Premarket Futures 24th Oct

FTSE -20

DAX -30

DOW -46

S&P -5.3

Nasdaq -12.5

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US Stocks fell sharply at the open as traders felt that the market had risen to far to fast and with what analysts called a healthy and inevitable correction. Towards the end the markets recovered some ground with the Nasdaq down 12.56 to 1885.5, the Dow Jones industrial average up 14.89 to 9613.13 and the Standard & Poor's 500 up 3.41 to 1033.77. Microsoft reported stronger-than-expected net income and revenues for its first quarter but analysts were troubled by a decline in unearned revenue which fell by about $700m to $2bn due to a recalculation on how it calculated profits. They partially attributed this to distractions caused by an outbreak of computer virus and worm attacks and added corporate IT spending remained slow. Autonomy software said a market recovery seen by it at the end of 2003 had continued as it reported a 90% jump in Q3 profits. Lloyds TSB said it has agreed to sell the NZ unit for 3.8 billion and is considering buying back shares with some of the 1.1 billion pounds profit after tax it will make on the dealFirst Choice Holidays said that trading in its full year would be in line with its expectations in terms of both profit and cash generation. The firm said it had seen strong demand for bookings for Summer 2003 and added that winter bookings were string as well BHP Billiton hit by 2 analysts downgrades this morning. Amey & Balfour Beatty could be hit as national rail consider taking rail maintenance in house.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Autonomy (Q3) BHP Billiton (AGM), WPP(Q3) 09:30 Q3 preliminary GDP q/q 0.6%, y/y 2.0% prev. 09:30 Sep retail sales m/m, y/y 0.2%, 3.8% exp.	Brunswick	France Telecom, SwedbankEssilor F (Q3) Renault F (Q3), Royal Dutch Petroleum NL (Q3) Syngenta CH (Q3), Volvo S (Q3) Wanadoo F (Q3). Web.de D (Q3) 10:00 EMU current account NSA 1.28 prev.

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Australia and New Zealand Banking Group Ltd said it has agreed to buy National Bank of New Zealand (NBNZ) from the UK's Lloyds TSB Group PLC for 4.915 bln aud.


16/09/03 AFN "Market estimates put price of NBNZ in the range of 6 bln aud."

Flogged on the cheap then? Should put the cat amongst the pigeons tomorrow!

morning all,

still long cna lgen gnk....

will not be trading today having a long weekend off and just remembered it is only just 2 months to christmas eve :-)

Have a good day all and a great weekend...

Mega...

Updated 10/23 for Friday's market.
Key DOW Levels for 10/24
UP Above 9,625
DN Below 9,550

Consolidating
Dow trades sideways, forms trading range at lows.

From prior commentary, "...we expect the Dow to consolidate at the
lows for perhaps a session or two before another primary move is
seen..."
The Dow traded sideways throughout the session today, forming a wide,
expanding range at the lows after yesterday's big decline, seen in the 15
Minute Chart. The Dow is clearly regrouping and will likely continue to
trade within the consolidation boundaries until a solid break arises.

The fact that the consolidation has formed at the lows of the recent
decline hints at further weakness in the medium term, because
consolidations are typically "continuation" patterns. A break below 9,550
will likely spark another sharp push lower.

However, we will continue to watch both sides of the range, as a break
either way could fuel a decent move. An upside break through the top of
the range at 9,625 will indicate strength tomorrow.

Short Term Dow

Short term, the Dow held at short term resistance at 9,620 throughout
the session, seen in the 5 Minute Chart. Look for further weakness
below this level until a break through it occurs.

Medium Term Dow

In the medium term, we are still Short the Dow from 9,641 and will move
stops down to 9,625 for tomorrow's market. We would add to Shorts
below 9,550 and will look to enter Longs above 9,625, with 10 point
stops.

NASDAQ & S&P

The NASDAQ gapped lower today, but traded sideways throughout the
session alongside the S&P. Each has formed a similar, clear range at
the lows, which we will watch closely. *

Summary

The Dow traded quietly throughout the session and has now formed a
clear trading range at the lows of the recent decline. Watch for a break
from the range.




10/23: Sloppy advance is good news for bears here, as it implies at least one more leg down in this pattern.
2 counts so far are a i-ii of 3, or a complete 3 with 4 underway now.
If it's the latter, expect a decline down to 9500 or so and then a larger wave 2 or B wave rally.
If it's wave iii, then we decline rapidly starting sometime tomorrow to much lower levels.
9700 is still a key level to the upside..

FTSE PP

R2 4319
R1 4280
PP 4246
S1 4207
S2 4173

Morning all

Morning everyone.

Morning all.

Morning all, thanks for all info Croc, also The Playboy thanks for your pivots.My end of day software gives 4237 as a significant fibo level which is where ftse was as I wrote this,I am short ftse since 4352 and hoping!

pericles ur fib level is spot on, next fib at 275, i,m pyramiding into long term ftse short position on the rallies, looking for 260/75 today,, lterm tgt 3960/low 4k during Nov all imho!

Crap morning with CWG and BBY
Time to make a coffee and take a break!