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EADS swung to a larger-than-expected net profit in 2003, as a strong fourth quarter at its Airbus plane-making unit and a drop in charges offset losses in its space division Lloyds reported annual profit ahead of forecasts and said it had decided against buying back shares to give itself flexibility for acquisitions and maintained its full-year dividend at 34.2 pence a share. Profit was 4.35 billion pounds up from 2.61 beating the average forecast profit of 4.27 billion pounds IMI engineering beat forecasts with an 8.4 percent rise in profits to 142.6 million pounds and said there was no change to the trend of modest improvement in some markets. Taylor Nelson market research firm said its profit rose 13 percent to 32.4 million pounds, and said it expects its markets to improve in 2004. Travis Perkins building materials reported 2003 profits 10 million below forecasts despite a 18.2 percent rise to162.7 million pounds but said 2004 had started well and it was well placed to make further progress during the year. Bovis Homes reported a forecast beating 17.5 percent rise in annual profits and said the new year had started well. John Wood oil drilling services firm reported flat annual profits in line with forecasts at $137.2 , and repeated a warning that delays to new deepwater projects would hold it back in 2004. The company also announced a new contract win in the Gulf of Mexico.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
ICM Computer (I), Microgen (I), Town Centre Securities (I), BioProgress (F), Bovis Homes (F), Candover Investment (F), Clinical Computing (F), Fisher (James) & Sons (F), IDN Telecom (F), IMI (F), Intertek Testing Services (F), John Wood Group (F), Lloyds TSB (F), Taylor Nelson (F), Travis Perkins (F), WSP Group (F):  Feb PPI (09:30) - ODPM Jan House Prices (09:30)		EADS EADS NV(F) Veolia Environnement SA (F)

Croc@SnappyTrader.com  WWW.SnappyTrader.com

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does anybody have up to date info on ftse valuations, with the re-shuffle coming up i was interested on which companies were borderline to fall out and go in???

MONDAYS FTSE PP

R2 4590
R1 4568
PP 4545
S1 4524
S2 4500

Ftse close below Fri pp! 2 day ftse chart broken to the downside on Fri but a swift bounce off the low, pos uptrend again unless 4540 is broken imho! No doubt banks will decide direction with lloy reporting





WEEKLY FTSE PP

R2 4599
R1 4573
PP 4540
S1 4515
S2 4482

For next week a possible bearish wedge forming, looking to 4530 down and 4570 up for a break! Tgt down s2 imho, although pattern is bearish ftse very strong and Dow holding 10520, until a decision is made either way will be trading the ranges, but a breakout of the range should occur this week as its running out of room!

Updated 3/5 for Monday's market.
Key DOW Levels for 3/8
UP Above 10,620
DN Below 10,550

Volatile Day
Dow trades in wild swings, ends day slightly higher.

From prior commentary, "...The consolidation has formed at the lows of the recent decline, thereby implying further weakness to come..."
The Dow traded in quite a wild and volatile fashion today, as the day was filled with rallies, declines, and even gaps, as seen in the 15 Minute Chart. The index eventually ended the day slightly higher by just 8 points.

Looking at the Daily and 60 Minute Charts show that the Dow continues to hug the major lower trend line of the wide range at 10,550. Look for the index to continue trading sideways above this line until a break occurs. A downside break through 10,550 will lead to a sharp decline, while an upside push through 10,620 should lead to strength Monday. Watch this range closely.

Short Term Dow

Short term, the Dow is holding at a clear lower trend line formed beneath the lows of the 1 Minute Chart. A break of the line at 10,595 will indicate weakness Monday morning.

Medium Term Dow

The Dow saw unusual action today, as the index gapped up in the middle of the morning past our stop of 10,600 to 10,631, which is where we covered our position, giving us an 11 point gain. No other trades were triggered and we are now out of the market. We will watch 10,550 down, and 10,620 up, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each filled morning gaps, followed by volatile sideways trading. Each index has remained within a clear, but volatile range, which we will watch closely Monday. *

Summary

The Dow trades in wild swings today, ending the day slightly higher for the day. Volatility has increased significantly in the last two weeks, which could be a precursor to a future move. Watch 10,550 down, and 10,620 up Monday.

Afternoon all,

Lot of folk going to be watching the range for a break
one way or the other this week.

S@P and FTSE have both put another 'X' on the P@F chart.
Unsure whether this is new leg up or a Bull trap. If you
are waiting to sell then it's known that these new X's are
where folk are watching to buy for a move higher. So where
better to sell and get top dollar for your wares?
Need to be careful here, there's been a big one year run-up
with hardly any retrace to really speak of.

Wednesday should be interesting. Thers's some big companies
paying divis. Lately it's been a case of buy on the rumour and
sell on the fact, and folk have just been taking the divi and
booking profits from the share price appreciation.

HBOS, RBS, RTR, RR, AAM, RTZ, have all had good run-ups lately.
If that little lot go down, on top of the divi that will be taken
from their share price, that'll be a fair few FTSE points to come
off before you start.

As TP said, definately a week to be aware of the ranges.

Melnibone.

Evening all,

Just got back from the Share Club meeting and I have instructions to buy some shares first thing in the morning (for the long term portfolio) as we have quite a bit of spare cash (sold 2 holdings since the last meeting, at a profit). Plus a third buy if a share drops to a certain price! Will let you know what they are once I've carried out the instructions!

Morning all, tell us all LW!

