Fri, 28/07/2006 - 11:44
As we write we are flirting with moving into a positive position, volumes for the most part still seem relatively low but there is also little sign of determined selling that saw on Wall Street last night. The Market may be taking comfort from the increasingly active diplomatic efforts to find a solution to the Middle East crisis.
We had numbers from BSkyB this morning an whilst there were a number of negatives in the announcement the market has shrugged these off and the stock is now bang on our stop at 560p Sadly it looks right to come out of these hopefully you will still belong Reuters to soften the blow.
Looking at todays signals we note the bull breakouts in both Kazakhmys & Xstrata. Xstrata has announced that it has increased its stake in Canadian miner Falconbridge this has spurred on the stock and taken it through resistance at 2149p. As we write they are trading at 2180p, there is some resistance at 2200p to overcome but through here there is nothing until 2400p.
Looking at our Point & Figure matrix we note that many other Miners are only few percent away from reversing their recent bear trends a portent perhaps for the future direction of the market. We will of course be watching this bell weather sector very closely from here on in .
Fund manager Schroeder's had been on our list as a potential sell had it broken and stayed below key support at 940p in common peers such as Aberdeen & Old Mutual, they staged a forceful rally to move themselves out of the danger zone and out of the Bear trend . All three of these stock have the potential to move higher from here but the current levels have been a barrier in recent weeks and we will need a similar performance to yesterday to move them on.
UK P&F Breakouts: 27 Jul 2006
|ADN||Aberdeen Asset Management PLC||Bull||152.00||170.00||140.00||150.25|
|ASL||Aberforth Smaller Companies Trust PLC||Bull||640.00||750.00||590.00||642.50|
|BATS||British American Tobacco PLC||Bull||1440.00||1660.00||1320.00||1409.00|
|CS/||Corus Group PLC||Bull||430.00||475.00||400.00||436.25|
|MFI||MFI Furniture Group PLC||Bull||92.00||104.00||87.00||92.00|
|NFDS||Northern Foods PLC||Bull||85.00||100.00||79.00||87.00|
|OML||Old Mutual PLC||Bull||160.00||192.00||148.00||164.00|
|RR/||Rolls-Royce Group PLC||Bull||425.00||510.00||385.00||442.75|
|RBS||Royal Bank of Scotland Group PLC||Bull||1740.00||1900.00||1640.00||1735.00|
|SSL||SSL International PLC||Bull||300.00||355.00||265.00||298.75|
|WLF||Wolfson Microelectronics PLC||Bull||430.00||520.00||380.00||430.50|
|EMI||EMI Group PLC||Bear||255.00||180.00||315.00||261.00|
P&F breakouts identify medium-term trend changes. "Bull" breakouts occur when a stock reverses its downtrend by posting a "higher high". "Bear" breakouts are the inverse.
We scan a "universe" of the FTSE 350 on a daily basis to identify these formations.
Key Day Reversals: 27 Jul 2006
|Close % Change||Volume|
Key day reversals are technical signals formed by stocks posting an "outside day" of a higher high and a higher low. Sells occur on countertrend reversals from a bullish trend and buys occur on countertrend reversals from bearish trends. Signals are particularly powerful when occurring after a period of overextension.
MA Crossovers: 27 Jul 2006
|Close % Change||Volume|
|BDEV||Barratt Developments PLC||Golden||966.00||+16.00||+1.0m|
|BI/||Brambles Industries PLC||Golden||442.75||+8.75||+2.6m|
|BTSM||BSS Group PLC||Golden||343.00||+4.00||+151,200|
|MLW||Merrill Lynch World Mining Trust PLC||Golden||405.75||+13.75||+304,283|
|SDY||Speedy Hire PLC||Golden||950.00||+42.00||+80,586|
|TMPL||Temple Bar Investment Trust PLC||Golden||787.00||+14.00||+70,241|
Moving Average (MA) crossovers identify longer-term changes of trend. We scan for "Golden" (bullish) and "Dead" (bearish) signals occurring when an instrument's 20-day MA crosses its 50-day MA.
|Code||Name||Price||% Change||Volume||Vol/Vol MA|
|SEG||SCi Entertainment Group||421||-0.2%||2.0m||4.1x|
|SIA||Soco International PLC||1375||+6.3%||689,247||3.5x|
|RGU||Regus Group PLC||99||0.00%||16.2m||3.5x|
|BB/||Bradford & Bingley PLC||449||-3.0%||13.1m||3.5x|
|SPX||Spirax-Sarco Engineering PLC||880||-0.2%||357,213||3.4x|
Volume Advances scans for stocks exhibiting volumes over their 20-day moving average.
|Index||Close||Volume||1 day Change||P&F Trend||Stop|
|FTSE 100||5929.5||1,583.6m||+52.40||+0.9%||Bull||30 Jun 2006||5650.00|
|FTSE 250||9362||581.9m||+76.40||+0.8%||Bear||18 Jul 2006||9550.00|
|Closing prices through Thu Jul 27, 2006|
Data drawn from market close. Technical trend, date of initiation and stop based on 3-box Point & Figure chart methodology.
|Index||% Bulls||% 30wk|
|FTSE 100||75.49%||+10.78||Bull Confirmed||26-Jul-06||76.47%||+4.90||Bull Confirmed||19-Jul-06|
|FTSE 250||62.00%||+3.20||Bull Confirmed||26-Jul-06||56.00%||+4.80||Bull Confirmed||24-Jul-06|
Investors Intelligence breadth statistics are based on the P&F "bullish%" and determines the degree of participation of the underlying stocks for any given index move.
|Industry||% Bulls||Change||Status||Sig. date|
|Basic Materials||52.50%||+10.00||Bear Correction||26-Jul-06|
|Consumer Cyclical||50.64%||+0.64||Bull Confirmed||26-Jul-06|
Investors Intelligence breadth statistics are based on the P&F "bullish%" and determines the degree of participation of the underlying stocks in any industry group move. Industry Group bullish% provides an important measure of medium-term overbought/oversold conditions and a guide to sector rotation.
Top 5 Gains.
|SN/||Smith & Nephew PLC||462.75||+7.1%||29.4m|
|SIA||Soco International PLC||1375||+6.3%||689,247|
|SGE||Sage Group PLC||230||+6.0%||25.9m|
|AQP||Aquarius Platinum Ltd||925||+5.7%||765,082|
Top 5 Losses.
|CPW||Carphone Warehouse Group PLC||271.75||-4.8%||15.9m|
|BB/||Bradford & Bingley PLC||449||-3.0%||13.1m|
|888||888 Holdings PLC||157||-2.5%||1.6m|
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