Trading Diary
March 15, 2002

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

USA

The Dow climbed to 10607 on very high volume that is often associated with a triple-witching Friday.
The Nasdaq Composite index rallied to 1868.

The S&P 500 recovered to 1166 and is likely to test resistance at 1170 - 1180 in the days ahead.

Adspend set to recover

UBS analyst predicts that advertising revenues will recover in 2002 - good news for media stocks which have been severely affected by the advertising recession. (more)

Australia - ASX

The All Ords fell sharply during the last few minutes of triple-witching hour and a further 12 points in the 10 minutes after the close - the settlement period when our stops cannot be activated!! The final close was almost 1% down at 3357 on surprisingly normal volume. The MACD and Slow Stochastic are below their signal lines.

Harvey Norman [HVN]

The retailer posted a half-year net profit of $68 million, up almost 20%, with strong sales of entertainment goods.(more)

Sectors: Telecommunications

XTE is forming a solid Stage 1 base so keep an eye on those Telstra stocks.

 

 

Conclusion

Short-term: Avoid new positions until there are signs of a recovery.

Medium-term: No new entries until the All Ords makes a new high.

Long-term: Wait to see if the S&P 500 breaks above its January high.

Colin Twiggs

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