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U.S. stock rally continued as investors expressed optimism about corporate and economic growth after upbeat reports on employment and manufacturing, as well as a number of stock upgrades. Mind you this spike up through the resistance line on the uptrend often signals the end of the rally, as the buying becomes overheated. I am going to take out a small DOW short for a longer term target of a 250 points fall back to 10k or below and I will set a 75 point stop loss. Wilson Bowden housebuilder said it expected results for the year to meet market expectations with profits of 215 million pounds  IMI engineering firm said its second-half sales would be around three percent higher with profits in a 136-140 million pounds range compared to 131.5 million pounds in 2002, which included a five million pounds pension credit. RMC the world's largest producer of ready-mixed concrete, said it expects its full year profit to be at the top of the range of market expectations due to disposals and cost cutting. The company said it expects to take a 15 million pound charge in 2003 for a cost reduction programme. It plans to write down 230 million pounds of assets most of which relating to its troubled business in Germany

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Wilson Bowden (Trading Statement) 09.30 Bank of England Quarterly Bulletin Released 09.30 Nov Car Production 3m/3m FTSE Index changes effective after the close of business	Paychex	Europe: Kaufman & Broad 07:50 French HICP final  prev. 11.00 Oct Trade Balance

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morning all.
beware of the witches today -we dont want them to turn us into frogs today!!!!

rgds
zarif

Updated 12/18 for Friday's market.
Key DOW Levels for 12/19
UP Above 10,275
DN Below 10,150

Solid Rally
Dow rallies at Open, trends steadily higher to the Close.

From prior commentary, "...If the Dow can continue to hold above the 10,140 level, look for the index to push higher toward 10,200..."
The Dow pushed higher right at the Open this morning, setting the stage for a solid rally throughout the session that resulted in a three-digit gain, as seen in the 15 Minute Chart. The Dow is now holding at the session highs, where a continuation pattern could form.

Look for either a consolidation or a higher low to form at the highs to indicate that further upside is likely. Typically, the market consolidates after such a big move in order to digest the current market activity. Such could be the case for Friday's market.

Look for continued strength above the 10,200 level tomorrow. Otherwise, a break below this level could make for another leg down within the major uptrending channel, seen in the 60 Minute Chart.

Short Term Dow

Short term, the Dow has formed a tight, well-wound triangle at the highs of the 1 Minute Chart. A break from this range will likely make for short term direction for tomorrow's Open. Watch 10,240 down, and 10,245 up.

Medium Term Dow

In the medium term, we entered the market Long this morning at 10,190 and are still in the position. we will move stops up to 10,200 for tomorrow's market and will stay Long above 10,275. We will look to enter Shorts below 10,150, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each rallied alongside the Dow today, ending the session at their respective highs. Watch for a continuation pattern to form to indicate continued direction. *

Summary

The Dow traded sharply higher throughout the session today, gaining 103 points for the session. Look for the index to consolidate at the highs before another solid move is seen.

FRI FTSE PP

R2 4438
R1 4417
PP 4383
S1 4362
S2 4328

Close above Thu R2 after gaining 3.2pts in the auction! 2 day ftse chart still in uptrend targeting 4415, brk of uptrend at 4390!

stockcharts
12/18: Dow is sure looking like a 3rd wave of a larger move up here, with impressive technical support to the move up.
As mentioned a few days ago, a move above 10100 would likely extend above 10200, and so far that has happened.
10K is now the level for covering longs/aggressive shorts by this pattern.
Hard to tell if this is real or just options related/rotation garbage going on.
A continued rally above 10500 from here will likely test the 11750 high before it is done.
Chase it if you're so inclined, but be aware that we have yet to have a significant correction of the move up from 7400, and even if this is part of a new bull market one is due.
If this is a C wave ending diagonal here the retrace will be a rapid one.
If the ndx starts making new highs above 1450 there is nothing to really say it can't keep going and it would be time to go aggressive long.
The old market adage of 'The market can go higher than you think it can, and lower than you think it should' certainly applies here...

Morning all. Thanks Croc & TP. Today could be interesting.

Morning all Druid & all

morning all,

your're up early Zarif. You don't normally come out to play until lunch time!

I going to be really positive today. Theres no reason why the UK shouldn't do well until US open. The drop predicted for yesterdays close didn't happen - and OK it could happen today, but if it doesn't the the between the US & UK is getting dangerous and could cause major problems if it ever does!

just read crocs header, Dow is so OB its unreal, as stockcharts has stated, ops exp malarky, pos falls next week on profit taking rather than last of the xmas rally but will play it day by day in these lazy days!

just gone long IOT - I have a feeling something good is going to happen - don't get it very often, but too many "hidden" signs for me to ignore!

19/12 08:00 ANALYST RATINGS CHANGES AS OF 0800 GMT

BROKER & NEW RATING (FROM) TARGET (PREVIOUS)
COMPANY
=========================================================
CSFB:
Dixons 150P (160P)
Kesa Electricals Outperform 300P (280P)
=========================================================
JP Morgan:
Woolworths Overweight 57P
Carlton Comms Overweight 265P
Granada Overweight 140P
=========================================================
Lehman Bros:
United Business Media 425P
=========================================================
Sarasin:
Roche Buy CHF136 (CHF125)
=========================================================
UBS:
Informa Buy (Neutral)
Misys 240P (315P)
=========================================================

mornin all

Morning all,

Dangerous territory here, near the top of the trend
channel, and at options expiry day as others have pointed
out.

All I'm going to be doing from now to Christmas is intraday
scalps. Not interested in playing hero with position trades.
Everything is too frothy and uncertain for me.

Melnibone.

Forgot, also small longs in CS. & LLOY

Not going to get many scalps in this 5 point trading range. Lol.

Melnibone.

Hi Testex, ref your comment on HBOS at the end of yesterdays
thread, you were certainly right.
I popped off to get a coffee and came back to find it had
popped up.

Looks like it filled the gap from where it opened lower on the
drop.



What I'm unsure about at the moment is this short term trend
channel of lower highs and lower lows.
I'd like it to break before taking a position long.
Patience is a virtue as well as a great wallet saver.;-)




Melnibone.

UBS cuts avz to 420 from 475

Well, Europe would appear to be unimpressed with
Wall Street's shenanigens last night.
Doesn't seem to be many buyers at these levels.

There was a time when last nights performance in the US
would have brought out a rash of buyers and set up a great
shorting opportunity.
Perhaps everyone is a little more canny these days.
You can't fool all the people all of the time.

Melnibone.

PTI is up over 2p, a bit more and I consider putting a stop loss in place to lock in profits - one I don't want activated unless there is a major fall in price!

IOT is starting to move upwards.

bounce @ 4390 - will it continue?

Any news on whether IOT has got any of the three NHS contracts being announced today?

Also, can someone explain double witching to me (being a longer term investor its not something I understand)

http://www.snappytrader.com/ta/witch.htm
Have a look
D.