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U.S. stocks rallied towards the close despite early profit taking from yesterday gains. The Dow Jones industrial average up 26.22 to 9774.53, Nasdaq composite up 4.30 to 1936.56 and the Standard & Poor's 500 up 1.32 to 1048.11. Tomorrow there are 2 main economic reports, the first on Q3 gross domestic product growth, which is expected to come in at 6 percent or better, and the weekly jobless claims report, forecast to show little change from the previous week. Banking: Deutsche Bank profits come in much higher than expected on cost cutting and reducing bad debt provisions. ICI reported a 13 percent fall in third quarter profit to105 million pounds which was ahead of 98 million market expectations. However/But they also said the outlook for the fourth quarter was uncertain. British Energy nuclear said it expected to feel a material financial impact from recent outages at its Sizewell B and Heysham 1 plants. Safeway: Phillip green walks away from the negotiating table leaving the way clear for Morrison's.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
ICI (Q3) PBT 96m exp. St James Place (Q3), Ashanti Goldfields (Q3)10:30 Oct GfK survey 3.0 prev.	Comcast, Duke Energy, Exxon Mobil, 13:30 Q3 Employment costs 0.9% exp. 13:30 Initial jobless claims 385k exp. 13:30 Q3 personal consumption 6.4% exp. 15:00 Sep Chicago Fed 19:00 FOMC minutes	Europe: Ericsson, Deutsche Bank, Alcatel, Aventis

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10/29: Sloppy upside day to hopefully finish off this C wave. Of note is that at this point in time there is confirmation of the leading diagonal with the retrace right back to the wave ii high of that pattern.
However, this is not strong enough evidence yet to say this is really a corrective advance, especially with the less than perfect pattern of the preceeding decline.
Having said that, and excellent risk/reward short trade is available now because the stop is very close by at 9850.
There are a couple of scenarios:
The first is that the count shown is correct, and we drop from here in wave (iii) to much lower levels (9300 or lower).
The second is that this is really the start of a another leg up.
A decent sell signal is now a decline from here early that takes out 9600, with confirmation on a break of 9500.
A rally above 9850 says more bullish things are going on, and it's back to either aggressively chasing the rally, or standing aside.
Tomorrow should provide some answers, or at least fewer questions...





THU FTSE PP

R2 4309
R1 4287
PP 4272
S1 4250
S2 4235

Close was below Wed pp after loosing 1.3pts in the auction.


Updated 10/29 for Thursday's market.
Key DOW Levels for 10/30
UP Above 9,800
DN Below 9,700

Consolidating
Dow trades sideways, forms clear trend line beneath lows.

From prior commentary, "...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...Look for the index to digest the day's gains while a continuation pattern forms tomorrow..."
The Dow traded sideways-to-up throughout the session today, gaining a quiet 25 points for the day. The index has now formed a tight consolidation at the highs above a clear lower trend line, seen in the 15 Minute Chart.

As we mentioned yesterday, the Dow was likely to digest the big rally by way of sideways movement, which did happen today. The fact that the index has formed the consolidation at the highs of the current upmove implies further upside movement in the medium term. Watch for an upside break from the pattern at 9,790 to indicate such a move.

The index has formed a very solid trend line beneath the lows of the current four-day rally, seen in the 15 and 60 Minute Charts. A downside break of this line at 9,740 will very likely precipitate into a retracement, and a break below 9,700 will confirm the weakness further.

Short Term Dow

Short term, the Dow held beneath a solid short term resistance level throughout much of the afternoon, seen in the 1 Minute Chart. Watch 9,780 closely tomorrow, using the level as a fulcrum for the Open.

Medium Term Dow

In the medium term, we are still Long the Dow from 9,658 and will pull our stops up to 9,700 for tomorrow's market. We will stay Long above 9,800 and will look to enter Short below 9,700, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P traded sideways throughout the session today, forming tight consolidations at the highs of the previous upmove. Watch the consolidation and the newly-formed lower trend line for action tomorrow. *

Summary

The Dow moved sideways throughout the session today, but eventually edged higher by day's end, forming solid trend lines. The index is currently taking a "breather" after yesterday's big rally, but we will likely see movement out of the consolidation in the near term - most likely down. Watch 9,800 up, and 9,700 down as "fulcrum" levels.

Morning all. Thanks Croc & TP.

Morning all, welcome druid :-)

Welcome a Rally I Say :-)

Jeff

Morning all

- had a great time Nr Basingstoke yesterday - 19 came to the Meeting, an excellent exchange of views, food & drink.

Croc - have a nice time in France - was at Honfleur myself a couple of weeks ago.

Little Woman - on reading Traders Thread I see that the Basingstoke meeting went well.

Yes - and it looks like we've found the area where we will hold all the future meetings. Out for the rest of the day - good trading everyone

Yes - and it looks like we've found the area where we will hold all the future meetings. Out for the rest of the day - good trading everyone

BAY has moved nicely today - did anyone manage to capitalise on the movement today? Hope so!