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Traders Thread - Tuesday 6th January (NXT)
Crocodile - 05 Jan 2004 20:58
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A big rally propels the Dow up over 120, and the Nasdaq up nearly 2 percent, as investors bet on strong 2004 The Euro rose to a new all-time high of $1.2712 in late Asian trading on Tuesday as the dollar showed no sign of ending its long-running decline Next said its Pre Sales Christmas business was better than anticipated the New Year Sales were excellent with lower discounts required. Profits for the year would exceed expectations up 13%. It said it expects pre-tax profits of at least 340 million pounds for the full year which ends in January. The current consensus among analysts is 325 million pounds. Next said like-for-like sales at the store's 304 shops that have traded for at least 12 months were up 2.8 percent year and the best analysts had expected 2.0 percent at best Celltech Britain's biggest biotechnology firm said it had started the first of two final Phase III clinical trials to study its experimental CDP870 medicine as a treatment for Crohn's disease. Topps Tiles wall and floor tile retailer said it was confident of hitting its annual targets after like-for-like sales grew more than 16 percent in the first 14 weeks of its financial year. Majestic Wine: Say sales are ahead of expectations. British Airways: Update later on this morning News will be posted at approx 7:35am |
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British Airways Dec Traffic Figures 12:00am Next Trading Statement Carr's Milling Industries (AGM) Topps Tiles (AGM) 09.30 Dec CIPS Services PMI 09.30 Dec Preliminary M0 Money Supply y/y 7.7% exp. 11.00 Dec CBI Distributive Trades |
15.00 Dec Non-manufacturing ISM 60.6 exp. 15.00 Nov Factory Orders 1.4% exp. |
09.00 BME Services PMI |
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Melnibone - 06 Jan 2004 09:02 - 7 of 15
Yesterday's daily e-mail from Citywire contained the
usual Monday tech analysis of the FTSE.
What they were basically saying was when you get a breakout
of the trend channel, same as we've just had over Christmas,
then it often comes back to test the top of the trend channel
again. (Same as I've been saying for a while now.)
They've got the top of the trend channel at 4450. So they are saying
stay long above 4450 up to 4650.
Close longs if it breaks back down through into the trend channel.
For your interest only, no predictions intended.
Melnibone.
Melnibone - 06 Jan 2004 09:27 - 8 of 15
you time your entry and exit points? ;-)
If the FTSE does drop to 4450 and holds, then this will roughly
equate to the 1250 support level I'm looking at in GSK.
Then we have to decide whether to buy or not.
Will the FTSE hold 4450?
Will the 1250 neckline on GSK hold?
Decisions, decisions. Lol.
Don't yer just lurve this trading game.
Gotta be one of the best games in the world.
Melnibone.
Melnibone - 06 Jan 2004 10:05 - 9 of 15
Taking a chance and bought half of what I want for
a position trade.
What you need to remember in stocks that that are priced
over 10 is position sizing and percentages.
I tend to move the decimal point one place to the left
to help gain perspective.
Deciding on whether to buy GSK at 1250p or 1260p is no
different in deciding to buy VOD at 125p or 126p.
If it reaches 1250 and holds I'll double up.
If the neckline fails, I'll either activate a stop loss,
according to general market sentiment, or double at an even
lower price if it appears to make a swing low and turns.
Melnibone.
little woman
- 06 Jan 2004 11:09
- 10 of 15
Melnibone - 06 Jan 2004 13:13 - 11 of 15
I sometimes think that I get so involved in the daytrading aspect
that I lose sight of the bigger picture.
I have to keep forcibly reminding myself that other
time frames do exist.
Thanks for the ex divi info.
If the US election year scenario holds true, and if the
trend continues, then after the 4650 fib level I can't
see any serious resistance to the FTSE until we hit the
old 5000/5300 trading range.
What would that mean to the GSK share price?
With a company like GSK, if you call the market wrong,
at least you are buying a quality company that pays
a dividend. That's got to be better than a blue sky
tech share that's all hope with zero earnings history.
People have short memorys, anyone remember the 95% club?
Lot of folk went broke that joined that one.
'If' is a little word, but it tends to punch above its weight.
Where's Mystic Meg when you need her. :-)
Melnibone.
little woman
- 06 Jan 2004 14:43
- 12 of 15
little woman
- 06 Jan 2004 16:03
- 13 of 15
Melnibone - 06 Jan 2004 16:19 - 14 of 15
over bought condition by going down, that the Indices
are working it off by going sideways.
It's done this before and caught many Bears out in the process.
The strength in this market is keeping me very wary of going
short at the moment, even though everything is crying out
for a swing low.
It may go higher and then swing low just back to these levels.
I just don't know the answer, nor I suspect does anyone else.
Melnibone.
Melnibone - 06 Jan 2004 16:25 - 15 of 15
Keeping my eyes on AZN.
It's trying to make a swing low towards the 2550/2600 area
and still seems to be in an uptrend channel.
Edit. Forgot to add, that if it does, then there is a possibility
of a change in trend due to a lower swing high.
Needs careful evaluation.
Melnibone.
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