LLOYDS TSB GROUP


PERFORMANCE HIGHLIGHTS

Results

Profit before tax increased by 1,730 million, or 66 per cent, to
4,348 million.

Profit attributable to shareholders increased by 1,464 million, or
82 per cent, to 3,254 million.

Earnings per share increased by 82 per cent to 58.3p.

Post-tax return on average shareholders' equity 38.5 per cent.

Total capital ratio 11.3 per cent, tier 1 capital ratio 9.5 per cent.

Final dividend of 23.5p per share, making a total of 34.2p for the
year (2002: 34.2p).

Results, excluding changes in economic assumptions, investment variance and
profit on sale of businesses

Profit before tax decreased by 126 million, or 4 per cent, to 3,380
million.

Earnings per share decreased by 6 per cent to 41.5p.

Economic profit increased by 4 per cent to 1,553 million.

Post-tax return on average shareholders' equity 27.4 per cent.


Key achievements

A new strategic focus on organic growth has been implemented, and a
number of non-core overseas businesses have been sold.

The Group has improved its market share in many key product areas,
including credit cards, personal loans, bank savings, and UK life and
pensions.

Excluding the impact of disposals, customer lending grew by 10 per
cent to 135 billion and customer deposits increased by 6 per cent to 116
billion.

The rate of decline in the Group's net interest margin has slowed.

Strict cost control has been maintained. Excluding the impact of
acquisitions and the customer redress provision, expenses decreased by 1
per cent.

Asset quality remains strong.

Profit before tax from UK Retail Banking and Mortgages, excluding the
impact of the provision for customer redress, increased by 21 per cent, as
a result of 9 per cent growth in income and flat costs.

New business profitability in Scottish Widows increased by 13 per cent, as
a result of market share growth and an improved new business margin.

In Wholesale and International Banking, positive results are emerging
from the improved co-ordination between our Corporate and Financial Markets
businesses.

Capital ratios significantly improved. Scottish Widows remains on
track to pay a 2004 dividend to Lloyds TSB.




Pick the bones out of that then.

Morning all

Purchased WSH & JRVS first thing for the investment club. JRVS took off straight after my purchase!

We also wanted to purchase SHEL, but hoped with all the bad press the price would go down, but it hasn't. Limit order entered, in case it does drop back before the next meeting otherwise, more money to spend then, and reveiw the purchase then.

I was going to make a comment about LLOY - but after my experience last week with LLOY (and funny enough something just as bad with ANL, to which I have been trying for over 6 months to move an account to from BARC, which I have had major problems with over the last 2 years) - I have come to the conclusion that UK Banks have some serious customer service issues that show just how poorly run they are!

Morning all,

Sold 33% of my SKP's this morning to lock some profit in.
I like to set the tone for the week, hopefully, by starting
off on the right foot.

I wonder if we'll come out of this 10 point Ftse trading
range before big daddy US wakes up and gets out of bed
to see what the children have been getting up to. :-)

Melnibone.

I see the BOJ have been selling the Yen.

Greenspan and Snow won't like that with their US deficit.

Lucky they don't have any oil fields, or the FED would get
Bush to go in and remove their weapons of mass destruction. ;-)

Melnibone.

Little woman,

If I was in your position, with club money to invest, I wouldn't
be in a rush.

This market is winding itself up for a biggish move IMHO.
You have already covered the upside with your buys.
Why not keep some powder dry to take advantage of any
opportunity that may arise.

The market seldom rockets up with nil profit taking or retracements,
but it does tank rather well as the fear feeds on itself.

Absolutely down to you of course, just adding my tuppence worth
for your consideration.

Melnibone.

Thanks Melnibone,

Our money is split into 2 portfolios, with different brokers. One I can do what I like with, (short term) and the other we agree as a club (long term).

The long term portfolio buys are based on div income - so once we buy we don't plan to sell them. However, as each share has gone into profit I put a stop loss at just below S3, and in the last year so far, only one stop loss has actually kicked in, the others have just kept going up!

I normally wait to see if the spreads improves, but this morning the L2 on JRVS made me think, I shouldn't wait, so I didn't. So far the share is about 15p up already. (We would have been happy for it to take a couple of months to go up that much!)

Crocodile.....wow, just stumbled across this thread and must say fantastic information at the top. How often do you up-date?

As long as you are doing what you want to do, little woman.

I don't fancy the idea of all your lady members sitting around
sticking pins in little Melnibone effigies if the market
zooms to 5000. :-)

Melnibone.

cilohaekib - croc does a new thread everyday, midweek the evening before. With the extra info posted on the Monday thread on Sunday.

Melnibone - LOL, :-) actually we are 50% men & 50& female!

It's OK, for the last 18 months we have quite a conservative attitude(although we never used to) to risk for the long term portfolio and do use stop losses now. We even hold a few premium bonds! We don't like to hold much in cash because we earn either nothing, or next to nothing in interest.

Thats me done until this evening, I'm off out for the rest of the day now...

Happy trading!

afternoon all:
Early back today so will see what mischief can get upto with the dow etc.
Many thanks croc for your post and chart on the dow at the weekend.Please do keep dropping in and enlight us with your words of wisdom (or a telling off if we are due one).

rgds
zarif

Just thought I'd post this for interest taken from the LLOY site
Ex-Div date - 17 March
Record date - 19 March
Final div pay date - 5 May
Good luck one and all this afternoon!!