Will it, won't it.
The DOW is at major resistance hitting this resitance point for the 4th time since the dot com boom of 2000. The first chart shows a long term view and the second a year chart shows more clearly where the breakout point is. If the DOW breaks out any guesses for 2005 are we into the next bullrun.

Morning punters!

AEY - interesting deals
http://www.uk-wire.com/cgi-bin/articles/20041130070005M9881.html

FFY - very bullish update
http://www.uk-wire.com/cgi-bin/articles/200411300700217943F.html

RTO - not smart, not clever?
http://www.uk-wire.com/cgi-bin/articles/200411300700077874F.html

BNH - been watching these on and off
http://www.uk-wire.com/cgi-bin/articles/200411300700057836F.html

RFD - get you ice-cream here!
http://www.uk-wire.com/cgi-bin/articles/200411300700087901F.html

WNER - seem ahead at interims
http://www.uk-wire.com/cgi-bin/articles/200411300700137922F.html

NRK - could be good for banking sector?
http://www.uk-wire.com/cgi-bin/articles/200411300700177933F.html

ETI - nicely ahead of forecasts, divi up way ahead
http://www.uk-wire.com/cgi-bin/articles/200411300700217944F.html

TPT - that's why they've flown this year
http://www.uk-wire.com/cgi-bin/articles/200411300700227945F.html

ESH - have been watching these too. Can't see much wrong
http://www.uk-wire.com/cgi-bin/articles/200411300700257951F.html

CNT - bullish and nice FY
http://www.uk-wire.com/cgi-bin/articles/200411300700317956F.html

ITL - loss after exceptionals, but seem to be going well. Finally sprung back into life the past month
http://www.uk-wire.com/cgi-bin/articles/200411300700467988F.html

PTL - losses reduced. Another trading fave
http://www.uk-wire.com/cgi-bin/articles/200411300700477989F.html

XTL - interesting addition to the board? Ambition?
http://www.uk-wire.com/cgi-bin/articles/200411300721108004F.html

BUR - drilling update
http://www.uk-wire.com/cgi-bin/articles/200411300739068010F.html

Think that's about it.

FWIW, I've got longs on AUW, BTSM, ERT, ITM, LAS, NLR, PCI, PDH, RTN with some OK and some on their stops.

Have a good day.

Morning all.

UK and European brokers' recommendations issued today, as collated by AFX News from a range of market sources.


CAZENOVE
Downgrade Underperform from in-line TF1, cuts target to 23 eur from 24 -- Reiterate Outperform C&W, ups fair value to 135 pence from 125, raises revenue estimates

DEUTSCHE BANK
Upgrade Buy from hold Pierre & Vacances, ups target to 100 eur from 78 -- Reiterate Gamesa, cuts target to 13.2 eur from 13.6, reduces estimates

ABN AMRO
Upgrade Buy from reduce Novartis -- Upgrade Buy from add STMicro (intraday yesterday)

CSFB
Upgrade Outperform from neutral Lafarge, ups target to 83 eur from 80 -- Reiterate Reiterate Neutral Northern Rock, cuts target to 960 pence from 1,060 -- Underperform Elisa, raises target to 11.5 eur target -- Outperform BAE, ups target to 275 pence from 240 -- Greek Banks: reiterate Neutral Alpha Bank, ups target to 24.4 eur from 23.7; Neutral EFG, ups target to 21.54 eur from 20.7; Outperform National Bank of Greece, ups target to 25.7 eur from 24.2, top sector pick

UBS
Downgrade Neutral from buy Serono -- Reiterate Neutral Inditex, ups target to 23 eur from 22 -- Neutral AB Foods, ups target to 720 pence from 700 -- Neutral MITIE Group, ups target to 160 pence from 140 -- Neutral Smith & Nephew, ups target to 575 pence from 550 -- Neutral Nestle, cuts target to 305 sfr from 315

DRESDNER KLEINWORT
Upgrade Add from hold Iqerial Tobacco, ups target to 1,450 pence from 1,320 -- Initiate Buy K&S, target 45 eur

PANMURE GORDON
Upgrade Buy from hold Compass Group, ups target to 290 pence from 270 -- Downgrade Sell from hold Rentokil Initial, cuts target to 130 pence from 140 --Upgrade Buy from hold Homeserve, ups target to 800 pence from 675 -- Upgrade Buy from hold Morse, target 115 pence -- Upgrade Buy from hold Punch Taverns, ups target to 650 pence from 620 -- Reiterate Buy Enterprise Inns, ups target to 750 pence from 700 -- Buy Topps Tiles, ups target to 250 pence from 220

CAI CHEUVREUX
Downgrade Sell from underperform BBVA -- Initiate Outperform Nexity, target 24 eur -- Reiterate Outperform GFK, ups target to 31.5 eur from 27.0, raises estimates -- UK Pubs: Resume coverage on sector; favour Punch Taverns and Enterprise Inns

ING
Downgrade Hold from buy BAE Systems -- Initiate Hold Euler Hermes

BRIDGEWELL SECS
Upgrade Overweight from neutral Enterprise Inns

SEYMOUR PIERCE
Downgrade Underperform from hold Game Group

SHORE CAPITAL
Downgrade to Sell Coqutacenter

JP MORGAN
UK Newspapers: Initiate Overweight Daily Mail & General, fair value 833 pence; Initiate Neutral Johnston Press, fair value 556 pence; Initiate Neutral Trinity Mirror, fair value 615 pence -- Reiterate Neutral British Land, ups fair value to 790 pence from 720

