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US shares rise back from early lows but the DOW stays in the red after Wall Marts lower than expected results. BSkyB reported first-quarter earnings sharply higher, ahead of its annual general meeting later this morning. Turnover rose 17 percent to 850 million pounds and profit was 150 million pounds up from 45 million pounds in the year-ago quarter. At the AGM scheduled for 11:30 shareholders are expected to vent their frustration about James Murdoch's appointment News will be posted at approx 7:35am

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
BSkyB (I) 110mBSkyB (AGM)International Biotech Trust (AGM)		Allianz D Q3, United Internet D Q3 IKB Deutsche Industriebank D Q3 ING NL Q3, Kontron D Q3 Koenig & Bauer D Q3, Salzgitter D Q3

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11/13: Still no resolution other than the fact that the rally off the lows today is corrective.
As such, it either means wave (ii) is complete, and we've just done a quick 1-2 of a much larger 1 of (iii).
9903 is still holding.
Not much else to say other than a rapid decline from here should easily take out 9700 if the larger pattern is indeed complete.
Otherwise this is wave C of 5 and since 5th waves are upredictible, we can do just about anything near term.
In otherwords, it allows for a marginal new high for the move, or a rapid decline.
So, with that uncertainty in mind, perhaps we finally get something worth trading tomorrow...



Updated 11/13 for Friday's market.
Key DOW Levels for 11/14
UP Above 9,860
DN Below 9,780

Holding...
Dow trades within range at highs.

From prior commentary, "...The index has traded within this expanding range for nearly two weaks now, and will likely continue to do so until a solid break from the range is seen...In the short term, we will likely see further upside movement toward resistance at 9,900 tomorrow."
The Dow sold off sharply early in the session, but held at a clear short term support level before pushing back up toward yesterday's highs, essentially ending the day flat for the session, as seen in the 15 Minute Chart.

The index has now formed a wide range at the highs of yesterday's rally from 9,790 to 9,860, and continues to hold within the larger, expanding range, seen in the 60 Minute Chart.

The index is holding at the center of the expanding range and will likely push higher toward key resistance at 9,900 tomorrow. An upside break through 9,860 will likely spark such a move. A break through the 9,900 level will indicate even further strength.

However, we will also watch the 9,790 level, as a downside break here will likely push the index down toward the lower trend line of the expanding range at around 9,675.

Short Term Dow

Short term, the Dow has formed a clear lower trend line beneath the lows of today's upmove, seen in the 5 Minute Chart. Look for further strength above this line. Otherwise, a downside break of the line at 9,825 will likely spark weakness.

Medium Term Dow

In the medium term, we closed Longs this morning at 9,800, giving us a 10 point gain for the trade. No other trades were triggered. We are out of the market and will watch 9,860 up, and 9,780 down, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each held within tight ranges at the highs of yesterday's upmove. Watch the ranges for break for direction tomorrow. *

Summary

The Dow held at the highs today after rallying solidly throughout yesterday's trading. The index continues looking poised to head higher toward key resistance at 9,900. Watch 9,860 up, and 9,780 down tomorrow.




FRIDAY FTSE PP

R2 4426
R1 4399
PP 4386
S1 4354
S2 4335

Close was above Thu pp after loosing 2.4pts in the auction! Last 15 trading sessions uptrend still intact at 4350 the level to watch, 2 day ftse chart targeting that area for fri with a brk up at 4380 imho! Longer term ftse forming a bearish wedge and is running out of room so not long now until we get a brk, 4350/4405 with point at 4410, its getting tight!

Morning all

Morning all

I'm going to try and actually do some work today (?)

Testex I was reading yesterdays thread and saw you were asking about the ex div date. I have BT shares in certificate form the oldest (bonus shares entitlement) have the date Oct 94 on it!

If you go to http://www.btplc.com/Mediacentre/Archivenewsreleases/2003/q203release.htm about half way down under Shareholder distribution it says 30 Dec (which is a tuesday).

Some good news for BT.A

LONDON (AFX) - Standard & Poor's Ratings Services said it has revised its outlook on BT Group PLC and related entities to positive from stable.

At the same time, Standard & Poor's affirmed all its ratings on BT and related entities, including its 'A-/A-2' corporate credit ratings on the group.

'The outlook revision follows BT's statement of a new conservative financial policy that includes a new net debt target of 7 bln stg, which is not seen as incompatible with increased distributions to shareholders through dividends and share buybacks within the parameters announced,' said Standard & Poor's credit analyst Simon Redmond.

