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Trading Diary
March 7, 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 formed another inside day closing down at 10525 on reasonable volume.
The Nasdaq Composite index closed slightly down at 1881.
 
Greenspan confirms recession over
"The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed," Federal Reserve Chairman Allan Greenspan tells the Senate Banking Committee. 

Australia - ASX
The All Ords rose steeply to make a record close at 3440 on strong volume. The MACD has joined the Slow Stochastic above its' signal line.



Big jump in real GDP
GDP for the December quarter jumped 1.3%, almost twice the figure expected.(more)

The All Ords record close
The All Ords closed at 3440, just failing to exceed the high of 3443.9 reached last month.(more)





Conclusion

Short-term: The MACD joins the Slow Stochastic above its signal line. Take new positions but keep tight stops as we can expect a retest of support levels in the next week.
Medium-term: Wait for a new high on the All Ords.
Long-term: Look for a secondary cycle reversal on the Nasdaq or S&P 500 - if they break above their January highs.


Colin Twiggs


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