Premarket Futures 23rd Oct

FTSE -4

DAX -8

DOW -16

S&P -1.3

Nasdaq -2

1 Day 2 Day 5 Day - UK News	FTSE 250	FTSE Small Cap	FTSE TechMark
1 Day 2 Day 5 Day  Futures  US News	Nasdaq 100	S&P 500	S&P Futures
DAX / CAC    Europe News	Nikkei +12  Hang Seng -135  Asia News	10 Year Bond
UK/US charts have 1,2 or 5 day views. and now FT NEWS & Price link to UK, US & Asian markets. The Dax/CAC and Nikkei/Hang Seng are now switchable

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In the US despite faster-than-expected economic growth in the third quarter stocks finished the day little changed. Rexam packaging said it would buy Brazilian beverage can maker Latasa for about $462 million, partly funded by a 218 million pound rights issue. Under the fully underwritten rights issue at 255 pence per share, qualifying shareholders will be offered two new ordinary shares for every 11 existing ordinary shares held and one ordinary share for every 15.6749 preference shares held British house prices rose at their fastest pace in 14 months in October with a 2% rise. Bradford & Bingley mortgage bank said its Mortgage Express unit had bought a 106 million pound mortgage loan portfolio from GMAC-RFC. Canary Wharf The property group is pondering two takeover bids for itself -- one by Canadian property company Brascan and another by a consortium led by Morgan Stanley, according to a report in the Financial Times.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Autonomy (Q3)BHP Billiton (AGM)	ChevronTexaco, JDS Uniphase, CIGNA 13:30 Sep consumer spending 0.1% exp. 13:30 Sep personal income 0.2% exp. 14:00 Oct NAPM-NY 14:45 Oct final Michigan sentiment 89.6 exp. 15:00 Oct Chicago PMI 55.0 exp.	Metro, Fiat 11:00 EU Oct business climate 0.42 prev. 11:00 EU Oct business sentimen-9.0 prev. 11:00 EU Oct consumer sentiment 17.0 prev. 11:00 EU Oct economic sentiment 95.4 prev. 11:00 EU Oct flash HICP

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10/30: Did everything possible to invalidate this count, without actually doing it just yet.
The rally today makes it difficult to count the decline from the high as an impulse except as some sort of leading diagonal.
The main problem is that there is no clear way to count the initial decline as a 5 wave sequence.
As such it must be a correction, and was not the end of the rally.
What this means is that conservative players now need to wait for a 5 down/3 up sequence before considering a short position.
Having said all that, we are at a juncture where a rally has failed to post a new high for the move despite 'great' news with the GDP number.
Failure to close at a new high, at least near term is bearish, and more often than not marks a trend change. Of course it doesn't take much of a rally to negate this signal.
Note that this whole move up from 9200, and indeed the whole pattern since late summer, has an ending diagonal feel to it with it's overlapping waves.
Seeing how nothing else can really fit right now, one has to consider that this is the 3rd wave of an ending diagonal 5th up from 9200.
I've never heard of a 7 wave ending diagonal, although triangles sometimes sport more than 5 waves, but this is close to getting my vote.
In any event you either chase the rally on a new high tomorrow, or still stand aside waiting for a clear pattern.
Aggressive shorts still have not gotten the cover signal since we have yet to put in a new high for the move.


FRIDAY FTSE PP

R2 4371
R1 4336
PP 4298
S1 4263
S2 4225

Close was above Thu R1 after loosing 1.5pts in the auction, close was also below 4325 FIB and strong res at 4330, nearly touched weekly R1 at 4240 after GDP, mkt no doubt will hold up into year end!




Updated 10/30 for Friday's market.
Key DOW Levels for 10/31
UP Above 9,850
DN Below 9,750

Slow Uptrend
Dow trades slowly higher, stays within range at highs.

From prior commentary, "...the fact that the index has formed the consolidation at the highs of the current upmove implies further upside movement in the medium term..."
The Dow trended slowly higher throughout most of the session today, and mainly stayed above the clear lower trend line that has formed beneath the lows of the current five-day uptrend, seen in the 15 Minute Chart. The index gained a quiet 12 points on the session, but got a downside break of the lower trend line late in the session, hinting at a likely retracement tomorrow.

The break of the lower trend line at 9,800 impies further weakness tomorrow, but we will watch for a break below 9,750 to confirm that a move lower is likely.

Looking at the Daily and 60 Minute Charts shows that the Dow has slowed its uptrend right at the 9,850 resistance level. Unless the index can break through this level, we will likely see the Dow change direction and head lower. An upside break through the 9,850 resistance level will extend the current upmove.

Short Term Dow

Short term, the Dow has formed a tight consolidation at the lows of the 1 Minute Chart from 9,770 to 9,800. Watch this range for short term direction at the Open tomorrow.

Medium Term Dow

In the medium term, we are still Long the Dow from 9,658 and will pull our stops up to 9,750 for tomorrow's market. We will stay Long above 9,850 and will look to enter Short below 9,750, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each traded mostly sideways today and continue to hold at their respective highs. Watch the consolidation ranges for breaks tomorrow. *

Summary

The Dow basically traded sideways today, but was able to tack on a few points of gains. The index looks to be setting up for a likely pull-back as indicated by the break of the lower trend line and the imposing resistance level at 9,850. Watch 9,750 down, and 9,850 up tomorrow

Morning all from a sunny France (so far)

Looks like Goshawk and Heywood Williams will be for the chop this am.

Morning all. Thanks Croc & TP.

Morning All

(Is this your second holiday in France in a couple of months Croc?)

Good morning all.
Raining cats and dogs here in Peterborough :-(

Beautiful clear sky & sunny morning here in mid hampshire ...........

Watching the steam rise pass the upstairs window, as the sun evapourates the dew.

LW
Yep, just doing the garden and sampling the local wine & food :-)
Long Canary Wharf, rumour of a descision due at a good price.

Has the Dow topped?
A nice double top formed today with yesterdays high.
Afternoon.