Premarket Futures 23rd Oct

FTSE -15

DAX -18

DOW +3

S&P +0.3

Nasdaq -1.5

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In the US the October manufacturing index came in at 57, well above 55.9 reading analysts expected. This led to the The Nasdaq closing at a 21-month high, while the Dow and the S&P 500 closed at new more than 17-month highs. The S&P 500's close above 1,050 was seen as breaking a very significant resistant point. Marks & Spencer said its half year profits rose seven percent in line with forecasts, despite difficult market conditions. Pre-tax profit came in at 311.5 million pound in line with analysts forecasts of 305-315 million pounds. This improvement came mainly from growth in food sales after hot summer weather had affected clothing sales. They say they are optimistic for good Xmas business. JD Wetherspoon said sales rose 4.2 percent in the 13 week period to October 26, while overall sales in this first-quarter period increased by 12 percent However it added that its operating margins declined by around 0.5 percent compared to the same period last year. Associated British Foods maker of Twinings tea and Silver Spoon sugar reported a 10 percent rise in annual profits to 473 million pounds ay the top end of market expectations despite difficult conditions Carphone Warehouse reported a 69 percent rise in first profit to 20.3 million pounds ahead of analysts forecasts of 18.5 million. Like-for-like revenue climbed 15.5 percent in the 26 weeks to September 27 and it said it expects further progress across the Xmas season. It siad it expects further growth in its new fixed line business. Scottish Power said that first half pretax profit grew 17 percent to 393 million pounds from 337 million from a year earlier thanks to first quarter U.S. rate increases, volume growth and cost savings. Analysts had forecasts of between 381 and 402 million pounds. Backlash expected as BSkyB names Rupert Murdoch's son James as CEO

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Carphone Warehouse (I), Kewill Systems (I) Marks & Spencer (I), Scottish Power (Q2) Tyco International (Q4), Minorplanet (F), Danka Business (I)Henderson Euro Trust (AGM), McBride (AGM) A&J Mucklow (AGM), Redrow (AGM), Clinton Cards (EGM) 24th Oil and Money Conference	Clear Channel Comms Q3 Gillette Q3 MBIA Q3 Prudential Financial Q3	Credit Suisse CH Q3, Depfa Bank D Q3 Fresenius Medical Care D Q3 Ixos Software D Q1, Pfeiffer Vacuum Tech D Q3 Singulus Technologies D Q3 Suess Microtec D Q3

Croc@SnappyTrader.com  WWW.SnappyTrader.com

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11/3: Overlapping decline from the early pop says this is likely wave 4 of 5, or the b wave of a double/triple zig-zag.
As mentioned on the daily,10K is indicated by multiple fib's at more than one degree of trend, so on that basis another leg up to complete the rally is expected.
Near term divergence of RSI with price says look for a pullback.
At any rate, we are very close to what should be a major trend change, and we just need a decent ending pattern here.
So near term the pattern down is corrective, so we need to see another moderate new high, perhaps around 9930 to cap the rally.



TUE FTSE PP

R2 4371
R1 4352
PP 4319
S1 4300
S2 4267

Close was above Mon PP after gaining 2.8pts in the auction in what was a frustrating day technically! Close above 1060 and the run to 10k looks game on!




Updated 11/3 for Tuesday's market.
Key DOW Levels for 11/4
UP Above 9,900
DN Below 9,825

Above Resistance
Dow breaks through key resistance.

From prior commentary, "...The Dow traded sideways the entire session today, and continues to hold beneath the clear and solid 9,850 resistance level. The index must break through this level if further upside is to be seen..."
The Dow opened strong and pushed sharply higher the first hour of trading, as seen in the 15 Minute Chart. The early strength finally forced an upside break through the key 9,850 resistance level, which helped to secure gains the remainder of the session.

The index ended the day still holding above the 9,850 resistance level, which implies further strength heading into tomorrow's market. Look for further upside movement if the index continues to hold above this level. Otherwise, a downside break back below 9,850 could make for weakness for tomorrow's market.

Also, looking at the 15 and 60 Minute Charts show that the Dow has formed a clear trend line beneath the lows of the recent six-day upmove. A downside break of this line at 9,850 would indicate a pull-back.

Short Term Dow

Short term, the Dow has formed a tight range at the highs of today's upmove from 9,850 to 9,896, seen in the 5 Minute Chart. Watch this range for a break to gauge strength at 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 9,825 for tomorrow's market. We will stay Long above 9,900 and will look to enter Short below 9,825, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each pushed higher this morning, followed by the formation of tight consolidations at the highs. Watch the consolidation boundaries for breaks tomorrow. *

Summary

The Dow pushed higher the first hour of trading today and was able to hold on to the day's gains throughout the remainder of the session. The index has now formed a tight consolidation at the highs above resistance, which we will watch closely tomorrow. A break through 9,900 will indicate a continuation, while a break back below 9,850 will likely spark a decline.

Thanks TP, Morning all

Morning all. Thanks Croc & TP.

Morning all,

Interesting - all indexes down except the Small Cap in the first 30 min

Morning all,

I expected a bit more profit taking than this, this morning.
Looks like I'm wrong already.
Not a good omen for my chances today. :-(

Melnibone

Speaking too soon? It's amazing what happens in 30 min!

DOC the next one to move upwards substantially.

Yes, FTSE bounced of R1 quite nicely.
Hope for my entry points yet.

RBS is stuck in no mans land between it's
PP and R1.

Time for a coffee and see how far stuff will drop.

Melnibone

BT.A has hit S1.

Long at 184p.

Folk are buying the dips on this one for the signalled
possible increase in dividend.

Melnibone

The shine seems to be coming off MKS.

It's approaching it's S1 at 284.3

I wonder if it will hold here or drop to S2 at 281.4?

Wait and see I think whilst the trend is down.

Melnibone

Melnibone
Was doing well on MKS then hit a buy instead of a sell. Aghhhhhhhhh

Sorry to hear that Croc.

What you need now is the Bears to take their
profit and push it back up again.

Fingers crossed!

Melnibone

Everything looks lovey dovey on the Yankee market and stagnant b 4 open.Do you reckon we are going past 9900 mark today and then some profit taking. The Dj Newswire says market is going to open mixed -Reckon going South first then north.
rgds
zarif

Ps: What aere the key levels to watch today on Dow?

I find it amazing that the US market is so high. The gap between the UK & US is growing, and with interest rates in the UK going up - I wonder if how much money will be transfered over to the UK to benefit from the higher rates? Even with the weakening dollar (has that something to do with $ being trans to other currencies) many would be better off investing in the UK.

Ok guys ready for the YM auction.
I hope i can cream them today.
happy hunting everybody and watch the sharks-they bite

rgds
zarif