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Trading Diary
April 05, 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
Another small gain on the Dow, closing at 10271 on lower volume. The secondary cycle is still in an up-trend.
The Nasdaq Composite index closed down more than 1% at 1770 and appears headed for a test of the 1700 support level.
The S&P 500 formed an outside day, closing down slightly at 1122. The index appears to be ranging between 1070 and 1175.

Alcoa
The aluminium producer reported a 46% drop in first-quarter earnings, in line with expectations.

ASX Australia
The All Ords fared better today, closing up at 3340 but on low volume. The MACD is below its signal line while the Slow Stochastic is about to cross above.



SFE [SFE]
The Sydney Futures Exchange is due to list on the ASX this month, with mixed reviews.  (more)

Sectors: Investment & Financial Services
The XIF index is in a Stage 4 down-trend, with a falling 30-week weighted moving average and declining relative strength (price ratio).
 

 




Conclusion

Short-term: Avoid long.
Medium-term: Wait for a new high on the All Ords.
Long-term: Look for the Nasdaq or S&P 500 breaking above their January highs.


Colin Twiggs


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