Limpsfield's Weekly Chart View

Volatility was the name of the game again last week, with the Dow managing an impressive turnaround on Tuesday, once more off the lows of the year. However, this proved to be short lived and the index went into nosedive from Wednesday, ending the week at levels last seen in the first week of November. This weakness was across the board in the US Dow; S&P; NASDAQ and its bearishness cannot be underestimated. The risk for now is that rallies will run out of steam and we need to see the Dow above 10,570 to shake off this slide. FTSE 100Intraday FTSE Our own markets are of course never immune from these sort of slides from over the pond. The two month slide in the FTSE remains in place with 5000 the magical barrier that needs to be cracked to shake this off. Major support for this index runs from 4760 through to 4830 and at the moment any rallies are expected to be short term, before the index heads lower. Dow Jones Intraday Dow The break last week was a big one - a level that the bulls had defended for more than four months was cracked and unsurprisingly a big dive resulted. The 10,000 mark may provide some interim support but the next big level is the late October low around 10,700. No market moves in a straight line but for now rallies remain selling opportunities. It should be another very interesting week. Limpsfield Limpsfield is David Jones, the widely acclaimed charting expert at Shares Magazine who also hosts regular Charting courses for Global Markets Training (www.glomtc.com)

Hello traders!

Thanks again to Supermum for her Thoughters piece and to Limpy for his weekly chart view of the FTSE and Dow.

Another interesting week ahead after the third consecutive Wall Street downer on Friday. Watch out for those bears....and the US bargain hunters....

See you in the morning with breaking news...

Happy Sunday!

G.

Good morning traders!

Well, as expected the Asian markets are just a tad jittery this morning after New York's retreat last week. The Nikkei was down over 400 points when I last looked with the Hang Seng almost 250 points adrift.

Off to find some UK news....

Happy trading!

G.

INTERCONTINENTAL HOTELS UPPED TO 'OVERWEIGHT' BY MORGAN STANLEY

PERNOD RICARD UPGRADED TO 'NEUTRAL' FROM 'SELL' BY MERRILL LYNCH

ROYAL DUTCH/SHELL T&T UPGRADED TO 'BUY' VS 'NEUTRAL' AT MERRILL LYNCH

IMPERIAL TOBACCO CUT TO 'EQUAL-WEIGHT' FROM 'OVERWEIGHT' BY LEHMAN BROTHERS

JAPAN'S NIKKEI INDEX CLOSES DOWN 432.25 POINTS AT 10,938.44

GOLD received a boost over the weekend when the International Monetary Fund quietly dumped a British plan to sell some of its stockpile to help poor countries...

WILLIAM HILL CONFIRMS IN TALKS TO BUY STANLEY LEISURE UK RETAIL BOOKMAKING OPS

Morning all.

Morning all

Good morning all.

AFX UK at a glance share guide - 3

MARKETS
Tokyo: Nikkei closed at 10,938.44, down 432.25
Hang Seng midday 13,390.91, down 247.84

BREAKING NEWS - MONDAY
* DAILY MAIL & GENERAL TRUST mulls 700 mln stg bid for merged CAPITAL RADIO - GWR - Independent
* Nasdaq poised to buy Instinet; 1.8 bln usd deal with REUTERS could be done today; offer price below Friday's close; regulatory approval might take six months - FT
* Officials trying to save MG Rover warned three times in writing that there was little chance of a deal to save the stricken company yet ministers still sanctioned a 6.5 mln stg loan - Telegraph
* MG Rover chiefs snub Brown call to share their 40 mln stg - Times
* G7 finance ministers warn China over urgent need for flexible exchange rates - FT
* RYANAIR abandons its experiment in paid-for in-flight entertainment, as passengers prove reluctant to pay for what was once a free service - FT
* Recent increases in milk prices, and the prospect of more to come this month, giving dairy farmers some relief from the downward pressure on incomes they suffered last year when prices fell - FT
* NTL challenging Sky (BSKYB) with on-demand services; NTL poised to sign up with Universal Music to provide on-demand music video content to its subscribers - FT
* A Greek charter shipping firm, Global Oceanic Carriers, planning to raise 43 mln stg by floating on AIM next month - Telegraph
* WHITBREAD to quit German restaurant market after agreeing sale of its chain of Maredo steakhouses to a private equity firm for between 15 and 20 mln stg - Times
* Private equity groups eyeing WILLIAM MORRISON SUPERMARKETS and former Asda boss Allan Leighton, who is looking at fellow struggler J SAINSBURY, may switch his sights - Mail

MONDAY PRESS COMMENT
FT
THE LEX COLUMN comments on new accounting rules on employee stock options, Pharmaceuticals, Italy
Independent
Smal Talk: Stephen Foley comments on Ofex (extends a warm welcome to cash shells), INTERQUEST (IT recruitment firm is coming to AIM), PLATINUN MINING CORPORATION OF INDIA/SOUTH CHINA RESOURCES (both coming to AIM), ADDLEISURE (maiden results due today), GLOBAL OCEANIC CARRIERS (AIM float planned)

Morning All,

Bought ISF at 486p....been waiting for a day like this for ages.

Afternoon all,

what a day so far, UK is pulling back its large drop this morning, I presume becuase
the US is picking up slightly today.

The big question is how much will the market be effected by the election????

little woman - Most pundits think the election will have minimal effect as the approach to the City by both major parties is so similar.... ;-)

Good day for trading opportunities but I expect few unwary fingers were burned along the way. Could be more of the same tomorrow the way the US is at the moment.....

.