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1 Day 2 Day 5 Day  Futures  US News	Nasdaq 100	S&P 500	S&P Futures
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News:	Sorry Your browser is not java capable
US Stocks rise sharply after Fed leaves funds rate at 1% and hints rates to stay low for months Unilever managed a 11 percent rise in third-quarter profits as turnover came to virtually a complete halt. Profits rose to 1.25 billion euros on cost cutting bang in line with analysts forecasts of 1.25 billion. Sales were virtually unchanged at 12.29 billion euros. The company said underperforming businesses would progressively improve and higher levels of leading brand growth would resume. Safeway reported a small rise in Q2 underlying sales but said first-half profits were likely to slip. Like-for-like sales were up 0.7 and It said underlying pre-tax profits would be around 173 million Abbey National said Q3 profit at its personal financial services business fell about 15 percent compared with the first half of this year as income fell. Mortgage lending rose 55 percent from a year earlier to 6.5 billion pounds giving the bank a 9.4 percent market share Wholesale banking assets dropped to 20 billion pounds at the end of September from 25.7 billion pounds at the end of June as Abbey sold risky securities to focus on personal financial Amersham medical which has agreed to a takeover by General Electric said it was on track to meet full year targets.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Unilever (Q3) 1,200m exp. BHP Billiton (Q1) PBT $606m exp.Safeway (Trading), Abbey National (Trading) Scottish & Newcastle (EGM) to approve its 2.5bn sale of its pubs. 09.30 Sep net consumer credit 1.68 prev.	Halliburton, Amerada Hess, Conoco Phillips, Northrop Grumman, Boeing, Chubb,	France Telecom, Volkswagen, TeliaSonera
Ex Dividend: Air Partner Plc (9.1), Alexon Group Plc (2.33), Ashtenne Holdings Plc (3.8), Balfour Beatty Plc (2.6), Basepoint PLC (0.5), British Polythene Industries (7), Christie Group Plc (1), Collins and Hayes Group PLC (1), Dechra Pharmaceuticals Plc (2.75), Dicom Group Plc (3.22), GlaxoSmithKline plc (9), ICM Computer Group Plc (2.15), Invox PLC (16), James Halstead Plc (10), Linx Printing Technologies (6.1), Lookers Plc (3.3), Maiden Group Plc (2), Manganese Bronze Hldgs Plc (2), Mcbride Plc (2.1), Novar Plc (0.03625), Proactive Sports Group Plc (0.065), Reed Health Group PLC (1.62), RMC Group Plc (9.4), Senior Plc (0.65), Sirdar Plc (4), Sygen International PLC (0.55), Thorntons Plc (4.85), Wetherspoon (J.D.) Plc (2.33), William Sinclair Holdings PLC (4.5)

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Night all! zzzzzzzzzzzzzzzzzz (I like the feds hint of rates to stay low for months - unlike the Bank of England they know how to help the market!)

10/24: 9850 is now a key level on this chart, and any rally cannot breach that level or something else is going on.
What looks like a volume reversal today is what one would expect after a much longer duration decline than what we have here.
It portends at least a near term rally, and biases the count toward what is shown.
Alternate count is that this is wave 1 of the larger iii down, and would be more in line with the overall ending diagonal which says we drop rapidly to 9K from here.





WED FTSE PP

R2 4297
R1 4285
PP 4268
S1 4256
S2 4240

Close was above Tue R1 after gaining 1.7pts in the auction!





Updated 10/28 for Wednesday's market.
Key DOW Levels for 10/29
UP Current Trend
DN Below 9,650

Upside Break
Dow breaks consolidation to upside, rallies to the Close.

From prior commentary, "...the index is forming a downward-sloping consolidation at the highs of the current upmove. This pattern is typically bullish and usually results in an upside break...A break here will likely make for another move higher..."
The Dow got the upside break through the top of the bullish consolidation this morning, which sparked a solid push higher throughout the session. The index ended the day at the session highs, ultimately gaining 140 points for the day, as seen in the 15 Minute Chart.

Looking at the Daily Chart, you see that the Dow has once again turned up within the long term upward-sloping channel. We will likely see another wave higher within the channel toward the upper boundary of the range, but we must see the formation of a continuation pattern before such a move occurs.

Look for the Dow to form either a higher low or a consolidation at the high before another push higher is seen. Otherwise, a break of the lower trend line at 9,675, seen in the 15 Minute Chart, will indicate retracement.

Short Term Dow

Short term, the Dow has formed a clear trend line beneath the lows of the late-day rally, seen in the 1 Minute Chart. Watch for continued strength above the trend line unless 9,730 is broken to the downside.

Medium Term Dow

In the medium term, we entered the market Long this morning at 9,658 and are still in the position. We will continue to hold stops at the entry for tomorrow's market and will look for Shorts below 9,650, with 20 point stops. We will now be using 20 point stops for all new entries for the Dow, due to increased volatility in this market.

NASDAQ & S&P

The NASDAQ took another gap up this morning and traded steadily higher throughout the day, as did the S&P. Look for the formation of a continuation pattern to indicate further strength tomorrow. *

Summary

The Dow got the upside break from the bullish consolidation today, which led to a sharp climb to the Close. Look for the index to digest the day's gains while a continuation pattern forms tomorrow.

Morning all

scharts
10/28: By this count, wave C, and wave (ii) should be complete, or nearly so at today's close.
Now we have a good place to short from, and that is on a breach of 9600 from here, assuming we decline from or near this level.
A break above 9800, and especially 9850 says more bullish things are going on here and another rally up above the 10,100 level is likely (i.e. another wave up the size of the one from 9200-9800).
Make or break time for the bear count here, with the above mentioned 9600 the first sell signal, and a move below 9500 confimation.

Morning all.

Afternoon everybody
Happy hunting for today.
rgds
zarif