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US: Despite Strong earnings from IBM and a mega merger in the bank industry the stock market was flat near the close, with investors showing some disappointment about the broad tech sector's earnings and forecasts. Boots reported Christmas sales in line with expectations and promised to lower more prices and extend opening hours in its battle with the grocers. Like-for-like sales at its core chemist chain were up 4.1 percent which was in line with the range of analysts' forecasts of 2.0-5.9 percent but above the consensus. Peacock low-cost clothes retailer said its performance in the third quarter meant it expected to meet forecasts for its financial year to end-March. Like-for-like sales fell by 0.3 percent in the 13 weeks to December 27, but grew by 4.8 percent in the 39 weeks to December 27 Geest said annual operating profit would be in line with expectations as it increased prices to help offset higher raw material costs. Total sales rose about 12 percent in the year to January 3, with UK sales of fresh prepared foods its key market up about six percent

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Boots Trading Update Peacocks Trading Update Bellway (AGM)	13.30 Nov Business Inventories 0.2% exp. 14.15 Dec Industrial Production 0.7% exp. 14.15 Dec Capacity Utilisation 76.1% exp. 14.50 Jan Preliminary Michigan Sentiment 94.0 exp.

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FRI FTSE PP

R2 4489
R1 4473
PP 4458
S1 4442
S2 4427

Close was above thu pp after gaining 1.3pts in the auction! Formed a higher low today but still very rangebound, would look for a brk of 4450 back to 45 (30futs) for sup to hold, if not continued strength if dow hold above 10500 tonight back to Thu high, res at 65 (50futs) imho!

Updated 1/15 for Friday's market.
Key DOW Levels for 1/16
UP Above 10,600
DN Below 10,375

Wide Range Forming
Dow hits resistance, stays within wide trading range.

From prior commentary, "...the Dow appears to be forming a wide trading range at the highs of the major uptrend from 10,375 to 10,590. This will likely be the range that the Dow stays witin until the index can establish another medium term trend..."
The Dow trended higher today, but was halted by the key 10,590 resistance level, seen in the 15 and 60 Minute Charts. The index pulled back off this level, essentially forming a wide trading range at the highs of the major uptrend from 10,375 to 10,590.

As we noted yesterday, the Dow will likely stay within this range for quite some time until a solid break from the range occurs. The range looks to be early in its development, so we could be looking at another week or two before another medium term trend is established.

A solid upside break through the top of the range and through the key 10,600 level will indicate another advance in the medium term, while a break of support at 10,375 will spark a sharp decline. Look for the index to push down off resistance tomorrow, leading to a move toward support at 10,375.

Short Term Dow

Short term, the Dow is holding beneath the clear 10,590 resistance level, seen in the 5 Minute Chart. Look for weakness below this level tomorrow morning.

Medium Term Dow

In the medium term, we closed Longs this morning at 10,522, giving us a breakeven trade. We then entered Shorts at 10,500, but stopped out with a 20 point loss. No other trades were triggered and we are now out of the market. We will watch 10,600 up, and 10,375 down, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each traded wildly within their respective trading ranges today, which we will continue to keep an eye on. Look for similar behavior within the range boundaries until direction is established. *

Summary

The Dow traded in volatile fashion today, but stayed below a clear resistance level of 10,590. The index has now formed a wide trading range, which will likely contain the Dow for a while. Look for similar volatility within the range boundaries until a solid break arises.

Morning folks. Has EZJ's good rise stopped or will it continue up again today ?

mornin all

Morning all

I understand ICI is a recommended sell, but the share price doesn't seem to agree!

well thats the Thu high hit, $ strength weakening dj futs atm!

Morning all,

Looks like another Tum-De-Dum day.

TP's got it right with the range bound comment.

Check out the 5 day tab at the top of this thread,
we're basicly in a 30 point trading range.

Still watching some blue chip dividend payers.
I tend to buy these for a position trade when they
get clobbered.
They usually make it back up again and revert to the
FTSE mean.
As long as the mean doesn't go down of course. :-)

Melnibone.

The big FTSE drug stocks, AZN and GSK, seem to be settling
after the pasting they've recently taken.
AZN has bounced back above 2500 and GSK bounced back above 1200.

In the retail sector, MKS is still exploring the March lows.
SBRY exploring the bottom of it's uptrend channel.
TSCO trying to take back some of the recent losses after
it's share placing announcement and profit taking.

In the banking sector, RBS seems to be having a breather after
it's recent good run and HSBA is still wavering around 860.
(We won't mention HBOS) ;-)

Melnibone.

:-)

I'm having a very good morning at the moment. Almost reached my target for the day.

Melnibone one of the toughest ftse futs weeks in a while, the day you wait for your sigs to buy its the top, the day you buy off sup with no sig it fails and you think, i should have waited for a signal, roll on next week! Us closed Monday btw!

Hi TP,

You're right, as I said yesterday this market has got
me puzzled at the moment.
Not sure if I'm losing the plot.
I can't seem to get much right at the moment.

Melnibone.

40pt cash trading range this week, i want that a day:) Good avg a week is 100 imho, so really down! After having a crap Tue roll into Wed some mug has now debited my Credit card for food at SBRy, i never go there, cancelled cards, have not lost them but some low IQ person on the til has punched in the wrong number if it would not swipe, a great start to 2004!

MKS looking sickly. As you can see above it's very close to the last
lows about 7 weeks ago.
200 and 60 EMA's not looking good.

If the FTSE gets a downturn this may be the Bears chance to close
below the March lows.

Usually buy at this point for a bounce, but with my current run
of luck I'm leaving it alone.
Discretion and valour and all that.
(Cluck, cluck.) :-)

Melnibone.

I had a short MRK this morning (closed +1) watched for a bit and now long, (closed most of it .5+) will close the balance if up another .25

All left now is a SBRY long.

Closed Long STAN & Long MSY after hitting target on both.

I agree Testex, as I've said before it's a bit of an oddball.

What I'm saying is the MKS sentiment is negative at the moment,
and if the FTSE turns negative as well then this will compound
the MKS situation.

If it is enough to drive it below the March lows then they
will turn from support to resistance.

With my track record this month though, probably best if you
ignore everthing I say. :-)

Melnibone.

Closed MKS - happy with the results.

Only small long left of SBRY, as taken most of todays profits. Small Short GSK, which I will turn Long soon.

Small Short GSK

Grrrrr. ;-)

Melnibone.

Closed SBRY

look like a pos brk out to the upside on the card for the ftse

closed short GSK, now long GSK