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Traders Thread - Wednesday 26th November (CCM)
Crocodile - 25 Nov 2003 21:50
| Premarket Futures | FTSE +2 | DAX +3 | DOW -4 | S&P +0.7 | Nasdaq +1.5 |
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FTSE TechMark |
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| UK/US charts have 1,2 or 5 day views. and now FT NEWS & Price link to UK, US & Asian markets. The Dax/CAC and Nikkei/Hang Seng are now switchable | |||
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The major US indexes closed little changed despite a late-session attempt at a rally, as investors played it cautious following the morning's upbeat economic reports and ahead of the next session's spate of economic news. the Dow Jones finished up 16.15 , S&P up 1.81 and the Nasdaq down 4.10. The FTSE is forecast to open little changed but the day before Thanksgiving is often volatile with a 100 point plus move on the markets. We also have a raft of US economic reports to get through. British Land The UK's second-biggest property firm posted a slight rise in first half net asset value on Wednesday and said it saw encouraging signs for the central London property market. Net asset value (NAV) on an adjusted diluted basis, a key performance gauge for property firms, rose 1.2 percent to 870 pence per share with analysts forecasts of between 840-890p. The firm also boosted its interim dividend by eight percent to 4.43 pence per share. Carlton Communications reported a 68 percent rise in annual profits on Wednesday and said the current quarter had started well. Profit was 60 million pounds and compares with 36 million pounds last year. They announced a second interim dividend of two pence per share, giving a total of 4p for the year. It said it expected its share of total ITV net advertising revenue to be up one percent in the current quarter. Granada reported annual pre-tax profits at the top of market forecasts on Wednesday and raised its cost-savings target from its proposed merger with Carlton. It was now targeting cost savings of 100 million pounds and It reported profit of 179 million pounds for the year with analysts forecasts of 134-179 million pounds. Lonmin: the world's third largest platinum miner reported a 12 percent fall in year pre-tax profit to $291 million from $332 million, above consensus forecast of $281 million hit by a strong South African rand, and said its current trading was satisfactory. |
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British Land (I) PBT 83.7m exp. Carlton Communications (F) PBT 66m exp. Granada (F) PBT 155.3m exp. Lonmin (F) EBITDA 334 exp. Avocet Mining (I), Connaught (F), Countryside Properties (F), Nord Anglia Education (F), Paragon Group (F), Speedy Hire (I) 09.30 3rd Quarter Revised GDP q/q 0.6% 09.30 Index of Distribution 3m y/y Anglo Irish Bank (Q3) 11.00 Queens Speech Outlining Government Agenda |
13.30 Oct Personal Income 0.4% exp. 13.30 Oct Personal Spending flat exp. 13.30 Oct Durable Goods Orders 0.5% exp. 13.30 Initial Jobless Claims (w/e 21/11) 360k exp. 14.50 Nov Final Michigan Sentiment 94.0 exp. 15.00 Oct New Home Sales 1138k exp. 15.00 Nov Chicago PMI 57.0 exp. 15.00 Oct Help Wanted Index 38.0 exp. 19.00 Fed Beige Book |
Hanover Re (Q3), Ahold (Q3) |
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Ex Dividend: Amec (3.6), Brixton (3.95), Brown Group (1.74), Detica Group (1.8), Euromoney Institute (9.75), Geest (8), Great Portland Estates (3.5), HSBC Holdings (US$ 0.12), J Sainsbury (4.33), Mice Group (0.5), Mucklow A&J (6.03), Natioanl Grid Transco (7.91), Next (11), Safeway (3.05), Vodafone (0.954), Westbury (4.45) |
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ThePlayboy
- 26 Nov 2003 07:18
- 2 of 37
R2 4423
R1 4406
PP 4392
S1 4375
S2 4361
Close was above tue pp after gaining 1.5pts in the auction, 2 day ftse chart broken trend at 4400, but more about SUp/res due to rangebound nature, so 4375 down (s1) and R1 4406 up!
Updated 11/25 for Wednesday's market.
Key DOW Levels for 11/26
UP Above 9,800
DN Below 9,730
Continuation
Dow continues slowly higher.
From prior commentary, "...The 9,750 resistance level will be key heading into tomorrow's market, as a break or bounce here will likely decide direction. The index has formed a tight consolidation at the highs...An upside break from the consolidation at 9,750 (also resistance), will indicate continued strength..."
