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Traders Thread - Tuesday 24th February (BATS)
Crocodile - 23 Feb 2004 23:44
| UK PreMarket Futures | FTSE +5 | DAX -5 | DOW -5 | S&P -0.4 | Nasdaq Unch |
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The Nasdaq erased almost all of its gains for 2004 following a heavy sell off in semiconductor stocks Prudential the Uk's second-largest insurer reported a larger fall then expected in annual profit down 30 percent to 794 million below expectations of 850 million pounds. It was optimistic on growth and signalled a possible increase in future dividends whic this year have been cut to 16 pence a share compared with 26 pence the previous year. British American Tobacco reported a 26 percent fall in 2003 profits to 1.567 billion pounds and warned that at current exchange rates the growth in its 2004 profits would be adversely affected. They also said it expected real momentum in its business to continue during 2004. Cookson Group electronics and ceramics engineer reported a jump in annual profit to 32.6 million pounds up from 4.1 million. It also said underlying trading conditions in the new year to date were in line with a much improved final quarter. Alliance UniChem drugs distributor and retailer reported an expected 16 percent rise in profits to 209.9 million and was confident of further progress despite efforts by some European governments to drive down medicine prices. Whitbread said its annual results would meet market forecasts, with a strong performance at its David Lloyd health clubs offsetting tougher trading at Marriott hotels. George Wimpey housebuilder reported a forecast beating 30 percent rise in annual profit to 378 million pounds and expected more progress this year. Xstrata miner reported that the dollar had caused a big fall in 2003 annual profit to$164.2 million less than half 2002's result of $424 million and towards the bottom end of market expectations. The firm gave an upbeat outlook and announced two new expansions. |
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Alliance UniChem (F), Amersham (F), Atlantic Global (F), British American Tobacco (F), Cookson (F), Croda (F), Dairy Farm International Holdings Ld (F), Domino's Pizza (F), Kerry Group'a' (F), Molins (F), Prudential (F), Thorntons (F), Wembley (F), Wimpey (F), Xenova (F), Xstrata (F),Surface Transforms (I), Thorntons (I),Brewin Dolphin (AGM), Tadpole Technology (AGM) 9:30 UK Q4 Provisional business investment |
H&R Block (Q3), Brown-Forman Corp (Q3) Clear Channel Comms Q4, HJ Heinz Co (Q3), Home Depot (Q4), Edison International (Q4) Federated Department Stores Inc(Q4) Express Scripts (Q4), Sempra Energy (Q4) 13:00 Consumer Confidence (93) |
Repsol, Michelin |
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ThePlayboy
- 24 Feb 2004 07:09
- 2 of 11
Key DOW Levels for 2/24
UP Above 10,750
DN Below 10,550
Support
Dow ends day at support.
From prior commentary, "...The index continues to hold beneath the key 10,750 resistance level, which will likely persist unless a break occurs. Look for the index to remain weak beneath this level in the medium term..."
The Dow opened the session weak this morning, as the index traded lower to support at 10,560 seen in the 60 Minute Chart. The index traded sideways here most of the trading day before making a small push higher near the close.
The index continues to hold beneath the key 10,750 resistance level. We expect the index to trade within the wide range formed below this level. A downside break at 10,560 to indicate a further downtrend to its target level at 10,400.
A break above above 10,670 would lead to an upside rise toward resistance should be anticipated.
Short Term Dow
Short term, the Dow has formed a tight consolidation at the lows between 10,560 and 10,620 in the 5 Minute Chart. A break through either boundary at the open would lead to a continued move in the same direction.
Medium Term Dow
In the medium term, we entered the market Short at 10,575 this morning, but stopped out on the reversal. No other trades were triggered and we are still out of the market. We will watch 10,550 down, and 10,750 up, with 20 point stops.
NASDAQ & S&P
The NASDAQ continued lower today, ending the day at support. The S&P also traded lower for most of the session and formed a range at the lows. Look for a likely continuation pattern to form to indicate further weakness. *
Summary
The Dow traded to support at 10,560 and continued to move sideways. It has formed a wide range seen in the 60 Minute Chart. Watch for a break at 10,560 to indicate a continued downtrend.
ThePlayboy
- 24 Feb 2004 07:10
- 3 of 11
R2 4573
R1 4549
PP 4532
S1 4507
S2 4490
Mon close was above the pp after gaining 3 pts in the auction, brk to the downside on the 2 day chart with a pos tgt of 4500, brk to the upside at 4535, all about the dow and 10575 on Mon holding/brking for direction!
ThePlayboy
- 24 Feb 2004 07:10
- 4 of 11
Crocodile - 24 Feb 2004 07:48 - 5 of 11
little woman
- 24 Feb 2004 08:59
- 6 of 11
I'm away for the next few days, but I hope to be able to drop in occassionally and see what you are all up to!
Douggie - 24 Feb 2004 09:09 - 7 of 11
Melnibone - 24 Feb 2004 09:10 - 8 of 11
Morning all,
We've already made a lower low today, so that doesn't
predispose me to look for long positions.
4500 should provide initial support to any downside,
but as as TP said, this will only hold as long as the
US doesn't go into a slide to support at S@P/DOW 1121/10400
respectively.
If US goes to support then I see Ftse at 4430, imho.
Melnibone.
Melnibone - 24 Feb 2004 10:08 - 9 of 11
a pop at the Barclays 13.45p.
Melnibone.
little woman
- 24 Feb 2004 11:23
- 10 of 11
Melnibone - 24 Feb 2004 17:06 - 11 of 11
Took the profit today rather than go for the divi.
Markets look a bit weak at the moment and the Divi
factored out of BARC's price tomorrow will knock
it well below the psychological 500p mark.
May try a second bite of the cherry tomorrow if
the US drops tonight and takes the FTSE lower
tomorrow morning which should give BARC another
kick lower.
Lot of ifs and buts in that statement, so I'll just
keep that plan on the back burner and see how things
pan out.
Melnibone.
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