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US Stocks tumbled Tuesday for the seventh session in eight. The Nasdaq finished down 27.86, the Dow Jones down 86.67 and the S&P down 9.48.InterContinental Hotels posted a 13 percent rise in third-quarter profits on Wednesday but painted a mixed picture of an upturn in the worldwide hotels market. EMI Group posted higher than expected first-half pre-tax profits and sales and said talks with media giant Time Warner to acquire the Warner Music recorded music business were progressing well. News will be posted at approx 7:35am Land Securities posted an estimate beating 15.7 percent rise in pre-tax profits and said it saw positive signs on the horizon for its London portfolio.

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EMI (I), Land Securities (I) J Sainsbury (I), Northumbrian Water (I) Wyndeham Press Group (I),  Intercontinental Hotels Group (Q3)Eleco (Update), Govett Strategic Trust (Update) Hays (Update), Texas Oil & Gas (Update) Bank of England publishes minutes of Monetary Policy Committee meeting	Hewlett-Packard 1:30 Building Permits Oct - 1.860M 1:30 Housing Starts Oct - 1.865M
Ex Dividend: Boots Group (8.8p), Bunzl (3.85p), Carnival (12.5p

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Morning all,

Will just have to wait until market opens..........

11/18:Size of the short lived rally makes it likely wave's (i)-(ii) as shown. By this count wave (i) is nearly 300pts, which says a wave (iii) of around 500 pts is likely.
From the 9750 high that puts us just above the 9230 target indicated by the larger ending diagonal, and allows for a 4-5 to hit that target.
So, near term everything here is on track for a test of 9230, and more than likely a new low below 8800 before this leg of the decline is finished.
Closing on a new low for the move (just barely) is bearish, although a more distinct new low would have been better.
Expect more downside tomorrow, punctuated by brief rallies on the way down and an easy breach of 9500.
Sloppy sideways says this is either a B wave, or a 4th wave.
If 9550 gives way, 9630 can be used as an aggressive short stop.
No reason to cover shorts here, and one can add to aggressive short positions on the way down.




WED FTSE PP

R2 4393
R1 4374
PP 4356
S1 4337
S2 4320

Close was below Tue Pp after gaining 1.7pts in the auction! Hard to determine what 2 ftse chart is targeting for Wed as its so rangebound, so simply just brks of sup at 338 and res at 375, which coincide with S1 and R1!

With US falls a gap down sup!




Updated 11/18 for Wednesday's market.
Key DOW Levels for 11/19
UP Above 9,750
DN Below 9,600

Trend Line Break
Dow forms lower high and trends lower, breaks major lower trend line.

From prior commentary, "...The Dow trended lower the entire session, but held at key lower trend lines, which pushed the index higher to the Close. An upside break through 9,750 will further extend the upmove, while a break of 9,625 will indicate an even greater decline..."
The Dow moved higher at the Open this morning, but turned down precisely off the 9,750 level and trended slowly lower the remainder of the session, as seen in the 15 and 60 Minute Charts. The index actually accelerated to the downside late in the day and broke the major lower trend line at 9,625, best seen in the Daily Chart.

The fact that the Dow has broken the major lower trend line, which has remained in tact for over eight months, implies weakness. A downside break through 9,600 could extend today's downmove and spark and even sharper sell-off in the medium term. The lower high that formed beneath the 9,750, seen in the 60 Minute Chart, adds fuel to this theory.

Further weakness is very likely in the near term, especially if the index holds beneath 9,750 over the next session. Strength will not be seen unless this level can be crossed.

Short Term Dow

Short term, the Dow formed a lower high beneath the 9,660 level, seen in the 5 Minute Chart, which implies further weakness at the Open. Lower highs are continuation patterns, therefore, we should see continued downside movement unless 9,660 is broken to the upside.

Medium Term Dow

In the medium term, we are still out of the market, as the 30 Minute Rule kept us from entering Short late in the session. We will look to enter Short below 9,600, and Long above 9,750, wit 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P 'popped and dropped' today, sparking a day-long downtrend. Clear lower trend lines have been broken, which imply a likely follow-through to the downside in the near term. *

Summary

The Dow reversed down off the 9,750 this morning, forming a lower high, which will likely make for further weakness in the medium term. Should the index break and hold below 9,600, look for the index to endure a sharp decline due to break of the major lower trend line.

Morning all. Thanks Croc & TP. EZJ looking a little better at the moment.

Edit later - spoke too soon re ezj - just seen a drop of about 10p !!

Morning all -

I get the feeling that we will now spend the day moving sideways.......

Morning all,

I see we got the expected gap down open.

If S2 at 4320 breaks convincingly, I've got support at
the 4280/4300 area. This also ties in with the 60 ema
which the FTSE seems to be using as a lower trendline.

Whenever it dips below it for a day or two, it bounces
back above it.

I think we need to gauge the US direction prior to buying
any stocks for an afternoon bounce.

AVZ looks like its finally slid below the 400p support.

LGEN approaching the round number 100p support.

LLOY gets weaker every day.

MKS holding up well, above the 270p March lows.

BT.A going up on a down day. :-).

VOD still holding above the crucial 129p.

Melnibone

morning campers and you croc :-)

still long lgen cna ctm dow...

topped up with some more lgen when they fell back....

David how is little croc doing well i take it must be wearing you out???

Mega...

FTSE seems to be pulling back slowly.

found this from cyber space.

afternoon LW - i beleive the cafe has got on offer PRIME US BEEF STEAKS and RED BULL on offer today. Are you going to have some -dont tell me u r vegetarian as the herd was vegetarian aswell.

Market Status (11/18/2003) :

Today the NASDAQ 100 and S&P 500 indexes moved lower despite yesterday's supportive volume. Today's decline may be due to continued fears over terrorist attacks stemming from Monday's terrorist attacks in Turkey and Iraq, which spooked investors. As the market opened, it encountered some resistive volume to the upside, which helped move the market lower throughout the rest of the morning. By 12:00 there was a moderately large supportive VMA spike to the downside that caused the market to temporarily stop its decline, but more resistive volume at 13:15 helped move the market lower again. Throughout the rest of the afternoon the market continued its decline, but in doing so, it generated a large amount of supportive volume to the downside. This supportive volume was split into three major peaks occurring at 14:10, 15:00 and at the end of the day. Overall, we believe that the market could begin to move higher in the mid-term because the market didn't react to today's large amount of supportive volume to the downside by producing an end-of-day rally. In the short-term the market may continue to be volatile due to the upcoming options expiration.

and the dow futures...

LLOY seems to have pulled back

Having sat on my hands Monday, couldn't resist on Tuesday!
MKS at 273p and LLOY at 396p - just too good to pass up!
Hope everyone is doing OK - good luck one and all!

Joined Mega Bucks in LGEN at 101.25.

Although I still think we are due for a correction
I have to trade what I see, not what I think will happen.

LGEN is near the bottom of a trading channel that comes
in circa 100p.
It's resting on the 60 Day EMA and at the bottom of the
Bollinger Bands.

If I don't buy it here, when would I buy it?

Melnibone

THU FTSE PP

R2 4371
R1 4349
PP 4333
S1 4311
S2 4294

Close was below Wed s1 after loosing 4.1pts in the auction! 2 day ftse chart again not so clear, more about sup/res, 4320 FIB with a brk to the upside at 4340!