Trading Diary
March 18, 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 at
Terms of Use .
USA
For the last 2 weeks the Dow has been trading in a narrow range
between 10700 and the 10300 support level. Today it closed at
10577 on low volume.
The Nasdaq Composite index closed up 0.5% at 1877.
The Nasdaq Composite index closed up 0.5% at 1877.
The S&P 500 could not overcome resistance at 1170 - 1180,
closing almost unchanged at 1165.
A contrary view
Australia - ASX
The All Ords recovered to close at 3400 but on low volume.
The MACD and Slow Stochastic are below their signal lines.
Macquarie Infrastructure Group [MIG]
MIG requests a halt to trading until it is in a position to
reveal the identity of a "possible
significant transcation and associated funding
arrangements".(more)
Sectors: Infrastructure & Utilities
XIU has been in a Stage 3 ranging pattern since May 2001.
Conclusion
Short-term: Avoid new positions until the Slow Stochastic and
MACD turn above their signal lines.
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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