how do you see the dow index going today Dow Jones and S&P commentary: Signal Watch Dr Bob Hard Right Edge Raptor Research Charting by Snoball: Dow Chart S&P Chart Drinks & Break Time at: GD's Famous Tea Room & Watering Hole"

DOW JONES @ LIVECHARTS

21 Nov 2003 18:37 BS =DJ US Stocks Edge Higher But Merck's Loss Weighs On DJIA




By Cynthia Schreiber
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--The Dow Jones Industrial Average is toggling between positive and negative territory in mid-session trading Friday, as Merck's losses offset McDonald's gains.

Leading the blue-chip advancers, McDonald's is up 56 cents, or 2.3%, to 25.24, after UBS Investment Research issued a buy rating on the stock, saying its price should rise over the next year as earnings continue to exceed Wall Street's expectations.

However, blue-chip Merck & Co. has lost 2.86, or 6.4%, to 42.30, and is leading the blue-chip decliners, after halting development of a diabetes drug that had been in late-stage testing after identifying a malignant tumor in mice. Morgan Stanley downgraded the stock to equal-weight from overweight, calling the setback the "last straw."

Canadian drug company Biovail is also taking a hit, down 4.96, or 21%, to 18.25, on news the Securities and Exchange Commission has opened an informal inquiry into its accounting and financial reporting practices for fiscal 2002 and fiscal 2003 to date. Biovail said it "intends to fully comply with all such requests."

Adding to the pressure, Walt Disney, the last of the Dow industrials to report earnings, has slipped 21 cents, or 0.9%, to 22.48, after posting a stronger-than-expected fourth-quarter net profit of $415 million, as the surging performance of its movie studio overcame weak theme-park results. Disney declined to issue a specific earnings forecast for 2004.

United Parcel Service has fallen 1.17, or 1.6%, to 70.76, after confirming it will raise rates for ground-based shipments by 1.9%, the smallest such increase in at least seven years.

Meanwhile, FedEx has lost 4.13, or 5.6%, to 70.26, after Credit Suisse First Boston downgraded the stock to neutral from outperform, ahead of UPS's announcement.

Proposed payment reductions in Medicare drug-benefit legislation is pressuring shares of Lincare Holdings, which have lost 5.15, or 13%, to 34.

Brocade Communications Systems is down 97 cents, or 14%, to 6.18, after posting fourth-quarter operating earnings of 2 cents a share, in line with the consensus view of 2 cents a share. But the company sees a first-quarter charge of about $75 million to $85 million.

Among tech advancers, Autodesk is ahead 2.92, or 15%, to 22.33, after the software company swung to a profit in its fiscal third quarter as revenue jumped 24%.

A variety of factors are influencing the stock market Friday, which marks the end of a week largely spent selling, with terrorism concerns among the catalysts. Recent dollar weakness and trade issues are also worrying investors.

"On the one hand, earnings momentum continues to be there but is counterbalanced by worries about the dollar and creeping protectionism," said Uma Rajeshwar, portfolio manager at Glenmede Trust Co., referring to the Bush administration's decision on Tuesday to impose temporary quotas on some Chinese textile imports.

The expiration of options also may cause price fluctuations.

All told, the Dow Jones Industrial Average is up 4.08, or 0.04%, to 9623.94, the Nasdaq Composite Index is up 7.98, or 0.4%, to 1889.85, and the Standard & Poor's 500 Index has added 0.40, or 0.04%, to 1034.09.

The Russell 2000 Index is up 2.27, or 0.4%, to 525.36, and the Standard & Poor's SmallCap 600 Index is ahead 0.37, or 0.1%, to 256.60.

Volume on the New York Stock Exchange is 596 million shares, with up volume ahead of down, 330 million to 256 million. Advancers are outpacing decliners, 1,812 to 1,286.

Volume on the Nasdaq is 806 million shares, with up volume ahead of down, 439 million to 351 million. Advancers are outpacing decliners, 1,531 to 1,389.

-By Cynthia Schreiber, Dow Jones Newswires; 201-938-2408 cynthia.schreiber@dowjones.com.
(END) Dow Jones Newswires

November 21, 2003 12:37 ET (17:37 GMT)

closed both the shorts off at 9601. So made a profit 120nett (after losing 120 on the long)

I'm still short Zarif at 9625.
Fingers crossed for the run in.

Not looking good for me

Nite all.

zarif, just got back from GD's place. He's put a link to here in his header. Any chance you can put a link to the tearooms in your header?
Could save a bit of time between trades.
Have a nice weekend all.

You too Snowball

No problem at all as we all are frequent drinkers at his place.
Only question is how do i do that (ie.get Gds link from him)
let me know the idiots guide again how to do it and it will be done.Anything u ask of me is too little and in no comparison to what u do everyday for all of us.

