gulp - new week ta @$1.055, page-14

our futures are indicating a +21points so we can an expect a higher market opening, now hopefully it's not the norm with a P&D like Wednesday was, but it is Friday of course and in reality, imo there's a high chance they're going to play with LYC for a while yet, keeping us down here whilst accumulating at these lower prices, but of course we'll see hey

we had a good close yesterday after initially dropping to a low of $1.015, yuck, that would've scared the pants off any ST holder who had bought the day before in that high risk opening

yesterday we had volume of almost 70M which by our normal standards is HUGE, but of late it's the lowest since our big falls in price began, it ended up closing on it's high with a narrow spread bar, if today closes higher this will be seen as a successful 'test', testing the potential supply from those earlier falls.

as mentioned above though I think were in for a lot lot more churning at or around these levels, remembering that a lot of damage has been done to the shareprice, hope to be wrong though


LYC day/weekly




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TODAY:

- We focus on the release of Chinese HSBC Manufacturing CPI (12:30PM).

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Overnight market action

U.S. stocks ended a choppy trading session Thursday with gains for two of three benchmark indexes, led by the blue-chips, as better U.S. economic data and Germany's vote to expand its rescue fund bolstered sentiment.

The day's action reflected the high level of disagreement among investors about the global outlook, which has been clouded by the potential for a European sovereign debt default but brightened by some corporate and economic reports, such as Thursday's U.S. data.

"High volatility in a relatively tight trading range tells you the market is uncertain about the economic outlook in the next 12 months," said Rod Smyth, chief investment strategist at RiverFront Investment Group.

"At either end, you have people taking rather extreme views," he said.

For September, which ends Friday, the major indexes have lost between 4% and 5%. They've fallen more than 10% for the third quarter.


The Standard & Poor's 500 Index ended up 9.34 points, or 0.8%, at 1,160.40, led by a 2.8% gain in financial stocks

"The economic numbers have been anemic but not negative, you just can't make the case for a bear market and a recession," said Hugh Johnson, chairman of Hugh Johnson Advisors.

"This may turn out to be a correction, although a severe one, in an ongoing bull market, accompanied by a soft patch in the economy," said Johnson.

IN EUROPEAN MARKETS

European stocks shook off early weakness to end higher Thursday, and the euro rose, as upbeat U.S. data and Germany's approval of the European Financial Stability Facility extension propped up confidence-for now, at least.

And traders warned that volatility will likely remain high, as uncertainty about euro-zone debt and nagging doubts over the darkening outlook for global growth continue to play on investors' minds. Indeed, Citigroup cut its 2011-2012 GDP growth forecasts for a number of countries in the euro area, U.K., Japan and the U.S., for the second time in two months Thursday. The brokerage said growth prospects continue to deteriorate quickly, both for advanced economies and emerging markets.

"We expect early sovereign debt restructuring in the euro area, and for the euro area overall to slip back into recession in coming quarters," it said.