
Thank you and good luck today to all!!!
((Bows and quietly leaves room....))

So MKS are looking for a chief on the clothing side...
Oh please appoint the lady from Debenhams! The whole idea
of MKS clothing being headed by someone from New Look is
hardly a great move IMHO - Bit like appointing someone
from WLW to head Thorntons!

Lastly....Go HBOS!!!!!!!!!!!!!!!!!

Lucky you went quietly stockbunny or you would
have woken us all up. :-)

A 15 point trading range since 0900 has had a distinctly
soporific effect.

We are also rather underwhelmed by the new highs
set in Chistmas week on low volume.

Zzzzzzzzzzzzzzz

Melnibone

I'm getting tempted to put a short on here, but that
would mean calling a turn and fighting the tide.

If the FTSE can be pushed on high volatility/low volume
through circa 4450, then automated buys from Bulls and
short covers by Bears could spike this market above
4500.

Also, I don't like shorting the FTSE when the afternoon
trend after 1530 is up.

Certainly not opening longs, so leaving this alone.
TP may get his 4445 yet.

Melnibone.

I'm glad I resisted the urge to fight the trend and
open the FTSE short I was talking about.

FTSE currently showing 4437/4441 on CMC.
Dow looks like it's going to try for 10,500 and S@P
for 1100.

Depends on what the data is like at 1330hrs and the
December consumer confidence at 1450hrs.

Looks like another gap open higher tomorrow, Bears must
be getting concerned with the FTSE within spitting distance
of a breakout higher.
Could see some Bear closing which will fuel it higher.

Melnibone.

Hey guys - I like this site.

Some of the boring peeps on ADVFN will hopefully stay there !!

Dont know yet if this will totally replace ADVFN for me...

So many features still to be tried & tested.

Welcome Munnie

You'll find we're quite a friendly lot over here!

Hi little woman !

I didn't mean they were actually unfriendly at ADVFN...

rather , the amount of irrelevancy and illiteracy has sadly grown...

and I STILL can't access ADVFN threads, something wrong there.

Munnie, On ADVFN here o.k. (logged in o.k. as Doddie)