How was your trades today.?
I managed to crawl out upfront but not smelling of roses.

rgds
zarif

zarif,
put this in as a hyperlink:

http://www.moneyam.com/InvestorsRoom/ShowPostList?fID=1&tID=15"
Do it the same way you did my chart.

At the last minute yesterday I put a Dec long on with a 25 point limit stop and a very tight stop loss and as luck would have it it hit the limit early this morning so i managed to cover my earlier 22 point loss. I had a quick scalp on the daily during the closing rally for 4 points.
Next week I hope to be around more during the day as I want to try some day trades at the open as well as the close.

Snoball: Well done to get some gains at end of play.Sometimes it can be most profitable at the end or the beginning as long as u r watching it.

I tried to paste the link but doesnot seem to be working -that is not becoming a live hyperlink.
can u check and resend to me again

hope u r having a good w/end.

zarif

Snoball: Voila !!! Its done. I had forgotten to put the href tags b4.

" target="_blank">

Have a look at this DOw Chart and DO You think that we will reach 10000 or are we going Down. Note the last two candles are RED. My opinion is that we are getting a crow pattern forming and there is going to be delining from here.

rgds
zarif

Five Day intraday chart dow vs FTse.
Just learning how to post charts etc on the board.

  Candlestick Chart Futures AnalysisAnalysis Updated for: Friday, 11/21/2003

Group: IndicesMarket: Dow Jones Industrial Average

  Symbol Date Open High Low Close Change Volume Open Int DJ0312 11/21 9630 9640 9578 9633 + 2211491 35952

End Of Day Candlestick Analysis

Trading Day Indicator Pattern Trend Reliability 11/21 None N/A N/A N/A LWT Indicator Strong Bearish Trend

 

smart ar** :-)

Cool charts, zarif.
That weekly bars chart looks interesting.
Watch out for the Feds though.

I read an article in Trader magazine by a successful US trader.
I liked a quote by him:- "Buy fear and sell greed". He's a stock trader but I the reverse must apply when in a downtrend.

Wot's the LWT indicator?

.

Is the market getting bearish?.
The bullish Percent Indicator

LWT Indicator

When no Candlestick Indicator is present
through our Candlestick Analysis Engine,
we provide our proprietary LitWickTrend
Indicator along with a Strength reading.
This can be a dominant indicator in itself
and we use it in conjunction with our
Candlestick Analysis for Stocks and Futures.


Snoball thats the explanation for the indicator but they are not giving away mush.

I think u r right the market is getting bearish for the moment.

The fundamentals

The past week the stock market sold off without any major bad earnings or economic news. It looks like investors just want to take profit even with some good news. For the week, Dow closed down 140 points at 9628.53. Nasdaq is down 36.38 at 1893.88.

The three strongest groups for the week are: silver, sporting goods stores and consumer services. The three worst performing groups are: drug delivery, specialized health services and jewelry stores.

Most of the economic news for the past week are either in line or better than expected. HPQ?s quarterly revenue and earnings are better than the analysts estimate.

Going into this week, we have GDP-prelimary for Q3, consumer confidence for November, existing home sales for October on Tuesday, personal income for October, Durable goods order for October, Michigan sentiments for November and initial claims on Wednesday.

The technicals.

At the end of the week, Dow closed at 9628.53, above the 50-month ema of 9210.87, 200-week ema of 9264.88 and below 50 day ema of 9644. The monthly and weekly Dow charts are still bullish. The daily chart of Dow is a little bearish. The next daily support for Dow is 9500. The resistance for Dow is 9644 and 9800.

On the monthly chart, Nasdaq closed at 1893.9, at the 50 month ema of 1893, above 200-week ema of 1891 and below the 50 day ema of 1893. The weekly and monthly charts are still bullish. The daily chart is a little bearish. The daily support for Nasdaq is 1880. The resistance for Nasdaq is 1917.

VIX closed the week at 18.98. The next resistance for VIX is 19.6 and the support for VIX is 18.2. VXN closed the week at 29.08. The next resistance for VXN is 30.62 and the support for VXN is 27.5. On Monday, the VIX and VXN might go lower. Since both VIX and VXN are too close to 50 ema, it is still hard to tell whether they would rebound at 50 day ema..

The setup.

Friday?s close tells us that the market might go higher on Monday morning. In order for the market to go higher in the intermediate term, the market has to have follow-through days on the upside on the closing basis. Over the last 11 trading days, the market did not follow through on previous us days. Right now, the market still has down side momentum. A few follow through days with heavy volume might change the momentum.

Right now, it is important to keep options open since the market could go either way in the short term, depending on how the market behaves over the next few trading days. A close on Nasdaq below 1980 is very bearish for the market