Standard & Poor's said it considers that upside rating potential will be driven by sustained debt reduction, provided BT maintains a strong business risk profile and manages share buybacks prudently.

Morning all. tks Croc & TP. J.P.Morgan has placed EZJ on its focus list. Results due next Tues.

Morning all,

Things to do today so late logging on.

Testex, re BT.A dividend, I think even BT has it wrong
on it's website.

See here.

http://www.btplc.com/Investorcentre/Shareholderservices/Dividendmanagement/Datesandpayments.htm

They seem to pay in FEB and Sep with record dates in Dec and Aug.
But if you look at the interim on the link they have the record
date on 30 Dec 2003 and the payment date on 09Sep 2004.
Can't quite believe that.

Over to you guys.

Melnibone

I must admit that why I didn't suggest that link! The 09 Sep 04 is the payment date for the final div!

ajren -

on the CYH thread you asked why the share was going down. Only the bid price was dropping - presume it was because the MM were trying to discourage selling! Although if you compare the bid & offer prices to the actual price the deals are going through - they are getting better prices! And since your post the prices have improved, so you were correct in the end, they are going up.

The only thing is, I think too many bought this share for a very quick profit, so the first chance they will get they will get out. This in turn will delay any decent rise in price in the short term.

Thanks Croc and team -one and all.
Still recovering from the great day out with you guys/gals yesterday.i was an enjoyable and pleasurable day -thank u again.My benefit to have been there and a great loss to those that missed it - SO MAKE TIME TO BE PRESENT FOR THE NEXT TIME!!!!

rgds
zarif

Zarif, you're posting early!

Or are you on such a high after you had a good time yesterday!

The market is very fustrating today (and yesterday for that matter) - too many people waiting for results to cash in!!!!! I suspect many will be disappointed.........

Littlewoman:
The local anaesthetic that was imbibed lastnight at before during and after supper lastnight is finally beginning to wearoff in small doses.Went to work in the morning and came back early as things were going smoothly there wihout my meddling.
the ftse is testing the 4400 again so reckon the dow might try to break through the 9850 resistance today.Not musc happening in terms of news or meetings in the YM so the chances are there-but as always going to let the market reveal its cards first.

rgds
zarif

I don't look at the "heat maps" that often (Research above) but looking at the one for sectors (as well as the FTSE 100) is quite intersting.

Melnibone - remember your comments 2 days ago, about VOD? What about these 2?

Hi Little Woman,

Yes, looks like another 2 major influences on the FTSE
approaching heavy resistance.

This is very interesting times. Market needs a correction,
people are getting nervous after this run-up from the lows.
But the trend is still up and it's difficult to go against it.
The traditional time for the retracement was Sep/Oct but it
didn't happen.
People don't want to miss out if the markets bust through
for another leg up. US are still pumping money into the
markets with monthly contributions.

If the DOW breaks 10000, S@P will break on up and take the
FTSE through the 4425/4450 area. Once it gets through that
what's to stop it going up to that long distribution phase
we had at 5000/5200? Not a lot I'd suggest.

Will we get the correction and have another run at these levels
from further down or are we going to keep on grinding up from
here? I wish I knew.

If the FTSE just drops to 4200 or 4000 people will regard that
as a bottom and will become more confident of putting money
into the market using those levels as the perceived maximum
downside risk.

Although I'm erring to the correction side of things I don't
subscribe to the armageddon view. I'd need evidence of the
US economy going into reverse and for the US elections to be
over for that.

Melnibone

Hi. Hemscott on Barc SB give ex-div on BT.a as 28 Dec. Confusing huh?

Thanks for that guys.

24Dec is a Wednesday, so that seems to tie in nicely
with the record date.

Melnibone.

Just realised, 24 Dec is Christmas Eve.
Everyone will be just squaring their
positions away for the week long stuffing and boozing holiday.

Price could go anywhere, depends who is taking their profit,
Bulls or Bears.

Melnibone.

Ref my point in earlier post ref money flowing in
regularly to US funds, you might be interested in
the following.

http://www.amgdata.com/

The four-week moving average of inflows to All Equity funds stands at $5.4 billion (Inflows are coming into Equity funds at a rate of $5.4 billion/week as measured over a four-week period). That is the highest rate of inflows since 5/23/01

Melnibone

BT's Ex div date in 28 Dec.

Moneyam usually update their "research/company fundamentals" info within a day or two of the anouncements & it's up to date now if you take a look.

Also the actual interim report also says 28 Dec.