EUROPE

Investors take profits after the last session strong risings, which have taken the european indices to mid-2002 highs. Ibex falls a 0.71%, the biggest n all Europe.

In europe, the session has started with descents in the majority of the markets. FTSE grasps a 0.65% gain. Francfort looses a 0.3% and Cac 40 is practically flat, with a 0.02%. Eurostoxx 50 also rises a 0.02%.

NIKKEI

The Japanese market has lived a moderate descents session, dragged by the chip manufacturers, which have fallen after a negative report on the sector. The exporting companies, however, lead the gainers after the slight fall of the JPY.

At the closing of the session, Nikkei 225 lost a 0.31% to 10,720 pts, which has not stopped it to close the week with a 1.5% gain. Topix fell today a 0.1%, but won a 1.3% from last Friday.

WALL STREET

American investors are confused, lasting less than one hour to the WS opening. The main contracts on the main US indices are mixed. The S&P 500 appreciates very slightly, while Nasdaq 100 falls, but a 0.1%.

The last session will decide the mood for the closing of the indices on the weekend. At the moment, from last Friday closing, Dow Jones scores a modest 0.4%, while S&P 500 gains a 0.1%. Nasdaq composite looses a 0.4%, which could take it to the 5th set back in a row.

EURO

On Wednesday, Japan caused the USD recuperation in the currencies market, which rebounded from the 12 year low with GBP, a 3-year low with the JPY, and its historical floor with the EUR, which is quoting today at 1.264, a 2.4% below the record registered at 1.2929 on Wednesday.

ANALYSIS

EUR after reaching our supports, recupeates positions slowly against the USD. For today, a high volatility is expected so we recommend precaution, especially for long positions, which we should wait until the 1.2690. In the corrective channel, the 1.2610 support is the one to take into account, in a narrow flotation band, which could be broken today.

Buy resistance 1.2690

Sell support 1.2610

GBP slightly recuperating from its yesterday's dive, aiming to extend on this channel. the most important point to expect is the 1.8820. For the corrective channel, the ideal support for this currency is the 1.8785 extensives.

Buy resistance 1.8820

Sell support 1.8785

JPY resting close to the 108.00 in the corrective channel, which has been going through several days ago. For the Japanese currency, the support point at the 107.40 would be the considered point in the primary channel, and for the corrective channel we should wait for the 107.90.

Buy resistance 107.90

Sell support 107.40

CHF loosing ground against the USD, but now located in a rebound area, which could make it enter, temporarily at least, in the primary channel, especially from the 1.2435 extensives. For the corrective channel traders should wait for the 1.2500 resistance to be broken.

Buy resistance 1.2500

Sell support 1.2435

( The buy and sell points mark areas outside the turbulence and technical rebound areas, and do not indicate market entry points, the zones to cross in the short-term are marked in red and the ones to cross in the med/long term are marked in blue.)