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Traders Thread - Thursday 31st July (BT.)
Crocodile - 30 Jul 2003 21:13
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S&P &Futures (Click for latest)
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Pre Market Futures (7:30) | |
| FTSE | +4 | ||
| TechMark | +1 | ||
| DAX | +5 | ||
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Hang Seng -1.38
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Nikkei -73
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DOW | +16 |
| S&P | +1.5 | ||
| Nasdaq | +2.5 | ||
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News Headlines: US stocks fell back on weak tech earnings and caution ahead of 2 days of major economic reports. BT has reported a 56 percent jump in first quarter pre-tax profit, but turnover is flat on the previous year as the number of voice calls continued to fall. Profit rose to 502 million pounds in the three months to the end of June, helped by lower interest payments and cost-cutting. I make this slightly lower then expectations of 513 million. BT's turnover was unchanged at 4.586 billion pounds. HBOS Plc reported a 21 percent rise in half-year pre-tax earnings on Thursday, at the top of market forecasts, and said it was on track to meet all its targets for this year. British Airways posted a loss less than the market feared on Thursday and estimated the cost of a wildcat strike at its main London hub at 30-40 million pounds. The loss of 45 million pounds for the three months to the end of June, compared with a 65 million pound profit for the same period last year. Hanson building materials reported a 17 percent fall in half-year profits, hit by the impact of asbestos claims, increased pension costs and unfavourable currency swings. They said it expected its second half performance to be more resilient than the first half. Profit for the six months to the end of June was 120.6 million pounds down from 145.1 million a year ago but just above analysts' consensus forecast of 119.5 million pounds. Aviva Britain's largest insurer, said t had a first-half operating profit of million pounds 828 million poundsdown from 955 million the year before. The Dividend of nine pence per share, up 2.9 percent. Analysts had forecast an interim dividend in a range of 8.75-9.2 pence.Global life and pensions sales rose 56 percent to 299 million in the six months to 30 June.Alfred McAlpine posted a 23 percent rise in first-half profit on Thursday and forecast a "robust" full-year performance, in line with market expectations. Profit before tax rose to 14.8 million pounds in the six months up from 12 million in the same period ICI chemicals said it planned to cut another 1,400 jobs as it reported a 21 percent drop in first-half profit, better than what analysts had expected. Profit fell to 150 million pounds from 191 million last year but analysts had expected the profit to be between 132 to 146 million pounds, Telewest reported an improvement in first half underlying earnings, but continued to lose customers.Eearnings rose 20 percent on the previous year to 220 million pounds but turnover was flat at 674 million. Household subscriber numbers dropped by almost 24,000 to 1.72 million.The company also said talks on its drawn-out, 3.5 billion pound debt restructuring had progressed. Centrica reported higher earnings that met market forecasts and gave an upbeat outlook on its dividend policy Smith & Nephew medical devices posted an 11 percent rise in first-half earnings on Thursday and said it was on track to meet its full-year targets. Rolls Royce hold profits by cost cutting and in line with expectations. Dividends have been maintained
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ThePlayboy
- 31 Jul 2003 07:03
- 2 of 19
R1 4171.6
R1 4156.4
PP 4144
S1 4128.8
S2 4116.4
Close just below Wed PP, gained 4.5pts in the auction, still trading within the 4117 (61.8) and 4161 (78.6) FIB levels, DJ was below its PP at our close.
ThePlayboy
- 31 Jul 2003 07:04
- 3 of 19
Key DOW Levels for 7/31
UP Above 9,315
DN Below 9,135
Sideways Day
Dow trades sideways, ends session slightly lower.
From prior commentary, "...The index has now formed a range from 9,170 to 9,305, seen in the 15 Minute Chart, which we will watch closely tomorrow. A downside break from the range will cause a likely retest of the long term lower trend line..."
The Dow moved sideways throughout the session today, and eventually edged lower by session's end. Looking at the 15 Minute Chart, you see that the index stayed within a tight 70 point range the entire session and continues to hold above short term support at 9,170.
A downside break of 9,170 will likely push the index back down to the major lower trend line that we've been watching in the Daily Chart. As we've mentioned before, a break of the lower line at 9,135 will likely spark a major retracement.
However, look for continued range movement and volatility within the wide trading range that has formed from 9,170 to 9,315. Look for further volatility until a break from this range occurs.
Short Term Dow
The Dow has formed a range from 9,165 to 9,215, seen in the 5 Minute Chart. Watch for a break from this range for morning activity tomorrow.
Medium Term Dow
In the medium term, we entered the market Short this morning at 9,190, but stopped out of the position for a 10 point loss. We later re-entered the market Short at 9,173, but the trade also faltered. We will widen our entry triggers tomorrow, as further volatility will likely occur. Watch 9,135 down, and 9,315 up; using 10 point stops.
NASDAQ & S&P
The NASDAQ trended slightly lower on the session, while the S&P basically moved sideways. Each index continues to trade sideways within a volatile range. Watch the range boundaries for the breakout. *
Summary
The Dow pushed slightly lower today, after a fairly quiet trading session. The index continues to trade within the wide trading range that has formed in the Daily Chart. Continue to watch the major lower trend line. We will watch 9,135 down, and 9,315 up for medium term positions.
Druid2
- 31 Jul 2003 07:26
- 4 of 19
Druid2
- 31 Jul 2003 07:37
- 5 of 19
ThePlayboy
- 31 Jul 2003 07:42
- 6 of 19
Crocodile - 31 Jul 2003 07:46 - 7 of 19
Juzzle
- 31 Jul 2003 07:58
- 8 of 19
"...The arrangement with Hambro “gives Rio the right to look over Hambro’s shoulder at confidential data they are getting.”....
That quote (from a 'Mineweb' article posted elsewhere this morning) was in March, but several fund managers have since stepped up their combined holdings to nearly 30% now. In the same article Hambro suggested they may need a very big partner if things go as expected.
Juzzle
Druid2
- 31 Jul 2003 08:25
- 9 of 19
little woman
- 31 Jul 2003 09:35
- 10 of 19
interesting day ahead!
little woman
- 31 Jul 2003 10:59
- 11 of 19
Brain H Smiley - 31 Jul 2003 12:28 - 12 of 19
little woman
- 31 Jul 2003 12:51
- 13 of 19
Druid2
- 31 Jul 2003 13:22
- 14 of 19
hursheel - 31 Jul 2003 13:29 - 15 of 19
Da Bear - 31 Jul 2003 13:34 - 16 of 19
Druid2
- 31 Jul 2003 14:24
- 17 of 19
little woman
- 31 Jul 2003 16:29
- 18 of 19
ThePlayboy
- 31 Jul 2003 16:45
- 19 of 19
R2 4204.2
R1 4180.6
PP 4147.3
S1 4123.7
S2 4090.4
Close above Thu r1 after gaining 6.4pts in the auction, after all the action this afternoon we still close in the 4117 (61.8) and 4161 (78.6) FIB trading range after brief intraday moves either side of the figs! DJ was at R3 at our close, TOM H looking for a high around now!
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