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News:	Sorry Your browser is not java capable
U.S. stocks had a big rally after three days of consolidation leaving the major indexes close to years highs BOC Group Industrial reported a three percent fall in annual profits down to 418.9 million pounds with Analysts forecasts ranged from 400 to 420 million. Barratt Developments said that its strong sales performance had continued into its new financial year. He said sales reservations since July 1 had grown and that the firm had already secured over 70 percent of its projected sales for the full year. Marconi Corp said that half-year losses had narrowed from last year but its markets remained hard to predict. Its operating loss for the six months ended September narrowed to 149 million pounds from 485 million a year ago, helped by rising sales. Invensys selling a large chunk of its assets to tackle debt, posted a seven percent fall in first-half core operating profit at the lower end of forecasts. The company said its core operating profit for the six months to the end of September was 70 million pounds with analysts had forecast 69 million to 83 million. BT Group reported a two percent decline in second quarter turnover but said it would start a share buyback programme and boost its dividend. Reduced interest payments and cost cuts helped the company boost underlying earnings per share by 19 percent to 4.4 pence and underlying pre-tax profit by seven percent to 529 million pounds, both at the top end of expectations. They announced an interim dividend of 3.2 pence per share and said the full-year payout would represent 50 percent of earnings. Yell, yellow pages said its underlying first-half earnings rose 13.3 percent, leaving it on track to meet full-year expectations. Somerfield said its group like-for-like sales were up 0.9 percent in the first half, an improvement on the first quarter as store refits helped drive sales. Capital Radio reported an 18 percent drop in annual profits but said forecasts for December indicated six months of growth. Royal Mail back in the black in for the first time in 3 years with a profit of 3 million pounds.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
BT Group (I) 514m Marconi Corporation (I) Bank of Ireland (I), Invensys (I) Marconi Corporation (I), Yell (I) Touchstone Group (I), Yell Group (I) BOC Group (F), Capital Radio (F)Freeport (AGM)July-Sept. house building statistics (09:00)	Tiffany Q3, Starbucks Q3 Dell Computer Q3, Kohl's Q3 13:30 Core PPI Oct - 0.1% 13:30 PPI Oct - 0.3% 0.2% 13:30 Retail Sales Oct - 0.1% 13:30 Retail Sales ex-auto Oct 0.3% 14:15 Capacity Utilization Oct - 74.9% 14:15 Industrial Production Oct 0.4% 14:45 Mich Sentiment	Altadis F Q3. BASF D Q3 Beru D H1. Draegerwerk D Q3 Deutsche Telekom D Q3, Fraport D Q3 Assicurazioni Generali I Q3 Jenoptik D Q3, Linde D Q3 Medion D Q3, RWE D Q3 Kali und Salz D Q3, Siemens D Q3 Telefonica E Q3

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1/12: Got the rally, but the size and extent are a warning to bears here. The form of the pattern is indeterminant, but now allows for the preveios decline to be an ABC expanded flat (gray labels).
Also note that the whole rally up from 9200 is anything but impuslive. Perhaps one can make the argument for a leading diagonal of some sort, but it just doesn't fit well with the larger pattern.
At any rate, the 9900 mark is where this count gets invalidated, and therefore a test (but not a new high) followed by a decline below 9700 can be shorted with relative safety.
Given the larger degree pattern, sentiment levels, and the preceeding decline (which looks more impulsive than corrective), one can make a strong case that the trend is now down.
In other words, odds favor the resolution of this pattern to the downside. There is significant danger of whipsaw here because if this is wave C of this ending diagonal 5th wave, we get a marginal new high for the move and then decline.
If we rally, 10K is the next fib for the larger pattern, and would be the most likely target.


THU FTSE PP

R2 4397
R1 4384
pp 4360
s1 4347
s2 4324

Close was above Wed r2 after gining 2.5pts in the auction!

Ftse 2 day chart targeting 4390, brk of up trend at 4360!





Updated 11/12 for Thursday's market.
Key DOW Levels for 11/13
UP Above 9,900
DN Below 9,800

Sharp Rally
Dow rallies throughout session, gains 111 points.

From prior commentary, "...Look for further weakness to brew below the 9,800 level in the near term. An upside push through 9,800 will lead to strength..."
The Dow opened the session higher and broke through 9,800, which sparked a solid advance the throughout the session, as seen in the 15 and 60 Minute Charts. The index ended the day at the session highs, gaining 111 points for the day.

Looking at the 60 Minute Chart shows that the Dow has formed a wide, expanding range at the highs from 9,700 to 9,900. The index has traded within this expanding range for nearly two weaks now, and will likely continue to do so until a solid break from the range is seen.

Expanding ranges are typically bearish, but this one has a flat resistance, so we could see a break on either side. The most likely break is down, due to the long channels that have formed on the other indexes.

In the short term, we will likely see further upside movement toward resistance at 9,900 tomorrow. This will be a key level to watch. An upside break through 9,900 will likely spark a continuation rally tomorrow. If not, look for a reversal back toward the bottom of the expanding range.

Short Term Dow

Short term, the Dow has formed a tigth range at the highs of the 1 Minute Chart from 9,837 to 9,860. Watch for a break from this range to gauge strength tomorrow morning.

Medium Term Dow

In the medium term, we covered Shorts this morning at 9,760, giving us a 10 point gain for the trade. We later entered the market Long at 9,890 and are still in the position. We will move our stops up to 9,800 tomorrow, and will move them up again to 9,860 if the index reaches 9,900 in anticipation of a reversal at resistance. We want to stay Long above 9,900 and will look to Short below 9,800, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each pushed solidly higher throughout the session today, forming clear lower trend lines beneath the rally. Each index is now approaching key resistance, which we will watch closely. *

Summary

The Dow pushed higher at the Open and got the break through 9,800, sparking a solid rally to the Close. Look for further upside toward resistance at 9,900 tomorrow. This level will be key.

Morning from the traders meeting in Harrogate, still time to join if you want to come along.

Morning all. Thanks Croc & TP. Have a good day at Harrogate.

Morning all

Everything take forever this morning - with everone in Harrogate you'd think the traffic was lower!

BT puts out pretty good news about the div. In fact I think much better than expected and the share price drops!

It looks like we went over R2 and now dropped back to it!

Morning all,

Nice bounce this morning then straight back to R2.

Looking mainly for FTSE short scalps today.

Should get direction from the US after all the news
at 1330.

With a bit of luck this may be the blow-off before a
correction. Not counting my chickens yet though, there's
been a lot of 'crying wolf' over the last 3 months.

Melnibone

I'm off now for the day. Will take a look this evening to see what happened.

Got some nice moves on BT.A today.

Market used the excuse of low growth to take some
money off the table. That one really is a hoary
old chestnut, BT.A has had low growth for several
years now.

What they should be concentrating on is the debt
reduction, share buy-backs and increased yield.

The shares are going to have a higher yield than
the bonds. lol.

It dipped below the 180p support line so I bought and ended
the day long on them. As expected, it closed back
above the 180p support.

Might hold these a little longer, any dips will just
increase the yield and find buyers.

This site really is slow today, whenever I'm logged into
it, it's like pouring treacle into my machine, it slows
everything down.(Except that line of pop-ups that keep
appearing on my task bar.)

Melnibone.

Nice to see I didn't miss much.

See everyone after open tommorrow.

Glad to see that my ETL & EZJ crept up a bit today. Building longs on both and hope to hold for the long term but moving stops up slowly to lock in profits.