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U.S. stock markets tumbled led by losses in technology stocks Hays recruitment reported higher first-half profits 83.2 million pounds up from 76.1 million a year ago but said it remained cautious about the outlook for staffing. Antofagasta copper miner new FTSE 100 company announced a 87 percent jump in annual profit to $180.7 million at the top end of forecasts led by a sharp rise in copper prices. McCarthy & Stone retirement homebuilder said it expected to post another satisfactory set of half year results, as it met its sales target up 15 percent for the year. Bodycote metals engineer met forecasts with a 16 percent fall in profits to 32 million pounds and said it was raising 64.2 million pounds by issuing new shares. French Connection reported an expected 28% rise in profit to 38.7 million pounds and said the new year had started well, with improved wholesale orders and continuing strong US sales growth.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Glisten (I), Hays (I), Linx Printing (I), Redrow (I), Aegis Group (F), Afa Systems (F), Bodycote (F), Cairn Energy (F), Chorion (F), Countrywide Assured (F), Ennstone (F), French Connection (F), Litho Supplies (F), Lookers (F), Metalrax Group (F), Peterhouse Group (F), SIG (F), Jan industrial/manufacturing production & Trade (09:30)	Albertson's (Q4) Interpublic (Q4) Kroger (Q4)	Degussa (F), Volkswagen (F) T online (F), GPC Biotech (F) Deutsche Post AG Deutsche Post AG(F) CNP Assurances (F), Neopost (F)

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Updated 3/8 for Tuesday's market.
Key DOW Levels for 3/9
UP Above 10,630
DN Below 10,525

Sharp Decline
Dow reverses off highs, declines sharply to the Close.

From prior commentary, "...Volatility has increased significantly in the last two weeks, which could be a precursor to a move..."
The Dow opened the session relatively quietly this morning, but eventually broke to the downside, sparking a sharp decline, as seen in the 15 and 60 Minute Charts. The index broke below 10,600, which fueled a significant move lower in the Dow, as the index dropped over 100 points off the session highs.

Looking at the Daily and 60 Minute Charts show that the Dow has now seen an initial break of the major lower trend line of the wide, upward-sloping range. The break at 10,550 forecasts an even steeper decline to come. However, we also want to watch for another sharp push lower, especially if the index holds below 10,550. An upside push through 10,600 will likely lead to further trading range movement.

Short Term Dow

Short term, the Dow is holding at a clear short term support level at 10,525, seen in the 15 Minute Chart. Watch for a break or bounce here at the Open tomorrow.

Medium Term Dow

In the medium term, we entered the market Short today at 10,550 and are still in the market. We will hold stops at 10,560 for tomorrow's market and will stay Short below 10,525. We will look to enter Longs above 10,630, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each pushed solidly throughout the session, with the NASDAQ paving the way. Look for a continuation pattern to form to indicate continued weakness. *

Summary

The Dow reversed off the morning highs and traded sharply lower to the Close. The index has broken the major lower trend line of the wide range, which implies an even steeper decline to come. Watch for the formation of a continuation pattern to form to indicate continued weakness.

TUES FTSE PP

R2 4570
R1 4562
PP 4554
S1 4545
S2 4537

Ftse closed above the pp on Monday but lost 1.3 in the auction, wedge forming on chart, pp right in the centre point of the wedge, looking to 50 down and 58 up for a brk!

edit gap down atm to 31, right at bottom of LT wedge, ready to buy the dip 1st the pos sell the bounce! ss3 4517 btw

Morning all ..

Morning all

quiet this morning! (and that includes the market!)

Morning all,

Gap open lower just about closed after the first
hour of trading. Should get some direction now.

Melnibone.

A swift look round gives a similar picture.

UKX, EUSTOX50, CAC, DAX, all hovering around S1/S2.

Melnibone.

EUSTOX50 and DAX now on S2,
CAC dropped below S2.

Melnibone.

EUSTOX50, DAX, CAC, all now moving below S2.

Can't see why UKX should move higher.

Melnibone.

CMC seem to be holding their UKX cash quote
4 or 5 points above the actual market this morning.

Why's this?

Melnibone.

there seems to be a lot of uncertainty about the direction of the market - I wonder if "people" are holding back - by covering thier backs!?

Been out for the last hour - I see I didn't miss anything.

Still not much happening - I'm off now until late................

Re-appraised SKP and sold the rest when it went over a 64p bid.

This stock usually moves more than this when the volumes
go into the millions. As it hasn't, that raises the possibility
that it is just churning.

When in doubt, discipline says get out. So as usual I'm maintaining
discipline. Hope it continues to rise for those still holding.

Melnibone.

Mel

I'm having a bad enough day already only to read you've put the hex on SKP lol. Good to see you're following your disciplined rules - as I said I have a longer term outlook for these and am still holding - hope to see you back in soon (when they break upwards hopefully)

My money is on the FTSE ending either down or back where it
started this morning - hypothetical money you understand as
I don't 'do' the indices!
Hope things are better for one and all later on today!

Hope it comes good for you Fundamentalist, your timeframe is
different to mine.

If it closes the deals that it was meant to close last year
then the price could double.

If it doesn't, then it may have to raise some cash to meet the
convertable bonds due next year and get itself more into hoc
with Paul Capital.

Still all to play for if you fancy it as an LTBH play.

Melnibone.