UK PreMarket Futures

FTSE +10

DAX +15

DOW +21

S&P +4

Nasdaq +3

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The Nasdaq gained but the broader market finished near unchanged, failing to find a clear direction amid mixed economic reports. Rank posted a four percent fall in 2003 profit to 193.7 million pounds even so it was above market forecasts of 190 million. It found trading tough at its Hard Rock cafes but said it expected to make progress in 2004 despite a hit from the weaker U.S. dollar. WPP easily beat expectations and show a recovery in the advertising sector with future prospects optimistic. Profit rose 18 percent to 473.4 million pounds on revenue up five percent to 4.1 billion pounds with analysts expecting 436 million. International Power said it would review its struggling U.S. business and write down the value of its assets there. It reported an expected 34 percent fall in annual earnings to 10.2 pence with the city expecting a slightly worse figure of 9.9 pence. Jarvis said it had received outstanding cash relating to maintenance work on Britain's railways, and was in talks with operator Network Rail about new five-year contracts for track renewals.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Avis Europe (F), Billam (F), Independent Media Distribution (F), International Power (F), Rank Group (F), WPP (F), Games Workshop (I), Vernalis (I),Resurge (AGM)9:30 Govt Debt & Deficit under the Maastricht Treaty	13:30 GDP Q4 (3.6%) 13:30 Chain Deflator (1.1%) 13:30 GDP-Prel (3.8%) 14:45 Mich Sentiment (93.8) 15:00 Chicago PMI (63.5)	Cap Gemini (F) Lafarge (F) Technip (F)

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Data

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US Zone

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Currency Calc

Updated 2/26 for Friday's market.
Key DOW Levels for 2/27
UP Above 10,625
DN Below 10,540

Still Range Bound...
Dow continued to trade within range boundaries. Watch

From prior commentary, "...the index has been trading in the wide range at the lows between 10,525 and 10,625 over the last four trading sessions. We could see the index continue to trade sideways within this range tomorrow before a strong break occurs..."
The Dow dropped early this morning, but reversed off its low and traded higher back to the open. It then continued to trade sideways within a tight consolidation seen in the 15 Minute Chart.

Looking at the 60 Minute Chart, 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.

This range has formed above the lower trend line seen in the Daily Chart at 10,540. We could see a move higher off this level to the upper range boundary at 10,625. A break there will indicate a further upside push to resistance at 10,750.

Conversely, a break through the lower consolidation boundary at 10,575 will lead to a move to the lower trend line in the Daily Chart at 10,540. A break there will spur a further downside move.

Short Term Dow

Short term, the Dow has formed a tight consolidation in the 5 minute chart between 10,575 and 10,600. Watch for a break at the boundaries to indicate the direction at the open.

Medium Term Dow

In the medium term, we entered the market Short at 10,548, but were stopped out with a 20 point loss. We are currently out of the market and will be watching 10,625 up and 10,540 down with 20 point stops for tomorrow.

NASDAQ & S&P

The NASDAQ and S&P gapped down this morning, but quickly filled the gap to the upside. They have also formed a tight consolidation at the high. Watch the boundaries for a break tomorrow. *

Summary

The Dow dropped at the open this morning, but turned up off the low and traded higher back to the open. The index continues to remain range bound. Watch for a break at 10,540 and 10,625 tomorrow.

FRIDAYS FTSE PP

R2 4541
R1 4528
PP 4514
S1 4502
S2 4488

Ftse closed above its pp on Thu, gained .5 in auction so no clues! 2 day ftse chart froming a wedge off Wed low and thu high, looking at 4518 up and 4505 down, strong sup at 4500 however, pos end of month window dressing?

edit- pos high target of 4537 imho

Morning..

Morning all,

Around today!

Morning all,

Just watching the ranges, waiting for a break.

Melnibone.

Looks like sideways today!

Just closed a nice little overnight scalp on LGEN
to get the day off on the right foot. :-)

Don't usually like the % spread on this one, but when
you get it right you get a good % return for very little
price movement. Only ever buy it at a good support level.

Melnibone.

Things to watch today are the GDP at 1330 which will affect
the Forex and Bond Markets with a possible inverse reaction
on the Stock Markets.

Consumer confidence at 1445 hrs will be closely watched after the weak
number earlier on this week.

Could be a pullback on the Eurozone markets as we approach these
timing points as traders protect profits and wait for US reaction
and direction.


Melnibone.

Melnibone - Is it my imagination - but do volumes seem a little low?

Volumes are lower than the rest of the week.

Bloomberg give a comparison at 0815 every morning.

Most of this week we've been getting circa 110M by
that time, this morning we were scraping the barrel
at circa 70m.

Melnibone.

FTSE index is heavily skewed by the oil and big bank stocks,
plus VOD of course, banks are taking back some of their recent
losses and oil stocks are still going up due to a broker upgrade yesterday.

I don't think that this is a broad based rally on good volume.
Doesn't stop the index going up though.
Bit like the manipulated Dow, really. ;-)

Melnibone.

Any GSK fans out there, please be careful as/if it
approaches 1150p.

This used to be support and will now act as resistance.
IMHO, and I could easily be wrong, there will be a raft
of sellers waiting at this level to breathe a sigh of
relief as they exit their positions.

Down to you of course, as usual, but just be aware and
don't try and prejudge the outcome and jump in too early.

Melnibone.

I feel like I'm watching paint dry...........zzzzzzzzzzz

Should get some movement when the confidence numbers break.

Melnibone.

It looks like we are going in the opposite direction to the US!

Morgan Stanley increased its 2006 organic sales growth target for WPP to 5% from 4% - and shares in the advertising group rose 6p to 594p. The broker maintained its "equal weight" rating and has a 625p price target.

I'm glad I'm not the only one this happens to :S

I was thinking of opening a cfd account, and wondered if anyone could tell me which is the best provider? I see some advertise with tighter spreads than others but is there a caveat to these?

I was also e-mailed by goldlinesystrems and checking out their trading record on the website it looks very impressive. It is very expensive at 5000. but if it is as good as it says woukld it be money well spent? I know that there is a lot of risk to trading this way but wondere if there was anyway to reduce the risk and still have the gains. Also can anyone explain what the difference is between cfd and spread betting?

Thanks for any replies that may come