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Trading Diary
February 22, 2002

These extracts from my daily stock trading diary are intended to illustrate the techniques used in short-term share trading and should not be interpreted as investment advice. Full terms and conditions can be found at Terms of Use .




USA
The Dow gained more than 1% to close at 9938 on strong volume, again testing resistance at 10,000. 
The Nasdaq 100 recovered slightly to close at 1356.
 
JP Morgan under scrutiny
Stock in JP Morgan Chase, second largest bank in the US, fell more than 6% on news that the NY Federal Reserve is investigating its dealings with Enron. (more)
 
Australia - ASX
The All Ords closed lower at 3367 on strong volume, following the earlier falls in the US markets. The MACD and Slow Stochastic are both below their signal lines.
 

 
Newscorp [NCP]
Overnight placement of 121 million Newscorp prefs weighs the market down. (more)
 
Caltex posts a loss [CTX]
The oil refining and petrol station group reported an annual loss of $186 million. (more)
 




Conclusion
 
Short-term: Avoid new entries until there are positive signals from the MACD and Slow Stochastic (20,3,3).
Long-term: The risk is high that the Dow will follow the Nasdaq and S&P 500 into a bear trend, impacting negatively on the Australian market. Wait for the US uncertainty to clear.
 
 
Colin Twiggs
 
 
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