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US stocks fall back on interest rate worries.. M&S delivers worse than expected sales: Fourth quarter sales came in much worse than predicted with clothes & household goods sales down 5.2 percent compared with analysts' estimates of minus 2.4 to plus 2.3 percent growth. They said cost cutting would offset the disappointing sales performance, meaning full year pre-tax profits would be in line with consensus estimates. Burberry reported a 13 percent rise in reported sales for the second half as its new ranges had revitalised the brand in the final 3 months of 2003 and it should hit its financial goals. JJB Sports said it had seen a disappointing start to the year with lower sales amid tough competition from discount retailers and supermarkets especially on sports clothing. Profit for year however met analysts expectations. Associated British Foods maker of Twinings tea and Silver Spoon sugar, which also owns Primark discount clothing stores beat forecasts in first-half profit. Demand for sugar and cheap clothes lifted profit 10 percent to 238 million pounds some 10 million above expectations. Filtronic warned that the strength of sterling against the U.S. dollar would knock 2.6 million pounds off annual operating profits, although it reported a new contract win. St. Ives printer said there were few signs of improvement in prices in most of its markets, as it posted a 2.6 percent rise in underlying first-half profit to 17.1 million pounds on turnover down 6.3 percent to 209 million pounds.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT)
Associated British Foods (I), St. Ives (I), JJB Sports (F)Burberry (Trading), Marks & Spencer (Trading)	Texas Instruments Inc(Q1), Advanced Micro Devices (Q1), Apple Computer (Q2), Delta Air Lines (Q1), Eaton Corporation(Q1), Harley-Davidson (Q1), MGIC Investment (Q1),Bank of America (Q1), Progressive Corporation(Q1), Rowan Companies(Q1),  Southtrust Corporation(Q1),UnitedHealth Group(Q1), American Standard Companies(Q1) 13:30 Core CPI Mar 0.2%, CPI Mar 0.3.% 13:30 Trade Balance Feb /$42.3B 19:00 Treasury Budget Mar $58.9B	Danone Group (Q1) Guyenne et Gascogne (Q1) Seb SA (Q1) Hermes International (Q2) Thomson Multimedia (Q1)

Data Download	Calendar	US Zone	HTML Edit		Currency Calc			Broker Upgrades	Director Dealings
David@SnappyTrader.com    www .SnappyTrader.com		Pre Market Futures	FTSE -24	DAX -28	DOW +11	S&P +1.8	NAS Inch	Tips & Recommendations

WEDS FTSE PP

R2 4545
R1 4530
PP 4510
S1 4495
S2 4475


Ftse closed above r1 after loosing .5 in the auction, so no clues



Updated 4/13 for Wednesday's market.
Key DOW Levels for 4/14
UP Above 10,425
DN Below 10,350

Pop and Drop
Dow pops at Open, trends sharply lower the rest of the session.

From prior commentary, "...The fact that the Dow was able to hold on to the day's gains and has now formed a bullish consolidation hints at strength...However, a downside break from the range could also provide a decent move. Therefore, we will watch 10,490 down, as a break here will cause a push toward recent lows..."
The Dow got a solid pop at the Open, as the index rallied in the opening minutes of trading. However, the Dow immediately began to fade the rally, causing a downside break from the tight consolidation at 10,490. The break setup an even steeper decline, as the index sold off sharply throughout the remainder of the session, as seen in the 15 and 60 Minute Charts.

The drop was the steepest seen in some time, causing the index to lose over 130 points. Looking at the Daily and 60 Minute Charts shows that the index has broken the key 10,400 level. Look for continued weakness below this level in the medium term.

However, we may see the Dow trade sideways at the lows before another move either way is seen. Markets tend to consolidate at the highs or lows of sharp moves, allowing time to digest recent action. This could be the case tomorrow. Look for continued weakness below 10,400, and for near-term strength above 10,425.

Short Term Dow

Short term, the Dow has formed a tight range at the lows of the 1 and 5 Minute Charts from 10,360 to 10,405. Watch for a break from this range for direction at the Open.

Medium Term Dow

In the medium term, we closed Longs this morning at the entry, giving us a breakeven trade. We then entered Shorts at 10,490 and are still in the position. We will hold stops at 10,425 for tomorrow's market, and will stay Short below 10,350. We will hold off on Longs until 10,425 is crossed to the upside, using 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each faded their respective gaps this morning, causing a day-long decline in the market. Also, the lower boundaries of the trading ranges have now been violated, which could imply further weakness tomorrow. *

Summary

The Dow faded the opening pop this morning, which sparked a fierce decline in the market. The index has now broken the key 10,400 level, which implies further weakness to come. But first, we may see sideways movement at the lows before another solid push occurs.

Morning all, sell off from the start..

Morning all

Been really busy this morning, and looks like its going to continue

I just read this:

An elderly couple say they are considering becoming students
again in order to avoid paying council tax.

Michael Abbott and his wife Sue from Derby are both in their
80s. They told BBC Radio Derby that going back to full-time
education is the only option open to them as pensioners to try
and cut their tax bill.

They claim that if both of them started full-time education
courses they would qualify for an exemption and would not have
to pay the annual fee.

"It costs us over 1,000 a year - and all we get are wheelie
bins and street lights," said Mr Abbott. "I know there are
several thousand people in Derby who don't pay council tax, so
I talked over the idea of becoming students again with
my wife."

I think it's a great idea for oldies to get somemore education, beats tele and bingo but what are they going to study? Finance with a strong leaning towards the stock market, spreadbetting would be the best bet then they won't need to worry about their pensions/council taxes etc.
How much are they going to have to pay for their education?

apple - I think we've been posting on yesterdays thread!

angi - Maybe they are exempt from fees!

Just returned after playing my first game of golf of the year (I can only improve!)

2 of my shares had a good day, SHEL & VRD. (VRD I've held what seems for ever, but unless they get taken over or stop paying a dividend - I'll never sell.