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US stocks fell back as profit takers sold technology shares following yesterdays gains and weak morning economic news.  New Look Group Fashion said it was recommending a bid from the company's founder Tom Singh, valuing the company at 700 million pounds, 348p a share.Vodafone is poised to make $30 + billion dollar bid for U.S. rival AT&T Wireless On the eve of Friday's deadline. Rumors are that Vodafone had called a board meeting to seek clearance for a bid that would exceed a $30 billion offer from Cingular. Ask Central, Owners of  PizzaExpress will launch a 225 million pound bid for  the company today. (Times)

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Webnet (I), Heavitree Brewery (F) LloydsTSB (F)Network Technology (AGM)	13:30 Export Prices ex-ag. 13:30 Import Prices ex-oil 13:30 Trade Balance 7.00pm Treasury Budget 12.45pm Mich Sentiment-Prel.

Croc@SnappyTrader.com  WWW.SnappyTrader.com

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Updated 2/12 for Friday's market.
Key DOW Levels for 2/13
UP Above 10,725
DN Below 10,625

Pull-Back
Dow pulls back off highs, still holding at key 10,700 level.

From prior commentary, "...The Dow got the upside break from the consolidation today, which sparked a significant move higher. Look for a continuation pattern to form tomorrow, which would imply an even further advance..."
The Dow pulled back off yesterday's highs today, making for a very slow downtrend to the Close, as seen in the 15 Minute Chart. The move lower cost the Dow 44 points by the end of trading.

Even though the Dow traded lower today, the index still looks poised to rally in the medium term. The pull-back was very orderly and well-mannered, which hints at the likely formation of a higher low, which should boost the index higher.

The Dow continues to hug the 10,700 level, which is a very clear fulcrum in the charts. This level has held as clear resistance for quite a while (Weekly Chart), therefore, we could see the Dow struggle with it until direction is established.

Look for a continuation pattern to continue to develop tomorrow. Such a pattern will indicate continued strength. Otherwise, a break below 10,650 will likely make for an even steeper decline.

Short Term Dow

Short term, the Dow ended the day within the boundaries of a very tight range from 10,688 to 10,713, seen in the 1 Minute Chart. Watch for a break from this range for short term direction at the Open.

Medium Term Dow

In the medium term, we closed Longs at 10,700, giving us a 50 point gain for the prior trade. We then entered Short at 10,700 and are still in the trade. We will continue to hold 20 point stops in the trade and will stay Short below 10,625. We will look for Longs above 10,725, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each traded lower alongside the Dow today, causing a pull-back within the current uptrend. Look for a continuation pattern to develop to indicate another push higher. *

Summary

The Dow has pulled back off the highs and looks to be forming a continuation pattern, which implies further strength. Look for such a pattern to form unless 10,650 is crossed to the downside

Morning all

Morning all,

Not going to hear much from me over the next 3 weeks, as I won't be arround quite a bit (no access to the internet too).

Hi Croc, I'm sure LLOY is reporting in March (the 8th I think?). Well I hope so anyway as I've got options positions which expires next Friday.

Diego

Morning all,

Running late today, had to drop Mrs. Melnibone off
at the station.

TP has said it all, nothing really to add.

Took my HSBA profit from yesterday's buy when the FTSE crept over
my 4410 level.

Toying with the idea of taking my SHEL profit again. I believe
it's a Presidents Day holiday in the US on Monday, so I can't see
a lot of movement on the FTSE after close today until Tuesday
afternoon.

The only thing that would move it, as far as I can see, is an 'event'
over the weekend, and 'events' aren't usually good news for Bulls.
Seeing as I would probably be able to buy again on Monday/Tuesday
at the same price or lower, I don't really see the point in taking
the risk of holding over the weekend.

Melnibone.

Good morning.
My Reuters long was stopped out this morning at break even.
You're right Melnibone putting stops on reveals your hand.
I'm going to keep mental stops from now on. It hit my target as well a few minutes ago so doubly frustrating.
Still the only way to learn is to keep doing it.

You seem to be learning well enough to me snoball.

I find that the more I learn, the more I realise that there
so much more that I don't know.

I don't think that you ever stop learning in this game.

When you are using mental stops, position sizing is crucial,
but I'm sure that you have that well covered, you seem to
be managing your positions very sensibly.

Melnibone.

Afternoon people!
Just (finally) sold out UVLR at 559.1p just goes to show when
you think you've missed the chance one day, the next day another
opportunity can come along - not bad for Friday the 13th LOL

Quite an old thread but wonder if GSK represents an oversold buying opportunity. Noticed the other day that Mr. Bolton was anticipating a major market correction and was looking for ways to short and also buy into media and drugs companies, currently unfashionable places to be,

LONDON, July 31 (newratings.com) - Analysts at Dresdner Kleinwort reiterate their "buy" rating on GlaxoSmithKline Plc (GS7.FSE). The target price is set to 1,640p.

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