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News Headlines:    In the US increasing worry about rising interest depressed the markets in early trading but a steady rally pushed the DOW positive by the close Over the last 15 years, August has been the worst month for the Dow industrials and the S&P 500, while September has been the second worst Royal Bank of Scotland Britain's second-biggest bank said that first-half pre-tax profit rose 10% with a 31% increase in earnings. Pre-tax profit increased to 3.45 billion pounds from 3.15 billion pounds a year earlier. Revenues rose to 9.08 billion pounds BOC Group reported a better-than-expected three percent fall in third quarter profits on Tuesday, and said it saw no consistent signs of an upturn in semiconductor investment. Profit for the three months to June 30 fell to 115.2 million pounds from 119 million last year. Analysts forecasts ranged from 105 to 114 million.Lastminute.com reported a profit in the third quarter on Tuesday and said summer bookings for the the key fourth quarter had started strongly. They reported earnings in the three months to end-June of 4.1 million pounds against a loss of 1.9 million pounds a year earlier. Burberry Group said its Chief Operating and Financial Officer Michael Metcalf would step down at the end of March, 2004. Bellway housebuilder said that demand for its homes had been robust, and that its forward order book was worth 380 million pounds up 17 percent from a year ago. Calendar All GMT United Kingdom (F)inals (I)nterim United States (Click Flag) Europe & World Tue 5th       BOC Group (Q3) PBT 105m exp.Royal Bank of Scotland (I) PBT 3,400m exp, Ryanair (Q1), Enodis (Q3), Lastminute.com (Q3), nCipher (I), Sherwood International (I) 09.30 July CIPS Services PMI 55.0 exp. : Cisco Systems (Q2) 09.30 June Indtrial Production m/m 0.1% exp. 09.30 June Manufacturing Production m/m 0.2% exp. 15.00  July Non-Manufacturing ISM 58.0 exp. Clariant (I), Pernod Ricard (Q2) 09.00  July BME Services PMI 48.7 11.00  May Retail Trade m/m 0.5% exp. Good Trading!   David@FTSEDOW.com    www.FTSEDOW.com            Pivot Calculator

TUE FTSE PP

R2 4172.4
R1 4136.2
PP 4111.2
S1 4075
S2 4050

Closed below Mon PP after gaining 2.9pts in the auction, close was below weekly pp! Still close in the FIB 4085/4117 trading range after earlier decisive break past daily r1 to 4147.4 high. Dj just above s2 at our close, mohan looking for a rally now with a pos pullback later, 5min Dj buy sig at 9087, Dj really needs to regain the 9150 imho, opportunites for bull and bear,

Updated 8/4 for Tuesday's market.
Key DOW Levels for 8/5
UP Above 9,215
DN Below 9,050

V-Bottom
Dow breaks consolidation to downside, rallies off v-bottom.

From prior commentary, "...The index spent the rest of the session consolidating at the lows right at the lower line...Since the consolidation has formed at the lows of the current move, a downside break is the most likely scenario. Therefore, watch for a break at 9,140, as this level could lead to a much further retracement..."
The Dow got the downside break from the tight consolidation this morning at 9,140, which led to a solid move lower early in the session, as seen in the 15 Minute Chart. However, the index formed a sharp v-bottom reversal, which sent the index into a solid recovery the remainder of the session.

The index continues to be non-commital toward direction and remains within the wide, volatile trading range, seen in the Daily Chart. As we've mentioned previously, the index will likely continue to trade in volatile fashion within the wide range until a clear and decisive break from it occurs. So far, no such break has occurred.

Looking at the 15 Minute Chart shows that the index is showing slight resistance in the 9,200 area. An upside break through this level could send the Dow back up toward the top of the wide range at 9,350, seen in the 60 Minute Chart. Otherwise, a downside break of a short term lower trend line at 9,150 could lead to another push lower within the wide range, toward about the 9,000 area.

Short Term Dow

Short term, the Dow has formed a tight range at the highs of the 1 Minute Chart from 9,160 to 9,210. Watch for a break from this range for short term direction tomorrow morning.

Medium Term Dow

In the medium term, we entered the market Short this morning at 9,079, but covered the position for a breakeven trade. We later entered the market Long at 9,200, but also stopped out, this time for a 10 point loss. We are out of the market and will watch 9,215 up, and 9,050, with 10 point stops.

NASDAQ & S&P

The NASDAQ and S&P each got downside breaks from their respective consolidations this morning, but mid-morning v-bottoms sparked solid rallies to the Close. Continue to watch range boundaries. *

Summary

The Dow pushed sharply lower this morning after getting a downside break from the tight consolidation. However, the index pulled off a sharp rally after forming a v-bottom early in the session. The index continues to trade within the wide, volatile trading range, which we will continue to watch for a major break. Watch 9,215 up, and 9,050 down tomorrow.

Thanks Playboy
Morning all, news posted.

BT CUT TO 'UNDERPERFORM' FROM 'IN-LINE' BY CITIGROUP SMITH BARNEY

Morning Croc - Just lurking but thanks for the thread

Morning croc, I'm running late this morning - got to go to work!

babhere
Welcome to you & hi little lady
Running a small shot on Persimmon, Barratts and Wimpy down hard.

I've been waiting for Persimmon to drop for the last 3 months, so that I can buy - but they have gone up, without any major drops, so I'm still waiting - maybe it won't happen?

WED FTSE PP

R2 4154.2
R1 4137.6
PP 4114.3
S1 4097.7
S2 4074.4

Close above Tue pp after gaining 2.8pts in the auction, close still below weekly pp. 4117 FIB held to open up the next FIB level at 4161, Dj at our close was below its PP, same scenario as yesterday, buy sig on the close at 9130, down to Cisco!