The Dow traded "flat" for much of the morning, but eventually broke the day's tight range to the upside late in the session to end the day higher by just 16 points, as seen in the 15 Minute Chart.
The index continues to trend higher toward the next major resistance level at 9,900, which is a highly significant level. The index has not been able to rise above this level, thereby keeping the Dow at bay. Since the index has pushed solidly higher the last two days, we could see a continuation pattern form at the relative highs. Such a pattern will indicate further strength toward resistance.
However, the Dow has formed an upward-sloping consolidation at the highs, which could be bearish. A downside break from the pattern at 9,730 could spark another push down within the wide trading range, seen in the 60 Minute Chart. Moreover, we could see a slight pull-back due to the Holiday-shortened week, as traders may not want to be too overexposed heading into the long weekend.
Short Term Dow
Short term, the Dow is holding at short term support at 9,759, seen in the 1 Minute Chart. Look for strength above this level tomorrow morning. Otherwise, a downside break at this fulcrum could spark weakness.
Medium Term Dow
In the medium term, we are still Long the Dow from 9,697 and will move stops up to 9,730 for tomorrow's market. We will stay Long above 9,800 and will look to enter Shorts below 9,730, with 20 point stops.
NASDAQ & S&P
The NASDAQ stayed within a tight range throughout the session, while the S&P trended slightly higher for the day. Each index showed weakness at the Close, which could spill over to tomorrow's trading. *
Summary
The Dow continued slightly higher today, but halted its upmove at 9,800. The index is making its move higher toward key resistance at 9,900, but a bearish consolidation could make for weakness tomorrow. Watch 9,800 up, and 9,730 down tomorrow.
zarif
- 26 Nov 2003 07:25
- 3 of 37
Druid2
- 26 Nov 2003 08:05
- 4 of 37
little woman
- 26 Nov 2003 09:01
- 5 of 37
My LLOY are making a nice profit finally!
Melnibone - 26 Nov 2003 09:11 - 6 of 37
I won't be able to post much today.
My ISP (NTL), seems to be having problems.
It's taken me 40 minutes to get this far.
Certainly can't trade like this, too big a danger
of not being able to close a losing position.
Good luck to all of you and pleased to see that
LLOY is coming good for you little woman.
Melnibone
Douggie - 26 Nov 2003 09:12 - 7 of 37
Melnibone - 26 Nov 2003 10:02 - 8 of 37
since 1830 hrs last night.
I see the FTSE is at the top of the trend channel.
Will take something special for it to break through
it today.(Famous last words)
Melnibone
zarif
- 26 Nov 2003 12:43
- 9 of 37
FCO advises Britons against all but essential travel to Istanbul, Ankara and other major cities
little woman
- 26 Nov 2003 13:50
- 10 of 37
stockbunny
- 26 Nov 2003 15:00
- 11 of 37
GAA are as usual presenting share holders with the massive
dividend of 1p.....But results are good and shares Up..
And the banking sector by and large are having an Upwardly
mobile day on the share price front....
MKS are putting in a fair performance too....
On balance this is a positive day!!!
Be lucky people!!
little woman
- 26 Nov 2003 15:08
- 12 of 37
stockbunny
- 26 Nov 2003 15:13
- 13 of 37
hold on until break-even - 133p or thereabouts - and take a view at
that point whether to hold for long after the 'merger payout'happens.
We will get 7-odd pence per GAA share I believe....
little woman
- 26 Nov 2003 15:24
- 14 of 37
stockbunny
- 26 Nov 2003 15:24
- 15 of 37
less than I thought (having now gone and actually checked it!)
130.62p but still a way off yet!
stockbunny
- 26 Nov 2003 15:25
- 16 of 37
Melnibone - 26 Nov 2003 15:26 - 17 of 37
FTSE running true to form, up to the top of the trend channel
and down again. :-)
How far down do we go?
My crystal ball's fogged up.
Anyone else got a view?
Melnibone
little woman
- 26 Nov 2003 15:37
- 18 of 37
little woman
- 26 Nov 2003 15:39
- 19 of 37
Melnibone - 26 Nov 2003 15:41 - 20 of 37
be trying to hold.
If the S@p goes down a few more points it will hit
support.
The news was good so the rot may stop here.
With a bit of luck this may be near the bottom of the
day for the FTSE.
Melnibone
Melnibone - 26 Nov 2003 16:06 - 21 of 37
so this is where it needs to hold.(Circa 1050 )
If it starts to push through to 1048 it's tin hat time.
Melnibone.
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