CITIGROUP SMITH BARNEY
Initiate Hold Gamesa (intraday yesterday) -- Reiterate Hold GKN, up target to 220 pence from 200 -- Hold MFI, ups target to 117 pence from 110 -- Hold Faurecia, cuts target to 60 eur from 65 -- Buy Maillis, ups target to 4.2 eir from 4.0

SANFORD BERNSTEIN
Initiate Market Perform Portugal Telecom, target 9.25 eur

SG SECURITIES
Premium List: Adds Philips (Buy, fair value 23 eur) Capital Goods: Cuts sector stance to Neutral from overweight

NUMIS
Reiterate Buy Enterprise Inns, ups target to 780 pence from 720 -- Buy Topps Tiles, ups target to 250 pence from 220 -- Buy Liontrust, cuts target to 360 pence from 400

WESTLB
Reiterate Outperform Vossloh, ups target to 39 sfr from 37 -- Outperform Grenke Leasing, ups target to 36 eur from 32

MERRILL LYNCH
Reiterate Buy London Merchant Securities, target 220 pence, ups NAV estimates -- Oils: Increases forecasts for 4Q and 2005; raises Brent forecasts and global refining margin; Reiterate Buy Buy Paladin, ups target to 200 pence from 175; Buy Tullow Oil, ups target to 175 pence from 150

London shares - midmorning features

FTSE 100 risers
Enterprise Inns 680 up 17-1/2
Solid FY results; Arbuthnot/CAI Cheuvreux/Merrill Lynch/Panmure positive
BAE Systems 249-1/2 up 2-1/2
'Outperform' with target upped to 275 pence from 240 - CSFB
mm02 116 up 1
NTT DoCoMo i-mode agreement
Friends Provident 151 up 3/4
Company to raise 380 mln stg via securitisation
3i Group 650-1/2 up 2-1/2
'Outperform' - Cazenove
J Sainsbury 263 up 3/4
Company buys East Midlands convenience store operator JB Beaumont
Northern Rock 727 up 2
In-line trading statement; CAI Cheuvreux/Merrill/WestLB positive
BT Group 195-1/4 up 1/2
Positive comment in Daily Telegraph
Prudential 420 up 1/4
CAI Cheuvreux ups target to 477 pence from 453
Associated British Foods 751-1/2 up 2
UBS ups target to 720 pence from 70

FTSE 100 fallers
Rentokil Initial 140-1/2 down 9-1/2
Brokers negative after deteriorating results warning
Compass Group 226 down 14-1/2
Problem contracts dent FY numbers
Cairn Energy 1,500 down 37
Profit-taking
Xstrata 932-1/2 down 8-1/2
WMC bid situation
Reed Elsevier 486 down 3-1/2
Trading update this week

FTSE 250 risers
George Wiqey 356-1/4 up 7-1/2
Nationwide survey reassures
Barratt Developments 512-1/2 up 4
Nationwide survey reassures
Morgan Crucible 166 up 2-1/2
Trading update Dec 6
Mitchells & Butlers 306-1/2 up 5
Results due tomorrow
Novar 162 up 2
Cinven counter-bid hopes
Punch Taverns 602-1/2 up 4-1/2
CAI Cheuvreux favourite; Panmure 'buy' from 'hold with target upped to 650p
WS Atkins 696-1/2 up 1-1/2
Arbuthnot 'buy'
London Merchant Securities 202 up 2
Merrill Lynch 'buy' with 220 pence target & NAV estimates upped
Tullow Oil 148 up 1/4
Merrill Lynch 'buy' with target upped to 175 pence from 150

FTSE 250 fallers
Thus Group 13-3/4 down 3/4
With Kingston
Burren Energy 412-1/2 down 21-3/4
Company teqorarily suspends drilling on BO60 well in Turkmenistan
Arla Foods 55-1/2 down 1-1/2
Panmure Gordon 'sell' with 45 pence target after 18-month results
John Laing 234 down 6
Profit-taking
Premier Oil 560-1/2 down 11-1/2
Woodside to suspend Tiof-3 ST2 appraisal well offshore Mauritania
SSL International 279-3/4 down 5
Withdrawal of speculative support
Homeserve 680 down 8-1/2
Underlying interim profits lower
Burberry Group 403 down 4-1/2
'Chavs' effect
Manchester United 273-1/4 down 3
Glazer stake uncertainties
PHS Group 70-1/2 down 1/4
Arbuthnot 'sell'

Other risers
Aricom 37-1/2 up 6-1/2
Company plans to develop Kuranakh mine in Russia
Topps Tiles 215-1/2 up 2
Strong FY results; Seymour Pierce 'buy'; Panmure 'buy' with 250p target
AdVal Group 2.00 up 0.25
Narrowing H1 losses; on track for profitability
Intec Telecom Systems 70-1/4 up 3-3/4
54 pct rise in underlying FY profits
Kingston Communications 62-1/2 up 2
Dividends restored after return to profits midway
Generics Group 8.75 up 0.25
Significant reduction in nine-moth losses
INCAT International 133-1/2
New issue placed at 128 pence
MicroEmissive 152-1/2
New issue at 150 pence
Fortune Oil 7.87 up 0.37
Company in talks with CAO over Bluesky disposal

Other fallers
Hardman Resources 70-3/4 up 7-3/4
Tiof-3 ST2 appraisal well to be suspended
Liontrust Asset management 284 down 26
Management buyout talks off
Trio Holdings 22-1/2 down 2
42 pct annual profits setback
ASOS 71 down 5-1/2
Further post-interims profit-taking