March 26, 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
The Dow recovered by 0.7% to close at 10354
on reasonable volume.
The Nasdaq Composite index rallied by a similar amount to close
The S&P 500, likewise, rose to 1138.
SEC gets tough over accounting practices
The SEC is sueing 6 former Waste Management executives for
fraudulently inflating profits by $1.7 billion over a 5 year
Tech stock Network Associates fell 11%
on news that the SEC is investigating its accounting practices.
Australia - ASX
The All Ords fell sharply, closing more than 1% down on higher
volume. The MACD and Slow Stochastic are below their
Stocks hit by rate fears
The neutral bias from the US Fed and the 0.25% rate hike across
the Tasman has pushed the market into bear
Coles Myer [CML]
Coles are to phase out
their discount card. (more)
The retail sector index (XRE) has been in a strong Stage 2
up-trend since August 2000, with rising relative strength
(price ratio) and rising 30-week weighted moving average.
Short-term: Avoid new long and tighten
Medium-term: Wait for a new high on the All Ords.
Long-term: Wait for a secondary cycle reversal on the
Nasdaq or S&P 500 - if they break above their January
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