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Traders Thread - Wednesday 7th January (NXT)
Crocodile - 06 Jan 2004 21:18
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US Tech stocks managed small gains while the Dow struggled all day finishing down 5. Glaxo is having a dispute with the U.S government over an extra tax claim for 2.7 billion tax + interest. Smiths Engineering downgraded this morning. Marshalls maker of concrete block paving said its pre-tax profit for 2003 would be in line with market forecasts, on sales up seven percent to 349 million pounds Bovis Homes said that cumulative reservations were up 10 percent from a year ago, as the sector continues to benefit from the buoyant UK property market. "The housing market during the past six months has been strong enabling the group to increase both sales rate and profit margin compared with the first half year," Carillion said trading had continued in-line with expectations and it expected to make annual profit of at least 50 million pounds. The decision by Network Rail, to take rail maintenance in-house would cut operating profit by around seven million pounds in 2004 and by 15 million pounds in 2005 and beyond. |
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CRH Trading Statement Travis Perkins Trading Statement 10.30 Dec NTC , Deloitte & REC Report on Jobs |
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Peugeot-Citroen (Sales) 11.00 Dec Industrial Confidence 6.0 exp. 11.00 Dec Economic Confidence 96.2 exp. 11.00 Dec Consumer Confidence 15.0 exp. |
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Ex Dividend: Allied Domecq (8.7), Aveva Group (1.8), Care (1.9), Character Group (2), Christian Salvesson (1.2), Connaught (5.1), G(8), Halma (2.44), Hornby (8), Nord Anglia Education (2.92), Pennon Group (13.2), RM (3.4), Renold (1.5), Scottish Radio (13), Shaftsbury (2.54), Topps Tiles (15.4), Whitehead Mann (3) |
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Crocodile - 07 Jan 2004 07:29 - 6 of 25
Have 2 places left for tomorrows training day in the West Mids if anyone is interested. 01902676159
Crocodile - 07 Jan 2004 07:53 - 7 of 25
biffa18 - 07 Jan 2004 08:34 - 8 of 25
what is the training day about and how much ?
foale
- 07 Jan 2004 08:37
- 9 of 25
many others in the same boat...
moneyam help
little woman
- 07 Jan 2004 08:41
- 10 of 25
Sorry croc, I would love to take one of the places as I've been seriously thinking about doing one of your training days, but a while back agreed to take one of my elderly neighbours to a doctors appt tommorrow.
Increased my Long PSN from yesterday
little woman
- 07 Jan 2004 08:43
- 11 of 25
I'll be nice to have some "visitors"
Melnibone - 07 Jan 2004 09:16 - 12 of 25
FTSE still seems to be trading sideways.
The longer it does this, then the more any overbought
situations will work themselves off and limit the
pressure for a down move.
That possible tax bill for GSK gave me a bit of a surprise.
Did anyone else here know about it?
Still, the 1250 support seems to be holding, so I'll just monitor
the situation.
Melnibone.
little woman
- 07 Jan 2004 09:19
- 13 of 25
I din't know about it, but don't see it as a problem. They say they have been making provisions for it all along. Also it'll be years before its settled and of course there is always the possibility they may not have the tax bill and then they will have to put back all that money they have made provisions for.
Am scalping GSK long.
Melnibone - 07 Jan 2004 09:45 - 14 of 25
As you say, I see that they are talking about 2005/2006
for a possible lawyers bunfight.
I also notice that it is in $'s not 's.
Naughty Croc, your headline could have had serious
consequences for my health. ;-)
Melnibone.
little woman
- 07 Jan 2004 10:20
- 15 of 25
mab - 07 Jan 2004 10:38 - 16 of 25
Melnibone - 07 Jan 2004 10:42 - 17 of 25
It's certainly interesting, little woman.
As you can see above, a nice divergence now in place.
By buying near the support level, and only buying 50%
of what I wanted, I've got bags of room for
my stop loss. If it doesn't hit it and the trend turns up
again I'll buy the other 50% that I want.
If it hits the stop loss I'll maintain discipline and take
the hit.
All still to play for.
Melnibone.
little woman
- 07 Jan 2004 11:18
- 18 of 25
little woman
- 07 Jan 2004 11:45
- 19 of 25
Disagreements with and between revenue authorities as to tax allocations between related companies in different tax jurisdictions are inevitable for a global business such as GSK. Before receiving this notice, the company attempted to resolve the dispute by referring it to negotiations between the US and UK tax authorities. The company believes these discussions collapsed when the UK supported the GSK position that no additional taxes were due to the IRS.
The company continues to believe, based on external professional advice, that it has made adequate provision for tax liabilities which could arise from these tax assessments. However, there continues to be a wide difference of views between GSK and the IRS. GSK considers that the additional tax claim by the IRS on Glaxo heritage products is inconsistent with the treatment of other pharmaceutical companies, including GSK legacy company SmithKline Beecham.
Melnibone - 07 Jan 2004 15:31 - 20 of 25
Seeing as this is going to run and run for a couple of years,
what's the market going to do?
Depress the price for two years? Lol.
In a perverse sort of way I'm hoping that the market does
punish the price so that I can get my next 50% for a really
stupid price and bring my average price way down.
Not sure if I'll get it though, the oil stocks are losing
a larger percentage than this today and all they're suffering
from is Brokers waffle.
We live in hope.
Melnibone.
Melnibone - 07 Jan 2004 15:49 - 21 of 25
LGEN looks like it's just completed a lower swing high and has
already dropped to the 60 Day EMA.
It will be interesting to see if the next swing low is above
or below the last one at 96p.
This will help to confirm whether it is now in a Bull or Bear
trend. I'm still uncertain at the moment which is why I'm
staying away from it.
Melnibone.
Melnibone - 07 Jan 2004 15:57 - 22 of 25
trend channel(circa 4450).
If it drops through this then 4400 will be next support.
Earnings season kicks off in the US tomorrow starting
with Alcoa. Earnings will determine whether we start a new
leg up or start a retracement.
UK should follow the US lead unless we get a disconnect.
Melnibone.
zarif
- 07 Jan 2004 16:03
- 23 of 25
"There's been some bogus rumors that there has been some kind of explosion in New York City," said Keith Keenan, vice-president of institutional trading at Wall Street Access. "It's absolutely false. A major news network is going to pick up this story before a trading desk will if there is any kind of truth to it."
"The markets sold off on that rumor. People are looking for an excuse to take profits," Keenan added.
Melnibone - 07 Jan 2004 18:19 - 24 of 25
Looks like you were right Testex.
It's broken a 6 month downtrend and made a higher high.
I trust you stuck to your guns and are still long. :-)
Well done.
Melnibone.
Crocodile - 07 Jan 2004 21:06 - 25 of 25
Sorry I missed your posting re tomorrows training day
Have a look at
http://www.snappytrader.com/bigtrain.htm
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