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Traders Thread & Thoughts - Monday 1st March (HSBA)
Crocodile - 29 Feb 2004 12:33
| UK PreMarket Futures | FTSE +16 | DAX +16 | DOW +37 | S&P +4.7 | Nasdaq +9 |
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HSBC Awaiting data but expected to produce it's biggest ever profits Pearson are very bullish regarding the future as they posted a 2.8 percent rise in profit to 410 million on turnover down six percent to 4.05 billion pounds ahead of market forecast. They said the sales at the Penguin book range was suffering. A net deficit was expected so a good result. GKN posted an eight percent fall in annual profit to 246 million pounds at the top end of forecasts and said despite improving markets competitive pressures remain intense. Wolfson Microelectronics supplier of parts for DVD players and cameras reported maiden profits as a listed company of $12.5 million for 2003, a 247 percent increase on the previous year in line with forecasts. 2004 has started with a strong backlog of orders and healthy demand for its products British Vita furniture foam maker reported a 16 percent fall in annual profit to 61.5 million pounds withi market expectations. ISIS Asset Management fund firm posted an expected 14.8 percent rise in profits for the year to 24.8 million pounds helped by cost cutting and firmer stock markets Persimmon homes reported a 32 percent rise to 352.5 million pounds in annual profit that beat forecasts of 341.5 million. Aggregate Industries reported a four percent rise in annual profit 140.1 million pounds at the lower end of forecasts of 147 million. Invensys said it had raised the size of its new credit facilities by 50 million pounds as it priced its 475 million euro ($593 million) and $550 million senior notes. Exel storage and delivery firm posted a better-than-expected 9.7 percent rise in 2003 profit to 148.4 million pounds and said it was well placed to make good underlying sales and profit progress this year. Inchcape car dealer reported profits of 135.8 million pounds at the top of expectations and was upbeat about prospects for the current year despite the weakness of the U.S. dollar. Close Brothers merchant bank reported a 46%increase in first-half profits to 57.8 million pounds, ahead of expectations, and said the outlook for its investment banking unit was much improved. |
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Benchmark Group (I), Close Brothers (I), Aggregate Industries (F), Aggreko(F), British Polythene(F). British Vita (F), Exel (F), GKN (F), Hammerson (F), HSBC (F), Imprint (F), Inchcape (F), LogicaCMG (F), Management Consulting Group (F), Nestor Healthcare (F), Pearson (F), Persimmon (F), StatPro (F), Systems Union (F), Vitec Group (F), Wolfson(F), Microelectronics (F) Feb manufacturing sector PMI (09:30) Jan Consumer Credit (09:30) Jan Final M4/M4 lending (09:30) |
1.30pm Personal Income 1.30pm Personal Spending 3.00pm Construction Spending 3.00pm ISM Index 5.00pm Auto Sales 5.00pm Truck Sales |
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ThePlayboy
- 29 Feb 2004 20:14
- 6 of 19
FTSE WEEKLY PP
R2 4589
R1 4540
PP 4509
S1 4460
S2 4429
If ftse weakness cont early next week pos test of 4440, clear sup at 4480 1st (60futs), gut feel for next week is it will be trickier than this week! 10600 still the important DJ level, pos 500 test before a test of the highs imho first. Have a good weekend!
ThePlayboy
- 29 Feb 2004 20:15
- 7 of 19
Key DOW Levels for 3/1
UP Above 10,660
DN Below 10,520
Volatile Session
Dow trades in volatile fashion, ends day slightly higher.
From prior commentary, "...you can see the index is trading in a volatile fashion within the wide range at the lows between 10,525 and 10,625 over the last five trading sessions. We expect the index to continue to trade sideways within this range tomorrow before a strong directional break occurs..."
The Dow got a slight break through the top of the volatile trading range this morning, but quickly pulled back within the range boundaries, where it finished the session, as seen in the 15 Minute Chart. The index continues to trade sideways within the range boundaries of 10,520 and 10,660, and will likely continue to do so until a solid break occurs.
Looking at the 15 and 60 Minute Charts shows that the index seems to be forming a saucer bottom just above the key lower trend line that has formed beneath the lows of the wide, sloping range. The saucer typically implies a likely push higher, therefore, we will watch 10,660 for an upside break to indicate strength Monday. Such a break will likely spark a move higher toward resistance at 10,750.
Otherwise, a downside break of the major lower trend line at 10,550 could make for a solid follow-through to the downside in the medium term. Watch the range closely Monday.
Short Term Dow
Short term, we will likely see further volatility within the six-day trading range, as seen in the 5 Minute Chart. Watch 10,660 up, and 10,540 down for a break to indicate direction at the Open.
Medium Term Dow
In the medium term, we entered Longs this morning at 10,625, but stopped out of the position at the entry due to the Breakeven Rule. We are out of the market and will watch 10,660 up, and 10,520 down, with 20 point stops.
NASDAQ & S&P
The NASDAQ and S&P each pulled back off the session highs this morning, leading to a down session to the Close. The indexes continue to trade within volatile ranges, which we will continue to monitor until clear direction is established. *
Summary
The Dow reversed off the session highs this morning, staying within the volatile range boundaries. The index is gearing up for a solid move, as evidenced by the six-day range. Watch for a break from the range boundaries for Monday's market: 10,660 up, and 10,520 down
ThePlayboy
- 29 Feb 2004 20:16
- 8 of 19
60 min
have a good week!
Melnibone - 29 Feb 2004 20:22 - 9 of 19
IMHO, barring any events, I'm expecting more range trading
until we get the 'Big' data 1330Hrs Friday which is the
US unemployment rate plus the associated data issued at
the same time.
This has the capability of being a market mover.
Watch for any surprises, after the UK close unfortunately,
at 1900hrs on Wednesday when we get the Fed's Beige Book.
This may determine where we open up on Thursday morning.
Staying loose and following the market's lead will be my
strategy this week. Nothing cast in stone.
Melnibone.
Crocodile - 01 Mar 2004 07:40 - 10 of 19
little woman
- 01 Mar 2004 08:48
- 11 of 19
When I log out, I'll should be away until Thursday eve. (Unless I change my mind and come back tonight and leave tommorrow instead!)
Why do I agree to do others things, which takes me away from the market and the internet for days on end!
Melnibone - 01 Mar 2004 09:44 - 12 of 19
the stockmarket. :-)
Melnibone.
ThePlayboy
- 01 Mar 2004 09:52
- 13 of 19
little woman
- 01 Mar 2004 09:58
- 14 of 19
ThePlayboy
- 01 Mar 2004 10:01
- 15 of 19
Melnibone - 01 Mar 2004 10:27 - 16 of 19
Watch out for that gap open higher this morning.
It did the same thing on Friday.
Nature doesn't like a vacuum.
Yin/Yang, Black/White, Good/Evil, balance in all things.
Perhaps I should become a Feng Shui salesman.:-)
Probably better to learn how to spell it first though. ;-)
Melnibone.
driver
- 03 Oct 2006 11:46
- 17 of 19
hijeff - 26 Nov 2006 15:31 - 18 of 19
aldwickk
- 26 Nov 2006 15:58
- 19 of 19
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