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

The Dow formed an inside day, closing slightly up at 10235 on strong volume.
The Nasdaq Composite index also managed a slight rise to close at 1789.

The S&P 500 closed almost unchanged at 1126.

Bristol Myers damp squib

Bristol Myers warns that this years profit could be almost half of last year due to slowing drug sales and inventory cuts. (more)

ASX Australia

The All Ords closed at 3323, below recent support levels, on strong volume. The MACD and Slow Stochastic are below their signal lines.

Interest rates

Reserve Bank Governor, Ian Macfarlane says to expect rates to rise over the next 12 months.(more)

Looksmart [LOK]

Looksmart aims to diversify its revenue base with a deal with Yahoo. (more)

 

Conclusion

Short-term: The All Ords is trending down - avoid new entries.

Medium-term: The All Ords has broken below its recent trading range - avoid new entries.

Long-term: Wait for the Nasdaq or S&P 500 to break above their January highs.

Colin Twiggs

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